%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F2 12.00 Tf ET q 0 0 0 rg BT 259.00 740.90 Td (UNITED ST) Tj ET Q q 0 0 0 rg BT 322.46 740.90 Td (A) Tj ET Q q 0 0 0 rg BT 330.24 740.90 Td (TES) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 134.15 721.70 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 234.20 721.70 Td (AND EXCHANGE COMMISSION) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 232.90 707.30 Td (W) Tj ET Q q 0 0 0 rg BT 243.57 707.30 Td (ASHINGT) Tj ET Q q 0 0 0 rg BT 298.70 707.30 Td (ON, D.C. 20549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.03 707.30 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 692.8 m 374 692.8 l s BT /F1 10.00 Tf ET BT /F2 18.00 Tf ET q 0 0 0 rg BT 257.25 671.70 Td (FORM 10-K) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 657.2 m 374 657.2 l s BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 645.70 Td (\(Mark One\)) Tj ET Q /GS0 gs q 8.48 0 0 7.81 53.00 624.89 cm /I1 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 77.00 626.81 Td (ANNUAL REPORT PURSUANT TO SECTION 13 OR 15\(d\) OF THE SECURITIES EXCHANGE ACT OF 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 612.50 Td (For the fiscal year ended ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 160.15 612.50 Td (December31, 2016) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 226.95 612.50 Td ( or) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 599.30 Td (TRANSITION REPOR) Tj ET Q q 0 0 0 rg BT 154.01 599.30 Td (T) Tj ET Q q 0 0 0 rg BT 159.05 599.30 Td ( PURSUANT) Tj ET Q q 0 0 0 rg BT 205.89 599.30 Td ( ) Tj ET Q q 0 0 0 rg BT 207.86 599.30 Td (T) Tj ET Q q 0 0 0 rg BT 212.90 599.30 Td (O SECTION 13 OR 15\(d\) OF ) Tj ET Q q 0 0 0 rg BT 317.11 599.30 Td (THE SECURITIES EXCHANGE ) Tj ET Q q 0 0 0 rg BT 434.46 599.30 Td (ACT) Tj ET Q q 0 0 0 rg BT 451.31 599.30 Td ( OF 1934) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 586.10 Td (For the transition period from to .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.10 571.10 Td (COMMISSION FILE NUMBER: 000-26489) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 556.6 m 374 556.6 l s BT /F1 10.00 Tf ET BT /F2 20.00 Tf ET q 0 0 0 rg BT 153.45 533.10 Td (ENCORE CAPIT) Tj ET Q q 0 0 0 rg BT 304.76 533.10 Td (AL) Tj ET Q q 0 0 0 rg BT 331.44 533.10 Td ( GROUP) Tj ET Q q 0 0 0 rg BT 406.82 533.10 Td (, INC.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.60 521.10 Td (\(Exact name of r) Tj ET Q q 0 0 0 rg BT 274.55 521.10 Td (egistrant as specified in its charter\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.30 521.10 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 506.6 m 374 506.6 l s BT /F1 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 169.35 488.68 Td (Delaware) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.15 488.68 Td (48-1090909) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 135.65 474.83 Td (\(State or) Tj ET Q q 0 0 0 rg BT 165.05 474.83 Td ( other) Tj ET Q q 0 0 0 rg BT 185.12 474.83 Td ( jurisdiction of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 133.35 466.83 Td (incorporation or) Tj ET Q q 0 0 0 rg BT 189.87 466.83 Td ( organization\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.65 474.83 Td (\(IRS Employer) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.15 466.83 Td (Identification No.\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 120.70 450.68 Td (3111CaminoDelRioNorth,Suite103) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.70 442.68 Td (SanDiego,California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.50 450.68 Td (92108) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 119.35 429.68 Td (\(Address of principal executive offices\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.05 429.68 Td (\(Zip code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 8.50 Tf ET q 0 0 0 rg BT 279.40 414.90 Td (\(877\) 445-4581) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 215.70 402.90 Td (\(Registrant) Tj ET Q q 0 0 0 rg BT 256.72 402.90 Td (s telephone number) Tj ET Q q 0 0 0 rg BT 323.10 402.90 Td (, including ar) Tj ET Q q 0 0 0 rg BT 368.52 402.90 Td (ea code\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.29 402.90 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 388.4 m 374 388.4 l s BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 208.25 378.70 Td (Securities registered pursuant to Section12\(b\) of the ) Tj ET Q q 0 0 0 rg BT 389.07 378.70 Td (Act:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 143.45 360.28 Td (Title of Each Class) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.00 360.15 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.70 360.28 Td (Name of Each Exchange on Which Registered) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 104.50 346.81 Td (Common Stock, $.01 Par Value Per Share) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.00 347.15 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.85 347.15 Td (The NASDAQ Stock Market LLC) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 198.00 332.50 Td (Securities registered pursuant to Section12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 378.82 332.50 Td (Act: None) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 319.30 Td (Indicate by check mark if the registrant is a well-known seasoned issuer) Tj ET Q q 0 0 0 rg BT 318.43 319.30 Td (, as defined in Rule 405 of the Securities ) Tj ET Q q 0 0 0 rg BT 458.19 319.30 Td (Act.) Tj ET Q q 0 0 0 rg BT 480.77 319.30 Td (Y) Tj ET Q q 0 0 0 rg BT 486.06 319.30 Td (es) Tj ET Q /GS0 gs q 8.48 0 0 8.73 497.39 317.47 cm /I2 Do Q /GS0 gs q 8.00 0 0 8.73 505.87 317.47 cm /I3 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 513.87 319.30 Td (No) Tj ET Q /GS0 gs q 7.57 0 0 8.73 530.63 317.47 cm /I4 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 306.10 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15\(d\) of the ) Tj ET Q q 0 0 0 rg BT 465.85 306.10 Td (Act.) Tj ET Q q 0 0 0 rg BT 488.43 306.10 Td (Y) Tj ET Q q 0 0 0 rg BT 493.72 306.10 Td (es) Tj ET Q /GS0 gs q 7.57 0 0 8.73 505.05 304.27 cm /I5 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 512.62 306.10 Td (No) Tj ET Q /GS0 gs q 8.48 0 0 8.73 535.76 304.27 cm /I6 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 292.90 Td (Indicate by check mark whether the registrant: \(1\)has filed all reports required to be filed by Section13 or 15\(d\) of the Securities Exchange ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 282.70 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was required to file such reports\), and \(2\)has been subject ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 272.50 Td (to such filing requirements for the past 90 days.) Tj ET Q q 0 0 0 rg BT 220.36 272.50 Td (Y) Tj ET Q q 0 0 0 rg BT 225.65 272.50 Td (es) Tj ET Q /GS0 gs q 8.48 0 0 8.73 236.98 270.67 cm /I7 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 245.46 272.50 Td (No) Tj ET Q /GS0 gs q 7.57 0 0 8.73 268.60 270.67 cm /I8 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 259.30 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate ) Tj ET Q q 0 0 0 rg BT 422.94 259.30 Td (W) Tj ET Q q 0 0 0 rg BT 430.29 259.30 Td (eb site, if any) Tj ET Q q 0 0 0 rg BT 475.53 259.30 Td (, every Interactive Data ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 249.10 Td (File required to be submitted and posted pursuant to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 323.46 249.10 Td ( \(232.405 of this chapter\) during the preceding 12 months \(or for ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 238.90 Td (such shorter period that the registrant was required to submit and post such files\).) Tj ET Q q 0 0 0 rg BT 334.85 238.90 Td (Y) Tj ET Q q 0 0 0 rg BT 340.14 238.90 Td (es) Tj ET Q /GS0 gs q 8.48 0 0 8.73 351.47 237.07 cm /I9 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 359.95 238.90 Td (No) Tj ET Q /GS0 gs q 7.57 0 0 8.73 383.09 237.07 cm /I10 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 225.70 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not be ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 215.50 Td (contained, to the best of registrant) Tj ET Q q 0 0 0 rg BT 168.02 215.50 Td (s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 205.30 Td (or any amendment to this Form 10-K.) Tj ET Q /GS0 gs q 8.48 0 0 8.73 187.17 203.47 cm /I11 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 192.10 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 254.40 192.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 318.70 192.10 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 387.26 192.10 Td (, a non-accelerated filer or a smaller reporting ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 181.90 Td (company) Tj ET Q q 0 0 0 rg BT 80.61 181.90 Td (. See the definitions of lar) Tj ET Q q 0 0 0 rg BT 172.04 181.90 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 236.34 181.90 Td (, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 529.94 181.90 Td (Act. ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 171.70 Td (\(Check one\):) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 53.00 152.81 Td (Lar) Tj ET Q q 0 0 0 rg BT 64.64 152.81 Td (ge accelerated filer) Tj ET Q /GS0 gs q 9.01 0 0 8.73 137.79 150.97 cm /I12 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 182.00 152.81 Td (Accelerated filer) Tj ET Q /GS0 gs q 7.57 0 0 8.73 247.36 150.97 cm /I13 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 305.00 152.81 Td (Non-acceleratedfiler) Tj ET Q /GS0 gs q 7.57 0 0 8.73 385.47 150.97 cm /I14 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 434.00 152.81 Td (Smallerreportingcompany ) Tj ET Q /GS0 gs q 7.57 0 0 8.73 531.25 150.97 cm /I15 Do Q BT /F1 10.00 Tf ET BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 138.50 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the ) Tj ET Q q 0 0 0 rg BT 406.82 138.50 Td (Act\).) Tj ET Q q 0 0 0 rg BT 432.23 138.50 Td (Y) Tj ET Q q 0 0 0 rg BT 437.52 138.50 Td (es) Tj ET Q /GS0 gs q 7.57 0 0 8.73 448.85 136.67 cm /I16 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 456.42 138.50 Td (No) Tj ET Q /GS0 gs q 8.48 0 0 8.73 479.56 136.67 cm /I17 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 125.30 Td (The aggregate market value of the voting stock held by non-af) Tj ET Q q 0 0 0 rg BT 285.80 125.30 Td (filiates of the registrant totaling 23,649,615shares was approximately ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 115.10 Td ($556,475,441) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 96.75 115.10 Td ( at ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 107.13 115.10 Td (June30, 2016) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 154.59 115.10 Td (, based on the closing price of the common stock of $23.53 per share on such date, as reported by the NASDAQ Global ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 104.90 Td (Select Market.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 91.70 Td (The number of shares of our Common Stock outstanding at ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 277.97 91.70 Td (February9, 2017) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 336.28 91.70 Td (, was ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 355.88 91.70 Td (25,598,192) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 394.13 91.70 Td (.) Tj ET Q BT /F2 8.50 Tf ET 0 0 0 RG /GS0 gs 0.81 w 0 i [] 0 d 1 J 1 j 3 M 235.8 74.1697998046875 m 376.10517578125 74.1697998046875 l s q 0 0 0 rg BT 235.80 75.50 Td (Documents Incorporated by Refer) Tj ET Q q 0 0 0 rg BT 360.06 75.50 Td (ence) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 74.00 65.30 Td (Portions of the registrant) Tj ET Q q 0 0 0 rg BT 160.64 65.30 Td (s proxy statement in connection with its annual meeting of stockholders to be held in 2017 are incorporated by ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (reference in Items 10, 1) Tj ET Q q 0 0 0 rg BT 130.16 55.10 Td (1, 12, 13, and 14 of Part III of this ) Tj ET Q q 0 0 0 rg BT 247.97 55.10 Td (Annual Report on Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 435.39 55.10 Td (December 31, 2016) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 502.19 55.10 Td (.) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 742.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 742.25 Td ( CONTENTS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 713.75 m 562.5 713.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 718.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.25 717.98 Td (Page) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 704.48 Td (P) Tj ET Q q 0 0 0 rg BT 58.37 704.48 Td (AR) Tj ET Q q 0 0 0 rg BT 72.46 704.48 Td (T) Tj ET Q q 0 0 0 rg BT 78.95 704.48 Td ( I) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 689.32 Td (Item1Business) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 674.32 Td (Item1ARisk Factors) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 659.32 Td (Item1BUnresolved Staf) Tj ET Q q 0 0 0 rg BT 160.02 659.32 Td (f Comments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.32 Td (Item2Properties) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 629.32 Td (Item3Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 614.32 Td (Item4Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 584.48 Td (P) Tj ET Q q 0 0 0 rg BT 58.37 584.48 Td (AR) Tj ET Q q 0 0 0 rg BT 72.46 584.48 Td (T) Tj ET Q q 0 0 0 rg BT 78.95 584.48 Td ( II) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 569.32 Td (Item 5Market for the Registrant) Tj ET Q q 0 0 0 rg BT 192.96 569.32 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 265.09 569.32 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 559.32 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 544.32 Td (Item6Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 529.32 Td (Item 7Management) Tj ET Q q 0 0 0 rg BT 143.81 529.32 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 212.98 529.32 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 514.32 Td (Item7AQuantitative and Qualitative Disclosures about Market Risk) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 499.32 Td (Item8Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 484.32 Td (Item9Changes in and Disagreements ) Tj ET Q q 0 0 0 rg BT 214.72 484.32 Td (W) Tj ET Q q 0 0 0 rg BT 223.76 484.32 Td (ith ) Tj ET Q q 0 0 0 rg BT 236.27 484.32 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 300.70 484.32 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.32 Td (Item9AControls and Procedures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 454.32 Td (Item9BOther Information) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 424.48 Td (P) Tj ET Q q 0 0 0 rg BT 58.37 424.48 Td (AR) Tj ET Q q 0 0 0 rg BT 72.46 424.48 Td (T) Tj ET Q q 0 0 0 rg BT 78.95 424.48 Td ( III) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 409.32 Td (Item10Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 188.88 409.32 Td (ficers and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.32 Td (Item1) Tj ET Q q 0 0 0 rg BT 78.45 394.32 Td (1Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 379.32 Td (Item12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.32 Td (Item13Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 232.50 364.32 Td (T) Tj ET Q q 0 0 0 rg BT 238.26 364.32 Td (ransactions, and Director Independence) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.32 Td (Item14Principal ) Tj ET Q q 0 0 0 rg BT 131.88 349.32 Td (Accountant Fees and Services) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 319.48 Td (P) Tj ET Q q 0 0 0 rg BT 58.37 319.48 Td (AR) Tj ET Q q 0 0 0 rg BT 72.46 319.48 Td (T) Tj ET Q q 0 0 0 rg BT 78.95 319.48 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 304.32 Td (Item15Exhibits and Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 289.32 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 82.45 289.32 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.00 703.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.00 688.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 673.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 658.42 Td (27) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 643.42 Td (28) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 628.42 Td (28) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 613.42 Td (28) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 583.42 Td (29) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 558.42 Td (29) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 543.42 Td (32) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 528.42 Td (34) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 513.42 Td (69) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 498.42 Td (70) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 483.42 Td (70) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 468.42 Td (70) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 453.42 Td (73) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 423.42 Td (74) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 408.42 Td (74) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 393.42 Td (74) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 378.42 Td (74) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 363.42 Td (74) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 348.42 Td (74) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 318.42 Td (75) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 303.42 Td (75) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.50 288.42 Td (88) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.75 31.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 742.25 Td ( I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.90 727.25 Td (Item1Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (An Overview of Our) Tj ET Q q 0 0 0 rg BT 137.30 706.25 Td ( Business) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (Nature of Our Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 668.75 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 668.75 Td (e are an international specialty finance company providing debt recovery solutions and other related services for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.75 Td (consumers across a broad range of financial assets.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 634.4169921875 m 250.310546875 634.4169921875 l s q 0 0 0 rg BT 72.00 635.75 Td (Portfolio Purchasing and Recovery Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 619.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 619.25 Td (e purchase portfolios of defaulted consumer receivables at deep discounts to face value and manage them by working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.25 Td (with individuals as they repay their obligations and work toward financial recovery) Tj ET Q q 0 0 0 rg BT 382.31 607.25 Td (. Defaulted receivables are consumers) Tj ET Q q 0 0 0 rg BT 536.77 607.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.25 Td (unpaid financial commitments to credit originators, including banks, credit unions, consumer finance companies, commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.25 Td (retailers, and telecommunication companies. Defaulted receivables may also include receivables subject to bankruptcy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (proceedings. ) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 553.4169921875 m 125.603515625 553.4169921875 l s q 0 0 0 rg BT 72.00 554.75 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 538.25 Td (Through certain subsidiaries, we are a market leader in portfolio purchasing and recovery in the United States, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (Puerto Rico.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 508.4169921875 m 101.0673828125 508.4169921875 l s q 0 0 0 rg BT 72.00 509.75 Td (Eur) Tj ET Q q 0 0 0 rg BT 86.63 509.75 Td (ope) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 493.25 Td (Through our controlling interest in U.K.-based Cabot Credit Management Limited and its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 532.08 493.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.25 Td (Cabot\), we are a market leader in debt management in the United Kingdom and Ireland. Cabot specializes in collecting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.25 Td (higher balance, semi-performing accounts \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 232.97 469.25 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.19 469.25 Td (, debt portfolios in which over 50% of the accounts have received a payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.25 Td (in three of the last four months immediately prior to the portfolio purchase\). In February 2014, Cabot acquired Marlin Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.25 Td (Group Limited \(Marlin\), a leading acquirer of non-performing consumer debt in the United Kingdom. Marlin is dif) Tj ET Q q 0 0 0 rg BT 519.14 445.25 Td (ferentiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (by its use of litigation-enhanced collections for non-paying financial services receivables, which complements Cabot) Tj ET Q q 0 0 0 rg BT 520.41 433.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (management of semi-performing accounts. On June 1, 2015, Cabot continued to expand in the United Kingdom with its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (acquisition of Hillesden Securities Ltd and its subsidiaries \(dlc\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 392.75 Td (Our wholly-owned subsidiary) Tj ET Q q 0 0 0 rg BT 190.78 392.75 Td (, Grove Holdings \(Grove\), is a leading specialty investment firm focused on consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.75 Td (non-performing loans, including insolvencies in the United Kingdom \(in particular) Tj ET Q q 0 0 0 rg BT 380.64 380.75 Td (, individual voluntary arrangements, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.75 Td (IV) Tj ET Q q 0 0 0 rg BT 59.26 368.75 Td (As\) and bank and non-bankreceivablesin Spain. ) Tj ET Q q 0 0 0 rg BT 257.64 368.75 Td (T) Tj ET Q q 0 0 0 rg BT 263.05 368.75 Td (o date, operating results from our subsidiaries in Europe other than Cabot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.75 Td (have not been significant to our total consolidated operating results. ) Tj ET Q q 0 0 0 rg BT 322.99 356.75 Td (As a result, descriptions of our international operations in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.75 Td (Part I - Item 1 of this Form 10-K will focus substantially on our combined Cabot operations.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 326.9169921875 m 129.314453125 326.9169921875 l s q 0 0 0 rg BT 72.00 328.25 Td (Latin ) Tj ET Q q 0 0 0 rg BT 95.44 328.25 Td (America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 311.75 Td (Through our majority ownership interest in Refinancia S.A. \(Refinancia\), we are a market leader in debt collection and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.75 Td (management in Colombia and Peru. In addition to purchasing defaulted receivables, Refinancia of) Tj ET Q q 0 0 0 rg BT 442.47 299.75 Td (fers portfolio management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.75 Td (services to banks for non-performing loans. Refinancia also specializes in non-traditional niches in the geographic areas in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.75 Td (which it operates, including providing financial solutions to individuals who have previously defaulted on their obligations. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.75 Td (addition to operations in Colombia and Peru, we evaluate and purchase non-performing loans in other countries in Latin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.75 Td (America, including Mexico and Brazil. ) Tj ET Q q 0 0 0 rg BT 208.94 251.75 Td (W) Tj ET Q q 0 0 0 rg BT 217.57 251.75 Td (e also invest in non-performing secured residential mortgages in Latin ) Tj ET Q q 0 0 0 rg BT 500.27 251.75 Td (America. ) Tj ET Q q 0 0 0 rg BT 539.52 251.75 Td (T) Tj ET Q q 0 0 0 rg BT 544.93 251.75 Td (o ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.75 Td (date, operating results from our Latin ) Tj ET Q q 0 0 0 rg BT 201.35 239.75 Td (America operations have not been significant to our total consolidated operating results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.75 Td (As a result, descriptions of our international operations in Part 1 - Item 1 of this Form 10-K will not include a detailed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.75 Td (discussion of our Latin ) Tj ET Q q 0 0 0 rg BT 143.88 215.75 Td (American operations.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 197.9169921875 m 120.5986328125 197.9169921875 l s q 0 0 0 rg BT 72.00 199.25 Td (Asia Pacific) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 182.25 Td (Through our majority ownership interest in Baycorp Holdings Pty Limited \(Baycorp\), we are one of ) Tj ET Q q 0 0 0 rg BT 484.07 182.25 Td (Australasia's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (leading debt resolution specialists. Baycorp specializes in the management of non-performing loans in ) Tj ET Q q 0 0 0 rg BT 461.00 170.25 Td (Australia and New ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (Zealand. In addition to purchasing defaulted receivables, Baycorp of) Tj ET Q q 0 0 0 rg BT 324.16 158.25 Td (fers portfolio management services to banks for non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (performing loans. ) Tj ET Q q 0 0 0 rg BT 123.41 146.25 Td (T) Tj ET Q q 0 0 0 rg BT 128.82 146.25 Td (o date, Baycorp) Tj ET Q q 0 0 0 rg BT 194.63 146.25 Td (s operating results have been immaterial to our total consolidated operating results. ) Tj ET Q q 0 0 0 rg BT 528.71 146.25 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (result, descriptions of our international operations in Part 1 - Item 1 of this Form 10-K will not include a detailed discussion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (Baycorp) Tj ET Q q 0 0 0 rg BT 86.66 122.25 Td (s operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 101.25 Td (Throughout this ) Tj ET Q q 0 0 0 rg BT 138.11 101.25 Td (Annual Report on Form 10-K, when we refer to our United States operations, we include accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.25 Td (originated in the United States that are serviced through our operations centers in the United States, India and Costa Rica. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.25 Td (When we refer to our international operations, we are referring to accounts originated outside of the United States. ) Tj ET Q q 0 0 0 rg BT 510.21 77.25 Td (Those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.25 Td (accounts are serviced in the country of origin.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.75 31.60 Td (2) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 740.7669921875 m 145.7353515625 740.7669921875 l s q 0 0 0 rg BT 72.00 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 77.41 742.10 Td (ax Lien Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.10 Td (Beginning with the first quarter 2016, we conduct business through one reportable segment, portfolio purchasing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (recovery) Tj ET Q q 0 0 0 rg BT 84.33 713.10 Td (. On March 31, 2016, we completed the divestitureof our membership interests in Propel ) Tj ET Q q 0 0 0 rg BT 443.14 713.10 Td (Acquisition LLC \(Propel\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (Propel represented our entire tax lien business reportable segment prior to the divestiture. Propel) Tj ET Q q 0 0 0 rg BT 438.78 701.10 Td (s operations are presented as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (discontinued operations in our consolidated statements of income.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (Keys to Success) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 651.60 Td (The foundation of our success is our people, our or) Tj ET Q q 0 0 0 rg BT 275.66 651.60 Td (ganizational agility) Tj ET Q q 0 0 0 rg BT 351.93 651.60 Td (, and our integrity) Tj ET Q q 0 0 0 rg BT 422.93 651.60 Td (. ) Tj ET Q q 0 0 0 rg BT 427.75 651.60 Td (This foundation supports ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 639.60 Td (strengths in five key areas, which we refer to as our pillars:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 622.60 Td (Superior) Tj ET Q q 0 0 0 rg BT 141.60 622.60 Td ( ) Tj ET Q q 0 0 0 rg BT 143.55 622.60 Td (Analytics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.55 622.60 Td (, including our extensive investments in data and behavioral science and our use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 610.60 Td (sophisticated predictive modeling techniques;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 589.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 589.60 Td (Operational Scale and Cost Leadership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.79 589.60 Td (, driven by our specialized call centers, ef) Tj ET Q q 0 0 0 rg BT 437.92 589.60 Td (ficient international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 577.60 Td (operations, and ef) Tj ET Q q 0 0 0 rg BT 175.18 577.60 Td (fective internal and external litigation operations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 556.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 556.60 Td (Str) Tj ET Q q 0 0 0 rg BT 117.15 556.60 Td (ong Capital Stewardship) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.73 556.60 Td (, underpinned by our disciplined ability to raise and deploy capital prudently;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 535.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 535.60 Td (Consumer) Tj ET Q q 0 0 0 rg BT 148.07 535.60 Td (-centric Commitment to Ethics and Principled Intent:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.49 535.60 Td ( we strive to conduct business ethically and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 523.60 Td (ways that support consumers) Tj ET Q q 0 0 0 rg BT 222.40 523.60 Td ( financial recovery) Tj ET Q q 0 0 0 rg BT 296.71 523.60 Td (. ) Tj ET Q q 0 0 0 rg BT 301.53 523.60 Td (W) Tj ET Q q 0 0 0 rg BT 310.17 523.60 Td (e commit to treat consumers with respect, compassion and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 511.60 Td (integrity) Tj ET Q q 0 0 0 rg BT 137.23 511.60 Td (, and we demonstrate that commitment by continuous investment in compliance programs that enable us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 499.60 Td (to ef) Tj ET Q q 0 0 0 rg BT 121.87 499.60 Td (ficiently adjust our business practices to a changing regulatory environment; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 478.60 Td (Extendable Business Model) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.24 478.60 Td (, driven by our scalable platform that supports strategic investment opportunities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 466.60 Td (new asset classes and geographic areas.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 445.60 Td (Although we have enabled millions of consumers to retire a portion of their outstanding debt, one of the debt collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.60 Td (industry) Tj ET Q q 0 0 0 rg BT 85.56 433.60 Td (s most formidable challenges is that many financially distressed consumers will never make a payment, much less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.60 Td (retire their total debt obligation. ) Tj ET Q q 0 0 0 rg BT 179.78 421.60 Td (T) Tj ET Q q 0 0 0 rg BT 185.19 421.60 Td (o address these challenges, we evaluate portfolios of receivables that are available for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.60 Td (purchase using robust, account-level valuation methods, and we employ proprietary statistical and behavioral models across all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.60 Td (our operations. ) Tj ET Q q 0 0 0 rg BT 112.30 397.60 Td (W) Tj ET Q q 0 0 0 rg BT 120.94 397.60 Td (e believe these business practices contribute to our ability to value portfolios accurately) Tj ET Q q 0 0 0 rg BT 470.18 397.60 Td (, avoid buying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.60 Td (portfolios that are incompatible with our methods or goals, and align the accounts we purchase with our operational channels to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.60 Td (maximize future collections. ) Tj ET Q q 0 0 0 rg BT 166.45 373.60 Td (W) Tj ET Q q 0 0 0 rg BT 175.08 373.60 Td (e also have one of the industry) Tj ET Q q 0 0 0 rg BT 300.05 373.60 Td (s lar) Tj ET Q q 0 0 0 rg BT 316.81 373.60 Td (gest databases of financially distressed consumers. ) Tj ET Q q 0 0 0 rg BT 521.85 373.60 Td (W) Tj ET Q q 0 0 0 rg BT 530.48 373.60 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.60 Td (believe that our specialized knowledge, along with our investments in data and analytic tools, have enabled us to realize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.60 Td (significant returns from the receivables we have acquired. ) Tj ET Q q 0 0 0 rg BT 283.89 349.60 Td (W) Tj ET Q q 0 0 0 rg BT 292.52 349.60 Td (e maintain strong relationships with many of the lar) Tj ET Q q 0 0 0 rg BT 498.96 349.60 Td (gest credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.60 Td (providers in the United States. In addition, through our international subsidiaries, we maintain strong relationships with many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.60 Td (of the lar) Tj ET Q q 0 0 0 rg BT 85.91 325.60 Td (gest credit providers in the international markets we serve.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 304.60 Td (Seasonality) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 286.7669921875 m 125.603515625 286.7669921875 l s q 0 0 0 rg BT 72.00 288.10 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 271.60 Td (While seasonality does not have a material impact on our business, collections are generally strongest in our first calendar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.60 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.92 259.60 Td (, slower in the second and third calendar quarters, and slowest in the fourth calendar quarter) Tj ET Q q 0 0 0 rg BT 444.73 259.60 Td (. Relatively higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.60 Td (collections in the first quarter could result in a lower cost-to-collect ratio compared to the other quarters, as our fixed costs are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.60 Td (relatively constant and applied against a lar) Tj ET Q q 0 0 0 rg BT 223.09 235.60 Td (ger collection base. ) Tj ET Q q 0 0 0 rg BT 302.87 235.60 Td (The seasonal impact on our business may also be influenced by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.60 Td (our purchasing levels, the types of portfolios we purchase, and our operating strategies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 207.10 Td (Collection seasonality can also af) Tj ET Q q 0 0 0 rg BT 205.67 207.10 Td (fect revenue as a percentage of collections, also referred to as our revenue recognition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (rate. Generally) Tj ET Q q 0 0 0 rg BT 108.76 195.10 Td (, revenue for each pool group declines steadily over time, whereas collections can fluctuate from quarter to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (quarter based on seasonality) Tj ET Q q 0 0 0 rg BT 162.37 183.10 Td (, as described above. In quarters with lower collections \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 388.13 183.10 Td (e.g.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.06 183.10 Td (the fourth calendar quarter\), the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (revenue recognition rate can be higher than in quarters with higher collections \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 368.21 171.10 Td (e.g.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 171.10 Td (the first calendar quarter\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 154.60 Td (In addition, seasonality could have an impact on the relative level of quarterly earnings.In quarters with stronger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.60 Td (collections, total costs are higher as a result of the additional ef) Tj ET Q q 0 0 0 rg BT 301.96 142.60 Td (forts required to generate those collections.Since revenue for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.60 Td (each pool group declines steadily over time, in quarters with higher collections and higher costs \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 438.78 130.60 Td (e.g.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.72 130.60 Td (the first calendar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.60 Td (quarter\), all else being equal, earnings could be lower than in quarters with lower collections and lower costs \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 490.97 118.60 Td (e.g.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.91 118.60 Td (the fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.60 Td (calendar quarter\).) Tj ET Q q 0 0 0 rg BT 122.46 106.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 172.36 106.60 Td (, in quarters where a greater percentage of collections come from our legal and agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.60 Td (outsourcing channels, cost to collect will be higher than if there were more collections from our internal collection sites.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 76.76699218750002 m 123.0888671875 76.76699218750002 l s q 0 0 0 rg BT 72.00 78.10 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 61.60 Td (While seasonality does not have a material impact on European operations, collections are generally strongest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.60 Td (second and third calendar quarters and slower in the first and fourth quarters, lar) Tj ET Q q 0 0 0 rg BT 370.82 49.60 Td (gely driven by the impact of the December ) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.75 31.60 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (holiday season and the New ) Tj ET Q q 0 0 0 rg BT 164.32 742.10 Td (Y) Tj ET Q q 0 0 0 rg BT 170.54 742.10 Td (ear holiday) Tj ET Q q 0 0 0 rg BT 214.59 742.10 Td (, and the related impact on customers) Tj ET Q q 0 0 0 rg BT 366.30 742.10 Td ( ability to repay their balances. ) Tj ET Q q 0 0 0 rg BT 491.90 742.10 Td (This drives a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (higher level of plan defaults over this period, which are typically repaired across the first quarter of the following year) Tj ET Q q 0 0 0 rg BT 522.06 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 526.88 730.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (August vacation season in the United Kingdom also has an unfavorable ef) Tj ET Q q 0 0 0 rg BT 346.13 718.10 Td (fect on the level of collections, but this is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (traditionally compensated for by higher collections in July and September) Tj ET Q q 0 0 0 rg BT 345.21 706.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (Operating Segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 668.60 Td (Financial information regarding our operating segments and geographic operations is set forth in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 668.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 668.60 Td (, Segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.60 Td (Information to our consolidated financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 635.60 Td (Company Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 619.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 619.10 Td (e were incorporated in Delaware in 1999. Our headquarters is located at 31) Tj ET Q q 0 0 0 rg BT 380.42 619.10 Td (1) Tj ET Q q 0 0 0 rg BT 385.05 619.10 Td (1 Camino Del Rio North, Suite 103, San ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (Diego, California 92108 and our telephone number is \(877\)445-4581. Investors wishing to obtain more information about us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (may access the Investors section of our Internet site at) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 268.8134765625 593.7669921875 m 389.2333984375 593.7669921875 l s q 0 0 0 rg BT 268.81 595.10 Td (http://www) Tj ET Q q 0 0 0 rg BT 313.72 595.10 Td (.encorecapital.com) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.23 595.10 Td (. ) Tj ET Q q 0 0 0 rg BT 394.05 595.10 Td (The site provides access, free of char) Tj ET Q q 0 0 0 rg BT 541.86 595.10 Td (ge, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (to relevant investor related information, such as Securities and Exchange Commission \(SEC\) filings, press releases, featured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (articles, an event calendar) Tj ET Q q 0 0 0 rg BT 153.43 571.10 Td (, and frequently asked questions. SEC filings are available on our Internet site as soon as reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (practicable after being filed with, or furnished to, the SEC. ) Tj ET Q q 0 0 0 rg BT 286.88 559.10 Td (Also available on our website are our Standards of Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (Conduct and charters for the committees of our board of directors. ) Tj ET Q q 0 0 0 rg BT 317.51 547.10 Td (W) Tj ET Q q 0 0 0 rg BT 326.15 547.10 Td (e intend to disclose any amendment to, or waiver of, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (provision of our Standards of Business Conduct on our website. ) Tj ET Q q 0 0 0 rg BT 307.85 535.10 Td (The content of our Internet site is not incorporated by reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (into this ) Tj ET Q q 0 0 0 rg BT 84.45 523.10 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 207.78 523.10 Td (Any materials that we filed with the SEC may also be read and copied at the SEC) Tj ET Q q 0 0 0 rg BT 536.58 523.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (Public Reference Room at 100 F Street, N.E., ) Tj ET Q q 0 0 0 rg BT 234.78 511.10 Td (W) Tj ET Q q 0 0 0 rg BT 243.42 511.10 Td (ashington, D.C. 20549. ) Tj ET Q q 0 0 0 rg BT 338.52 511.10 Td (The public may obtain information on the operation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (the Public Reference Room by calling the SEC at 1-800-SEC-0330. ) Tj ET Q q 0 0 0 rg BT 323.38 499.10 Td (The SEC maintains an Internet site that contains reports, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (proxy and information statements, and other information regarding issuers that file electronically with the SEC \(http://) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (www) Tj ET Q q 0 0 0 rg BT 71.02 475.10 Td (.sec.gov\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (Our Competitive ) Tj ET Q q 0 0 0 rg BT 120.18 454.10 Td (Advantages) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 437.60 Td (Analytic Str) Tj ET Q q 0 0 0 rg BT 119.12 437.60 Td (ength.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.84 437.60 Td () Tj ET Q q 0 0 0 rg BT 146.16 437.60 Td (W) Tj ET Q q 0 0 0 rg BT 154.79 437.60 Td (e believe that success in our business depends on our ability to establish and maintain an information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.60 Td (advantage. Leveraging an industry-leading financially distressed consumer database, our in-house team of statisticians, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.60 Td (business analysts, and software programmers have developed, and continually enhance, proprietary behavioral and valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.60 Td (models, custom software applications, and other business tools that guide our portfolio purchases. Moreover) Tj ET Q q 0 0 0 rg BT 482.84 401.60 Td (, our collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.60 Td (channels are informed by powerful statistical models specific to each collection activity) Tj ET Q q 0 0 0 rg BT 400.06 389.60 Td (, and each year we deploy significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.60 Td (capital to purchase credit bureau and customized consumer data that describe demographic, account level, and macroeconomic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.60 Td (factors related to credit, savings, and payment behavior) Tj ET Q q 0 0 0 rg BT 270.76 365.60 Td (. Our international expansion has enabled us to collaborate across our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.60 Td (operating subsidiaries to employ and enhance our statistical models throughout the markets we service.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 332.60 Td (Consumer Intelligence.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.31 332.60 Td () Tj ET Q q 0 0 0 rg BT 169.26 332.60 Td (At the core of our analytic approach is a focus on characterizing our consumers) Tj ET Q q 0 0 0 rg BT 489.22 332.60 Td ( willingness and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.60 Td (ability to repay their financial obligations. In this ef) Tj ET Q q 0 0 0 rg BT 256.15 320.60 Td (fort, we apply tools and methods from statistics, psychology) Tj ET Q q 0 0 0 rg BT 496.58 320.60 Td (, economics, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.60 Td (and management science across the full extent of our business. During portfolio valuation, we use an internally developed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.60 Td (proprietary family of statistical models that determines the likelihood and expected amount of payment for each consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.60 Td (within a portfolio. Subsequently) Tj ET Q q 0 0 0 rg BT 178.23 284.60 Td (, the expectations for each account are aggregated to arrive at a portfolio-level liquidation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.60 Td (solution and a valuation for the entire portfolio is determined. During the collection process, we apply a number of proprietary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.60 Td (operational frameworks to match our collection approach to an individual consumer) Tj ET Q q 0 0 0 rg BT 386.37 260.60 Td () Tj ET Q q 0 0 0 rg BT 389.15 260.60 Td (s payment behavior) Tj ET Q q 0 0 0 rg BT 466.91 260.60 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 239.60 Td (Cost Leadership.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.34 239.60 Td (Cost ef) Tj ET Q q 0 0 0 rg BT 171.27 239.60 Td (ficiency is central to our collection and purchasing strategies. ) Tj ET Q q 0 0 0 rg BT 418.78 239.60 Td (W) Tj ET Q q 0 0 0 rg BT 427.42 239.60 Td (e experience considerable cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.60 Td (advantages, stemming from our operations in India and Costa Rica, our enterprise-wide, activity-level cost database, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.60 Td (development and implementation of operational models that enhance profitability) Tj ET Q q 0 0 0 rg BT 375.92 215.60 Td (. ) Tj ET Q q 0 0 0 rg BT 380.74 215.60 Td (W) Tj ET Q q 0 0 0 rg BT 389.38 215.60 Td (e believe that we are the only company in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.60 Td (our industry with a successful, late-stage collection platform in India. ) Tj ET Q q 0 0 0 rg BT 329.74 203.60 Td (This cost-saving, first-mover advantage helps to reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.60 Td (our call center variable cost-to-collect.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 170.60 Td (Principled Intent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.54 170.60 Td () Tj ET Q q 0 0 0 rg BT 144.49 170.60 Td (Across the full extent of our operations, we strive to treat consumers with respect, compassion, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.60 Td (integrity) Tj ET Q q 0 0 0 rg BT 83.23 158.60 Td (. From discounts and payment plans to hardship solutions, we work with our consumers as they attempt to return to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.60 Td (financial health. ) Tj ET Q q 0 0 0 rg BT 116.73 146.60 Td (W) Tj ET Q q 0 0 0 rg BT 125.37 146.60 Td (e are committed to dialogue that is honorable and constructive, and hope to play an important and positive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.60 Td (role in our consumers) Tj ET Q q 0 0 0 rg BT 139.51 134.60 Td ( financial recovery) Tj ET Q q 0 0 0 rg BT 213.82 134.60 Td (. ) Tj ET Q q 0 0 0 rg BT 218.64 134.60 Td (W) Tj ET Q q 0 0 0 rg BT 227.28 134.60 Td (e believe that our interests, and those of the financial institutions from which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.60 Td (purchase portfolios, are closely aligned with the interests of government agencies seeking to protect consumer rights. In 201) Tj ET Q q 0 0 0 rg BT 546.43 122.60 Td (1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.60 Td (we unveiled the industry) Tj ET Q q 0 0 0 rg BT 151.37 110.60 Td (s first and only Consumer Bill of Rights, which codifies our commitment to respectful consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.60 Td (treatment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 90.26 98.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.04 98.60 Td (W) Tj ET Q q 0 0 0 rg BT 101.67 98.60 Td (e expect to continue investing in infrastructure and processes that support consumer advocacy and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.60 Td (literacy while promoting an appropriate balance between corporate and consumer responsibility) Tj ET Q q 0 0 0 rg BT 432.54 86.60 Td (.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.75 31.60 Td (4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Our Strategy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 725.75 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 725.75 Td (e have implemented a business strategy that emphasizes the following three elements:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 709.25 Td (Continue to Invest in our Cor) Tj ET Q q 0 0 0 rg BT 189.68 709.25 Td (e Businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.95 709.25 Td (Our core domestic portfolio purchasing and recovery business remains critical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (to our success. Supply and demand dynamics within the United States have fluctuated over time and will likely continue to do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (so. ) Tj ET Q q 0 0 0 rg BT 63.71 685.25 Td (T) Tj ET Q q 0 0 0 rg BT 69.12 685.25 Td (o position ourselves to continue to generate strong risk-adjusted returns in this environment, we continue to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (investments in analytics, technology) Tj ET Q q 0 0 0 rg BT 194.88 673.25 Td (, risk management, compliance, and initiatives to enhance our relationships with consumers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (and improve liquidation rates on our portfolios. ) Tj ET Q q 0 0 0 rg BT 242.01 661.25 Td (W) Tj ET Q q 0 0 0 rg BT 250.64 661.25 Td (e intend to continue to deploy a meaningful amount of capital in our core ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (domestic markets. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 628.25 Td (Expand into New Geographies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.04 628.25 Td (. ) Tj ET Q q 0 0 0 rg BT 199.86 628.25 Td (W) Tj ET Q q 0 0 0 rg BT 208.50 628.25 Td (e believe we are well-positioned to take a leading role, worldwide, in the distressed debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (and subprime consumer financial sectors. Our current footprint includes our industry-leading U.S. and U.K. core debt recovery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (businesses, our presence in Spain, our entrance into the Latin ) Tj ET Q q 0 0 0 rg BT 296.60 604.25 Td (American and ) Tj ET Q q 0 0 0 rg BT 354.91 604.25 Td (Australasian debt markets, and our international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (operations through our India and Costa Rica locations. ) Tj ET Q q 0 0 0 rg BT 270.61 592.25 Td (W) Tj ET Q q 0 0 0 rg BT 279.24 592.25 Td (e continue to evaluate other opportunities in new geographic markets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (For example, one of our subsidiaries has a joint venture that has recently obtained a license to operate as an asset reconstruction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (company in India and, as a result, we expect to commence portfolio purchasing and recovery operations in India. ) Tj ET Q q 0 0 0 rg BT 503.46 568.25 Td (As portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (prices fluctuate and the complexity of our industry continues to increase, we expect that our international operations will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (continue to provide a significant competitive advantage.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 523.25 Td (Explor) Tj ET Q q 0 0 0 rg BT 98.85 523.25 Td (e Business Model ) Tj ET Q q 0 0 0 rg BT 171.15 523.25 Td (Adjacencies and Expansion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.68 523.25 Td (W) Tj ET Q q 0 0 0 rg BT 295.32 523.25 Td (e are working to leverage some of our core competencies, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (our knowledge of financially distressed consumers, in other areas or for dif) Tj ET Q q 0 0 0 rg BT 350.28 511.25 Td (ferent types of defaulted consumer receivables or to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (provide other services to financial institutions. ) Tj ET Q q 0 0 0 rg BT 237.83 499.25 Td (W) Tj ET Q q 0 0 0 rg BT 246.47 499.25 Td (e believe that our existing underwriting and collection processes can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (extended to a variety of consumer receivables. ) Tj ET Q q 0 0 0 rg BT 238.07 487.25 Td (These capabilities have allowed us to develop and provide complementary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (products or services to specified financially distressed consumer segments and other complementary programs. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (Acquisition of Portfolio Purchasing and Recovery Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 437.75 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 437.75 Td (e provide sellers of delinquent receivables liquidity and immediate value through the purchase of char) Tj ET Q q 0 0 0 rg BT 488.09 437.75 Td (ged-of) Tj ET Q q 0 0 0 rg BT 514.01 437.75 Td (f consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.75 Td (receivables. ) Tj ET Q q 0 0 0 rg BT 99.79 425.75 Td (W) Tj ET Q q 0 0 0 rg BT 108.43 425.75 Td (e believe that we are an appealing partner for these sellers given our financial strength, focus on principled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.75 Td (intent, and track record of financial success.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 395.9169921875 m 125.603515625 395.9169921875 l s q 0 0 0 rg BT 72.00 397.25 Td (United States) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 380.75 Td (Identify pur) Tj ET Q q 0 0 0 rg BT 118.56 380.75 Td (chase opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.67 380.75 Td () Tj ET Q q 0 0 0 rg BT 201.99 380.75 Td (W) Tj ET Q q 0 0 0 rg BT 210.62 380.75 Td (e maintain relationships with some of the lar) Tj ET Q q 0 0 0 rg BT 388.46 380.75 Td (gest credit originators and portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.75 Td (resellers of char) Tj ET Q q 0 0 0 rg BT 113.67 368.75 Td (ged-of) Tj ET Q q 0 0 0 rg BT 139.59 368.75 Td (f consumer receivables in the United States. ) Tj ET Q q 0 0 0 rg BT 317.69 368.75 Td (W) Tj ET Q q 0 0 0 rg BT 326.32 368.75 Td (e identify purchase opportunities and secure, where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.75 Td (possible, exclusive negotiation rights. ) Tj ET Q q 0 0 0 rg BT 203.13 356.75 Td (W) Tj ET Q q 0 0 0 rg BT 211.77 356.75 Td (e believe that we are a valued partner for credit originators and portfolio resellers from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.75 Td (whom we purchase portfolios, and our ability to secure exclusive negotiation rights is typically a result of our strong ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.75 Td (relationships and our purchasing scale.Receivable portfolios are sold either through a general auction, where the seller requests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.75 Td (bids from market participants, or through an exclusive negotiation, where the seller and buyer negotiate a sale privately) Tj ET Q q 0 0 0 rg BT 526.69 320.75 Td (. ) Tj ET Q q 0 0 0 rg BT 531.51 320.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.75 Td (sale transaction can be either for a one-time spot purchase or for a forward flow contract. ) Tj ET Q q 0 0 0 rg BT 416.78 308.75 Td (A) Tj ET Q q 0 0 0 rg BT 423.45 308.75 Td ( forward flow contract is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.75 Td (commitment to purchase receivables over a duration that is typically three to twelve months with specifically defined volume, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.75 Td (frequency) Tj ET Q q 0 0 0 rg BT 89.33 284.75 Td (, and pricing. ) Tj ET Q q 0 0 0 rg BT 144.41 284.75 Td (T) Tj ET Q q 0 0 0 rg BT 149.82 284.75 Td (ypically) Tj ET Q q 0 0 0 rg BT 181.38 284.75 Td (, these forward flow contracts have provisions that allow for early termination or price re-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.75 Td (negotiation should the underlying quality of the portfolio deteriorate over time or if any particular month) Tj ET Q q 0 0 0 rg BT 471.83 272.75 Td (s delivery is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.75 Td (materially dif) Tj ET Q q 0 0 0 rg BT 103.96 260.75 Td (ferent than the original portfolio used to price the forward flow contract.) Tj ET Q q 0 0 0 rg BT 395.63 260.75 Td (W) Tj ET Q q 0 0 0 rg BT 404.26 260.75 Td (e generally attempt to secure forward ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.75 Td (flow contracts for receivables because a consistent volume of receivables over a set duration can allow us more precision in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.75 Td (forecasting and planning our operational needs.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 220.25 Td (Evaluate pur) Tj ET Q q 0 0 0 rg BT 123.56 220.25 Td (chase opportunities using account-level analytics.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.30 220.25 Td (Once a portfolio of interest is identified, we obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (detailed information regarding the portfolio) Tj ET Q q 0 0 0 rg BT 227.17 208.25 Td (s accounts, including certain information regarding the consumers themselves. ) Tj ET Q q 0 0 0 rg BT 543.29 208.25 Td (W) Tj ET Q q 0 0 0 rg BT 551.92 208.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (then purchase additional information for the consumers whose accounts we are contemplating purchasing, including credit, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (savings, or payment behavior) Tj ET Q q 0 0 0 rg BT 167.20 184.25 Td (. Our Decision Science team, responsible for asset valuation, statistical analysis, and forecasting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (then analyzes this information to determine the expected value of each potential new consumer) Tj ET Q q 0 0 0 rg BT 429.58 172.25 Td (. Our collection expectations are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (based on these demographic data, account characteristics, and economic variables, which we use to predict a consumer) Tj ET Q q 0 0 0 rg BT 526.02 160.25 Td () Tj ET Q q 0 0 0 rg BT 528.79 160.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (willingness and ability to repay his or her debt. ) Tj ET Q q 0 0 0 rg BT 240.34 148.25 Td (The expected value of collections for each account is aggregated to calculate an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (overall value for the portfolio. ) Tj ET Q q 0 0 0 rg BT 172.74 136.25 Td (Additional adjustments are made to account for qualitative factors that may af) Tj ET Q q 0 0 0 rg BT 484.39 136.25 Td (fect the payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (behavior of our consumers \(such as prior collection activities, or the underwriting approach of the seller\), and servicing related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (adjustments to ensure our valuations are aligned with our operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 95.75 Td (Formal appr) Tj ET Q q 0 0 0 rg BT 123.02 95.75 Td (oval pr) Tj ET Q q 0 0 0 rg BT 151.26 95.75 Td (ocess.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.42 95.75 Td (Once we have determined the value of the portfolio and have completed our qualitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.75 Td (diligence, we present the purchase opportunity to our investment committee, which either sets the maximum purchase price for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.75 Td (the portfolio based on a corporate Internal Rate of Return \(IRR\) or other strategic objectives or declines to bid. Members of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.75 Td (the investment committee include our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 281.14 59.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 299.05 59.75 Td (, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 378.85 59.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 396.77 59.75 Td (, other members of our senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.75 Td (management team, and experts, as needed.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.75 31.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 742.10 Td (e believe long-term success is best achieved by combining a diverse asset sourcing approach with an account-level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (scoring methodology and a disciplined evaluation process.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 712.2669921875 m 123.0888671875 712.2669921875 l s q 0 0 0 rg BT 72.00 713.60 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 697.10 Td (Through Cabot, we maintain strong relationships with many of the lar) Tj ET Q q 0 0 0 rg BT 351.49 697.10 Td (gest financial service providers in the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (Kingdom. Cabot primarily acquires receivable portfolios through a competitive bidding process that is initiated by the portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (seller) Tj ET Q q 0 0 0 rg BT 71.10 673.10 Td (. Portfolios are also acquired through forward flow agreements on occasion. In addition, Cabot purchases a small number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (of portfolios by entering into forward flow agreements, although it has substantially moved away from these arrangements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 644.60 Td (When Cabot identifies a portfolio of interest, it evaluates account-level information and performs due diligence to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.60 Td (evaluate certain features of the portfolio. Cabot next applies its proprietary) Tj ET Q q 0 0 0 rg BT 347.85 632.60 Td (, highly automated portfolio pricing models to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.60 Td (further evaluate the portfolio, using separate models depending on the type of account: a paying model for semi-performing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.60 Td (accounts and a regression model for non-performing accounts. Using its substantial database of account holder information, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.60 Td (Cabot carries out additional statistical analysis that is customized to evaluate specific repayment characteristics to further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.60 Td (evaluate the accounts. ) Tj ET Q q 0 0 0 rg BT 140.33 584.60 Td (The results of due diligence and the outputs of the pricing models and data analysis is presented to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.60 Td (Cabot) Tj ET Q q 0 0 0 rg BT 76.67 572.60 Td (s pricing committee, which then decides whether to make an indicative bid for the portfolio. If, following the indicative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.60 Td (bid, Cabot is short-listed by the vendor) Tj ET Q q 0 0 0 rg BT 205.42 560.60 Td (, it then conducts further due diligence on the portfolio and refines its analysis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.60 Td (Following this additional due diligence, the pricing committee decides whether to submit a final binding of) Tj ET Q q 0 0 0 rg BT 478.06 548.60 Td (fer for the portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 532.10 Td (All purchases require approval by the pricing committee. Cabot) Tj ET Q q 0 0 0 rg BT 329.42 532.10 Td (s pricing committee includes its Chief Executive Of) Tj ET Q q 0 0 0 rg BT 536.69 532.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 554.60 532.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 124.80 520.10 Td (ficer and other relevant of) Tj ET Q q 0 0 0 rg BT 228.45 520.10 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 255.48 520.10 Td (W) Tj ET Q q 0 0 0 rg BT 264.12 520.10 Td (e believe that Cabot) Tj ET Q q 0 0 0 rg BT 346.59 520.10 Td (s significant industry and management experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (enable it to make informed decisions about the portfolios we acquire through Cabot.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (Portfolio Purchasing and Recovery Collection ) Tj ET Q q 0 0 0 rg BT 242.12 487.10 Td (Approach) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 469.2669921875 m 125.603515625 469.2669921875 l s q 0 0 0 rg BT 72.00 470.60 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 454.10 Td (e expand and build upon the insight developed during our purchase process when developing our account collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (strategies for portfolios we have acquired. Our proprietary consumer) Tj ET Q q 0 0 0 rg BT 324.42 442.10 Td (-level collectability analysis is the primary determinant of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (whether an account is actively serviced post-purchase. Generally) Tj ET Q q 0 0 0 rg BT 308.69 430.10 Td (, we pursue collection activities on only a fraction of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (accounts we purchase, through one or more of our collection channels. ) Tj ET Q q 0 0 0 rg BT 335.00 418.10 Td (The channel identification process is analogous to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (decision tree where we first dif) Tj ET Q q 0 0 0 rg BT 173.94 406.10 Td (ferentiate those consumers who we believe are unable to pay from those who we believe are able ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (to pay) Tj ET Q q 0 0 0 rg BT 74.07 394.10 Td (. Consumers who we believe are financially incapable of making any payments, or are facing extenuating circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (or hardships that would prevent them from making payments, are excluded from our collection process. It is our practice to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (assess each consumer) Tj ET Q q 0 0 0 rg BT 137.01 370.10 Td () Tj ET Q q 0 0 0 rg BT 139.79 370.10 Td (s willingness to pay through analytics, phone calls and/or letters. Despite our ef) Tj ET Q q 0 0 0 rg BT 457.31 370.10 Td (forts to reach consumers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (and work out a settlement plan, only a small number of consumers who we contact choose to engage with us. ) Tj ET Q q 0 0 0 rg BT 489.16 358.10 Td (Those who do are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (often of) Tj ET Q q 0 0 0 rg BT 81.20 346.10 Td (fered discounts on their obligations or are presented with payment plans that are intended to suit their needs. However) Tj ET Q q 0 0 0 rg BT 553.16 346.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (the majority of consumers we contact do not respond to our calls or our letters and we must then make the decision about ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (whether to pursue collections through legal action. ) Tj ET Q q 0 0 0 rg BT 254.76 322.10 Td (Throughout our ownership period, we periodically refine our collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (approach to determine the most ef) Tj ET Q q 0 0 0 rg BT 186.16 310.10 Td (fective collection strategy to pursue for each account. ) Tj ET Q q 0 0 0 rg BT 402.27 310.10 Td (These strategies consist of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 293.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 291.7669921875 m 127.2021484375 291.7669921875 l s q 0 0 0 rg BT 95.00 293.10 Td (Inactive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.20 293.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.02 293.10 Td (W) Tj ET Q q 0 0 0 rg BT 140.66 293.10 Td (e strive to use our financial resources judiciously and ef) Tj ET Q q 0 0 0 rg BT 363.46 293.10 Td (ficiently by not deploying resources on accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 281.10 Td (where the prospects of collection are remote based on a consumer) Tj ET Q q 0 0 0 rg BT 358.60 281.10 Td () Tj ET Q q 0 0 0 rg BT 361.38 281.10 Td (s situation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 260.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 258.7669921875 m 141.3720703125 258.7669921875 l s q 0 0 0 rg BT 95.00 260.10 Td (Direct Mail) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.37 260.10 Td (.) Tj ET Q q 0 0 0 rg BT 146.19 260.10 Td (W) Tj ET Q q 0 0 0 rg BT 154.83 260.10 Td (e develop innovative, low-cost mail campaigns of) Tj ET Q q 0 0 0 rg BT 353.76 260.10 Td (fering consumers appropriate discounts to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 248.10 Td (encourage settlement of their accounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 227.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 225.76699218750002 m 144.7119140625 225.76699218750002 l s q 0 0 0 rg BT 95.00 227.10 Td (Call Centers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.71 227.10 Td (. ) Tj ET Q q 0 0 0 rg BT 149.53 227.10 Td (W) Tj ET Q q 0 0 0 rg BT 158.17 227.10 Td (e maintain domestic collection call centers in Phoenix, ) Tj ET Q q 0 0 0 rg BT 378.38 227.10 Td (Arizona, St. Cloud, Minnesota, ) Tj ET Q q 0 0 0 rg BT 505.42 227.10 Td (T) Tj ET Q q 0 0 0 rg BT 511.17 227.10 Td (roy) Tj ET Q q 0 0 0 rg BT 523.85 227.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 215.10 Td (Michigan, and Roanoke, ) Tj ET Q q 0 0 0 rg BT 195.63 215.10 Td (V) Tj ET Q q 0 0 0 rg BT 202.25 215.10 Td (ir) Tj ET Q q 0 0 0 rg BT 208.18 215.10 Td (ginia and international call centers in Gur) Tj ET Q q 0 0 0 rg BT 374.05 215.10 Td (gaon, India and San Jose, Costa Rica. Call ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 203.10 Td (centers generally consist of multiple collection departments. ) Tj ET Q q 0 0 0 rg BT 337.71 203.10 Td (Account managers supervised by group managers are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 191.10 Td (trained and divided into specialty teams. ) Tj ET Q q 0 0 0 rg BT 258.57 191.10 Td (Account managers assess our consumers) Tj ET Q q 0 0 0 rg BT 423.89 191.10 Td ( willingness and capacity to pay) Tj ET Q q 0 0 0 rg BT 551.26 191.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 179.10 Td (They attempt to work with consumers to evaluate sources and means of repayment to achieve a full or negotiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 167.10 Td (lump sum settlement or develop payment programs customized to the individual) Tj ET Q q 0 0 0 rg BT 419.38 167.10 Td (s ability to pay) Tj ET Q q 0 0 0 rg BT 477.89 167.10 Td (. In cases where a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 155.10 Td (payment plan is developed, account managers encourage consumers to pay through automatic payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 143.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 153.68 143.10 Td (W) Tj ET Q q 0 0 0 rg BT 162.32 143.10 Td (e continuously educate account managers to understand and apply applicable laws and policies that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 131.10 Td (are relevant in the account manager) Tj ET Q q 0 0 0 rg BT 237.79 131.10 Td () Tj ET Q q 0 0 0 rg BT 240.57 131.10 Td (s daily collection activities. Our ongoing training and monitoring ef) Tj ET Q q 0 0 0 rg BT 510.89 131.10 Td (forts help ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 119.10 Td (ensure compliance with applicable laws and policies by account managers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 98.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 96.76699218750002 m 146.4013671875 96.76699218750002 l s q 0 0 0 rg BT 95.00 98.10 Td (Skip ) Tj ET Q q 0 0 0 rg BT 115.66 98.10 Td (T) Tj ET Q q 0 0 0 rg BT 121.42 98.10 Td (racing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.40 98.10 Td (. If a consumer) Tj ET Q q 0 0 0 rg BT 206.75 98.10 Td () Tj ET Q q 0 0 0 rg BT 209.53 98.10 Td (s phone number proves inaccurate when an account manager calls an account, or if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 86.10 Td (current contact information for a consumer is notavailable at the time of account purchase, then the account could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 74.10 Td (be routed to our skip tracing process. ) Tj ET Q q 0 0 0 rg BT 245.34 74.10 Td (W) Tj ET Q q 0 0 0 rg BT 253.97 74.10 Td (e currently use a number of dif) Tj ET Q q 0 0 0 rg BT 377.08 74.10 Td (ferent skip tracing companies to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 62.10 Td (accurate phone numbers and addresses.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.75 31.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 740.7669921875 m 146.9287109375 740.7669921875 l s q 0 0 0 rg BT 95.00 742.10 Td (Legal ) Tj ET Q q 0 0 0 rg BT 119.71 742.10 Td (Action) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.93 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 151.75 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 160.39 742.10 Td (e generally refer accounts for legal action where the consumer has not responded to our direct mail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 730.10 Td (ef) Tj ET Q q 0 0 0 rg BT 102.59 730.10 Td (forts or our calls and it appears theconsumer is able, but unwilling, to pay his or her obligations. ) Tj ET Q q 0 0 0 rg BT 491.22 730.10 Td (When we decide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 718.10 Td (to pursue legal action, we place the account into our internal legal channel or refer them to our network of retained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 706.10 Td (law firms. If placed to our internal legal channel, attorneys in that channel will evaluate the accounts and make the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 694.10 Td (final determination whether to pursue legal action. If referred to our network of retained law firms, we rely on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 682.10 Td (law firms) Tj ET Q q 0 0 0 rg BT 135.63 682.10 Td ( expertise with respect to applicable debt collection laws to evaluate the accounts placed in that channel in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 670.10 Td (order to make the decision about whether or not to pursue collection litigation. Prior to engaging an external law ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 658.10 Td (firm, we evaluate the firm) Tj ET Q q 0 0 0 rg BT 201.90 658.10 Td (s compliance with consumer credit laws and regulations, operations, financial condition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 646.10 Td (and experience, among other key criteria. ) Tj ET Q q 0 0 0 rg BT 263.07 646.10 Td (The law firms we hire may also attempt to communicate with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 634.10 Td (consumers in an attempt to collect their debts prior to initiating litigation. ) Tj ET Q q 0 0 0 rg BT 390.59 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 399.23 634.10 Td (e pay these law firms a contingent fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 622.10 Td (based on amounts they collect on our behalf.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 601.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 599.7669921875 m 224.970703125 599.7669921875 l s q 0 0 0 rg BT 95.00 601.10 Td (Third-Party Collection ) Tj ET Q q 0 0 0 rg BT 187.76 601.10 Td (Agencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.97 601.10 Td (. ) Tj ET Q q 0 0 0 rg BT 229.79 601.10 Td (W) Tj ET Q q 0 0 0 rg BT 238.43 601.10 Td (e selectively employ a strategy that uses collection agencies. Collection agencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 589.10 Td (receive a contingent fee for each dollar collected. Generally) Tj ET Q q 0 0 0 rg BT 333.38 589.10 Td (, we use these agencies on accounts when we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 577.10 Td (they can liquidate better or less expensively than we can or to supplement capacity in our internal call centers. ) Tj ET Q q 0 0 0 rg BT 537.44 577.10 Td (W) Tj ET Q q 0 0 0 rg BT 546.07 577.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 565.10 Td (also use agencies to initially provide us a way to scale quickly when lar) Tj ET Q q 0 0 0 rg BT 380.57 565.10 Td (ge purchases are made and as a challenge to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 553.10 Td (our internal call center collection teams. Prior to engaging a collection agency) Tj ET Q q 0 0 0 rg BT 406.45 553.10 Td (, we evaluate, among other things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 541.10 Td (those aspects of the agency) Tj ET Q q 0 0 0 rg BT 206.63 541.10 Td (s business that we believe are relevant to its performance and compliance with consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 529.10 Td (credit laws and regulations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 508.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 506.7669921875 m 122.216796875 506.7669921875 l s q 0 0 0 rg BT 95.00 508.10 Td (Online) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.22 508.10 Td (. ) Tj ET Q q 0 0 0 rg BT 127.04 508.10 Td (W) Tj ET Q q 0 0 0 rg BT 135.67 508.10 Td (e of) Tj ET Q q 0 0 0 rg BT 150.76 508.10 Td (fer an online payment portal that enhances consumer convenience by providing consumers the ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 496.10 Td (to make payments and submit inquiries online. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 475.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 95 473.7669921875 m 112.216796875 473.7669921875 l s q 0 0 0 rg BT 95.00 475.10 Td (Sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.22 475.10 Td (. ) Tj ET Q q 0 0 0 rg BT 117.04 475.10 Td (W) Tj ET Q q 0 0 0 rg BT 125.67 475.10 Td (e do not resell accounts to third parties in the ordinary course of our business.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 74 452.7669921875 m 125.0888671875 452.7669921875 l s q 0 0 0 rg BT 74.00 454.10 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 437.60 Td (Cabot uses insights developed during its purchasing process to build account collection strategies. Cabot) Tj ET Q q 0 0 0 rg BT 493.03 437.60 Td (s proprietary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.60 Td (consumer) Tj ET Q q 0 0 0 rg BT 88.68 425.60 Td (-level collectability analysis is the primary determinant of how an account will be serviced post-purchase. Cabot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.60 Td (continuously refines this analysis to determine the most ef) Tj ET Q q 0 0 0 rg BT 282.55 413.60 Td (fective collection strategy to pursue for each account it owns. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.60 Td (recent years, Cabot has concentrated on buying high-balance financial services debt, both paying and non-paying. Cabot will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.60 Td (attempt to establish contact with these consumers in order to transfer payment arrangements and gauge the willingness of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.60 Td (consumers to pay) Tj ET Q q 0 0 0 rg BT 119.34 377.60 Td (. Consumers who Cabot believes are financially incapable of making any payments, those having negative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.60 Td (disposable income, or those experiencing hardship \(such as medical issues or mental incapacity\), are handled outside of normal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.60 Td (collections processes through dedicated and tailored strategies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 337.10 Td (The remaining pool of accounts then receives further evaluation through the combined use of Cabot) Tj ET Q q 0 0 0 rg BT 474.09 337.10 Td (s and Marlin) Tj ET Q q 0 0 0 rg BT 527.42 337.10 Td (s data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (analytics. ) Tj ET Q q 0 0 0 rg BT 89.99 325.10 Td (At that point, Cabot analyzes and determines a consumer) Tj ET Q q 0 0 0 rg BT 318.35 325.10 Td () Tj ET Q q 0 0 0 rg BT 321.13 325.10 Td (s perceived willingness to pay) Tj ET Q q 0 0 0 rg BT 441.01 325.10 Td (. Based on that analysis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (Cabot pursues collections through letters and/or phone calls to its consumers. ) Tj ET Q q 0 0 0 rg BT 361.43 313.10 Td (Where contact is made and consumers indicate a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (willingness to pay) Tj ET Q q 0 0 0 rg BT 122.12 301.10 Td (, a patient approach of forbearance is applied using regulatory protocols within the United Kingdom to assess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 289.10 Td (fordability and ensure that repayment plans are fair and balanced and therefore sustainable. ) Tj ET Q q 0 0 0 rg BT 424.47 289.10 Td (Where the customer is unwilling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (to pay) Tj ET Q q 0 0 0 rg BT 74.07 277.10 Td (, Cabot refers the account to the appropriate escalation point in the collection process, which may include its internal debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (collection agency) Tj ET Q q 0 0 0 rg BT 119.59 265.10 Td (, a third-party collection agency or legal action. Cabot also has robust internal legal collection capabilities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (allowing the or) Tj ET Q q 0 0 0 rg BT 110.36 253.10 Td (ganization to address consumers across the entire willingness to pay spectrum.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (Legal, Compliance and Enterprise Risk Management, Oversight ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 214.26699218750002 m 125.603515625 214.26699218750002 l s q 0 0 0 rg BT 72.00 215.60 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 199.10 Td (Our legal and compliance oversight functions are divided between our legal, compliance and enterprise risk management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (departments. Our legal department manages regulatory oversight, litigation, corporate transactions, and compliance with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (internal ethics policy) Tj ET Q q 0 0 0 rg BT 133.21 175.10 Td (, while our compliance department tests and monitors adherence to State and Federal regulations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (enterprise risk management manages risk and internal audit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 146.60 Td (The legal department is responsible for interpreting and administering our Standards of Business Conduct \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.60 Td (Standards\), which apply to all of our directors, of) Tj ET Q q 0 0 0 rg BT 255.87 134.60 Td (ficers, and employees and outlines our commitment to a culture of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.60 Td (professionalism and ethical behavior) Tj ET Q q 0 0 0 rg BT 196.35 122.60 Td (.) Tj ET Q q 0 0 0 rg BT 201.17 122.60 Td (The Standards promote honest and ethical conduct, including the ethical handling of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.60 Td (actual or apparent conflicts of interest between personal and professional relationships, compliance with applicable laws, rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.60 Td (and regulations, and full and fair disclosure in reports that we file with, or submit to, the SEC and in other public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.60 Td (communications made by us.) Tj ET Q q 0 0 0 rg BT 168.59 86.60 Td (As described in the Standards, we have also established a toll-free Compliance Hotline to allow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.60 Td (directors, of) Tj ET Q q 0 0 0 rg BT 98.13 74.60 Td (ficers, and employees to report any detected or suspected fraud, misappropriations, or other fiscal irregularities, any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.60 Td (good faith concern about our accounting and/or auditing practices, or any other violations of the Standards.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.75 31.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 742.10 Td (The compliance department is responsible for promoting compliance with applicable laws and regulations. ) Tj ET Q q 0 0 0 rg BT 501.14 742.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (compliance department facilitates oversight by our Board of Directors and management, assists in formulating policies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (procedures, and engages in training, risk assessments, testing, monitoring and corrective action, complaint response, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (compliance audits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 689.60 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 689.60 Td (e continually monitor applicable changes to laws governing statutes of limitations and disclosures to consumers.) Tj ET Q q 0 0 0 rg BT 532.03 689.60 Td (W) Tj ET Q q 0 0 0 rg BT 540.67 689.60 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.60 Td (maintain policies, system controls, and processes designed to ensure that accounts past the applicable statute of limitations do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.60 Td (not get placed into legal collections.) Tj ET Q q 0 0 0 rg BT 196.35 665.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 246.25 665.60 Td (, in written and verbal communications with consumers, we provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.60 Td (disclosures to the consumer that the account is past its applicable statute of limitations and, therefore, we will not pursue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.60 Td (collections through legal means.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 625.10 Td (Credit originators who sell us defaulted consumer receivables routinely conduct examinations of our collection practices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (and procedures and typically make reports with recommendations to us as to how they believe we can improve those practices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (and procedures. ) Tj ET Q q 0 0 0 rg BT 115.63 601.10 Td (W) Tj ET Q q 0 0 0 rg BT 124.26 601.10 Td (e respond to these reports in the ordinary course and make changes to our practices and procedures that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (believe are appropriate to address any issues raised in such reports.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 572.60 Td (The enterprise risk management department facilitates oversight by our Board of Directors and management and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.60 Td (responsible for the development and administration of internal policies, procedures, periodic risk assessments and controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.60 Td (for performing internal audits to evaluate the level of compliance to both regulations, such as Sarbanes-Oxley 404, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.60 Td (standards of internal control for internal operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 520.10 Td (Beyond written policies, one of our core internal goals is the adherence to principled intent as it pertains to all consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (interactions. ) Tj ET Q q 0 0 0 rg BT 101.47 508.10 Td (W) Tj ET Q q 0 0 0 rg BT 110.11 508.10 Td (e believe that it is in our shareholders) Tj ET Q q 0 0 0 rg BT 262.37 508.10 Td ( and our employees) Tj ET Q q 0 0 0 rg BT 342.99 508.10 Td ( best interest to treat all consumers with the highest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (standards of integrity) Tj ET Q q 0 0 0 rg BT 134.33 496.10 Td (. Specifically) Tj ET Q q 0 0 0 rg BT 186.44 496.10 Td (, we have strict policies and a code of ethics, which guide all dealings with our consumers. ) Tj ET Q q 0 0 0 rg BT 551.16 496.10 Td (T) Tj ET Q q 0 0 0 rg BT 556.57 496.10 Td (o ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (reinforce existing written policies, we have established a number of quality assurance procedures. ) Tj ET Q q 0 0 0 rg BT 443.29 484.10 Td (Through our Quality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (Assurance program, our Fair Debt Collection Practices ) Tj ET Q q 0 0 0 rg BT 271.61 472.10 Td (Act training for new account managers, our Fair Debt Collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (Practices ) Tj ET Q q 0 0 0 rg BT 88.04 460.10 Td (Act recertification program for continuing account managers, and our Consumer Support Services department, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (take significant steps to ensure compliance with applicable laws and regulations and seek to promote consumer satisfaction. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (Our Quality ) Tj ET Q q 0 0 0 rg BT 100.00 436.10 Td (Assurance team aims to enhance the skills of account managers and to drive compliance initiatives through active ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (call monitoring, account manager coaching and mentoring, and the tracking and distribution of company-wide best ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (practices.Finally) Tj ET Q q 0 0 0 rg BT 118.22 412.10 Td (, our Consumer Support Services department works directly with consumers to seek to resolve incoming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (consumer inquiries and to respond to consumer disputes as they may arise.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 382.2669921875 m 123.0888671875 382.2669921875 l s q 0 0 0 rg BT 72.00 383.60 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 367.10 Td (Cabot has established a compliance framework, operational procedures, and governance structures to enable it to conduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (business in accordance with applicable rules, regulations, and guidelines. Cabot) Tj ET Q q 0 0 0 rg BT 371.58 355.10 Td (s employees under) Tj ET Q q 0 0 0 rg BT 445.82 355.10 Td (go comprehensive training ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (on legal and regulatory compliance, and Cabot engages in regular call monitoring checks, data checks, performance reviews, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (and other operational reviews to ensure compliance with company guidelines. ) Tj ET Q q 0 0 0 rg BT 363.89 331.10 Td (The laws and regulations under which Cabot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (operates have at their core the fair treatment of consumers, which is embedded within Cabot) Tj ET Q q 0 0 0 rg BT 421.82 319.10 Td (s processes and culture.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Information T) Tj ET Q q 0 0 0 rg BT 108.26 298.10 Td (echnology) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 281.60 Td (T) Tj ET Q q 0 0 0 rg BT 76.64 281.60 Td (echnical Infrastructur) Tj ET Q q 0 0 0 rg BT 164.31 281.60 Td (e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.75 281.60 Td (Our internal network has been configured to be redundant in all critical functions, at all sites. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.60 Td (This redundancy has been implemented within the local area network switches andthe data center network and includes fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.60 Td (redundant Multiprotocol Label Switching \(MPLS\) networks.) Tj ET Q q 0 0 0 rg BT 295.62 257.60 Td (W) Tj ET Q q 0 0 0 rg BT 304.26 257.60 Td (e have the capability to handle high transaction volume in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.60 Td (server network architecture with scalability to meet and exceed our future growth plans. Redundancy) Tj ET Q q 0 0 0 rg BT 453.65 245.60 Td (, coupled with seamless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.60 Td (scalability and our high performance infrastructure, will allow for rapid business transformation and growth.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 212.60 Td (Omni-Channel Enabled Dialer T) Tj ET Q q 0 0 0 rg BT 203.02 212.60 Td (echnology) Tj ET Q q 0 0 0 rg BT 243.56 212.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.56 212.60 Td (Our call centers employ the use of upgraded dialer technology that expands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.60 Td (our ability to service the consumer in their preferred channel of communication. ) Tj ET Q q 0 0 0 rg BT 372.76 200.60 Td (This technology allows additional call volume ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.60 Td (capacity and greater ef) Tj ET Q q 0 0 0 rg BT 140.59 188.60 Td (ficiency through shorter wait times and an increase in the number of live contacts. ) Tj ET Q q 0 0 0 rg BT 471.13 188.60 Td (This technology helps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.60 Td (maximize account manager productivity and further optimizes the yield on our portfolio purchases. ) Tj ET Q q 0 0 0 rg BT 448.77 176.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 498.67 176.60 Td (, the use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.60 Td (predictive dialing technology helps us comply with applicable federal and state laws in the United States that restrict the time, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.60 Td (place, and manner in which debt collectors can call consumers. Recognizing mobile phone dialing has a dif) Tj ET Q q 0 0 0 rg BT 479.13 152.60 Td (ferent set of legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.60 Td (restrictions, we utilize a distinctly dif) Tj ET Q q 0 0 0 rg BT 198.67 140.60 Td (ferent platform for non-consented mobile phones in order to comply with all laws while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.60 Td (providing a framework for us to maximize contact with our consumers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 107.60 Td (Computer Har) Tj ET Q q 0 0 0 rg BT 130.24 107.60 Td (dwar) Tj ET Q q 0 0 0 rg BT 150.43 107.60 Td (e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.87 107.60 Td (W) Tj ET Q q 0 0 0 rg BT 168.51 107.60 Td (e have made significant improvements in our data centers, and now have redundancy in support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.60 Td (of continued growth. ) Tj ET Q q 0 0 0 rg BT 135.91 95.60 Td (W) Tj ET Q q 0 0 0 rg BT 144.55 95.60 Td (e use a robust computer platform to perform our daily operations, including the collection ef) Tj ET Q q 0 0 0 rg BT 513.43 95.60 Td (forts of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.60 Td (global workforce. Our custom software applications are integrated within our database server environment allowing us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.60 Td (process transaction loads with speed and ef) Tj ET Q q 0 0 0 rg BT 222.54 71.60 Td (ficiency) Tj ET Q q 0 0 0 rg BT 254.10 71.60 Td (. ) Tj ET Q q 0 0 0 rg BT 258.92 71.60 Td (The computer platform of) Tj ET Q q 0 0 0 rg BT 362.31 71.60 Td (fers us reliability and expansion opportunities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.60 Td (Furthermore, this hardware incorporates state of the art data security protection. ) Tj ET Q q 0 0 0 rg BT 371.65 59.60 Td (W) Tj ET Q q 0 0 0 rg BT 380.28 59.60 Td (e back up our data utilizing a tapeless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.60 Td (configuration, and copies are replicated to a secure secondary data center) Tj ET Q q 0 0 0 rg BT 341.80 47.60 Td (. ) Tj ET Q q 0 0 0 rg BT 346.62 47.60 Td (W) Tj ET Q q 0 0 0 rg BT 355.26 47.60 Td (e also mirror our production data to a remote ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.75 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (location to give us full protection in the event of the loss of our primary data center) Tj ET Q q 0 0 0 rg BT 382.13 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 386.95 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 392.36 742.10 Td (o ensure the integrity and reliability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (our computer platform, we periodically engage outside auditors specializing in information technology and cybersecurity to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (examine both our operating systems and disaster recovery plans.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 697.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 83.63 697.10 Td (ocess Contr) Tj ET Q q 0 0 0 rg BT 130.76 697.10 Td (ol.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.54 697.10 Td (T) Tj ET Q q 0 0 0 rg BT 148.95 697.10 Td (o provide assurance that our entire infrastructure continues to operate ef) Tj ET Q q 0 0 0 rg BT 436.43 697.10 Td (ficiently and securely) Tj ET Q q 0 0 0 rg BT 521.85 697.10 Td (, we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (developed a strong process and control environment. ) Tj ET Q q 0 0 0 rg BT 263.65 685.10 Td (These governance, risk management, and control protocols govern all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (areas of the enterprise: from physical security and cybersecurity) Tj ET Q q 0 0 0 rg BT 305.36 673.10 Td (, to change management, data protection, and segregation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (duties.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 644.60 Td (Cybersecurity) Tj ET Q q 0 0 0 rg BT 127.54 644.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.04 644.60 Td ( ) Tj ET Q q 0 0 0 rg BT 132.36 644.60 Td (W) Tj ET Q q 0 0 0 rg BT 141.00 644.60 Td (e divide our cybersecurity and information security functions into the four core tenants that we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.60 Td (make up a solid information security practice: \(1\) security strategy and architecture; \(2\) operational security; \(3\) vulnerability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.60 Td (and threat management; and \(4\) IT) Tj ET Q q 0 0 0 rg BT 188.93 620.60 Td ( governance, risk and controls. ) Tj ET Q q 0 0 0 rg BT 313.98 620.60 Td (W) Tj ET Q q 0 0 0 rg BT 322.62 620.60 Td (e invest in cybersecurity and advanced technologies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.60 Td (including next generation threat prevention and threat intelligence solutions, to protect our or) Tj ET Q q 0 0 0 rg BT 422.21 608.60 Td (ganization and consumer and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.60 Td (proprietary data throughout its life cycle. ) Tj ET Q q 0 0 0 rg BT 216.15 596.60 Td (W) Tj ET Q q 0 0 0 rg BT 224.79 596.60 Td (e believe that our adoption and implementation of leading security frameworks for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.60 Td (the financial services industry and the regulatory environments and geographies in which we operate demonstrates our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.60 Td (commitment to cybersecurity and information security) Tj ET Q q 0 0 0 rg BT 267.34 572.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 551.60 Td (Competition) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 533.7669921875 m 125.603515625 533.7669921875 l s q 0 0 0 rg BT 72.00 535.10 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 518.60 Td (The consumer credit recovery industry is highly competitive. ) Tj ET Q q 0 0 0 rg BT 318.69 518.60 Td (W) Tj ET Q q 0 0 0 rg BT 327.33 518.60 Td (e compete with a wide range of collection and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.60 Td (services companies. ) Tj ET Q q 0 0 0 rg BT 132.29 506.60 Td (W) Tj ET Q q 0 0 0 rg BT 140.93 506.60 Td (e also compete with traditional contingency collection agencies and in-house recovery departments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.60 Td (Competitive pressures af) Tj ET Q q 0 0 0 rg BT 149.24 494.60 Td (fect the availability and pricing of receivable portfolios, as well as the availability and cost of qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.60 Td (recovery personnel. In addition, some of our competitors may have signed forward flow contracts under which credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.60 Td (originators or portfolio resellers have agreed to transfer char) Tj ET Q q 0 0 0 rg BT 290.83 470.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 316.75 470.60 Td (f receivables to them in the future, which could restrict those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.60 Td (credit originators or portfolio resellers from selling receivables to us. ) Tj ET Q q 0 0 0 rg BT 327.79 458.60 Td (W) Tj ET Q q 0 0 0 rg BT 336.43 458.60 Td (e believe some of our major competitors, which include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.60 Td (companies that focus primarily on the purchase of char) Tj ET Q q 0 0 0 rg BT 269.74 446.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 295.66 446.60 Td (f receivable portfolios, have continued to diversify into third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.60 Td (agency collections and into of) Tj ET Q q 0 0 0 rg BT 169.78 434.60 Td (fering credit card and other financial services as part of their recovery strategy) Tj ET Q q 0 0 0 rg BT 482.31 434.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 418.10 Td (When purchasing receivables, we compete primarily on the basis of the price paid for receivable portfolios, the ease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (negotiating and closing the prospective portfolio purchases with us, our ability to obtain funding, and our reputation with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (respect to the quality of services that we provide. ) Tj ET Q q 0 0 0 rg BT 248.64 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 257.28 394.10 Td (e believe that our ability to compete ef) Tj ET Q q 0 0 0 rg BT 411.21 394.10 Td (fectively in this market is also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (dependent upon, among other things, our relationships with credit originators and portfolio resellers of char) Tj ET Q q 0 0 0 rg BT 479.71 382.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 505.63 382.10 Td (f consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (receivables, and our ability to provide quality collection strategies in compliance with applicable laws.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 353.60 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 353.60 Td (e believe that smaller competitors are facing dif) Tj ET Q q 0 0 0 rg BT 271.21 353.60 Td (ficulties in the portfolio purchasing market because of the higher cost to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.60 Td (operate due to increased regulatory pressure and because sellers of char) Tj ET Q q 0 0 0 rg BT 335.80 341.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 361.71 341.60 Td (f consumer receivables are being more selective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.60 Td (with buyers in the marketplace, resulting in consolidation within the portfolio purchasing and recovery industry) Tj ET Q q 0 0 0 rg BT 495.63 329.60 Td (. ) Tj ET Q q 0 0 0 rg BT 500.45 329.60 Td (W) Tj ET Q q 0 0 0 rg BT 509.09 329.60 Td (e believe this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.60 Td (favors lar) Tj ET Q q 0 0 0 rg BT 87.86 317.60 Td (ger participants in this market, such as us, because the lar) Tj ET Q q 0 0 0 rg BT 317.05 317.60 Td (ger market participants are better able to adapt to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.60 Td (pressures. ) Tj ET Q q 0 0 0 rg BT 91.66 305.60 Td (As smaller competitors limit their participation in or exit the market, it may provide additional opportunities for us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.60 Td (purchase receivables from competitors or to acquire competitors directly) Tj ET Q q 0 0 0 rg BT 339.79 293.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 275.7669921875 m 123.0888671875 275.7669921875 l s q 0 0 0 rg BT 72.00 277.10 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 260.60 Td (When purchasing receivables in the United Kingdom market, Cabot competes on the basis of the price paid for receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.60 Td (portfolios, the ease of negotiating and closing the prospective portfolio purchases with Cabot, its ability to obtain funding, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.60 Td (its reputation with respect to the quality of services it provides. ) Tj ET Q q 0 0 0 rg BT 304.20 236.60 Td (W) Tj ET Q q 0 0 0 rg BT 312.84 236.60 Td (e believe that Cabot) Tj ET Q q 0 0 0 rg BT 395.31 236.60 Td (s ability to compete ef) Tj ET Q q 0 0 0 rg BT 483.99 236.60 Td (fectively in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.60 Td (market is also dependent upon, among other things, Cabot) Tj ET Q q 0 0 0 rg BT 285.51 224.60 Td (s relationships with credit originators and financial services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.60 Td (companies, its ability to segment portfolios ef) Tj ET Q q 0 0 0 rg BT 232.84 212.60 Td (fectively) Tj ET Q q 0 0 0 rg BT 267.17 212.60 Td (, its high level of compliance governance controls, and its ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.60 Td (provide quality collection strategies in compliance with applicable laws.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 179.60 Td (Similar to certain trends we are observing in the United States, we believe that smaller competitors in the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.60 Td (Kingdom are facing dif) Tj ET Q q 0 0 0 rg BT 143.40 167.60 Td (ficulties in the portfolio purchasing market because of the higher cost to operate due to the increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.60 Td (regulatory environment and scrutiny applied by regulators, and also because sellers of char) Tj ET Q q 0 0 0 rg BT 413.31 155.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 439.22 155.60 Td (f consumer receivables are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.60 Td (being more selective with buyers in the marketplace, resulting in consolidation within the portfolio purchasing and recovery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.60 Td (industry and the exit of portfolio purchasing and recovery companies from the marketplace. ) Tj ET Q q 0 0 0 rg BT 418.77 131.60 Td (As in the United States, we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.60 Td (this favors lar) Tj ET Q q 0 0 0 rg BT 104.80 119.60 Td (ger participants in the market, such as Cabot, because the lar) Tj ET Q q 0 0 0 rg BT 346.76 119.60 Td (ger market participants are better able to adapt to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.60 Td (these pressures. ) Tj ET Q q 0 0 0 rg BT 114.71 107.60 Td (As smaller competitors limit their participation in or exit the market, it may provide additional opportunities for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.60 Td (us to purchase receivables from competitors or to acquire competitors directly) Tj ET Q q 0 0 0 rg BT 361.46 95.60 Td (. ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.75 31.60 Td (9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Government Regulation) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72 724.4169921875 m 125.603515625 724.4169921875 l s q 0 0 0 rg BT 72.00 725.75 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 709.25 Td (Our debt purchasing and collection activities are subject to federal, state, and municipal statutes, rules, regulations, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (ordinances that establish specific guidelines and procedures that debt purchasers and collectors must follow when collecting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (consumer accounts. It is our policy to comply with the provisions of all applicable laws in all of our recovery activities. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (failure to comply with these laws could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 314.44 673.25 Td (fect on us to the extent that they limit our recovery activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (or subject us to fines or penalties in connection with such activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 644.75 Td (The federal Fair Debt Collection Practices ) Tj ET Q q 0 0 0 rg BT 243.05 644.75 Td (Act \(FDCP) Tj ET Q q 0 0 0 rg BT 291.85 644.75 Td (A\) and comparable state and local laws establish specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.75 Td (guidelines and procedures that debt collectors must follow when communicating with consumers, including the time, place and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.75 Td (manner of the communications, and prohibit unfair) Tj ET Q q 0 0 0 rg BT 253.71 620.75 Td (, deceptive, or abusive debt collection practices. Until 201) Tj ET Q q 0 0 0 rg BT 485.76 620.75 Td (1, the Federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 608.75 Td (rade Commission \(FTC\) administered, and had primary responsibility for the enforcement of, the FDCP) Tj ET Q q 0 0 0 rg BT 480.02 608.75 Td (A. In July 201) Tj ET Q q 0 0 0 rg BT 536.88 608.75 Td (1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.75 Td (pursuant to the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 163.13 596.75 Td (W) Tj ET Q q 0 0 0 rg BT 171.77 596.75 Td (all Street Reform and Consumer Financial Protection ) Tj ET Q q 0 0 0 rg BT 386.45 596.75 Td (Act of 2010 \(the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 510.03 596.75 Td (Act\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.75 Td (Congress transferred the FTC) Tj ET Q q 0 0 0 rg BT 171.36 584.75 Td (s role of administering the FDCP) Tj ET Q q 0 0 0 rg BT 302.93 584.75 Td (A) Tj ET Q q 0 0 0 rg BT 309.60 584.75 Td ( to the Consumer Financial Protection Bureau \(CFPB\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.75 Td (along with certain other federal statutes, and gave the CFPB authority to implement regulations under the FDCP) Tj ET Q q 0 0 0 rg BT 498.15 572.75 Td (A. ) Tj ET Q q 0 0 0 rg BT 510.20 572.75 Td (The FTC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.75 Td (and the CFPB share enforcement responsibilities under the FDCP) Tj ET Q q 0 0 0 rg BT 311.82 560.75 Td (A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 544.25 Td (In addition to the FDCP) Tj ET Q q 0 0 0 rg BT 167.20 544.25 Td (A, the federal laws that apply to our business \(including the regulations that implement these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (laws\) include the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 507.32 Td (Dodd-Frank Act, including the Consumer Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 497.32 Td (Protection Act \(Title X of the Dodd-Frank Act, CFPA\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 497.42 Td (Servicemembers Civil Relief Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 483.32 Td (Electronic Fund Transfer Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 483.32 Td (Telephone Consumer Protection Act \(TCPA\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 469.32 Td (Equal Credit Opportunity Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 469.32 Td (Truth In Lending Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 455.32 Td (Fair Credit Billing Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 455.32 Td (U.S. Bankruptcy Code) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 441.32 Td (Fair Credit Reporting Act \(FCRA\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 441.32 Td (Wire Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 427.32 Td (Federal Trade Commission Act \(FTCA\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 427.32 Td (Credit CARD Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 413.32 Td (Gramm-Leach-Bliley Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 413.32 Td (Foreign Corrupt Practices Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 399.32 Td (Health Insurance Portability and Accountability Act) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 374.25 Td (The Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 140.88 374.25 Td (Act was adopted to reform and strengthen regulation and supervision of the U.S. financial services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (industry) Tj ET Q q 0 0 0 rg BT 82.13 362.25 Td (. It contains comprehensive provisions governing the oversight of financial institutions, some of which apply to us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (Among other things, the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 200.54 350.25 Td (Act established the CFPB, which has broad authority to implement and enforce federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (consumer financial law) Tj ET Q q 0 0 0 rg BT 142.65 338.25 Td (, as well as authority to examine financial institutions, including credit issuers that may be sellers of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (receivables and debt buyers and collectors such as us, for compliance with federal consumer financial law) Tj ET Q q 0 0 0 rg BT 473.08 326.25 Td (. ) Tj ET Q q 0 0 0 rg BT 477.90 326.25 Td (The CFPB has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (authority to prevent unfair) Tj ET Q q 0 0 0 rg BT 154.84 314.25 Td (, deceptive, or abusive acts or practices by issuing regulations or by using its enforcement authority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (without first issuing regulations. ) Tj ET Q q 0 0 0 rg BT 181.76 302.25 Td (The Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 250.63 302.25 Td (Act also authorizes state of) Tj ET Q q 0 0 0 rg BT 358.75 302.25 Td (ficials to enforce regulations issued by the CFPB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.25 Td (and to enforce the CFP) Tj ET Q q 0 0 0 rg BT 141.28 290.25 Td (A) Tj ET Q q 0 0 0 rg BT 147.95 290.25 Td ( general prohibition against unfair) Tj ET Q q 0 0 0 rg BT 283.62 290.25 Td (, deceptive, and abusive acts or practices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 273.75 Td (The CFPB) Tj ET Q q 0 0 0 rg BT 117.29 273.75 Td (s authorities include the ability to issue regulations under all significant federal statutes that af) Tj ET Q q 0 0 0 rg BT 493.11 273.75 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.75 Td (collection industry) Tj ET Q q 0 0 0 rg BT 124.06 261.75 Td (, including the FDCP) Tj ET Q q 0 0 0 rg BT 208.14 261.75 Td (A, FCRA, and others. In July 2016, the CFPB released anoutline of proposals under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.75 Td (consideration for its debt collection rulemaking. ) Tj ET Q q 0 0 0 rg BT 244.49 249.75 Td (The proposals are aimed at ensuring debt collectors, among other things: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.75 Td (collect the correct debt; limit excessive or disruptive communications; stop collecting or suing for debt without proper ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.75 Td (documentation; and provide documentation substantiating debt to a consumer upon demand. In addition to consulting with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.75 Td (business representatives, the CFPB will continue to seek input from the public, consumer groups, industry) Tj ET Q q 0 0 0 rg BT 474.01 213.75 Td (, and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.75 Td (stakeholders before continuing the rulemaking process. Shortly after his inauguration, President ) Tj ET Q q 0 0 0 rg BT 435.56 201.75 Td (T) Tj ET Q q 0 0 0 rg BT 441.31 201.75 Td (rump issued an order halting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.75 Td (all federal regulatory rulemakings, which may include the CFPB) Tj ET Q q 0 0 0 rg BT 311.32 189.75 Td (s debt collection rulemaking.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 173.25 Td (The Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 140.88 173.25 Td (Act also gave the CFPB supervisory and examination authority over a variety of institutions that may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.25 Td (engage in debt collection, including us. ) Tj ET Q q 0 0 0 rg BT 208.85 161.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 258.19 161.25 Td (, the CFPB is authorized to supervise and conduct examinations of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.25 Td (business practices. ) Tj ET Q q 0 0 0 rg BT 126.74 149.25 Td (The prospect of supervision has increased the potential consequences of noncompliance with federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (consumer financial law) Tj ET Q q 0 0 0 rg BT 142.65 137.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 120.75 Td (The CFPB can conduct hearings, adjudication proceedings, and investigations, either unilaterally or jointly with other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.75 Td (state and federal regulators, to determine if federal consumer financial law has been violated. ) Tj ET Q q 0 0 0 rg BT 424.66 108.75 Td (The CFPB has authority to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.75 Td (impose monetary penalties for violations of applicable federal consumer financial laws \(including the CFP) Tj ET Q q 0 0 0 rg BT 475.35 96.75 Td (A, FDCP) Tj ET Q q 0 0 0 rg BT 511.67 96.75 Td (A, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.75 Td (FCRA, among other consumer protection statutes\), require remediation of practices, and pursue enforcement actions.) Tj ET Q q 0 0 0 rg BT 520.78 84.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.75 Td (CFPB also has authority to obtain cease and desist orders \(which can include orders for restitution or rescission of contracts, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.75 Td (well as other kinds of af) Tj ET Q q 0 0 0 rg BT 146.18 60.75 Td (firmative relief\), costs, and monetary penalties ranging from $5,000 per day for ordinary violations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.75 Td (federal consumer financial laws to $25,000 per day for reckless violations and $1 million per day for knowing violations. In ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (addition, where a company has violated ) Tj ET Q q 0 0 0 rg BT 211.16 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 216.91 742.10 Td (itle X of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 318.29 742.10 Td (Act or CFPB regulations implemented under ) Tj ET Q q 0 0 0 rg BT 499.75 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 505.50 742.10 Td (itle X of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 100.83 730.10 Td (Act, the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 185.82 730.10 Td (Act empowers state ) Tj ET Q q 0 0 0 rg BT 266.63 730.10 Td (Attorneys General and state regulators to bring civil actions to remedy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (violations of state law) Tj ET Q q 0 0 0 rg BT 137.39 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 142.21 718.10 Td (The CFPB has been active in its supervision, examination and enforcement of financial services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (companies, including bringing enforcement actions, imposing fines and mandating lar) Tj ET Q q 0 0 0 rg BT 393.90 706.10 Td (ge refunds to customers of several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (financial institutions for practices relating to debt collection practices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 677.60 Td (On September 9, 2015, we entered into a consent order \(the Consent Order\) with the CFPB in which we settled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.60 Td (allegations arising from our practices between 201) Tj ET Q q 0 0 0 rg BT 251.78 665.60 Td (1 and 2015. ) Tj ET Q q 0 0 0 rg BT 301.04 665.60 Td (The Consent Order includes obligations on us to, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.60 Td (things: \(1\) follow certain specified operational requirements, substantially all of which are already part of our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.60 Td (operations; \(2\) submit to the CFPB for review a comprehensive plan designed to ensure that its debt collection practices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.60 Td (comply with all applicable federal consumer financial laws and the terms of the Consent Order; \(3\) pay redress to certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.60 Td (specified groups of consumers; and \(4\) pay a civil monetary penalty) Tj ET Q q 0 0 0 rg BT 321.49 617.60 Td (. ) Tj ET Q q 0 0 0 rg BT 326.31 617.60 Td (W) Tj ET Q q 0 0 0 rg BT 334.95 617.60 Td (e will continue to cooperate and engage with the CFPB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.60 Td (and work to ensure compliance with the Consent Order) Tj ET Q q 0 0 0 rg BT 270.50 605.60 Td (. In addition, we are subject to ancillary state attorney general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.60 Td (investigations related to similar debt collection practices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 577.10 Td (In addition, the CFPB has issued guidance in the form of bulletins on debt collection and credit furnishing activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (generally) Tj ET Q q 0 0 0 rg BT 86.55 565.10 Td (, including one that specifically addresses representations regarding credit reports and credit scores during the debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (collection process, another that focuses on the application of the CFP) Tj ET Q q 0 0 0 rg BT 325.96 553.10 Td (A) Tj ET Q q 0 0 0 rg BT 332.07 553.10 Td () Tj ET Q q 0 0 0 rg BT 334.85 553.10 Td (s prohibition of unfair) Tj ET Q q 0 0 0 rg BT 426.93 553.10 Td (, deceptive, or abusive acts or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (practices on debt collection and another that discusses the risks that in-person collection of consumer debt may create in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (violating the FDPCA) Tj ET Q q 0 0 0 rg BT 134.45 529.10 Td ( and CFP) Tj ET Q q 0 0 0 rg BT 170.77 529.10 Td (A. ) Tj ET Q q 0 0 0 rg BT 182.81 529.10 Td (The CFPB also accepts debt collection consumer complaints and released template letters for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (consumers to use when corresponding with debt collectors. ) Tj ET Q q 0 0 0 rg BT 288.93 517.10 Td (The CFPB makes publicly available its data on consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (complaints. ) Tj ET Q q 0 0 0 rg BT 98.70 505.10 Td (The Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 167.58 505.10 Td (Act also mandates the submission of multiple studies and reports to Congress by the CFPB, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (CFPB staf) Tj ET Q q 0 0 0 rg BT 91.22 493.10 Td (f regularly make speeches on topics related to credit and debt. ) Tj ET Q q 0 0 0 rg BT 340.57 493.10 Td (All of these activities could trigger additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (legislative or regulatory action. In addition, the CFPB has recently engaged in enforcement activity in sectors adjacent to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (industry) Tj ET Q q 0 0 0 rg BT 82.13 469.10 Td (, impacting credit originators, collection firms, and payment processors, among others. ) Tj ET Q q 0 0 0 rg BT 431.30 469.10 Td (The CFPB) Tj ET Q q 0 0 0 rg BT 476.59 469.10 Td (s enforcement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (activity in these spaces, especially in the absence of clear rules or regulatory expectations, can be disruptive to third parties as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (they attempt to define appropriate business practices. ) Tj ET Q q 0 0 0 rg BT 264.38 445.10 Td (As a result, certain commercial relationships we maintain may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (disrupted or impacted by changes in third-parties) Tj ET Q q 0 0 0 rg BT 248.64 433.10 Td ( business practices or perceptions of elevated risk relating to the debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (collection industry) Tj ET Q q 0 0 0 rg BT 124.06 421.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 404.60 Td (Our activities are also subject to federal and state laws concerning identity theft, privacy) Tj ET Q q 0 0 0 rg BT 424.55 404.60 Td (, data security) Tj ET Q q 0 0 0 rg BT 479.71 404.60 Td (, the use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.60 Td (automated dialing equipment, and other laws related to consumers and consumer protection. In response to petitions filed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.60 Td (third parties, in July 2015, the Federal Communications Commission \(FCC\) released a declaratory ruling interpreting the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.60 Td (TCP) Tj ET Q q 0 0 0 rg BT 67.42 368.60 Td (A, which could impact the way consumers may be contacted on their cellular phones and could impact our operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.60 Td (financial results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 340.10 Td (In addition to the federal statutes detailed above, many states have general consumer protection statutes, laws, regulations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (or court rules that apply to debt purchasing and collection. In a number of states and cities, we must maintain licenses to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (perform debt recovery services and must satisfy related bonding requirements. It is our policy to comply with all material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (licensing and bonding requirements. Our failure to comply with existing licensing requirements, changing interpretations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (existing requirements, or adoption of new licensing requirements, could restrict our ability to collect in regions, subject us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (increased regulation, increase our costs, or adversely af) Tj ET Q q 0 0 0 rg BT 271.11 280.10 Td (fect our ability to collect our receivables.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 263.60 Td (State laws, among other things, also may limit the interest rate and the fees that a credit originator may impose on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.60 Td (consumers, limit the time in which we may file legal actions to enforce consumer accounts, and require specific account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.60 Td (information for certain collection activities. By way of example, the California Fair Debt Buying Practices ) Tj ET Q q 0 0 0 rg BT 477.93 239.60 Td (Act that directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.60 Td (applies to debt buyers, applies to accounts sold after January1, 2014. ) Tj ET Q q 0 0 0 rg BT 329.47 227.60 Td (The law requires debt buyers operating in the state to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.60 Td (have in their possession specific account information before debt collection ef) Tj ET Q q 0 0 0 rg BT 361.93 215.60 Td (forts can begin, among other requirements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.60 Td (Moreover) Tj ET Q q 0 0 0 rg BT 89.03 203.60 Td (, the New ) Tj ET Q q 0 0 0 rg BT 129.76 203.60 Td (Y) Tj ET Q q 0 0 0 rg BT 135.98 203.60 Td (ork State Department of Financial Services issued new debt collection regulations, which took ef) Tj ET Q q 0 0 0 rg BT 523.47 203.60 Td (fect in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.60 Td (September 2015 and established new requirements for collecting debt in the state. In addition, other state and local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.60 Td (requirements and court rulings in various jurisdictions may also af) Tj ET Q q 0 0 0 rg BT 315.04 179.60 Td (fect our ability to collect.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 163.10 Td (The relationship between consumers and credit card issuers is also extensively regulated by federal and state consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (protection and related laws and regulations. ) Tj ET Q q 0 0 0 rg BT 226.70 151.10 Td (These laws may af) Tj ET Q q 0 0 0 rg BT 301.22 151.10 Td (fect some of our operations because the majority of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (receivables originate through credit card transactions. ) Tj ET Q q 0 0 0 rg BT 266.67 139.10 Td (The laws and regulations applicable to credit card issuers, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (things, impose disclosure requirements when a credit card account is advertised, when it is applied for and when it is opened, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (the end of monthly billing cycles, and at year) Tj ET Q q 0 0 0 rg BT 230.58 115.10 Td (-end. Federal law requires, among other things, that credit card issuers disclose to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (consumers the interest rates, fees, grace periods, and balance calculation methods associated with their credit card accounts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (Some laws prohibit discriminatory practices in connection with the extension of credit. If the originating institution fails to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (comply with applicable statutes, rules, and regulations, it could create claims and rights for consumers that would reduce or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (eliminate their obligations related to those receivables. ) Tj ET Q q 0 0 0 rg BT 270.85 67.10 Td (When we acquire receivables, we generally require the credit originator ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.40 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 317.03 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (or portfolio reseller to represent that they have complied with applicable statutes, rules, and regulations relating to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (origination and collection of the receivables before they were sold to us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 713.60 Td (Federal statutes further provide that, in some cases, consumers cannot be held liable for) Tj ET Q q 0 0 0 rg BT 421.77 713.60 Td (, or their liability is limited with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.60 Td (respect to, char) Tj ET Q q 0 0 0 rg BT 110.62 701.60 Td (ges to their credit card accounts that resulted from unauthorized use of their credit cards. ) Tj ET Q q 0 0 0 rg BT 466.97 701.60 Td (These laws, among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.60 Td (others, may give consumers a legal cause of action against us, or may limit our ability to recover amounts owing with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.60 Td (the receivables, whether or not we committed any wrongful act or omission in connection with the account.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 661.10 Td (These laws and regulations, and others similar to the ones listed above, as well as laws applicable to specific types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (debt, impose requirements or restrictions on collection methods or our ability to enforce and recover certain of our receivables. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 637.10 Td (fects of the law) Tj ET Q q 0 0 0 rg BT 119.97 637.10 Td (, including those described above, and any new or changed laws, rules, or regulations, and reinterpretation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (the same, may adversely af) Tj ET Q q 0 0 0 rg BT 158.38 625.10 Td (fect our ability to recover amounts owing with respect to our receivables or the sale of receivables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (by creditors and resellers.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 74 590.7669921875 m 125.0888671875 590.7669921875 l s q 0 0 0 rg BT 74.00 592.10 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 575.60 Td (As we expand our international footprint, our operations are increasingly af) Tj ET Q q 0 0 0 rg BT 373.67 575.60 Td (fected by foreign statutes, rules and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.60 Td (regulations. It is our policy to comply with these laws in all of our recovery activities. For example, debt collection and debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.60 Td (purchase activities in the United Kingdom are highly regulated by a number of dif) Tj ET Q q 0 0 0 rg BT 378.33 551.60 Td (ferent governmental bodies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 535.10 Td (The regulatory environment is currently under) Tj ET Q q 0 0 0 rg BT 257.03 535.10 Td (going substantial changes. ) Tj ET Q q 0 0 0 rg BT 364.61 535.10 Td (The most significant changes include the transfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (of responsibility for the regulation of consumer credit businesses in the United Kingdom from the Of) Tj ET Q q 0 0 0 rg BT 453.90 523.10 Td (fice of Fair ) Tj ET Q q 0 0 0 rg BT 500.64 523.10 Td (T) Tj ET Q q 0 0 0 rg BT 506.40 523.10 Td (rading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (\(OFT\) to the Financial Conduct ) Tj ET Q q 0 0 0 rg BT 187.47 511.10 Td (Authority \(FCA\) which occurred on ) Tj ET Q q 0 0 0 rg BT 342.71 511.10 Td (April1, 2014; the proposal to have a dedicated pre-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (action protocol before commencing debt recovery claims in court; and the proposal by the European Commission that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (substantial changes be made to the European Union \(E.U.\) data protection regime.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 470.60 Td (The FCA) Tj ET Q q 0 0 0 rg BT 108.95 470.60 Td ( implemented an interim permission regime whereby businesses that held a consumer credit license were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.60 Td (required to register with the FCA) Tj ET Q q 0 0 0 rg BT 182.48 458.60 Td ( for interim permission before March31, 2014 in order to continue consumer credit activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.60 Td (after ) Tj ET Q q 0 0 0 rg BT 70.26 446.60 Td (April1, 2014. Cabot applied for full authorization of its business with the FCA) Tj ET Q q 0 0 0 rg BT 386.06 446.60 Td ( in March 2015 and Cabot Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.60 Td (Management Group Limited \(CCMG\), a Cabot subsidiary) Tj ET Q q 0 0 0 rg BT 290.69 434.60 Td (, became authorized and regulated by the FCA) Tj ET Q q 0 0 0 rg BT 476.18 434.60 Td ( in March 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.60 Td (CCMG appointed other Cabot subsidiaries to carry out debt-collecting and debt administration services on its behalf. CCMG ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.60 Td (assumes full regulatory responsibility for such entities. Cabot is now subject to the FCA) Tj ET Q q 0 0 0 rg BT 401.63 410.60 Td ( supervisory regime and thematic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.60 Td (reviews and supervisory visits. ) Tj ET Q q 0 0 0 rg BT 175.63 398.60 Td (The FCA) Tj ET Q q 0 0 0 rg BT 212.58 398.60 Td ( has power to impose significant fines or requirements on Cabot if it fails to comply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.60 Td (with the FCA) Tj ET Q q 0 0 0 rg BT 103.90 386.60 Td ( regime. In addition to the full authorization of its business with the FCA, CCMG has appointed certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.60 Td (individuals who have significant control or influence over the management of the business, known as Approved Persons, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.60 Td (are jointly and severally liable for the acts and omissions of CCMG and its business af) Tj ET Q q 0 0 0 rg BT 395.59 362.60 Td (fairs. ) Tj ET Q q 0 0 0 rg BT 417.80 362.60 Td (Approved Persons are subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.60 Td (statements of principle and codes of practice established and enforced by the FCA. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 334.10 Td (The FCA) Tj ET Q q 0 0 0 rg BT 108.95 334.10 Td ( has adopted detailed rules relating to conducting consumer credit activities, in addition to putting in place high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (level principles and conditions to which it expects businesses and ) Tj ET Q q 0 0 0 rg BT 313.84 322.10 Td (Approved Persons in the sector to adhere. ) Tj ET Q q 0 0 0 rg BT 483.06 322.10 Td (The FCA) Tj ET Q q 0 0 0 rg BT 520.00 322.10 Td ( has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (significantly greater powers than the OFT) Tj ET Q q 0 0 0 rg BT 216.71 310.10 Td (, including, but not limited to, the ability to impose significant fines, ban certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (individuals from carrying on trade within the financial services industry) Tj ET Q q 0 0 0 rg BT 336.77 298.10 Td (, impose requirements on a firm) Tj ET Q q 0 0 0 rg BT 467.29 298.10 Td (s permission, cease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (certain products from being collected upon and in extreme circumstances remove permissions to trade.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.60 Td (Furthermore, the manner in which court claims are conducted in England and ) Tj ET Q q 0 0 0 rg BT 384.22 269.60 Td (W) Tj ET Q q 0 0 0 rg BT 392.85 269.60 Td (ales in connection with the recovery of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.60 Td (debt may be subject to significant changes. In September 2014, the Civil Procedure Rules Committee \(CPRC\), an advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.60 Td (public body set up by statute and sponsored by the U.K. Ministry of Justice, issued a consultation on proposals to introduce a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.60 Td (designated pre-action protocol for court claims for the recovery of debt. Due to the amount of responses from the industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.60 Td (against the introduction of a dedicated protocol, the CPRC created a dedicated sub-committee with industry and consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.60 Td (group stakeholders. ) Tj ET Q q 0 0 0 rg BT 130.26 209.60 Td (As a consequence, the CPRC issued an updated consultation in September 2015 in order to seek balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.60 Td (between the interests of the industry and consumer groups. Cabot and its industry body) Tj ET Q q 0 0 0 rg BT 397.62 197.60 Td (, the Credit Services ) Tj ET Q q 0 0 0 rg BT 480.66 197.60 Td (Association, have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.60 Td (each responded to this consultation. On December 9, 2016, the CPRC met and decided that the initial proposal, which would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.60 Td (have required creditors to provide significant documentation, such as the original credit agreement prior to issuing a claim in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.60 Td (court, should be amended. ) Tj ET Q q 0 0 0 rg BT 157.20 161.60 Td (A) Tj ET Q q 0 0 0 rg BT 163.87 161.60 Td ( final draft of the rules has been passed for approval in the UK legislative system. ) Tj ET Q q 0 0 0 rg BT 492.20 161.60 Td (The new draft ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.60 Td (will require that a letter before claim informs a consumer of their right to request documentation and for a full statement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.60 Td (account to be included. However) Tj ET Q q 0 0 0 rg BT 181.49 137.60 Td (, this documentation no longer has to be provided with the letter before claim. ) Tj ET Q q 0 0 0 rg BT 495.12 137.60 Td (The precise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.60 Td (detail is yet to be made public.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 109.10 Td (In addition, the regulatory regime in the United Kingdom relating to the protection of consumers from unfair terms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (practices is subject to change. In October 2015, the U.K. Parliament introduced new laws that reformed most of the previous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (U.K. consumer laws and was lar) Tj ET Q q 0 0 0 rg BT 179.51 85.10 Td (gely driven by the European Commission) Tj ET Q q 0 0 0 rg BT 348.65 85.10 Td (s Directive for Consumer Rights. ) Tj ET Q q 0 0 0 rg BT 483.45 85.10 Td (The U.K. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (Consumer Rights ) Tj ET Q q 0 0 0 rg BT 121.67 73.10 Td (Act 2015 introduced enhanced consumer measures that can be imposed on businesses and gives greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (protection to U.K. consumers from unfair business practices and unfair terms in consumer agreements.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 742.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 121.90 742.10 Td (, the Consumer Credit ) Tj ET Q q 0 0 0 rg BT 212.17 742.10 Td (Act of 1974 \(and its related regulations\) and the U.K. Consumer Rights ) Tj ET Q q 0 0 0 rg BT 499.90 742.10 Td (Act 2015 set ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (forth requirements for the entry into and ongoing management of consumer credit arrangements in the United Kingdom. ) Tj ET Q q 0 0 0 rg BT 533.20 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 539.87 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (failure to comply with these requirements can make agreements unenforceable or can result in a requirement that char) Tj ET Q q 0 0 0 rg BT 521.56 718.10 Td (ged and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (collected interest be repaid.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 689.60 Td (In addition to these regulations on debt collection and debt purchase activities, Cabot must comply with requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.60 Td (established by the Data Protection ) Tj ET Q q 0 0 0 rg BT 188.58 677.60 Td (Act of 1998 in relation to processing the personal data of its consumers. New legislation, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.60 Td (E.U. General Data Protection Regulation \(GDPR\), will replace the current Data Protection ) Tj ET Q q 0 0 0 rg BT 422.93 665.60 Td (Act in 2018 and will introduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.60 Td (significant changes to the data protection regime including but not limited to: the conditions for obtaining consent to process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.60 Td (personal data; transparency and providing information to individuals regarding the processing of their personal data; enhanced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.60 Td (rights for individuals; notification obligations for personal data breach; and new supervisory authorities, including a European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.60 Td (Data Protection Board \(EDPB\). ) Tj ET Q q 0 0 0 rg BT 187.84 617.60 Td (W) Tj ET Q q 0 0 0 rg BT 196.47 617.60 Td (e have analyzed the GDPR requirements and are working to ensure that we become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.60 Td (compliant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 589.10 Td (The regulatory regime in the Republic of Ireland has been subject to significant changes. In July 2015, the Irish ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (Parliament introduced the Consumer Protection \(Regulation of Credit Servicing Firms\) ) Tj ET Q q 0 0 0 rg BT 400.49 577.10 Td (Act 2015, which requires credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (servicing firms to be regulated by the Central Bank of Ireland to ensure regulatory protection for consumers following loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (book sales was published in January 2015. ) Tj ET Q q 0 0 0 rg BT 222.57 553.10 Td (The Consumer Protection \(Regulation of Credit Servicing Firms\) ) Tj ET Q q 0 0 0 rg BT 485.31 553.10 Td (Act 2015 seeks to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (address concerns regarding the loss of regulatory protections for borrowers when portfolio of loans are sold and/or serviced to/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (by an unregulated entity) Tj ET Q q 0 0 0 rg BT 146.26 529.10 Td (. Cabot is registered with and regulated by the Central Bank of Ireland for credit servicing activities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (its activities are subject to detailed rules on consumer protection. Cabot is under) Tj ET Q q 0 0 0 rg BT 370.01 517.10 Td (going the second stage of the authorization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (process in which it needs to provide its controls framework on how it ensures regulatory protection for consumers for debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (portfolios it has acquired and manages. Cabot is already contractually obligated to ensure compliance with the relevant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (consumer protection codes through its debt sale and management agreements and is audited on a regular basis against such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 452.10 Td (On June 23, 2016, the United Kingdom held a referendum in which voters approved the United Kingdom) Tj ET Q q 0 0 0 rg BT 496.86 452.10 Td (s exit from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (E.U., commonly referred to as Brexit. ) Tj ET Q q 0 0 0 rg BT 212.54 440.10 Td (The referendum was advisory) Tj ET Q q 0 0 0 rg BT 331.01 440.10 Td (, and the terms of any withdrawal are subject to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (negotiation period that could last at least two years after the U.K. government formally initiates a withdrawal process. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (Nevertheless, the referendum has created significant uncertainty about the future relationship between the United Kingdom and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (the E.U., including with respect to the laws and regulations that will apply as the United Kingdom determines which E.U. laws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (to replace or replicate in the event of a withdrawal. ) Tj ET Q q 0 0 0 rg BT 255.74 392.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 305.64 392.10 Td (, Brexit could, among other outcomes, disrupt the free ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (movement of goods, services and people between the United Kingdom and the E.U., undermine bilateral cooperation in key ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (policy areas and significantly disrupt trade between the United Kingdom and the E.U. Given the lack of comparable precedent, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (it is unclear what financial, trade and legal implications Brexit will have and how it will af) Tj ET Q q 0 0 0 rg BT 411.66 356.10 Td (fect us. ) Tj ET Q q 0 0 0 rg BT 442.85 356.10 Td (The GDPR requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (discussed above will not be impacted by the Brexit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 323.10 Td (In addition, the other markets in which we currently operate are subject to local laws and regulations, and we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (implemented compliance programs to facilitate compliance with all applicable laws and regulations in those markets. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (operations outside the United States are subject to the U.S. Foreign Corrupt Practices ) Tj ET Q q 0 0 0 rg BT 392.43 299.10 Td (Act, which prohibits U.S. companies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (their agents and employees from providing anything of value to a foreign of) Tj ET Q q 0 0 0 rg BT 353.62 287.10 Td (ficial for the purposes of influencing any act or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (decision of these individuals in order to obtain an unfair advantage, to help, obtain, or retain business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 237.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 237.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.03 237.10 Td (, we had approximately 6,700 employees worldwide. None of our employees is represented by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.10 Td (a labor union. ) Tj ET Q q 0 0 0 rg BT 107.58 225.10 Td (W) Tj ET Q q 0 0 0 rg BT 116.22 225.10 Td (e believe that our relations with our employees are good.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.55 204.10 Td (Item1ARisk Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 187.60 Td (There are risks and uncertainties in our business that could cause our actual results to dif) Tj ET Q q 0 0 0 rg BT 427.88 187.60 Td (fer from those anticipated. ) Tj ET Q q 0 0 0 rg BT 535.71 187.60 Td (W) Tj ET Q q 0 0 0 rg BT 544.35 187.60 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.60 Td (ur) Tj ET Q q 0 0 0 rg BT 58.15 175.60 Td (ge you to read these risk factors carefully in connection with evaluating our business and in connection with the forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.60 Td (looking statements and other information contained in this ) Tj ET Q q 0 0 0 rg BT 285.51 163.60 Td (Annual Report onForm10-K.) Tj ET Q q 0 0 0 rg BT 408.84 163.60 Td (Any of the risks described herein ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.60 Td (could af) Tj ET Q q 0 0 0 rg BT 82.30 151.60 Td (fect our business, financial condition, or future results and the actual outcome of matters as to which forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.60 Td (statements are made. ) Tj ET Q q 0 0 0 rg BT 135.89 139.60 Td (The list of risks is not intended to be exhaustive, and the order in which the risks appear is not intended as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.60 Td (an indication of their relative weight or importance. ) Tj ET Q q 0 0 0 rg BT 258.54 127.60 Td (Additional risks and uncertainties not currently known to us, or that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.60 Td (currently deem to be immaterial, also may adversely af) Tj ET Q q 0 0 0 rg BT 270.01 115.60 Td (fect our business, financial condition and/or operating results.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Risks Related to Our) Tj ET Q q 0 0 0 rg BT 139.54 742.25 Td ( Business and Industry) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 720.25 Td (Financial and economic conditions af) Tj ET Q q 0 0 0 rg BT 206.50 720.25 Td (fect the ability of consumers to pay their obligations, which could harm our financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 691.75 Td (Economic conditions globally and locally directly af) Tj ET Q q 0 0 0 rg BT 283.76 691.75 Td (fect unemployment, credit availability) Tj ET Q q 0 0 0 rg BT 435.84 691.75 Td (, and real estate values. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 679.75 Td (Adverse conditions, economic changes, and financial disruptions place financial pressure on the consumer) Tj ET Q q 0 0 0 rg BT 475.02 679.75 Td (, which may reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 667.75 Td (our ability to collect on our consumer receivable portfolios and may adversely af) Tj ET Q q 0 0 0 rg BT 373.04 667.75 Td (fect the value of our consumer receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 655.75 Td (portfolios. Further) Tj ET Q q 0 0 0 rg BT 122.92 655.75 Td (, increased financial pressures on the financially distressed consumer may result in additional regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.75 Td (requirements or restrictions on our operations and increased litigation filed against us. ) Tj ET Q q 0 0 0 rg BT 396.11 643.75 Td (These conditions could increase our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.75 Td (costs and harm our business, financial condition, and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (Our operating results may be af) Tj ET Q q 0 0 0 rg BT 180.66 609.75 Td (fected by factors that could cause them to fluctuate significantly in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 593.25 Td (Our operating results will likely vary in the future due to a variety of factors that could af) Tj ET Q q 0 0 0 rg BT 430.65 593.25 Td (fect our revenues and operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 90.92 581.25 Td (W) Tj ET Q q 0 0 0 rg BT 99.56 581.25 Td (e expect that our operating expenses as a percentage of collections will fluctuate in the future as we expand into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.25 Td (new markets, increase our business development ef) Tj ET Q q 0 0 0 rg BT 255.03 569.25 Td (forts, hire additional personnel, and incur increased insurance and regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.25 Td (compliance costs. In addition, our operating results have fluctuated and may continue to fluctuate as a result of the factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.25 Td (described below and elsewhere in this ) Tj ET Q q 0 0 0 rg BT 203.84 545.25 Td (Annual Report on Form10-K:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 528.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 528.25 Td (the timing and ability of consumers to make payments, including the ef) Tj ET Q q 0 0 0 rg BT 388.76 528.25 Td (fects of seasonality and macroeconomic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 516.25 Td (conditions on their ability to pay;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 495.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 495.25 Td (any char) Tj ET Q q 0 0 0 rg BT 137.96 495.25 Td (ge to earnings resulting from an allowance against the carrying value of our receivable portfolios;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 474.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 474.25 Td (increases in operating expenses associated with the growth or change of our operations or compliance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 462.25 Td (increased regulatory and other legal requirements;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 441.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 441.25 Td (the cost of credit; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 420.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 420.25 Td (the supply of receivables portfolios for sale on acceptable terms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 399.25 Td (Because we recognize revenue on the basis of projected collections on purchased portfolios, we may experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.25 Td (variations in quarterly revenue and earnings due to the timing of portfolio purchases.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 365.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 365.25 Td (e may not be able to purchase receivables at favorable prices, which could limit our growth or profitability) Tj ET Q q 0 0 0 rg BT 493.87 365.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 348.75 Td (Our ability to continue to operate profitably depends upon the continued availability of receivable portfolios that meet our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.75 Td (purchasing standards and are cost-ef) Tj ET Q q 0 0 0 rg BT 195.32 336.75 Td (fective based upon projected collections exceeding our costs. Due, in part, to fluctuating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.75 Td (prices for receivable portfolios and competition within the marketplace, there has been considerable variation in our purchasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.75 Td (volume and pricing from quarter to quarter and we expect that to continue. ) Tj ET Q q 0 0 0 rg BT 350.83 312.75 Td (The volume of our portfolio purchases may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.75 Td (limited when prices are high, and may or may not increase when portfolio pricing is more favorable to us. Further) Tj ET Q q 0 0 0 rg BT 504.75 300.75 Td (, our rates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.75 Td (return may decline when portfolio prices are high. ) Tj ET Q q 0 0 0 rg BT 252.80 288.75 Td (W) Tj ET Q q 0 0 0 rg BT 261.44 288.75 Td (e do not know how long portfolios will be available for purchase on terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.75 Td (acceptable to us, or at all.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 260.25 Td (The availability of receivable portfolios at favorable prices depends on a number of factors, including:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 243.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 243.25 Td (defaults in consumer debt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 222.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 222.25 Td (continued origination of loans by originating institutions at suf) Tj ET Q q 0 0 0 rg BT 354.35 222.25 Td (ficient volumes;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 201.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 201.25 Td (continued sale of receivable portfolios by originating institutions and portfolio resellers at suf) Tj ET Q q 0 0 0 rg BT 477.62 201.25 Td (ficient volumes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 189.25 Td (acceptable price levels;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 168.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 168.25 Td (competition in the marketplace;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 147.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 147.25 Td (our ability to develop and maintain favorable relationships with key major credit originators and portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 135.25 Td (resellers;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 114.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 114.25 Td (our ability to obtain adequate data from credit originators or portfolio resellers to appropriately evaluate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 102.25 Td (collectability of, estimate the value of, and collect on portfolios; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 81.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 81.25 Td (changes in laws and regulations governing consumer lending, bankruptcy) Tj ET Q q 0 0 0 rg BT 397.44 81.25 Td (, and collections.) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 465.20 81.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 60.25 Td (In recent periods, portfolio prices have been elevated above historical levels, particularly for fresh portfolios, which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.25 Td (those portfolios transacted within six months of the consumers) Tj ET Q q 0 0 0 rg BT 303.11 48.25 Td ( accounts being char) Tj ET Q q 0 0 0 rg BT 384.83 48.25 Td (ged of) Tj ET Q q 0 0 0 rg BT 409.92 48.25 Td (f by the financial institution. ) Tj ET Q q 0 0 0 rg BT 525.83 48.25 Td (W) Tj ET Q q 0 0 0 rg BT 534.47 48.25 Td (e ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (believe this elevated pricing was due to a reduction in the supply of char) Tj ET Q q 0 0 0 rg BT 339.45 742.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 365.37 742.10 Td (f accounts and continued strong demand in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (marketplace. ) Tj ET Q q 0 0 0 rg BT 103.68 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 112.31 730.10 Td (e believe that the reduction in supply is partially due to shifts in underwriting standards by financial institutions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (which have resulted in lower volumes of char) Tj ET Q q 0 0 0 rg BT 232.26 718.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 258.18 718.10 Td (f accounts. ) Tj ET Q q 0 0 0 rg BT 303.81 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 312.45 718.10 Td (e believe that this reduction in supply is also the result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (certain financial institutions temporarily halting or curtailing their sales of char) Tj ET Q q 0 0 0 rg BT 365.83 706.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 391.75 706.10 Td (f accounts in response to increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (regulatory pressure on financial institutions. ) Tj ET Q q 0 0 0 rg BT 228.67 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 237.30 694.10 Td (e are unable to predict the extent to which these financial institutions will re-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (commence selling char) Tj ET Q q 0 0 0 rg BT 142.00 682.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 167.92 682.10 Td (f accounts. Financial institutions might not return to selling char) Tj ET Q q 0 0 0 rg BT 424.36 682.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 450.28 682.10 Td (f accounts at historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (levels and certain of them could elect to stop selling char) Tj ET Q q 0 0 0 rg BT 277.52 670.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 303.44 670.10 Td (f accounts permanently) Tj ET Q q 0 0 0 rg BT 396.08 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 400.90 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 409.54 670.10 Td (e are taking measures to improve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (liquidation rates on our purchased portfolios so that we can achieve satisfactory returns on recently purchased portfolios despite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (their elevated prices. However) Tj ET Q q 0 0 0 rg BT 171.76 646.10 Td (, there can be no assurance that these measures will be ef) Tj ET Q q 0 0 0 rg BT 399.26 646.10 Td (fective in maintaining returns in line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (with historical levels, or at all. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 617.60 Td (In addition, because of the length of time involved in collecting char) Tj ET Q q 0 0 0 rg BT 347.62 617.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 373.54 617.60 Td (f consumer receivables on acquired portfolios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.60 Td (and the volatility in the timing of our collections, we may not be able to identify trends and make changes in our purchasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.60 Td (strategies in a timely manner) Tj ET Q q 0 0 0 rg BT 164.97 593.60 Td (. Ultimately) Tj ET Q q 0 0 0 rg BT 212.08 593.60 Td (, if we are unable to continually purchase and collect on a suf) Tj ET Q q 0 0 0 rg BT 457.09 593.60 Td (ficient volume of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.60 Td (receivables to generate cash collections that exceed our costs or to generate satisfactory returns, our business, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.60 Td (condition and operating results will be adversely af) Tj ET Q q 0 0 0 rg BT 254.48 569.60 Td (fected.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 547.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 547.60 Td (e may experience losses on portfolios consisting of new types of receivables or receivables in new geographies due to our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 535.60 Td (lack of collection experience with these receivables, which could harm our business, financial condition and operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 523.60 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 507.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 507.10 Td (e continually look for opportunities to expand the classes of assets that make up the portfolios we acquire. ) Tj ET Q q 0 0 0 rg BT 508.74 507.10 Td (Therefore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.10 Td (we may acquire portfolios consisting of assets with which we have little or no collection experience or portfolios of receivables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.10 Td (in new geographies where we do not historically maintain an operational footprint. Our lack of experience with these assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.10 Td (may hinder our ability to generate expected levels of profits from these portfolios. Further) Tj ET Q q 0 0 0 rg BT 409.49 471.10 Td (, our existing methods of collections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.10 Td (may prove inef) Tj ET Q q 0 0 0 rg BT 110.35 459.10 Td (fective for these new receivables, and we may not be able to collect on these portfolios. Our inexperience with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (these receivables may have an adverse ef) Tj ET Q q 0 0 0 rg BT 214.17 447.10 Td (fect on our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 425.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 425.10 Td (e may purchase receivable portfolios that are unprofitable or we may not be able to collect suf) Tj ET Q q 0 0 0 rg BT 443.49 425.10 Td (ficient amounts to recover ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (our costs and to fund our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 396.60 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 396.60 Td (e acquire and service char) Tj ET Q q 0 0 0 rg BT 186.28 396.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 212.20 396.60 Td (f receivables that the obligors have failed to pay and the sellers have deemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.60 Td (uncollectible and have written of) Tj ET Q q 0 0 0 rg BT 181.44 384.60 Td (f. ) Tj ET Q q 0 0 0 rg BT 189.58 384.60 Td (The originating institutions and/or portfolio resellers generally make numerous attempts to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.60 Td (recover on these nonperforming receivables, often using a combination of their in-house collection and legal departments, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.60 Td (well as third-party collection agencies. In order to operate profitably over the long term, we must continually purchase and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.60 Td (collect on a suf) Tj ET Q q 0 0 0 rg BT 110.63 348.60 Td (ficient volume of char) Tj ET Q q 0 0 0 rg BT 199.02 348.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 224.94 348.60 Td (f receivables to generate revenue that exceeds our costs. ) Tj ET Q q 0 0 0 rg BT 451.32 348.60 Td (These receivables are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.60 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 336.60 Td (ficult to collect, and we may not be successful in collecting amounts suf) Tj ET Q q 0 0 0 rg BT 348.73 336.60 Td (ficient to cover the costs associated with purchasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.60 Td (the receivables and funding our operations. If we are not able to collect on these receivables, collect suf) Tj ET Q q 0 0 0 rg BT 463.82 324.60 Td (ficient amounts to cover ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.60 Td (our costs or generate satisfactory returns, this may adversely af) Tj ET Q q 0 0 0 rg BT 301.95 312.60 Td (fect our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 290.60 Td (Sellers may deliver portfolios that contain accounts that do not meet our account collection criteria and cannot be returned, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 278.60 Td (which could have an adverse ef) Tj ET Q q 0 0 0 rg BT 178.97 278.60 Td (fect on our cash flows and our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 262.10 Td (In the normal course of portfolio acquisitions, some accounts may be included in the portfolios that fail to conform to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (terms of the purchase agreements and we may seek to return these accounts to the sellers for refund. However) Tj ET Q q 0 0 0 rg BT 489.16 250.10 Td (, we generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (have a limited time in which to return these accounts to the sellers under the terms of our purchase agreements. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (sellers may not be able to meet their contractual obligations to us. ) Tj ET Q q 0 0 0 rg BT 314.65 226.10 Td (Accounts that we are unable to return to sellers may yield no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (return. If sellers deliver portfolios containing too many accounts that do not conform to the terms of the purchase agreements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (we may be unable to collect a suf) Tj ET Q q 0 0 0 rg BT 183.38 202.10 Td (ficient amount and the portfolio purchase could generate lower returns or be unprofitable, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (which would have an adverse ef) Tj ET Q q 0 0 0 rg BT 178.38 190.10 Td (fect on our cash flows and our operations. If cash flows from operations are less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (anticipated, our ability to satisfy our debt obligations and purchase new portfolios and, correspondingly) Tj ET Q q 0 0 0 rg BT 463.42 178.10 Td (, our business, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (condition and operating results, may be adversely af) Tj ET Q q 0 0 0 rg BT 258.64 166.10 Td (fected.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.12 144.10 Td ( significant portion of our portfolio purchases during any period may be concentrated with a small number of sellers or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (resellers, which could adversely af) Tj ET Q q 0 0 0 rg BT 191.19 132.10 Td (fect our volume and timing of purchases.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 115.60 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 115.60 Td ( significant percentage of our portfolio purchases for any given fiscal quarter or year may be concentrated with a few ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.60 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 103.60 Td (ge sellers, some of which may also involve forward flow arrangements. ) Tj ET Q q 0 0 0 rg BT 348.71 103.60 Td (W) Tj ET Q q 0 0 0 rg BT 357.35 103.60 Td (e cannot be certain that any of our significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.60 Td (sellers will continue to sell char) Tj ET Q q 0 0 0 rg BT 176.73 91.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 202.65 91.60 Td (f receivables to us on terms or in quantities acceptable to us, or that we would be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.60 Td (replace these purchases with purchases from other sellers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 63.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 63.10 Td ( significant decrease in the volume of purchases available from any of our principal sellers on terms acceptable to us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.10 Td (would force us to seek alternative sources of char) Tj ET Q q 0 0 0 rg BT 247.52 51.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 273.44 51.10 Td (f receivables. Further) Tj ET Q q 0 0 0 rg BT 358.28 51.10 Td (, we have historically complemented our portfolio ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (purchases from credit originators by purchasing portfolios from resellers or through the acquisition of portfolios from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (competitors looking to exit the market. ) Tj ET Q q 0 0 0 rg BT 207.47 730.10 Td (As consolidation in the market continues, there may be fewer competitors to acquire on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (favorable terms. In addition, as the regulatory market continues to evolve, increased documentation requirements for collecting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (on portfolios may make purchasing accounts through resellers more dif) Tj ET Q q 0 0 0 rg BT 335.02 706.10 Td (ficult. Several lar) Tj ET Q q 0 0 0 rg BT 403.97 706.10 Td (ger issuers have also begun to prohibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (resale of portfolios. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 677.60 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 677.60 Td (e may be unable to find alternative sources from which to purchase char) Tj ET Q q 0 0 0 rg BT 370.68 677.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 396.60 677.60 Td (f receivables, and even if we could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.60 Td (successfully replace these purchases, the search could take time and the receivables could be of lower quality) Tj ET Q q 0 0 0 rg BT 486.12 665.60 Td (, cost more, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.60 Td (both, any of which could adversely af) Tj ET Q q 0 0 0 rg BT 200.61 653.60 Td (fect our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 631.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 631.60 Td (e face intense competition that could impair our ability to maintain or grow our purchasing volumes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 615.10 Td (The char) Tj ET Q q 0 0 0 rg BT 109.07 615.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 134.99 615.10 Td (f receivables purchasing market is highly competitive and fragmented. ) Tj ET Q q 0 0 0 rg BT 419.16 615.10 Td (W) Tj ET Q q 0 0 0 rg BT 427.79 615.10 Td (e compete with a wide range of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 603.10 Td (other purchasers of char) Tj ET Q q 0 0 0 rg BT 146.16 603.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 172.08 603.10 Td (f consumer receivables. ) Tj ET Q q 0 0 0 rg BT 269.08 603.10 Td (T) Tj ET Q q 0 0 0 rg BT 274.49 603.10 Td (o the extent our competitors are able to better maximize recoveries on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 591.10 Td (their assets or are willing to accept lower rates of return, we may not be able to grow or sustain our purchasing volumes or we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.10 Td (may be forced to acquire portfolios at expected rates of return lower than our historical rates of return. Some of our competitors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.10 Td (may obtain alternative sources of financing at more favorable rates than those available to us, the proceeds from which may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.10 Td (used to fund expansion and to increase the amount of char) Tj ET Q q 0 0 0 rg BT 282.52 555.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 308.44 555.10 Td (f receivables they purchase.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 538.60 Td (Barriers to entry into the consumer debt collection industry have traditionally been low) Tj ET Q q 0 0 0 rg BT 421.59 538.60 Td (. More recently) Tj ET Q q 0 0 0 rg BT 482.30 538.60 Td (, increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.60 Td (regulatory standards have made entry into the market more dif) Tj ET Q q 0 0 0 rg BT 299.45 526.60 Td (ficult and have resulted in sellers of char) Tj ET Q q 0 0 0 rg BT 461.71 526.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 487.63 526.60 Td (f consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.60 Td (receivables being more selective with buyers in the marketplace. Companies with greater financial resources than we have may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.60 Td (elect at a future date to enter the market for char) Tj ET Q q 0 0 0 rg BT 242.49 502.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 268.41 502.60 Td (f consumer receivables. ) Tj ET Q q 0 0 0 rg BT 365.41 502.60 Td (W) Tj ET Q q 0 0 0 rg BT 374.04 502.60 Td (e believe that the entrance of new market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.60 Td (participants in our industry could lead to additional upward pricing pressure on char) Tj ET Q q 0 0 0 rg BT 385.84 490.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 411.76 490.60 Td (f consumer receivables as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.60 Td (increased demand, but also because new purchasers may pay higher prices for the portfolios than more experienced purchasers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.60 Td (would due to a lack of experience, data and analytics necessary to properly assess risks and return potential of the portfolios or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.60 Td (a desire to add size to their existing operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 438.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 438.10 Td (e face bidding competition in our acquisition of char) Tj ET Q q 0 0 0 rg BT 292.39 438.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 318.31 438.10 Td (f consumer receivables. ) Tj ET Q q 0 0 0 rg BT 415.31 438.10 Td (W) Tj ET Q q 0 0 0 rg BT 423.95 438.10 Td (e believe that successful bids are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (predominantly awarded based on price and, to a lesser extent, based on service, reputation, and relationships with the sellers of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 414.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 92.94 414.10 Td (f receivables. Some of our current competitors, and potential new competitors, may have more ef) Tj ET Q q 0 0 0 rg BT 481.24 414.10 Td (fective pricing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (collection models, greater adaptability to changing market needs, and more established relationships in our industry than we do. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 89.03 390.10 Td (, our competitors may elect to pay prices for portfolios that we determine are not economically sustainable and, in that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (event, we may not be able to continue to of) Tj ET Q q 0 0 0 rg BT 222.54 378.10 Td (fer competitive bids for char) Tj ET Q q 0 0 0 rg BT 336.21 378.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 362.12 378.10 Td (f receivables.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 361.60 Td (If we are unable to develop and expand our business or to adapt to changing market needs as well as our current or future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.60 Td (competitors, we may experience reduced access to portfolios of char) Tj ET Q q 0 0 0 rg BT 323.59 349.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 349.51 349.60 Td (f consumer receivables in suf) Tj ET Q q 0 0 0 rg BT 466.51 349.60 Td (ficient face value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.60 Td (amounts at appropriate prices, which could adversely af) Tj ET Q q 0 0 0 rg BT 273.07 337.60 Td (fect our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 315.60 Td (The statistical models we use to project remaining cash flows from our receivable portfolios may prove to be inaccurate and, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 303.60 Td (if so, our financial results may be adversely af) Tj ET Q q 0 0 0 rg BT 239.53 303.60 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 287.10 Td (For our U.S. accounts, we use our internally developed statistical models to project the remaining cash flows from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (receivable portfolios. ) Tj ET Q q 0 0 0 rg BT 137.29 275.10 Td (These models consider known data about our consumers) Tj ET Q q 0 0 0 rg BT 366.21 275.10 Td ( accounts, including, among other things, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (collection experience and changes in external consumer factors, in addition to data known when we acquired the accounts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 251.10 Td (, we may not be able to achieve the collections forecasted by our models. For our accounts serviced by Cabot, we use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (Cabot) Tj ET Q q 0 0 0 rg BT 76.67 239.10 Td (s internally developed models to project the remaining cash flows from its receivable portfolios. If we are not able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (achieve the levels of forecasted collection, our revenues will be reduced or we may be required to record an allowance char) Tj ET Q q 0 0 0 rg BT 543.20 227.10 Td (ge, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (which may adversely af) Tj ET Q q 0 0 0 rg BT 145.06 215.10 Td (fect our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 193.10 Td (e may incur allowance charges based on the authoritative accounting guidance for loans and debt securities acquired with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (deteriorated credit quality) Tj ET Q q 0 0 0 rg BT 155.72 181.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 164.60 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 164.60 Td (e account for our portfolio revenue in accordance with the authoritative accounting guidance for loans and debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.60 Td (securities acquired with deteriorated credit quality) Tj ET Q q 0 0 0 rg BT 250.10 152.60 Td (. ) Tj ET Q q 0 0 0 rg BT 254.92 152.60 Td (The authoritative guidance limits the revenue that may be accrued to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.60 Td (excess of the estimate of expected future cash flows over a portfolio) Tj ET Q q 0 0 0 rg BT 325.18 140.60 Td (s initial cost and requires that the excess of the contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.60 Td (cash flows over the expected cash flows not be recognized as an adjustment of revenue, expense, or on the balance sheet. ) Tj ET Q q 0 0 0 rg BT 536.86 128.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.60 Td (authoritative accounting guidance maintains the IRR originally estimated when the receivable portfolios are purchased and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.60 Td (rather than lower the estimated IRR if the expected future cash flow estimates are decreased, the carrying value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.60 Td (receivable portfolios would be written down to maintain the then-current IRR. Increases in expected future cash flows would be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.60 Td (recognized prospectively through an upward adjustment of the IRR over a portfolio) Tj ET Q q 0 0 0 rg BT 386.85 80.60 Td (s remaining life. ) Tj ET Q q 0 0 0 rg BT 454.06 80.60 Td (Any increased yield then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.60 Td (becomes the new benchmark for allowance testing. Since the authoritative accounting guidance does not permit yields to be ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (lowered, there is an increased probability of us having to incur allowance char) Tj ET Q q 0 0 0 rg BT 362.76 742.10 Td (ges in the future, which would adversely af) Tj ET Q q 0 0 0 rg BT 535.30 742.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (If our goodwill or amortizable intangible assets become impaired we may be required to record a significant charge to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (earnings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 679.60 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 679.60 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.03 679.60 Td (, we carry approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.48 679.60 Td ($785.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.38 679.60 Td ( in goodwill and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.41 679.60 Td ($28.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.30 679.60 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 667.60 Td (amortizable intangible assets. Under authoritative guidance, we review our goodwill for potential impairment at least annually) Tj ET Q q 0 0 0 rg BT 554.47 667.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 655.60 Td (and review our amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.60 Td (carrying value may not be recoverable. Factors that may indicate that the carrying value of our goodwill or amortizable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.60 Td (intangible assets may not be recoverable include adverse changes in estimated future cash flows, growth rates and discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.60 Td (rates. ) Tj ET Q q 0 0 0 rg BT 73.70 619.60 Td (W) Tj ET Q q 0 0 0 rg BT 82.33 619.60 Td (e may be required to record a significant char) Tj ET Q q 0 0 0 rg BT 263.74 619.60 Td (ge in our financial statements during the period in which any impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.60 Td (of our goodwill or amortizable intangible assets is determined, which could adversely af) Tj ET Q q 0 0 0 rg BT 402.77 607.60 Td (fect our business, financial condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.60 Td (and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 573.60 Td (Our business is subject to extensive laws and regulations, which have increased and may continue to increase.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 557.10 Td (As noted in detail in Item 1 - Part 1 - Business - Government Regulation of this ) Tj ET Q q 0 0 0 rg BT 402.55 557.10 Td (Annual Report on Form 10-K, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (extensive laws and regulations directly apply to key portions of our business. Our failure or the failure of third-party agencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (and attorneys, or the credit originators or portfolio resellers selling receivables to us, to comply with existing or new laws, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (rules, or regulations could limit our ability to recover on receivables, af) Tj ET Q q 0 0 0 rg BT 335.00 521.10 Td (fect the willingness of financial institutions to sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (portfolios to us, cause us to pay damages to consumers or result in fines or penalties, which could reduce our revenues, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (increase our expenses, and consequently adversely af) Tj ET Q q 0 0 0 rg BT 262.79 497.10 Td (fect our business, financial condition and operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 480.60 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 480.60 Td (e sometimes purchase accounts in asset classes that are subject to industry-specific and/or issuer) Tj ET Q q 0 0 0 rg BT 467.04 480.60 Td (-specific restrictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.60 Td (that limit the collection methods that we can use on those accounts. Further) Tj ET Q q 0 0 0 rg BT 350.91 468.60 Td (, we have seen a trend in laws, rules and regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.60 Td (requiring increased availability of historic information about receivables in order to collect. If credit originators or portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.60 Td (resellers are unable or unwilling to meet these evolving requirements, we may be unable to collect on certain accounts. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.60 Td (inability to collect suf) Tj ET Q q 0 0 0 rg BT 137.30 432.60 Td (ficient amounts from these accounts, through available collections methods, could adversely af) Tj ET Q q 0 0 0 rg BT 516.72 432.60 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.60 Td (business, financial condition and operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 404.10 Td (In addition, the CFPB has recently engaged in enforcement activity in sectors adjacent to our industry) Tj ET Q q 0 0 0 rg BT 480.46 404.10 Td (, impacting credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (originators, collection firms, and payment processors, among others. Enforcement activity in these spaces by the CFPB or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (others, especially in the absence of clear rules or regulatory expectations, may be disruptive to third parties as they attempt to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (define appropriate business practices. ) Tj ET Q q 0 0 0 rg BT 201.89 368.10 Td (As a result, certain commercial relationships we maintain may be disrupted or impacted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (by changes in third-parties) Tj ET Q q 0 0 0 rg BT 158.95 356.10 Td ( business practices or perceptions of elevated risk relating to the debt collection industry) Tj ET Q q 0 0 0 rg BT 511.25 356.10 Td (, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (could reduce our revenues, or increase our expenses, and consequently adversely af) Tj ET Q q 0 0 0 rg BT 383.85 344.10 Td (fect our business, financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 315.60 Td (Additional consumer protection or privacy laws, rules and regulations may be enacted, or existing laws, rules or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.60 Td (regulations may be reinterpreted or enforced in a dif) Tj ET Q q 0 0 0 rg BT 258.62 303.60 Td (ferent manner) Tj ET Q q 0 0 0 rg BT 314.02 303.60 Td (, imposing additional restrictions or requirements on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.60 Td (collection of receivables. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 269.60 Td (The implementation of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 215.66 269.60 Td (W) Tj ET Q q 0 0 0 rg BT 223.81 269.60 Td (all Street Reform and Consumer Protection ) Tj ET Q q 0 0 0 rg BT 405.12 269.60 Td (Act has subjected and will continue to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 257.60 Td (subject us to substantial additional federal regulation, and we cannot predict the ef) Tj ET Q q 0 0 0 rg BT 390.68 257.60 Td (fect of this regulation on our business, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 245.60 Td (financial condition and operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 229.10 Td (Federal and state consumer protection, privacy) Tj ET Q q 0 0 0 rg BT 260.50 229.10 Td (, and related laws and regulations extensively regulate the relationship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (between debt collectors and consumers. In addition, federal and state laws may limit our ability to purchase or recover on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (consumer receivables regardless of any act or omission on our part. On July21, 2010, the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 461.57 205.10 Td (Act was enacted. ) Tj ET Q q 0 0 0 rg BT 531.91 205.10 Td (T) Tj ET Q q 0 0 0 rg BT 537.67 205.10 Td (itle X ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 126.38 193.10 Td (Act \(also referred to as the Consumer Financial Protection ) Tj ET Q q 0 0 0 rg BT 361.59 193.10 Td (Act or CFP) Tj ET Q q 0 0 0 rg BT 410.67 193.10 Td (A\) established the CFPB. Pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (to the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 125.83 181.10 Td (Act, the CFPB has rulemaking, supervisory) Tj ET Q q 0 0 0 rg BT 299.33 181.10 Td (, enforcement, and other authorities relating to consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (financial products and services, including debt collection. ) Tj ET Q q 0 0 0 rg BT 282.80 169.10 Td (W) Tj ET Q q 0 0 0 rg BT 291.44 169.10 Td (e generally are subject to the CFPB) Tj ET Q q 0 0 0 rg BT 435.85 169.10 Td (s rulemaking, supervisory) Tj ET Q q 0 0 0 rg BT 538.79 169.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (enforcement authority) Tj ET Q q 0 0 0 rg BT 137.92 157.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 140.60 Td (Given the uncertainty associated with how provisions of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 367.28 140.60 Td (Act will be implemented and enforced by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.60 Td (CFPB and various regulatory agencies, the full extent of the impact that these requirements will have on us is unclear) Tj ET Q q 0 0 0 rg BT 518.76 128.60 Td (. Changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.60 Td (resulting from the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 174.98 116.60 Td (Act may af) Tj ET Q q 0 0 0 rg BT 219.22 116.60 Td (fect the profitability of business activities, require changes to certain business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.60 Td (practices, or otherwise adversely af) Tj ET Q q 0 0 0 rg BT 191.14 104.60 Td (fect our business. In particular) Tj ET Q q 0 0 0 rg BT 312.09 104.60 Td (, we expect an increase in the cost of operating due to greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.60 Td (regulatory oversight, supervision, and compliance with consumer debt servicing and collection practices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 76.10 Td (Subject to the provisions of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 252.04 76.10 Td (Act, the CFPB has responsibility to implement and enforce federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (consumer financial law) Tj ET Q q 0 0 0 rg BT 142.65 64.10 Td (, and to examine regulated entities for compliance with such law) Tj ET Q q 0 0 0 rg BT 404.40 64.10 Td (. ) Tj ET Q q 0 0 0 rg BT 409.22 64.10 Td (Those laws include, among others, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (\(1\)) Tj ET Q q 0 0 0 rg BT 63.98 52.10 Td (T) Tj ET Q q 0 0 0 rg BT 69.74 52.10 Td (itle X itself, which prohibits unfair) Tj ET Q q 0 0 0 rg BT 208.20 52.10 Td (, deceptive, or abusive acts or practices in connection with consumer financial products ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and services, and \(2\)enumerated consumer laws \(and their implementing regulations\), which include the FDCP) Tj ET Q q 0 0 0 rg BT 505.06 742.10 Td (A, the FCRA, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and others.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.60 Td (The CFPB) Tj ET Q q 0 0 0 rg BT 119.29 713.60 Td (s authorities include the ability to issue regulations under various federal statutes that af) Tj ET Q q 0 0 0 rg BT 469.84 713.60 Td (fect the collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.60 Td (industry) Tj ET Q q 0 0 0 rg BT 82.13 701.60 Td (, including the FDCP) Tj ET Q q 0 0 0 rg BT 166.22 701.60 Td (A, FCRA, and others. ) Tj ET Q q 0 0 0 rg BT 255.76 701.60 Td (This means, for example, that the CFPB has the ability to adopt rules that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.60 Td (interpret any of the provisions of the FDCP) Tj ET Q q 0 0 0 rg BT 222.67 689.60 Td (A, potentially af) Tj ET Q q 0 0 0 rg BT 287.75 689.60 Td (fecting all facets of debt collection, and our activities. In July 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.60 Td (the CFPB released anoutline of proposals under consideration for its debt collection rulemaking. ) Tj ET Q q 0 0 0 rg BT 440.56 677.60 Td (The proposals are aimed at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.60 Td (ensuring debt collectors, among other things: collect the correct debt; limit excessive or disruptive communications; stop ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.60 Td (collecting or suing for debt without proper documentation; and provide documentation substantiating debt to a consumer upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.60 Td (demand. In addition to consulting with business representatives, the CFPB will continue to seek input from the public, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.60 Td (consumer groups, industry) Tj ET Q q 0 0 0 rg BT 155.73 629.60 Td (, and other stakeholders before continuing the rulemaking process. Shortly after his inauguration, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.60 Td (President ) Tj ET Q q 0 0 0 rg BT 89.54 617.60 Td (T) Tj ET Q q 0 0 0 rg BT 95.29 617.60 Td (rump issued an order halting all federal regulatory rulemakings, which may include the CFPB) Tj ET Q q 0 0 0 rg BT 473.54 617.60 Td (s debt collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.60 Td (rulemaking.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 589.10 Td (In addition, the CFPB has issued guidance in the form of bulletins on debt collection and credit furnishing activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (generally) Tj ET Q q 0 0 0 rg BT 86.55 577.10 Td (, including one that specifically addresses representations regarding credit reports and credit scores during the debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (collection process, and another that focuses on the application of the CFP) Tj ET Q q 0 0 0 rg BT 342.90 565.10 Td (A) Tj ET Q q 0 0 0 rg BT 349.01 565.10 Td () Tj ET Q q 0 0 0 rg BT 351.79 565.10 Td (s prohibition of unfair) Tj ET Q q 0 0 0 rg BT 443.87 565.10 Td (, deceptive, or abusive acts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (or practices on debt collection. ) Tj ET Q q 0 0 0 rg BT 175.33 553.10 Td (The CFPB also accepts debt collection consumer complaints and released template letters for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (consumers to use when corresponding with debt collectors. ) Tj ET Q q 0 0 0 rg BT 288.93 541.10 Td (The CFPB makes publicly available its data on consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (complaints, and consumer complaints against us, which could result in reputational damage to us. ) Tj ET Q q 0 0 0 rg BT 442.79 529.10 Td (The Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 511.67 529.10 Td (Act also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (mandates the submission of multiple studies and reports to Congress by the CFPB, and CFPB staf) Tj ET Q q 0 0 0 rg BT 441.47 517.10 Td (f regularly make speeches on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (topics related to credit and debt. ) Tj ET Q q 0 0 0 rg BT 180.23 505.10 Td (All of these activities could trigger additional legislative or regulatory action.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 488.60 Td (The CFPB is authorized to supervise and conduct examinations of our business practices. ) Tj ET Q q 0 0 0 rg BT 433.75 488.60 Td (The prospect of supervision has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.60 Td (increased the potential consequences of noncompliance with federal consumer financial law) Tj ET Q q 0 0 0 rg BT 417.53 476.60 Td (. ) Tj ET Q q 0 0 0 rg BT 422.35 476.60 Td (The CFPB can also conduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.60 Td (hearings and adjudication proceedings, conduct investigations, either unilaterally or jointly with other state and federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.60 Td (regulators, to determine if federal consumer financial law has been violated. ) Tj ET Q q 0 0 0 rg BT 356.64 452.60 Td (The CFPB has authority to impose monetary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.60 Td (penalties for violations of applicable federal consumer financial laws \(including ) Tj ET Q q 0 0 0 rg BT 371.93 440.60 Td (T) Tj ET Q q 0 0 0 rg BT 377.69 440.60 Td (itle X of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 479.06 440.60 Td (Act, FDCP) Tj ET Q q 0 0 0 rg BT 522.59 440.60 Td (A, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.60 Td (FCRA, among other consumer protection statutes\), require remediation of practices, and pursue enforcement actions.) Tj ET Q q 0 0 0 rg BT 520.78 428.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.60 Td (CFPB also has authority to obtain cease and desist orders \(which can include orders for restitution or rescission of contracts, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.60 Td (well as other kinds of af) Tj ET Q q 0 0 0 rg BT 146.18 404.60 Td (firmative relief\), costs, and monetary penalties ranging from $5,000 per day for ordinary violations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.60 Td (federal consumer financial laws to $25,000 per day for reckless violations and $1 million per day for knowing violations. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.60 Td (addition, where a company has violated ) Tj ET Q q 0 0 0 rg BT 211.16 380.60 Td (T) Tj ET Q q 0 0 0 rg BT 216.91 380.60 Td (itle X of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 318.29 380.60 Td (Act or CFPB regulations implemented under ) Tj ET Q q 0 0 0 rg BT 499.75 380.60 Td (T) Tj ET Q q 0 0 0 rg BT 505.50 380.60 Td (itle X of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.60 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 100.83 368.60 Td (Act, the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 185.82 368.60 Td (Act empowers state ) Tj ET Q q 0 0 0 rg BT 266.63 368.60 Td (Attorneys General and state regulators to bring civil actions to remedy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.60 Td (violations of state law) Tj ET Q q 0 0 0 rg BT 137.39 356.60 Td (. ) Tj ET Q q 0 0 0 rg BT 142.21 356.60 Td (The CFPB has been active in its supervision, examination and enforcement of financial services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.60 Td (companies, including bringing enforcement actions imposing fines and mandating lar) Tj ET Q q 0 0 0 rg BT 391.40 344.60 Td (ge refunds to customers of several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.60 Td (financial institutions for practices relating to debt collection practices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 316.10 Td (On September 9, 2015, we entered into the Consent Order with the CFPB in which we settled allegations arising from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (practices between 201) Tj ET Q q 0 0 0 rg BT 138.48 304.10 Td (1 and 2015. ) Tj ET Q q 0 0 0 rg BT 187.73 304.10 Td (The Consent Order includes obligations on us to: \(1\) among other things follow certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (specified operational requirements, substantially all of which are already part of our current operations; \(2\) submit to the CFPB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (for review a comprehensive plan designed to ensure that its debt collection practices comply with all applicable federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (consumer financial laws and the terms of the Consent Order; \(3\) pay redress to certain specified groups of consumers; and \(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (pay a civil monetary penalty) Tj ET Q q 0 0 0 rg BT 163.20 256.10 Td (. ) Tj ET Q q 0 0 0 rg BT 168.02 256.10 Td (W) Tj ET Q q 0 0 0 rg BT 176.66 256.10 Td (e will continue to cooperate and engage with the CFPB and work to ensure compliance with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (Consent Order) Tj ET Q q 0 0 0 rg BT 108.05 244.10 Td (. In addition, we are subject to ancillary state attorney general investigations related to similar debt collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (practices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 215.10 Td (The Company incurred a one-time, after) Tj ET Q q 0 0 0 rg BT 233.34 215.10 Td (-tax char) Tj ET Q q 0 0 0 rg BT 268.42 215.10 Td (ge of approximately$43 millionin the third quarter of 2015. ) Tj ET Q q 0 0 0 rg BT 513.18 215.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (Company believes this char) Tj ET Q q 0 0 0 rg BT 160.63 203.10 Td (ge will cover all related impacts of the Consent Order) Tj ET Q q 0 0 0 rg BT 374.87 203.10 Td (, including civil monetary penalties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (restitution, any such ancillary state regulatory matters, legal expenses and portfolio allowance char) Tj ET Q q 0 0 0 rg BT 444.68 191.10 Td (ges on several pool groups ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (due to the impact on the Company) Tj ET Q q 0 0 0 rg BT 190.53 179.10 Td (s current estimated remaining collections related to its existing receivable portfolios. ) Tj ET Q q 0 0 0 rg BT 530.80 179.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (Company anticipates that after this one-time char) Tj ET Q q 0 0 0 rg BT 246.97 167.10 Td (ge, any future earnings impact will be immaterial.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 146.10 Td (If the CFPB, the FTC, acting under the FTCA) Tj ET Q q 0 0 0 rg BT 257.33 146.10 Td ( or other applicable statute such as the FDCP) Tj ET Q q 0 0 0 rg BT 436.37 146.10 Td (A, or one or more state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (Attorneys General or state regulators believe that we have violated any of the applicable laws or regulations, they could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (exercise their enforcement powers in ways that could have an adverse ef) Tj ET Q q 0 0 0 rg BT 339.41 122.10 Td (fect on our business, financial condition and operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 93.60 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 93.60 Td (e expect that we will be required to invest significant management attention and resources to continue to evaluate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.60 Td (develop, and make any changes to our policies and procedures necessary to comply with new statutory and regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.60 Td (requirements under the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 195.52 69.60 Td (Act or other applicable laws, which may negatively af) Tj ET Q q 0 0 0 rg BT 411.65 69.60 Td (fect our results of operations, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.60 Td (flows, and our financial condition. However) Tj ET Q q 0 0 0 rg BT 226.49 57.60 Td (, we cannot predict the scope and substance of the regulations, guidance, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.60 Td (policies ultimately adopted by the CFPB related to our activities. ) Tj ET Q q 0 0 0 rg BT 311.71 45.60 Td (The CFPB continues to initiate rulemakings, issue regulatory ) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (guidance and bulletins, and exercise its supervisory and enforcement authority) Tj ET Q q 0 0 0 rg BT 363.14 742.10 Td (. It is therefore unclear at this time what ef) Tj ET Q q 0 0 0 rg BT 532.89 742.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (these regulations will have on financial markets generally) Tj ET Q q 0 0 0 rg BT 280.10 730.10 Td (, original creditors, or our business and service providers; the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (additional costs associated with compliance with these regulations; or what changes, if any) Tj ET Q q 0 0 0 rg BT 412.86 718.10 Td (, to our operations may be necessary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (to comply with the CFPB) Tj ET Q q 0 0 0 rg BT 155.01 706.10 Td (s expectations or the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 290.26 706.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 309.15 706.10 Td (Any of these factors could have an adverse ef) Tj ET Q q 0 0 0 rg BT 491.11 706.10 Td (fect on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (Failure to comply with government regulation could result in the suspension or termination of our ability to conduct ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (business, may require the payment of significant fines and penalties, or require other significant expenditures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 643.60 Td (The collections industry is heavily regulated under various federal, state, and local laws, rules, and regulations. Many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.60 Td (states and several cities require that we be licensed as a debt collection company) Tj ET Q q 0 0 0 rg BT 371.17 631.60 Td (. ) Tj ET Q q 0 0 0 rg BT 375.99 631.60 Td (The CFPB, FTC, state ) Tj ET Q q 0 0 0 rg BT 467.11 631.60 Td (Attorneys General and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.60 Td (other regulatory bodies have the authority to investigate a variety of matters, including consumer complaints against debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.60 Td (collection companies, and can bring enforcement actions and seek monetary penalties, consumer restitution, and injunctive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.60 Td (relief. If we, or our third-party collection agencies or law firms fail to comply with applicable laws, rules, and regulations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.60 Td (including, but not limited to, identity theft, privacy) Tj ET Q q 0 0 0 rg BT 252.65 583.60 Td (, data security) Tj ET Q q 0 0 0 rg BT 307.81 583.60 Td (, the use of automated dialing equipment, laws related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.60 Td (consumer protection, debt collection, and laws applicable to specific types of debt, it could result in the suspension or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.60 Td (termination of our ability to conduct collection operations, which would adversely af) Tj ET Q q 0 0 0 rg BT 389.17 559.60 Td (fect us. Further) Tj ET Q q 0 0 0 rg BT 449.58 559.60 Td (, our ability to collect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.60 Td (receivables may be af) Tj ET Q q 0 0 0 rg BT 136.71 547.60 Td (fected by state laws, which require that certain types of account documentation be presented prior to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.60 Td (institution of any collection activities. In addition, new federal, state or local laws or regulations, or changes in the ways these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.60 Td (rules or laws are interpreted or enforced, could limit our activities in the future and/or significantly increase the cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.60 Td (regulatory compliance. Finally) Tj ET Q q 0 0 0 rg BT 172.37 511.60 Td (, our operations outside the United States are subject to foreign and U.S. laws and regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.60 Td (that apply to our international operations, including the Foreign Corrupt Practices ) Tj ET Q q 0 0 0 rg BT 378.26 499.60 Td (Act, the U.K. Bribery ) Tj ET Q q 0 0 0 rg BT 466.86 499.60 Td (Act and other local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.60 Td (laws prohibiting corrupt payments to government of) Tj ET Q q 0 0 0 rg BT 258.67 487.60 Td (ficials. ) Tj ET Q q 0 0 0 rg BT 287.92 487.60 Td (V) Tj ET Q q 0 0 0 rg BT 294.54 487.60 Td (iolations of these laws and regulations could result in fines and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.60 Td (penalties, criminal sanctions, prohibitions on the conduct of our business and reputational damage. ) Tj ET Q q 0 0 0 rg BT 446.58 475.60 Td (Any of the foregoing could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.60 Td (have an adverse ef) Tj ET Q q 0 0 0 rg BT 123.94 463.60 Td (fect on our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.60 Td (Investigations or enforcement actions by governmental authorities may result in changes to our business practices, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 429.60 Td (negatively af) Tj ET Q q 0 0 0 rg BT 102.30 429.60 Td (fect our portfolio purchasing volume, make collections more dif) Tj ET Q q 0 0 0 rg BT 364.61 429.60 Td (ficult or expose us to the risk of fines, penalties, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 417.60 Td (restitution payments and litigation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.42 417.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 401.10 Td (Our business practices may be subject to review from time to time by various governmental authorities. ) Tj ET Q q 0 0 0 rg BT 490.66 401.10 Td (These reviews ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (may involve governmental authority consideration of individual consumer complaints, or could involve a broader review of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (debt collection policies and practices. ) Tj ET Q q 0 0 0 rg BT 202.54 377.10 Td (These investigations could lead to assertions by governmental authorities that we are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (complying with applicable laws or regulations, in which case authorities may request or seek to impose a range of remedies that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.10 Td (could involve potential compensatory or punitive damage claims, fines, restitutionary payments, sanctions or injunctive relief. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.10 Td (Government authorities could also request, or we may agree to change, practices that we believe are compliant with applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.10 Td (law and regulations in order to respond to the concerns of governmental authorities. In addition, negative publicity relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.10 Td (investigations or proceedings brought by governmental authorities could have an adverse ef) Tj ET Q q 0 0 0 rg BT 416.66 317.10 Td (fect on our reputation, could impair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.10 Td (our relationships with industry participants, and could result in financial institutions reducing or eliminating sales of portfolios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (to us. Further) Tj ET Q q 0 0 0 rg BT 103.21 293.10 Td (, responding to governmental inquiries and investigations and defending lawsuits or other proceedings could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (require significant expenditures and could divert management) Tj ET Q q 0 0 0 rg BT 300.47 281.10 Td (s attention from our business operations. ) Tj ET Q q 0 0 0 rg BT 464.61 281.10 Td (Any of the foregoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (could have an adverse ef) Tj ET Q q 0 0 0 rg BT 148.66 269.10 Td (fect on our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (Changes to the regulatory regime to which Cabot is subject may adversely af) Tj ET Q q 0 0 0 rg BT 364.26 247.10 Td (fect our business, financial condition and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 218.60 Td (Cabot) Tj ET Q q 0 0 0 rg BT 100.67 218.60 Td (s operations are subject to substantial regulations, and the regulatory regime to which it is subject may experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.60 Td (changes. ) Tj ET Q q 0 0 0 rg BT 87.03 206.60 Td (The FCA) Tj ET Q q 0 0 0 rg BT 123.97 206.60 Td ( implemented an interim permission regime whereby businesses that held a consumer credit license were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.60 Td (required to register with the FCA) Tj ET Q q 0 0 0 rg BT 182.48 194.60 Td ( for interim permission before March31, 2014 in order to continue consumer credit activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.60 Td (after ) Tj ET Q q 0 0 0 rg BT 70.26 182.60 Td (April1, 2014. ) Tj ET Q q 0 0 0 rg BT 128.69 182.60 Td (The interim permission regime is expected to continue until ) Tj ET Q q 0 0 0 rg BT 369.47 182.60 Td (April1, 2017, and during this time businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.60 Td (will be called upon at dif) Tj ET Q q 0 0 0 rg BT 149.51 170.60 Td (ferent intervals to apply for authorization to be fully regulated by the FCA.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 154.10 Td (Cabot applied for full authorization of its business with the FCA) Tj ET Q q 0 0 0 rg BT 331.19 154.10 Td ( in March 2015 and CCMG, a Cabot subsidiary) Tj ET Q q 0 0 0 rg BT 520.25 154.10 Td (, became ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (authorized and regulated by the FCA) Tj ET Q q 0 0 0 rg BT 197.46 142.10 Td ( in March 2016. CCMG appointed other Cabot subsidiaries as its representatives to carry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (out debt-collecting and debt administration services on its behalf. CCMG assumes full regulatory responsibility for such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (entities. In addition to the full authorization of its business with the FCA, CCMG has appointed certain individuals who have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (significant control or influence over the management of the business, known as Approved Persons, and who will jointly and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (severally be liable for the acts and omissions of the company and its business af) Tj ET Q q 0 0 0 rg BT 369.18 94.10 Td (fairs. ) Tj ET Q q 0 0 0 rg BT 391.40 94.10 Td (Approved Persons will be subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (statements of principle and codes of practice established and enforced by the FCA.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 65.60 Td (The FCA) Tj ET Q q 0 0 0 rg BT 110.95 65.60 Td ( has adopted detailed rules relating to conducting consumer credit activities, in addition to putting in place high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.60 Td (level principles and conditions to which it expects businesses and ) Tj ET Q q 0 0 0 rg BT 313.84 53.60 Td (Approved Persons in the sector to adhere. ) Tj ET Q q 0 0 0 rg BT 483.06 53.60 Td (The FCA) Tj ET Q q 0 0 0 rg BT 520.00 53.60 Td ( has ) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (significantly greater powers than the OFT) Tj ET Q q 0 0 0 rg BT 216.71 742.10 Td (, including, but not limited to, the ability to impose significant fines, ban certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (individuals from carrying on trade within the financial services industry) Tj ET Q q 0 0 0 rg BT 336.77 730.10 Td (, impose requirements on a firm) Tj ET Q q 0 0 0 rg BT 467.29 730.10 Td (s permission, and cease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (certain products from being collected upon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 701.60 Td (As part of its philosophy of continuous improvement, CCMG regularly reviews policy and practice across all of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.60 Td (business units to ensure appropriate and consistent levels of compliance in relation to both FCA) Tj ET Q q 0 0 0 rg BT 432.71 689.60 Td ( regulation and principles of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.60 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.71 677.60 Td (The changes made to policy and practice over the last few years have gradually resulted in, among other things, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.60 Td (lengthening of consumer call duration, the reduction in the number of customer accounts being assessed as suitable for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.60 Td (litigation, the extension of pre-litigation recovery periods, the reduction in the number of customer accounts that have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.60 Td (assessed as suitable for the application of interest, and an increase in the number of customers being identified as in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.60 Td (vulnerable situation and therefore not suitable for debt repayment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 613.10 Td (The FCA) Tj ET Q q 0 0 0 rg BT 110.95 613.10 Td ( also requires that debt repayments agreed to with consumers are evidenced as af) Tj ET Q q 0 0 0 rg BT 433.70 613.10 Td (fordable to the consumer) Tj ET Q q 0 0 0 rg BT 532.98 613.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (which results in a means-based evaluation of proposed repayments, be that one time settlements or installments over time.) Tj ET Q q 0 0 0 rg BT 540.80 601.10 Td (W) Tj ET Q q 0 0 0 rg BT 549.44 601.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (believe this, combined with the ef) Tj ET Q q 0 0 0 rg BT 185.34 589.10 Td (fects described above, have gradually resulted in: a reduction in the number of highly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (discounted near term one-time settlements; an increase in the number of payment plans, including a shift from legal collections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (to repayment plans; and an increase in the length of existing payment plans. ) Tj ET Q q 0 0 0 rg BT 355.47 565.10 Td (As a result, we have seen a reduction in the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (of collections in the near term and expecta lengthening of our collections curve.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 536.60 Td (Furthermore, the regulatory regime in the United Kingdom relating to the protection of consumers from unfair terms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.60 Td (practices has also under) Tj ET Q q 0 0 0 rg BT 145.06 524.60 Td (gone changes. In October 2015, the U.K. Parliament introduced new laws, which reformed most of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.60 Td (previous U.K. consumer laws and was lar) Tj ET Q q 0 0 0 rg BT 216.45 512.60 Td (gely driven by the European Commission) Tj ET Q q 0 0 0 rg BT 385.59 512.60 Td (s Directive for Consumer Rights. ) Tj ET Q q 0 0 0 rg BT 520.39 512.60 Td (The U.K. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.60 Td (Consumer Rights ) Tj ET Q q 0 0 0 rg BT 121.67 500.60 Td (Act 2015 provides for enhanced consumer measures that can be imposed on businesses and gives greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.60 Td (protection to U.K. consumers from unfair business practices and unfair terms in consumer agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 472.10 Td (Also, the manner in which court claims are conducted in England and ) Tj ET Q q 0 0 0 rg BT 355.12 472.10 Td (W) Tj ET Q q 0 0 0 rg BT 363.76 472.10 Td (ales in connection with the recovery of debt may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (be subject to significant changes. In September 2014, the CPRC, an advisory public body set up by statute and sponsored by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (the U.K. Ministry of Justice, issued a consultation on proposals to introduce a designated pre-action protocol for court claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (for the recovery of debt. Due to the amount of responses from the industry against the introduction of a dedicated protocol, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (CPRC created a dedicated sub-committee with industry and consumer group stakeholders. ) Tj ET Q q 0 0 0 rg BT 413.25 424.10 Td (As a consequence, the CPRC issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (an updated consultation in September 2015 in order to seek balance between the interests of the industry and consumer groups. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (Cabot and its industry body) Tj ET Q q 0 0 0 rg BT 159.90 400.10 Td (, the Credit Services ) Tj ET Q q 0 0 0 rg BT 242.94 400.10 Td (Association, have each responded to this consultation. On December 9, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (the CPRC met and decided that the initial proposal, which would have required creditors to provide significant documentation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (such as the original credit agreement prior to issuing a claim in court should be amended. ) Tj ET Q q 0 0 0 rg BT 409.07 376.10 Td (A) Tj ET Q q 0 0 0 rg BT 415.74 376.10 Td ( final draft of the rules has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (passed for approval in the UK legislative system. ) Tj ET Q q 0 0 0 rg BT 248.94 364.10 Td (The new draft will require that a letter before claim informs a consumer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (their right to request documentation and for a full statement of account to be included. However) Tj ET Q q 0 0 0 rg BT 433.36 352.10 Td (, this documentation no longer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (has to be provided with the letter before claim. ) Tj ET Q q 0 0 0 rg BT 239.20 340.10 Td (The precise detail is yet to be made public.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 323.60 Td (Finally) Tj ET Q q 0 0 0 rg BT 101.69 323.60 Td (, in December 2015, the EU General Data Protection Regulation \(GDPR\) was proposed to replace the Data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.60 Td (Protection Directive 95/46/EC. In May 2016 the GDPR was adopted and published in the Of) Tj ET Q q 0 0 0 rg BT 420.59 311.60 Td (ficial Journal of the EU. ) Tj ET Q q 0 0 0 rg BT 519.27 311.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.60 Td (GDPR will be ef) Tj ET Q q 0 0 0 rg BT 116.76 299.60 Td (fective starting in 2018 and, although the full scope of the GDPR changes have not yet been released, is likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.60 Td (to introduce significant changes to the data protection regime including but not limited to: the conditions for obtaining consent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.60 Td (to process personal data; transparency and providing information to individuals regarding the processing of their personal data; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.60 Td (enhanced rights for individuals; notification obligations for personal data breach; and new supervisory authorities including a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.60 Td (European Data Protection Board \(EDPB\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 235.10 Td (It is not yet possible to predict the precise impact that the above-referenced changes will have on Cabot. It is likely that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (the rules and regulations applicable to Cabot, and the burden of regulatory scrutiny to which Cabot is subject, will continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (increase. ) Tj ET Q q 0 0 0 rg BT 87.57 211.10 Td (The FCA) Tj ET Q q 0 0 0 rg BT 123.96 211.10 Td () Tj ET Q q 0 0 0 rg BT 126.74 211.10 Td (s imposition of additional requirements on Cabot) Tj ET Q q 0 0 0 rg BT 325.61 211.10 Td (s operations or failure by Cabot to maintain FCA) Tj ET Q q 0 0 0 rg BT 521.13 211.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (authorization for its collection activities, the addition, reinterpretation or enforcement of any laws, rules, regulations, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (protocols, or increased enforcement of existing consumer protection or privacy laws, rules and regulations, may adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 175.10 Td (fect our ability to collect on receivables and may increase our costs associated with regulatory compliance, which could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.40 163.10 Td (fect our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td (Economic conditions and regulatory changes leading up to and following the United Kingdom) Tj ET Q q 0 0 0 rg BT 440.97 141.10 Td (s expected exit from the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (European Union could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 255.09 129.10 Td (fect on our business, financial condition and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 112.60 Td (On June 23, 2016, the United Kingdom held a referendum in which voters approved the United Kingdom) Tj ET Q q 0 0 0 rg BT 498.36 112.60 Td (s exit from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.60 Td (E.U., commonly referred to as Brexit. ) Tj ET Q q 0 0 0 rg BT 212.54 100.60 Td (The referendum was advisory) Tj ET Q q 0 0 0 rg BT 331.01 100.60 Td (, and the terms of any withdrawal are subject to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.60 Td (negotiation period that could last at least two years after the U.K. government formally initiates a withdrawal process. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.60 Td (Nevertheless, the referendum has created significant uncertainty about the future relationship between the United Kingdom and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.60 Td (the E.U., including with respect to the laws and regulations that will apply as the United Kingdom determines which E.U. laws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.60 Td (to replace or replicate in the event of a withdrawal. ) Tj ET Q q 0 0 0 rg BT 255.74 52.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 305.64 52.60 Td (, Brexit could, among other outcomes, disrupt the free ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (movement of goods, services and people between the U.K. and the E.U., undermine bilateral cooperation in key policy areas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and significantly disrupt trade between the U.K. and the E.U. Consequences such as deterioration in economic conditions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (volatility in currency exchange rates or changes in regulation may adversely af) Tj ET Q q 0 0 0 rg BT 364.97 718.10 Td (fect our business, financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (operating results. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (Our business, financial condition and operating results may be adversely af) Tj ET Q q 0 0 0 rg BT 360.67 684.10 Td (fected if consumer bankruptcy filings increase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (or if bankruptcy laws change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 655.60 Td (Our business model may be uniquely vulnerable to an economic recession, which typically results in an increase in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.60 Td (amount of defaulted consumer receivables, thereby contributing to an increase in the amount of personal bankruptcy filings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.60 Td (Under certain bankruptcy filings, a consumer) Tj ET Q q 0 0 0 rg BT 231.42 631.60 Td () Tj ET Q q 0 0 0 rg BT 234.20 631.60 Td (s assets are sold to repay credit originators, with priority given to holders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.60 Td (secured debt. Since the defaulted consumer receivables we purchase are generally unsecured, we often are not able to collect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.60 Td (those receivables. In addition, since we purchase receivables that may have been delinquent for a long period of time, this may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.60 Td (be an indication that many of the consumers from whom we collect will be unable to pay their debts going forward and are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.60 Td (more likely to file for bankruptcy in an economic recession. Furthermore, potential changes to existing bankruptcy laws could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.60 Td (contribute to an increase in consumer bankruptcy filings. ) Tj ET Q q 0 0 0 rg BT 280.03 571.60 Td (W) Tj ET Q q 0 0 0 rg BT 288.67 571.60 Td (e cannot be certain that our collection experience would not decline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.60 Td (with an increase in consumer bankruptcy filings. If our actual collection experience with respect to a defaulted consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.60 Td (receivable portfolio is significantly lower than we projected when we purchased the portfolio, our business, financial condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.60 Td (and operating results could be adversely af) Tj ET Q q 0 0 0 rg BT 220.87 535.60 Td (fected.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 513.60 Td (e are dependent upon third parties to service a substantial portion of our consumer receivable portfolios.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 497.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 497.10 Td (e use outside collection services to collect a substantial portion of our char) Tj ET Q q 0 0 0 rg BT 380.14 497.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 406.06 497.10 Td (f receivables. ) Tj ET Q q 0 0 0 rg BT 461.68 497.10 Td (W) Tj ET Q q 0 0 0 rg BT 470.32 497.10 Td (e are dependent upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (the ef) Tj ET Q q 0 0 0 rg BT 72.30 485.10 Td (forts of third-party collection agencies and attorneys to help service and collect our char) Tj ET Q q 0 0 0 rg BT 423.93 485.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 449.85 485.10 Td (f receivables. Our third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (party collection agencies and attorneys could fail to perform collection services for us adequately) Tj ET Q q 0 0 0 rg BT 438.37 473.10 Td (, remit those collections to us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (or otherwise perform their obligations adequately) Tj ET Q q 0 0 0 rg BT 247.34 461.10 Td (. In addition, one or more of those third-party collection agencies or attorneys ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (could cease operations abruptly or become insolvent, or our relationships with such collection agencies or attorneys may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (otherwise change adversely) Tj ET Q q 0 0 0 rg BT 159.86 437.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 193.90 437.10 Td (, we might not be able to secure replacement third-party collection agencies or attorneys or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.10 Td (promptly transfer account information to our new third-party collection agencies, attorneys or in-house in the event our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (agreements with our third-party collection agencies and attorneys were terminated. ) Tj ET Q q 0 0 0 rg BT 383.49 413.10 Td (Any of the foregoing factors could cause ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (our business, financial condition and operating results to be adversely af) Tj ET Q q 0 0 0 rg BT 338.91 401.10 Td (fected.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (Increases in costs associated with our collections through collection litigation can raise our costs associated with our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (collection strategies and the individual lawsuits brought against consumers to collect on judgments in our favor) Tj ET Q q 0 0 0 rg BT 508.68 367.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 350.60 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 350.60 Td (e hire in-house counsel and contract with a nationwide network of attorneys that specialize in collection matters. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.60 Td (connection with collection litigation, we advance certain out-of-pocket court costs, which we refer to as deferred court costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.60 Td (These court costs may be dif) Tj ET Q q 0 0 0 rg BT 164.51 326.60 Td (ficult or impossible to collect, and we may not be successful in collecting amounts suf) Tj ET Q q 0 0 0 rg BT 508.97 326.60 Td (ficient to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.60 Td (cover the amounts deferred in our financial statements. If we are not able to recover these court costs, our business, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.60 Td (condition and operating results may be adversely af) Tj ET Q q 0 0 0 rg BT 256.14 302.60 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 286.10 Td (Further) Tj ET Q q 0 0 0 rg BT 103.04 286.10 Td (, we have substantial collection activity through our legal channel and, as a consequence, increases in deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (court costs, increases in costs related to counterclaims, and an increase in other court costs may increase our costs in collecting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (on these accounts, which may have an adverse ef) Tj ET Q q 0 0 0 rg BT 246.13 262.10 Td (fect on our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (Our network of third-party agencies and attorneys may not utilize amounts collected on our behalf or amounts we advance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (for court costs in the manner for which they were intended.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 211.60 Td (In the normal course of operations, our third-party collection agencies and attorneys collect funds on our behalf. ) Tj ET Q q 0 0 0 rg BT 524.50 211.60 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.60 Td (third parties may fail to remit amounts owed to us in a timely manner or at all. ) Tj ET Q q 0 0 0 rg BT 364.93 199.60 Td (Additionally) Tj ET Q q 0 0 0 rg BT 414.83 199.60 Td (, we advance court costs to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.60 Td (third-party attorneys, which are intended for their use in filing lawsuits on our behalf. ) Tj ET Q q 0 0 0 rg BT 394.17 187.60 Td (These third-party attorneys may misuse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.60 Td (some or all of the funds we advance to them. Our ability to recoup our funds may be diminished if these third parties become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.60 Td (insolvent or enter into bankruptcy proceedings. If we are not able to recover these funds, our business, financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.60 Td (operating results may be adversely af) Tj ET Q q 0 0 0 rg BT 198.93 151.60 Td (fected.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 129.60 Td (A) Tj ET Q q 0 0 0 rg BT 56.12 129.60 Td ( significant portion of our collections relies upon our success in individual lawsuits brought against consumers and our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 117.60 Td (ability to collect on judgments in our favor) Tj ET Q q 0 0 0 rg BT 224.73 117.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 101.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 101.10 Td (e generate a significant portion of our revenue by collecting on judgments that are granted by courts in lawsuits filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (against consumers. ) Tj ET Q q 0 0 0 rg BT 128.04 89.10 Td (A) Tj ET Q q 0 0 0 rg BT 134.71 89.10 Td ( decrease in the willingness of courts to grant these judgments, a change in the requirements for filing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (these cases or obtaining these judgments, or a decrease in our ability to collect on these judgments could have an adverse ef) Tj ET Q q 0 0 0 rg BT 544.10 77.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (on our business, financial condition and operating results. ) Tj ET Q q 0 0 0 rg BT 282.73 65.10 Td (As we increase our use of the legal channel for collections, our short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.10 Td (term mar) Tj ET Q q 0 0 0 rg BT 86.19 53.10 Td (gins may decrease as a result of an increase in upfront court costs and costs related to counter claims.) Tj ET Q q 0 0 0 rg BT 493.09 53.10 Td (W) Tj ET Q q 0 0 0 rg BT 501.73 53.10 Td (e may not be ) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (able to collect on certain aged accounts because of applicable statutes of limitations and we may be subject toadverse ef) Tj ET Q q 0 0 0 rg BT 531.30 742.10 Td (fects of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (regulatory changes. Further) Tj ET Q q 0 0 0 rg BT 159.84 730.10 Td (, courts in certain jurisdictions require that a copy of the account statements or applications be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (attached to the pleadings in order to obtain a judgment against consumers. If we are unable to produce those account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (documents, these courts could deny our claims, and our business, financial condition and operating results may be adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 694.10 Td (fected.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 672.10 Td (e are subject to ongoing risks of regulatory investigations and litigation, including individual and class action lawsuits, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (under consumer credit, consumer protection, theft, privacy) Tj ET Q q 0 0 0 rg BT 291.57 660.10 Td (, collections, and other laws, and we may be subject to awards of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (substantial damages or be required to make other expenditures or change our business practices as a result.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 631.60 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 631.60 Td (e operate in an extremely litigious climate and currently are, and may in the future be, named as defendants in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.60 Td (litigation, including individual and class action lawsuits under consumer credit, consumer protection, theft, privacy) Tj ET Q q 0 0 0 rg BT 509.51 619.60 Td (, data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.60 Td (security) Tj ET Q q 0 0 0 rg BT 81.01 607.60 Td (, automated dialing equipment, debt collections, and other laws. Many of these cases present novel issues on which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.60 Td (there is no clear legal precedent, which increases the dif) Tj ET Q q 0 0 0 rg BT 273.60 595.60 Td (ficulty in predicting both the potential outcomes and costs of defending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.60 Td (these cases. ) Tj ET Q q 0 0 0 rg BT 98.96 583.60 Td (W) Tj ET Q q 0 0 0 rg BT 107.60 583.60 Td (e are subject to ongoing risks of regulatory investigations, inquiries, litigation, and other actions by the CFPB, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.60 Td (FTC, state ) Tj ET Q q 0 0 0 rg BT 93.61 571.60 Td (Attorneys General, or other governmental bodies relating to our activities. ) Tj ET Q q 0 0 0 rg BT 392.23 571.60 Td (These litigation and regulatory actions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.60 Td (involve potential compensatory or punitive damage claims, fines, costs, sanctions, civil monetary penalties, consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.60 Td (restitution, or injunctive relief, as well as other forms of relief, that could require us to pay damages, make other expenditures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.60 Td (or result in changes to our business practices. ) Tj ET Q q 0 0 0 rg BT 233.01 535.60 Td (Any changes to our business practices could result in lower collections, increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.60 Td (cost to collect or reductions in estimated remaining collections. ) Tj ET Q q 0 0 0 rg BT 304.93 523.60 Td (Actual losses incurred by us in connection with judgments or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.60 Td (settlements of these matters may be more than our associated reserves. Further) Tj ET Q q 0 0 0 rg BT 363.94 511.60 Td (, defending lawsuits and responding to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.60 Td (governmental inquiries or investigations, regardless of their merit, could be costly and divert management) Tj ET Q q 0 0 0 rg BT 476.83 499.60 Td (s attention from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.60 Td (operation of our business. ) Tj ET Q q 0 0 0 rg BT 155.26 487.60 Td (All of these factors could have an adverse ef) Tj ET Q q 0 0 0 rg BT 332.78 487.60 Td (fect on our business, financial condition and operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.60 Td (results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.60 Td (Negative publicity associated with litigation, governmental investigations, regulatory actions, and other public statements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 441.60 Td (could damage our reputation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 425.10 Td (From time to time there are negative news stories about our industry or company) Tj ET Q q 0 0 0 rg BT 396.88 425.10 Td (, especially with respect to alleged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (conduct in collecting debt from consumers. ) Tj ET Q q 0 0 0 rg BT 225.61 413.10 Td (These stories may follow the announcements of litigation or regulatory actions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (involving us or others in our industry) Tj ET Q q 0 0 0 rg BT 198.23 401.10 Td (. Negative publicity about our alleged or actual debt collection practices or about the debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (collection industry in general could adversely af) Tj ET Q q 0 0 0 rg BT 242.53 389.10 Td (fect our stock price, our position in the marketplace in which we compete, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (our ability to purchase char) Tj ET Q q 0 0 0 rg BT 159.22 377.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 185.14 377.10 Td (f receivables, any of which could have an adverse ef) Tj ET Q q 0 0 0 rg BT 394.31 377.10 Td (fect on our business, financial condition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 343.10 Td (e may make acquisitions that prove unsuccessful and any mergers, acquisitions, dispositions or joint venture activities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (may change our business and financial results and introduce new risks.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 314.60 Td (From time to time, we may make acquisitions of, or otherwise invest in, other companies that could complement our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.60 Td (business, including the acquisition of entities in diverse geographic regions and entities of) Tj ET Q q 0 0 0 rg BT 409.46 302.60 Td (fering greater access to businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.60 Td (and markets that we do not currently serve. ) Tj ET Q q 0 0 0 rg BT 225.04 290.60 Td (The acquisitions we make may be unprofitable or may take some time to achieve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.60 Td (profitability) Tj ET Q q 0 0 0 rg BT 97.12 278.60 Td (. In addition, we may not successfully operate the businesses that we acquire, or may not successfully integrate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.60 Td (these businesses with our own, which may result in our inability to maintain our goals, objectives, standards, controls, policies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.60 Td (culture, or profitability) Tj ET Q q 0 0 0 rg BT 140.71 254.60 Td (. ) Tj ET Q q 0 0 0 rg BT 145.16 254.60 Td (Also, minority shareholders in certain entities that we have acquired have the right, at certain times, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.60 Td (require us to acquire their ownership interest in those entities at fair value, while others have the right to force a sale of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.60 Td (entity if we choose not to purchase their interests at fair value, which could result in additional constraints on our resources. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.60 Td (Through acquisitions, we may enter markets in which we have limited or no experience. ) Tj ET Q q 0 0 0 rg BT 404.89 218.60 Td (Any acquisition may result in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.60 Td (potentially dilutive issuance of equity securities, and the incurrence of additional debt which could reduce our profitability) Tj ET Q q 0 0 0 rg BT 538.92 206.60 Td (. ) Tj ET Q q 0 0 0 rg BT 543.74 206.60 Td (W) Tj ET Q q 0 0 0 rg BT 552.38 206.60 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.60 Td (also pursue dispositions and joint ventures from time to time. ) Tj ET Q q 0 0 0 rg BT 296.92 194.60 Td (Any such transactions could change our business lines, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.60 Td (geographic reach, financial results or capital structure. Our company could be lar) Tj ET Q q 0 0 0 rg BT 373.85 182.60 Td (ger or smaller after any such transactions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.60 Td (may have a dif) Tj ET Q q 0 0 0 rg BT 108.96 170.60 Td (ferent investment profile.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 148.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 148.60 Td (e may consume resources in pursuing business opportunities, financings or other transactions that are not consummated, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 136.60 Td (which may strain or divert our resources.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 120.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 120.10 Td (e anticipate that the investigation of various transactions, and the negotiation, drafting, and execution of relevant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (agreements, disclosure documents and other instruments with respect to such transactions, will require substantial management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (time and attention and substantial costs for financial advisors, accountants, attorneys and other advisors. If a decision is made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (not to consummate a specific transaction, the costs incurred up to that point for the proposed transaction likely would not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (recoverable. Furthermore, even if an agreement is reached relating to a specific transaction, we may fail to consummate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (transaction for any number of reasons, including those beyond our control. ) Tj ET Q q 0 0 0 rg BT 350.76 60.10 Td (Any such event could consume significant ) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (management time and result in a loss to us of the related costs incurred, which could adversely af) Tj ET Q q 0 0 0 rg BT 438.59 742.10 Td (fect our financial position and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (our business.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 708.10 Td (e are dependent on our management team for the adoption and implementation of our strategies and the loss of its ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (services could have an adverse ef) Tj ET Q q 0 0 0 rg BT 186.17 696.10 Td (fect on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 679.60 Td (Our management team has considerable experience in finance, banking, consumer collections, and other industries. ) Tj ET Q q 0 0 0 rg BT 537.54 679.60 Td (W) Tj ET Q q 0 0 0 rg BT 546.18 679.60 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 667.60 Td (believe that the expertise of our executives obtained by managing businesses across numerous other industries has been critical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 655.60 Td (to the enhancement of our operations. Our management team has created a culture of new ideas and progressive thinking, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.60 Td (coupled with increased use of technology and statistical analysis. ) Tj ET Q q 0 0 0 rg BT 312.52 643.60 Td (The management teams at each of our operating subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.60 Td (are also important to the success of their respective operations. ) Tj ET Q q 0 0 0 rg BT 303.34 631.60 Td (The loss of the services of one or more key members of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.60 Td (management could disrupt our collective operations and seriously impair our ability to continue to acquire or collect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.60 Td (portfolios of char) Tj ET Q q 0 0 0 rg BT 119.24 607.60 Td (ged-of) Tj ET Q q 0 0 0 rg BT 145.16 607.60 Td (f receivables and to manage and expand our business, any of which could have an adverse ef) Tj ET Q q 0 0 0 rg BT 515.67 607.60 Td (fect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.60 Td (business, financial condition and operating results. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 574.60 Td (Regulatory) Tj ET Q q 0 0 0 rg BT 95.19 574.60 Td (, political, and economic conditions in the foreign countries in which we operate or may operate in the future ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 562.60 Td (expose us to risk, including loss of business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 546.10 Td (While wage costs in certain countries in which we operate or may operate in the future are significantly lower than in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (United States, the United Kingdom and other industrialized countries for comparably skilled workers, wages are increasing at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (faster rate than in the United States or the United Kingdom, and we experience or may experience higher employee turnover in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (operations in those countries than is typical in our U.S. or U.K. locations. ) Tj ET Q q 0 0 0 rg BT 345.88 510.10 Td (The continuation of these trends could reduce the cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (savings we sought to achieve by establishing a portion of our operations outside of the United States. ) Tj ET Q q 0 0 0 rg BT 456.41 498.10 Td (W) Tj ET Q q 0 0 0 rg BT 465.05 498.10 Td (e may be adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 486.10 Td (fected by changes in inflation, exchange rate fluctuations, interest rates, tax provisions, social stability or other political, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (economic or diplomatic developments in or af) Tj ET Q q 0 0 0 rg BT 234.21 474.10 Td (fecting these countries in the future. Changes in the business or regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (climate of these countries could have an adverse ef) Tj ET Q q 0 0 0 rg BT 253.62 462.10 Td (fect on our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 440.10 Td (e may not be able to manage our growth ef) Tj ET Q q 0 0 0 rg BT 233.80 440.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 267.29 440.10 Td (, including the expansion of our foreign operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 423.60 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 423.60 Td (e have expanded significantly in recent years. Continued growth will place additional demands on our resources, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.60 Td (we cannot be sure that we will be able to manage our growth ef) Tj ET Q q 0 0 0 rg BT 303.34 411.60 Td (fectively) Tj ET Q q 0 0 0 rg BT 337.67 411.60 Td (. For example, continued growth could place strains on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.60 Td (our management, operations, and financial resources that our infrastructure, facilities, and personnel may not be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.60 Td (adequately support. In addition, the recent expansion of our foreign operations subjects us to a number of additional risks and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.60 Td (uncertainties, including:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 358.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 358.60 Td (compliance with and changes in international laws, including regulatory and compliance requirements that could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 346.60 Td (af) Tj ET Q q 0 0 0 rg BT 111.59 346.60 Td (fect our business;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 325.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 325.60 Td (dif) Tj ET Q q 0 0 0 rg BT 114.93 325.60 Td (fering accounting standards and practices; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 304.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 304.60 Td (increased exposure to U.S. laws that apply abroad, such as the Foreign Corrupt Practices ) Tj ET Q q 0 0 0 rg BT 460.30 304.60 Td (Act, and exposure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 292.60 Td (other anti-corruption laws such as the U.K. Bribery ) Tj ET Q q 0 0 0 rg BT 311.17 292.60 Td (Act;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 271.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 271.60 Td (social, political and economic instability or recessions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 250.60 Td (fluctuations in foreign economies and currency exchange rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 229.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 229.60 Td (dif) Tj ET Q q 0 0 0 rg BT 114.93 229.60 Td (ficulty in hiring, staf) Tj ET Q q 0 0 0 rg BT 196.95 229.60 Td (fing and managing qualified and proficient local employees and advisors to run ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 217.60 Td (international operations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 196.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 196.60 Td (the dif) Tj ET Q q 0 0 0 rg BT 129.64 196.60 Td (ficulty of managing and operating an international enterprise, including dif) Tj ET Q q 0 0 0 rg BT 428.81 196.60 Td (ficulties in maintaining ef) Tj ET Q q 0 0 0 rg BT 531.66 196.60 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 184.60 Td (communications with employees due to distance, language, and cultural barriers;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 163.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 163.60 Td (dif) Tj ET Q q 0 0 0 rg BT 114.93 163.60 Td (ficulties implementing and maintaining ef) Tj ET Q q 0 0 0 rg BT 282.48 163.60 Td (fective internal controls and risk management and compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 151.60 Td (initiatives;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 130.60 Td (potential disagreements with our joint venture business partners;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 109.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 109.60 Td (dif) Tj ET Q q 0 0 0 rg BT 114.93 109.60 Td (fering labor regulations and business practices; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 88.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 88.60 Td (foreign tax consequences.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 67.60 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 67.60 Td (o support our growth and improve our international operations, we continue to make investments in infrastructure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.60 Td (facilities, and personnel in our operations; however) Tj ET Q q 0 0 0 rg BT 254.81 55.60 Td (, these additional investments may not be successful or our investments may ) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (not produce profitable results. If we cannot manage our growth ef) Tj ET Q q 0 0 0 rg BT 312.78 742.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 347.11 742.10 Td (, our business, financial condition and operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (results may be adversely af) Tj ET Q q 0 0 0 rg BT 158.67 730.10 Td (fected.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 708.10 Td (If our technology and telecommunications systems were to fail, or if we are not able to successfully anticipate, invest in, or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (adopt technological advances within our industry) Tj ET Q q 0 0 0 rg BT 252.71 696.10 Td (, it could have an adverse ef) Tj ET Q q 0 0 0 rg BT 367.23 696.10 Td (fect on our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 679.60 Td (Our success depends in lar) Tj ET Q q 0 0 0 rg BT 180.46 679.60 Td (ge part on sophisticated computer and telecommunications systems. ) Tj ET Q q 0 0 0 rg BT 454.38 679.60 Td (The temporary or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 667.60 Td (permanent loss of our computer and telecommunications equipment and software systems, through casualty) Tj ET Q q 0 0 0 rg BT 480.63 667.60 Td (, operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 655.60 Td (malfunction, software virus, or service provider failure, could disrupt our operations. In the normal course of our business, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.60 Td (must record and process significant amounts of data quickly and accurately to properly bid on prospective acquisitions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.60 Td (receivable portfolios and to access, maintain, and expand the databases we use for our collection activities. ) Tj ET Q q 0 0 0 rg BT 479.01 631.60 Td (Any simultaneous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.60 Td (failure of our information systems and their backup systems would interrupt our business operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 603.10 Td (In addition, our business relies on computer and telecommunications technologies, and our ability to integrate new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 591.10 Td (technologies into our business is essential to our competitive position and our success. ) Tj ET Q q 0 0 0 rg BT 397.54 591.10 Td (W) Tj ET Q q 0 0 0 rg BT 406.18 591.10 Td (e may not be successful in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.10 Td (anticipating, investing in, or adopting technological changes on a timely or cost-ef) Tj ET Q q 0 0 0 rg BT 378.90 579.10 Td (fective basis. Computer and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.10 Td (telecommunications technologies are evolving rapidly and are characterized by short product life cycles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 550.60 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 550.60 Td (e continue to make significant modifications to our information systems to ensure that they continue to be adequate for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.60 Td (our current and foreseeable demands and continued expansion, and our future growth may require additional investment in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.60 Td (these systems. ) Tj ET Q q 0 0 0 rg BT 109.54 526.60 Td (These system modifications may exceed our cost or time estimates for completion or may be unsuccessful. If we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.60 Td (cannot update our information systems ef) Tj ET Q q 0 0 0 rg BT 215.61 514.60 Td (fectively) Tj ET Q q 0 0 0 rg BT 249.94 514.60 Td (, our business, financial condition and operating results may be adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.60 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 502.60 Td (fected.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 480.60 Td (In the event of a cyber security breach or similar incident, our business and operations could suf) Tj ET Q q 0 0 0 rg BT 447.34 480.60 Td (fer) Tj ET Q q 0 0 0 rg BT 458.45 480.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 464.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 464.10 Td (e rely on information technology networks and systems to process and store electronic information. ) Tj ET Q q 0 0 0 rg BT 482.63 464.10 Td (W) Tj ET Q q 0 0 0 rg BT 491.27 464.10 Td (e collect and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (store sensitive data, including personally identifiable information of our consumers, on our information technology networks. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (Despite the implementation of security measures, our information technology networks and systems may be vulnerable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (disruptions and shutdowns due to attacks by hackers or breaches due to malfeasance by contractors, employees and others who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (have access to our networks and systems. ) Tj ET Q q 0 0 0 rg BT 218.11 416.10 Td (The occurrence of any of these cyber security events could compromise our networks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (and the information stored on our networks could be accessed. ) Tj ET Q q 0 0 0 rg BT 301.88 404.10 Td (Any such access could disrupt our operations or result in legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (claims, liability) Tj ET Q q 0 0 0 rg BT 111.56 392.10 Td (, reputational damage or regulatory penalties under laws protecting the privacy of personal information, any of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (which could adversely af) Tj ET Q q 0 0 0 rg BT 150.06 380.10 Td (fect our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 358.10 Td (e rely on third parties to provide us with services in connection with certain aspects of our business, and any failure by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (these third parties to perform their obligations, or our inability to arrange for alternative third party providers for such ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (services, could have an adverse ef) Tj ET Q q 0 0 0 rg BT 188.67 334.10 Td (fect on our business, financial condition and operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 317.60 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 317.60 Td (e have entered into agreements with third parties to provide us with services in connection with our business, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.60 Td (payment processing, credit card authorization and processing, payroll processing, record keeping for retirement and benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.60 Td (plans and certain information technology functions. ) Tj ET Q q 0 0 0 rg BT 258.56 293.60 Td (Any failure by a third party to provide us with contracted services on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.60 Td (timely basis or within service level expectations and performance standards may have an adverse ef) Tj ET Q q 0 0 0 rg BT 448.55 281.60 Td (fect on our business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.60 Td (financial condition and operating results. In addition, we may be unable to find, or enter into agreements with, suitable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.60 Td (replacement third party providers for such services, which could adversely af) Tj ET Q q 0 0 0 rg BT 358.32 257.60 Td (fect our business, financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.60 Td (operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 223.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 223.60 Td (e may not be able to adequately protect the intellectual property rights upon which we rely and, as a result, any lack of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 211.60 Td (protection may diminish our competitive advantage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 195.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 195.10 Td (e rely on proprietary software programs and valuation and collection processes and techniques, and we believe that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (these assets provide us with a competitive advantage. ) Tj ET Q q 0 0 0 rg BT 265.59 183.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.23 183.10 Td (e consider our proprietary software, processes, and techniques to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (trade secrets, but they are not protected by patent or registered copyright. ) Tj ET Q q 0 0 0 rg BT 344.71 171.10 Td (W) Tj ET Q q 0 0 0 rg BT 353.34 171.10 Td (e may not be able to protect our technology and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (data resources adequately) Tj ET Q q 0 0 0 rg BT 152.08 159.10 Td (, which may diminish our competitive advantage, which may) Tj ET Q q 0 0 0 rg BT 395.81 159.10 Td (, in turn, adversely af) Tj ET Q q 0 0 0 rg BT 480.60 159.10 Td (fect our business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (Exchange rate fluctuations could adversely af) Tj ET Q q 0 0 0 rg BT 238.98 125.10 Td (fect our business, financial condition and operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 108.60 Td (Because we conduct some business in currencies other than U.S. dollars but report our financial results in U.S. dollars, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.60 Td (we face exposure to fluctuations in currency exchange rates upon translation of these business results into U.S.dollars. In the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.60 Td (normal course of business, we employ various strategies to manage these risks, including the use of derivative instruments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.60 Td (These strategies may not be ef) Tj ET Q q 0 0 0 rg BT 171.16 72.60 Td (fective in protecting us against the ef) Tj ET Q q 0 0 0 rg BT 318.71 72.60 Td (fects of fluctuations from movements in foreign exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.60 Td (rates. Fluctuations in the foreign currency exchange rates could adversely af) Tj ET Q q 0 0 0 rg BT 354.42 60.60 Td (fect our business, financial condition and operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.60 Td (results.) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (24) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.19 742.25 Td (axes could adversely af) Tj ET Q q 0 0 0 rg BT 150.26 742.25 Td (fect our results of operations, cash flows and financial condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.75 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 725.75 Td (e are subject to taxes in the United States and, increasingly) Tj ET Q q 0 0 0 rg BT 317.19 725.75 Td (, in foreign jurisdictions. Significant judgment is required in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.75 Td (determining our worldwide provision for taxes.) Tj ET Q q 0 0 0 rg BT 241.72 713.75 Td (W) Tj ET Q q 0 0 0 rg BT 250.36 713.75 Td (e regularly are under audit by tax authorities, and economicand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.75 Td (politicalpressures to increase tax revenues in various jurisdictions may make resolving tax disputes more dif) Tj ET Q q 0 0 0 rg BT 484.99 701.75 Td (ficult. ) Tj ET Q q 0 0 0 rg BT 510.91 701.75 Td (The final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.75 Td (determination of tax audits and any related litigation could be dif) Tj ET Q q 0 0 0 rg BT 309.74 689.75 Td (ferent from our historical income tax provisions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.75 Td (accruals.In addition, potential adverse tax consequences could limit our ability to repatriate funds held in jurisdictions outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.75 Td (of the United States.Moreover) Tj ET Q q 0 0 0 rg BT 173.18 665.75 Td (, there may be unfavorable changes in the tax laws \(or in the interpretation thereof\) in the future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.75 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 653.75 Td (, taxes could have an adverse ef) Tj ET Q q 0 0 0 rg BT 226.04 653.75 Td (fect on our results of operations, cash flows and financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 631.75 Td (Risks Related to Our) Tj ET Q q 0 0 0 rg BT 139.54 631.75 Td ( Indebtedness and Common Stock) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 609.75 Td (Our significant indebtedness could adversely af) Tj ET Q q 0 0 0 rg BT 245.09 609.75 Td (fect our financial health and could harm our ability to react to changes to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 597.75 Td (our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.25 Td (As described in greater detail in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.89 581.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.89 581.25 Td (, Debt to our consolidated financial statements, as of December 31, 2016, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.25 Td (total long-term indebtedness outstanding was approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.84 569.25 Td ($2.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.95 569.25 Td (, which includes$1.5 billionof debt at our Cabot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 90.46 557.25 Td (. Our substantial indebtedness could have important consequences to investors. For example, it could:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 540.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 540.25 Td (increase our vulnerability to general economic downturns and industry conditions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 519.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 519.25 Td (require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 507.25 Td (thereby reducing the availability of our cash flow to fund working capital, capital expenditures and other general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 495.25 Td (corporate requirements;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 474.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 474.25 Td (limit our flexibility in planning for) Tj ET Q q 0 0 0 rg BT 242.19 474.25 Td (, or reacting to, changes in our business and the industry in which we operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 453.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 453.25 Td (place us at a competitive disadvantage compared to competitors that have less debt; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 432.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 432.25 Td (increase our exposure to market and regulatory changes that could diminish the amount and value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 420.25 Td (inventory that we borrow against under our secured credit facilities; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 399.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 399.25 Td (limit, along with the financial and other restrictive covenants contained in the documents governing our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 387.25 Td (indebtedness, our ability to borrow additional funds, make investments and incur liens, among other things.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 366.25 Td (Any of these factors could adversely af) Tj ET Q q 0 0 0 rg BT 228.43 366.25 Td (fect our business, financial condition and operating results. If we do not have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 354.25 Td (ficient earnings to service our debt, we may be required to refinance all or part of our existing debt, sell assets, borrow more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.25 Td (money) Tj ET Q q 0 0 0 rg BT 76.57 342.25 Td (, or sell securities, none of which we can guarantee we will be able to do.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 320.25 Td (Servicing our indebtedness requires a significant amount of cash, and we may not have suf) Tj ET Q q 0 0 0 rg BT 424.58 320.25 Td (ficient cash flow from our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 308.25 Td (business to pay our substantial indebtedness.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 291.75 Td (Our ability to make scheduled payments of the principal of, to pay interest on or to refinance our indebtedness or to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 279.75 Td (cash payments in connection with any conversion of our convertible notes depends on our future performance, which is subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.75 Td (to economic, financial, competitive and other factors beyond our control. Our business may not continue to generate cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.75 Td (from operations in the future suf) Tj ET Q q 0 0 0 rg BT 179.51 255.75 Td (ficient to service our indebtedness and make necessary capital expenditures. If we are unable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.75 Td (generate adequate cash flow) Tj ET Q q 0 0 0 rg BT 162.34 243.75 Td (, we may be required to adopt one or more alternatives, such as selling assets, restructuring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.75 Td (indebtedness or obtaining additional equity capital on terms that may be onerous or highly dilutive. Our ability to refinance our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.75 Td (indebtedness will depend on the capital markets and our financial condition at that time. ) Tj ET Q q 0 0 0 rg BT 404.44 219.75 Td (W) Tj ET Q q 0 0 0 rg BT 413.08 219.75 Td (e may not be able to engage in any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.75 Td (of these activities or engage in these activities on desirable terms, which could result in a default on our debt obligations which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.75 Td (could, in turn, adversely af) Tj ET Q q 0 0 0 rg BT 157.01 195.75 Td (fect our business, financial condition and operating results.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 173.75 Td (Despite our current indebtedness levels, we may still incur substantially more indebtedness or take other actions which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 161.75 Td (would intensify the risks discussed above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 145.25 Td (Despite our current consolidated indebtedness levels, we and our subsidiaries may be able to incur substantial additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (indebtedness in the future, some of which may be secured indebtedness under our ) Tj ET Q q 0 0 0 rg BT 379.17 133.25 Td (Third ) Tj ET Q q 0 0 0 rg BT 403.33 133.25 Td (Amended and Restated Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (Agreement \(as amended, the Restated Credit ) Tj ET Q q 0 0 0 rg BT 235.21 121.25 Td (Agreement\), subject to the restrictions contained in our debt instruments. ) Tj ET Q q 0 0 0 rg BT 533.84 121.25 Td (W) Tj ET Q q 0 0 0 rg BT 542.48 121.25 Td (e are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (not restricted under the terms of the indentures governing our convertible notes from incurring additional indebtedness, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (securing existing or future indebtedness, recapitalizing our indebtedness or taking a number of other actions that could have the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 85.25 Td (fect of diminishing our ability to make payments on our indebtedness. ) Tj ET Q q 0 0 0 rg BT 339.76 85.25 Td (Although the Restated Credit ) Tj ET Q q 0 0 0 rg BT 458.63 85.25 Td (Agreement and some of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (our other existing debt currently limit the ability of us and certain of our subsidiaries to incur additional indebtedness, these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (restrictions are subject to a number of qualifications and exceptions and, under certain circumstances, additional indebtedness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (incurred in compliance with these restrictions, including additional secured indebtedness, could be substantial. ) Tj ET Q q 0 0 0 rg BT 493.77 49.25 Td (Also, these ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (restrictions will not prevent us from incurring obligations that do not constitute indebtedness. ) Tj ET Q q 0 0 0 rg BT 425.31 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 430.72 742.10 Td (o the extent new indebtedness or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (other new obligations are added to our current levels, the risks described above could intensify) Tj ET Q q 0 0 0 rg BT 427.85 730.10 Td (. Moreover) Tj ET Q q 0 0 0 rg BT 471.88 730.10 Td (, if the facilities under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the Restated Credit ) Tj ET Q q 0 0 0 rg BT 128.59 718.10 Td (Agreement are repaid or mature, we may not be subject to similar restrictions under the terms of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (subsequent indebtedness.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 684.10 Td (e may not be able to continue to satisfy the covenants in our debt agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 667.60 Td (Our debt agreements impose a number of covenants, including restrictive covenants on how we operate our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 655.60 Td (Failure to satisfy any one of these covenants could result in negative consequences including the following, each of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.60 Td (could have an adverse ef) Tj ET Q q 0 0 0 rg BT 148.66 643.60 Td (fect on our business, financial condition and operating results:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 626.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 626.60 Td (acceleration of outstanding indebtedness;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 605.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 605.60 Td (exercise by our lenders of rights with respect to the collateral pledged under certain of our outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 593.60 Td (indebtedness;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 572.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 572.60 Td (our inability to continue to purchase receivables needed to operate our business; or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 551.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 551.60 Td (our inability to secure alternative financing on favorable terms, if at all.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 529.60 Td (Increases in interest rates could adversely af) Tj ET Q q 0 0 0 rg BT 232.58 529.60 Td (fect our business, financial condition and operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 513.10 Td (Portions of our outstanding debt bear interest at a variable rate. Increases in interest rates could increase our interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (expense which would, in turn, lower our earnings. ) Tj ET Q q 0 0 0 rg BT 252.83 501.10 Td (W) Tj ET Q q 0 0 0 rg BT 261.46 501.10 Td (e may periodically evaluate whether to enter into derivative financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.10 Td (instruments, such as interest rate swap agreements, to reduce our exposure to fluctuations in interest rates on variable interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.10 Td (rate debt and their impact on earnings and cash flows. ) Tj ET Q q 0 0 0 rg BT 267.80 477.10 Td (These strategies may not be ef) Tj ET Q q 0 0 0 rg BT 388.96 477.10 Td (fective in protecting us against the ef) Tj ET Q q 0 0 0 rg BT 536.51 477.10 Td (fects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (of fluctuations from movements in interest rates. Increases in interest rates could adversely af) Tj ET Q q 0 0 0 rg BT 423.58 465.10 Td (fect our business, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (condition and operating results. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (Our common stock price may be subject to significant fluctuations and volatility) Tj ET Q q 0 0 0 rg BT 378.80 431.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 414.60 Td (The market price of our common stock has been subject to significant fluctuations. Since the beginning of fiscal year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.60 Td (2016, our stock price has ranged from a low of $16.09 on January 19, 2016 to a high of $30.40 on December 9, 2016. ) Tj ET Q q 0 0 0 rg BT 522.50 402.60 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.60 Td (fluctuations could continue. ) Tj ET Q q 0 0 0 rg BT 163.31 390.60 Td (Among the factors that could af) Tj ET Q q 0 0 0 rg BT 290.03 390.60 Td (fect our stock price are:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 373.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 373.60 Td (our operating and financial performance and prospects;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 352.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 352.60 Td (our ability to repay our debt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 331.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 331.60 Td (our access to financial and capital markets to refinance our debt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 310.60 Td (investor perceptions of us and the industry and markets in which we operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 289.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 289.60 Td (future sales of equity or equity-related securities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 268.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 268.60 Td (changes in earnings estimates or buy/sell recommendations by analysts;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 247.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 247.60 Td (changes in the supply of, demand for or price of portfolios;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 226.60 Td (our acquisition activity) Tj ET Q q 0 0 0 rg BT 195.55 226.60 Td (, including our expansion into new markets;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 205.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 205.60 Td (regulatory changes af) Tj ET Q q 0 0 0 rg BT 189.89 205.60 Td (fecting our industry generally or our business and operations; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 184.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 184.60 Td (general financial, domestic, international, economic and other market conditions; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 163.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 163.60 Td (the number of short positions on our stock at any particular time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 142.60 Td (The stock market in recent years has experienced significant price and volume fluctuations that have often been unrelated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.60 Td (to the operating performance of companies. ) Tj ET Q q 0 0 0 rg BT 226.69 130.60 Td (The market price of our common stock could fluctuate significantly for many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.60 Td (reasons, including in response to the risks described in this ) Tj ET Q q 0 0 0 rg BT 286.91 118.60 Td (Annual Report on Form 10-K, elsewhere in our filings with the SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.60 Td (from time to time or for reasons unrelated to our operations, such as reports by industry analysts, investor perceptions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.60 Td (negative announcements by our customers, competitors or suppliers regarding their own performance, as well as industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.60 Td (conditions and general financial, economic and political instability) Tj ET Q q 0 0 0 rg BT 315.94 82.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 66.10 Td (The price of our common stock could also be af) Tj ET Q q 0 0 0 rg BT 263.15 66.10 Td (fected by possible sales of our common stock by investors who view our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 54.10 Td (convertible notes as a more attractive means of equity participation in us and by hedging or arbitrage trading activity that we ) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (expect to develop involving our common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 725.60 Td (If securities or industry analysts have a negative outlook regarding our stock or our industry) Tj ET Q q 0 0 0 rg BT 439.04 725.60 Td (, or our operating results do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.60 Td (not meet their expectations, our stock price could decline. ) Tj ET Q q 0 0 0 rg BT 283.35 713.60 Td (The trading market for our common stock is influenced by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.60 Td (research and reports that industry or securities analysts publish about us. If one or more of the analysts who cover our company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.60 Td (downgrade our stock or if our operating results do not meet their expectations, our stock price could decline.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 667.60 Td (Future sales of our common stock or the issuance of other equity securities may adversely af) Tj ET Q q 0 0 0 rg BT 430.64 667.60 Td (fect the market price of our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 655.60 Td (common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 639.10 Td (In the future, we may sell additional shares of our common stock or other equity or equity-related securities to raise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 627.10 Td (capital or issue equity securities to finance acquisitions. In addition, a substantial number of shares of our common stock are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 615.10 Td (reserved for issuance upon the exercise of stock options or vesting of restricted stock awards, upon conversion of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 603.10 Td (convertible notes and the warrant transactions entered into in connection with our convertible senior notes due 2017. ) Tj ET Q q 0 0 0 rg BT 518.57 603.10 Td (W) Tj ET Q q 0 0 0 rg BT 527.21 603.10 Td (e are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 591.10 Td (restricted from issuing additional common stock, including securities that are convertible into or exchangeable for) Tj ET Q q 0 0 0 rg BT 505.85 591.10 Td (, or that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.10 Td (represent the right to receive, common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 562.60 Td (The liquidity and trading volume of our common stock is limited. For the three months ended December31, 2016, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.60 Td (average daily trading volume of our common stock was approximately 385,000 shares. ) Tj ET Q q 0 0 0 rg BT 400.28 550.60 Td (The issuance or sale of substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.60 Td (amounts of our common stock or other equity or equity-related securities \(or the perception that such issuances or sales may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.60 Td (occur\) could adversely af) Tj ET Q q 0 0 0 rg BT 151.16 526.60 Td (fect the market price of our common stock as well as our ability to raise capital through the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.60 Td (additional equity or equity-related securities. ) Tj ET Q q 0 0 0 rg BT 231.43 514.60 Td (W) Tj ET Q q 0 0 0 rg BT 240.06 514.60 Td (e cannot predict the ef) Tj ET Q q 0 0 0 rg BT 328.73 514.60 Td (fect that future issuances or sales of our common stock or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.60 Td (other equity or equity-related securities would have on the market price of our common stock.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 480.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 480.60 Td (e may not have the ability to raise the funds necessary to repurchase our convertible notes upon a fundamental change or ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 468.60 Td (to settle conversions in cash, and our future indebtedness may contain limitations on our ability to pay cash upon ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 456.60 Td (conversion of our convertible notes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 440.10 Td (Holders of our convertible notes will have the right to require us to repurchase their convertible notes upon the occurrence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (of a fundamental change at a repurchase price equal to 100% of their principal amount, plus accrued and unpaid interest, if any) Tj ET Q q 0 0 0 rg BT 557.21 428.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (In addition, upon a conversion of convertible notes, unless we elect to deliver solely shares of our common stock to settle the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (conversion \(other than paying cash in lieu of delivering any fractional shares of our common stock\), we will be required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (make cash payments for each $1,000 in principal amount of convertible notes converted of at least the lesser of $1,000 and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (sum of certain daily conversion values. However) Tj ET Q q 0 0 0 rg BT 245.37 380.10 Td (, we may not have enough available cash or be able to obtain financing at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (time we are required to make repurchases of convertible notes surrendered therefor or to settle conversions in cash. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (our Restated Credit ) Tj ET Q q 0 0 0 rg BT 129.71 356.10 Td (Agreement contains certain restrictive covenants that limit our ability to engage in specified types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (transactions, which may af) Tj ET Q q 0 0 0 rg BT 157.01 344.10 Td (fect our ability to repurchase our convertible notes. Further) Tj ET Q q 0 0 0 rg BT 392.92 344.10 Td (, our ability to repurchase our convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (notes or to pay cash upon conversion may be limited by law) Tj ET Q q 0 0 0 rg BT 289.58 332.10 Td (, by regulatory authority or by agreements governing our future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (indebtedness. Our failure to repurchase convertible notes or to pay cash upon conversion of the convertible notes at a time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (when the repurchase or cash payment upon conversion is required by any indenture pursuant to which the convertible notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (were of) Tj ET Q q 0 0 0 rg BT 80.08 296.10 Td (fered would constitute a default under the relevant indenture. Such default could constitute a default under another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (indenture, our Restated Credit ) Tj ET Q q 0 0 0 rg BT 172.47 284.10 Td (Agreement or other agreements governing our future indebtedness. If the repayment of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (indebtedness were to be accelerated, we may not have suf) Tj ET Q q 0 0 0 rg BT 280.83 272.10 Td (ficient funds to repay such indebtedness and repurchase the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (convertible notes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (The conditional conversion feature of our convertible notes, if triggered, may adversely af) Tj ET Q q 0 0 0 rg BT 419.22 238.10 Td (fect our financial condition and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 209.60 Td (In the event the conditional conversion feature of any of our convertible notes is triggered, holders of those convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.60 Td (notes will be entitled to convert the convertible notes at any time during specified periods at their option. Even if holders do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.60 Td (elect to convert their convertible notes, we could be required under applicable accounting rules to reclassify all or a portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.60 Td (the outstanding principal of the relevant series of convertible notes as a current rather than long-term liability) Tj ET Q q 0 0 0 rg BT 485.87 173.60 Td (, which would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.60 Td (result in a material reduction of our net working capital.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 139.60 Td (The accounting method for convertible debt securities that may be settled in cash, such as our convertible notes, could have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 127.60 Td (a material ef) Tj ET Q q 0 0 0 rg BT 102.03 127.60 Td (fect on our reported financial results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 111.10 Td (Under U.S. generally accepted accounting principles, or GAAP) Tj ET Q q 0 0 0 rg BT 324.70 111.10 Td (, an entity must separately account for the debt component ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.10 Td (and the embedded conversion option of convertible debt instruments that may be settled entirely or partially in cash upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td (conversion, such as our convertible notes, in a manner that reflects the issuer) Tj ET Q q 0 0 0 rg BT 357.50 87.10 Td () Tj ET Q q 0 0 0 rg BT 360.27 87.10 Td (s economic interest cost. ) Tj ET Q q 0 0 0 rg BT 460.90 87.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 486.53 87.10 Td (fect of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.10 Td (accounting treatment for such instruments is that the value of such embedded conversion option would be treated as original ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.10 Td (issue discount for purposes of accounting for the debt component of the convertible notes, and that original issue discount is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.10 Td (amortized into interest expense over the term of the convertible notes using an ef) Tj ET Q q 0 0 0 rg BT 373.32 51.10 Td (fective yield method. ) Tj ET Q q 0 0 0 rg BT 459.96 51.10 Td (As a result, we will be ) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (required to record a greater amount of non-cash interest expense as a consequence of the amortization of the original issue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (discount to face amount of the convertible notes over the respective terms of the convertible notes and as a consequence of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (amortization of the debt issuance costs. ) Tj ET Q q 0 0 0 rg BT 209.13 718.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 258.46 718.10 Td (, we will report lower net income in our financial results because of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (recognition of both the current period) Tj ET Q q 0 0 0 rg BT 203.01 706.10 Td (s amortization of the debt discount and the coupon interest of the convertible notes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (which could adversely af) Tj ET Q q 0 0 0 rg BT 150.06 694.10 Td (fect our reported or future financial results and the trading price of our common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 677.60 Td (Under certain circumstances, convertible debt instruments \(such as our convertible notes\) that may be settled entirely or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.60 Td (partially in cash are evaluated for their impact on earnings per share utilizing the treasury stock method, the ef) Tj ET Q q 0 0 0 rg BT 490.49 665.60 Td (fect of which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.60 Td (that any shares issuable upon conversion of the convertible notes are not included in the calculation of diluted earnings per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.60 Td (share except to the extent that the conversion value of the convertible notes exceeds their respective principal amount. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.60 Td (the treasury stock method, for diluted earnings per share purposes, the convertible debt instrument is accounted for as if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.60 Td (number of shares of common stock that would be necessary to settle such excess, if we elected to settle such excess in shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.60 Td (are issued. ) Tj ET Q q 0 0 0 rg BT 94.53 605.60 Td (W) Tj ET Q q 0 0 0 rg BT 103.16 605.60 Td (e cannot be certain that the accounting standards in the future will continue to permit the use of the treasury stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.60 Td (method, as is currently the case with our convertible notes. If we are unable to use the treasury stock method in accounting for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.60 Td (any shares issuable upon conversion of our convertible notes, then our diluted earnings per share could be further adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.60 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 569.60 Td (fected. In addition, if the conditional conversion feature of our convertible notes is triggered, even if holders of such notes do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.60 Td (not elect to convert their notes, we could be required under applicable accounting rules to reclassify all or a portion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.60 Td (outstanding principal of such notes as a current rather than long-term liability) Tj ET Q q 0 0 0 rg BT 358.98 545.60 Td (, which could result in a reduction of our net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.60 Td (working capital.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 511.60 Td (Provisions in our charter documents and Delaware law may delay or prevent acquisition of us, which could decrease the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 499.60 Td (value of shares of our common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 483.10 Td (Our certificate of incorporation and bylaws and Delaware law contain provisions that could make it more dif) Tj ET Q q 0 0 0 rg BT 506.67 483.10 Td (ficult for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.10 Td (third party to acquire us without the consent of our Board of Directors. ) Tj ET Q q 0 0 0 rg BT 335.30 471.10 Td (These provisions include advance notice provisions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.10 Td (limitations on actions by our stockholders by written consent and special approval requirements for transactions involving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (interested stockholders. ) Tj ET Q q 0 0 0 rg BT 146.74 447.10 Td (W) Tj ET Q q 0 0 0 rg BT 155.38 447.10 Td (e are authorized to issue up to five million shares of preferred stock, the relative rights and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (preferences of which may be fixed by our Board of Directors, subject to the provisions of our articles of incorporation, without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.10 Td (stockholder approval. ) Tj ET Q q 0 0 0 rg BT 138.96 423.10 Td (The issuance of preferred stock could be used to dilute the stock ownership of a potential hostile acquirer) Tj ET Q q 0 0 0 rg BT 559.11 423.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (The provisions that discourage potential acquisitions of us and adversely af) Tj ET Q q 0 0 0 rg BT 350.85 411.10 Td (fect the voting power of the holders of common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (stock may adversely af) Tj ET Q q 0 0 0 rg BT 141.73 399.10 Td (fect the price of our common stock and the value of the Convertible Notes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 377.10 Td (e do not intend to pay dividends on our common stock for the foreseeable future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 360.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 360.10 Td (e have never declared or paid cash dividends on our common stock. In addition, we must comply with the covenants in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (our credit facilities if we want to pay cash dividends. ) Tj ET Q q 0 0 0 rg BT 263.92 348.10 Td (W) Tj ET Q q 0 0 0 rg BT 272.56 348.10 Td (e currently intend to retain our future earnings, if any) Tj ET Q q 0 0 0 rg BT 484.61 348.10 Td (, to finance the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (further development and expansion of our business and do not intend to pay cash dividends in the foreseeable future. ) Tj ET Q q 0 0 0 rg BT 519.32 336.10 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (future determination to pay dividends will be at the discretion of our Board of Directors and will depend upon our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (condition, operating results, capital requirements, restrictions contained in current or future financing instruments and such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (other factors as our Board of Directors deems relevant. ) Tj ET Q q 0 0 0 rg BT 271.59 300.10 Td (As a result, receiving a return on an investment in Encore) Tj ET Q q 0 0 0 rg BT 504.57 300.10 Td (s common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (stock may only occur if the trading price of our common stock increases.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.00 267.10 Td (Item1BUnr) Tj ET Q q 0 0 0 rg BT 285.20 267.10 Td (esolved Staff Comments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 250.10 Td (None.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.10 742.25 Td (Item2Pr) Tj ET Q q 0 0 0 rg BT 312.96 742.25 Td (operties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 721.25 Td (e lease the following properties with more than 30,000 square feet:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 680.75 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 680.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 680.75 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 680.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 680.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 650.75 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 650.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 650.75 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 650.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 650.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 620.75 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 620.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 620.75 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 620.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 620.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.75 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 590.75 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 590.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 560.75 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 560.75 329.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 560.75 67.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 680.75 m 158.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 680.75 m 491.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 680.75 m 562.5 680.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 88.85 684.98 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.50 684.98 Td (Primary use) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.90 692.98 Td (Appr) Tj ET Q q 0 0 0 rg BT 523.98 692.98 Td (oximate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.55 684.98 Td (squar) Tj ET Q q 0 0 0 rg BT 522.97 684.98 Td (e footage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 670.42 Td (San Diego, CA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 670.42 Td (Corporate headquarters, internal legal and consumer support services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 670.42 Td (118,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 655.42 Td (India) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 655.42 Td (Call center and administrative offices) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 655.42 Td (146,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.42 Td (United Kingdom) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 640.42 Td (Cabot corporate office, call center, internal legal and consumer support services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 640.42 Td (83,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.42 Td (Troy, MI) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 625.42 Td (Call center and internal legal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 625.42 Td (62,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 610.42 Td (St. Cloud, MN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 610.42 Td (Call center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 610.42 Td (46,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 595.42 Td (Roanoke, VA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 595.42 Td (Call center and administrative offices) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 595.42 Td (40,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 580.42 Td (Spain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 580.42 Td (Call center and administrative offices) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 580.42 Td (39,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 565.42 Td (Costa Rica) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 565.42 Td (Call center and administrative offices) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 565.42 Td (32,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 550.42 Td (Phoenix, AZ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 550.42 Td (Call center and administrative offices) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 550.42 Td (31,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.42 Td (Australia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 535.42 Td (Baycorp corporate office, call center, and administrative offices) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 535.42 Td (31,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 510.25 Td (The properties listed in the table above are our principal properties. ) Tj ET Q q 0 0 0 rg BT 345.39 510.25 Td (W) Tj ET Q q 0 0 0 rg BT 354.02 510.25 Td (e also lease other immaterial of) Tj ET Q q 0 0 0 rg BT 479.07 510.25 Td (fice space in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.25 Td (United States, Ireland, France, Colombia, Peru, New Zealand, and the Philippines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 477.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 477.25 Td (e believe that our current leased facilities are generally well maintained and in good operating condition. ) Tj ET Q q 0 0 0 rg BT 503.13 477.25 Td (W) Tj ET Q q 0 0 0 rg BT 511.77 477.25 Td (e believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.25 Td (that these facilities are suitable and suf) Tj ET Q q 0 0 0 rg BT 204.76 465.25 Td (ficient for our operational needs. Our policy is to improve, replace, and supplement the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.25 Td (facilities as considered appropriate to meet the needs of our operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.30 432.25 Td (Item3Legal Pr) Tj ET Q q 0 0 0 rg BT 322.54 432.25 Td (oceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 411.25 Td (Information with respect to this item may be found in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.56 411.25 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.56 411.25 Td (, Commitments and Contingencies to the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.25 Td (financial statements in Item8, which is incorporated herein by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.20 378.25 Td (Item4Mine Safety Disclosur) Tj ET Q q 0 0 0 rg BT 367.39 378.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 357.25 Td (Not applicable.) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.85 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 742.25 Td ( II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.55 727.25 Td (Item 5Market for) Tj ET Q q 0 0 0 rg BT 145.34 727.25 Td ( the Registrant) Tj ET Q q 0 0 0 rg BT 211.61 727.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 288.30 727.25 Td (, Related Stockholder) Tj ET Q q 0 0 0 rg BT 380.06 727.25 Td ( Matters and Issuer) Tj ET Q q 0 0 0 rg BT 463.48 727.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 481.91 727.25 Td (chases of Equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.15 715.25 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 694.25 Td (Our common stock is traded on the NASDAQ Global Select Market under the symbol ECPG.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 673.25 Td (The high and low sales prices of our common stock, as reported by NASDAQ Global Select Market for each quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (during our two most recent fiscal years, are reported below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 615.75 344.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 615.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 615.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 615.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.75 344.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 585.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 585.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 585.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 555.75 344.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 555.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 555.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 555.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 525.75 344.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 525.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 525.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 495.75 344.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 495.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 495.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 495.75 82.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 628.75 m 476.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 628.75 m 480.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 628.75 m 562.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 615.75 m 476.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 615.75 m 562.5 615.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 633.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.20 632.98 Td (Market Price) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 620.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.55 619.98 Td (High) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.40 619.98 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 606.32 Td (Fiscal Year 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 591.32 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 590.42 Td (29.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 590.42 Td (16.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 576.32 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 575.42 Td (29.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 575.42 Td (21.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 561.32 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 560.42 Td (25.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 560.42 Td (20.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 546.32 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 545.42 Td (30.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 545.42 Td (17.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.32 Td (Fiscal Year 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 516.32 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 515.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 515.42 Td (44.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 515.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 515.42 Td (36.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 501.32 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 500.42 Td (44.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 500.42 Td (37.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 486.32 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 485.42 Td (44.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 485.42 Td (35.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 471.32 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 470.42 Td (41.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 470.42 Td (28.17) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 445.25 Td (The closing price of our common stock on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.18 445.25 Td (February9, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.78 445.25 Td (, was $33.20 per share and there were 10 stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (record. Because many of our shares of common stock are held by brokers and other institutions on behalf of stockholders, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (are unable to estimate the total number of beneficial owners of our stock represented by these stockholders of record.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 400.25 Td (Performance Graph) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 379.25 Td (The following performance graph and related information shall not be deemed soliciting material or filed with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.25 Td (SEC, nor shall such information be incorporated by reference into any future filing under the Securities ) Tj ET Q q 0 0 0 rg BT 465.16 367.25 Td (Act of 1933 or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.25 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 355.25 Td (Act of 1934, each, as amended, except to the extent that we specifically incorporate it by reference into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.25 Td (such filing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 322.25 Td (The following graph compares the total cumulative stockholder return on our common stock for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 310.25 Td (1 through December31, 2016, with the cumulative total return of \(a\)the NASDAQ Composite Index and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (\(b\)) Tj ET Q q 0 0 0 rg BT 63.61 298.25 Td (Asta Funding, Inc. and PRA) Tj ET Q q 0 0 0 rg BT 176.39 298.25 Td ( Group, Inc., which we believe are comparable companies. ) Tj ET Q q 0 0 0 rg BT 413.61 298.25 Td (The comparison assumes that $100 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (was invested on December31, 201) Tj ET Q q 0 0 0 rg BT 189.59 286.25 Td (1, in our common stock and in each of the comparison indices \(including reinvestment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (dividends\).) Tj ET Q q 0 0 0 rg BT 97.04 274.25 Td (The stock price performance reflected in the following graph is not necessarily indicative of future stock price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (performance.) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (30) Tj ET Q /GS0 gs q 512.00 0 0 425.40 50.00 323.62 cm /I18 Do Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 300.10 162.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 300.10 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 300.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 300.10 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 300.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 300.10 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 300.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 300.10 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 300.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 300.10 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 300.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 300.10 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 272.10 162.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 272.10 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 272.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 272.10 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 272.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 272.10 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 272.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 272.10 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 272.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 272.10 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 272.10 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 272.10 55.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 300.1 m 266.5 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 300.1 m 325.5 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 300.1 m 384.5 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 300.1 m 443.5 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 300.1 m 502.5 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 300.1 m 561.5 300.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 300.1 m 325.5 300.1 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.60 304.33 Td (12/11) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.35 304.33 Td (12/12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.35 304.33 Td (12/13) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.35 304.33 Td (12/14) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.35 304.33 Td (12/15) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.35 304.33 Td (12/16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 290.83 Td (Encore Capital Group, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 290.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.15 290.78 Td (100.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.00 290.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.15 290.78 Td (144.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.00 290.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 290.78 Td (236.41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 290.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 290.78 Td (208.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 290.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 290.78 Td (136.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 290.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 290.78 Td (134.76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 276.83 Td (NASDAQ Composite Index) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 276.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.15 276.78 Td (100.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.00 276.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.15 276.78 Td (116.41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.00 276.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 276.78 Td (165.47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 276.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 276.78 Td (188.69) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 276.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 276.78 Td (200.32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 276.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 276.78 Td (216.54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 262.83 Td (Peer Group) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 262.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.15 262.78 Td (100.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.00 262.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.15 262.78 Td (154.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.00 262.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.15 262.78 Td (223.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.00 262.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 262.78 Td (244.82) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 262.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 262.78 Td (149.47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.00 262.78 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 262.78 Td (169.32) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 232.60 Td (Dividend Policy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 211.60 Td (As a public company) Tj ET Q q 0 0 0 rg BT 158.05 211.60 Td (, we have never declared or paid dividends on our common stock. However) Tj ET Q q 0 0 0 rg BT 459.78 211.60 Td (, the declaration, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.60 Td (payment, and amount of future dividends, if any) Tj ET Q q 0 0 0 rg BT 242.36 199.60 Td (, is subject to the discretion of our board of directors, which may review our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.60 Td (dividend policy from time to time in light of the then existing relevant facts and circumstances. Under the terms of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.60 Td (revolving credit facility) Tj ET Q q 0 0 0 rg BT 143.76 175.60 Td (, we are permitted to declare and pay dividends in an amount not to exceed, during any fiscal year) Tj ET Q q 0 0 0 rg BT 534.88 175.60 Td (, 20% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.60 Td (of our audited consolidated net income for the then most recently completed fiscal year) Tj ET Q q 0 0 0 rg BT 398.64 163.60 Td (, so long as no default or unmatured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.60 Td (default under the facility has occurred and is continuing or would arise as a result of the dividend payment. ) Tj ET Q q 0 0 0 rg BT 480.24 151.60 Td (W) Tj ET Q q 0 0 0 rg BT 488.88 151.60 Td (e may also be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.60 Td (subject to additional dividend restrictions under future debt agreements or the terms of securities we may issue in the future.) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 742.25 Td (Share Repurchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 721.25 Td (On ) Tj ET Q q 0 0 0 rg BT 86.67 721.25 Td (August 12, 2015, our Board of Directors approved a $50.0 millionshare repurchase program. Repurchases under this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (program are expected to be made with cash on hand and may be made from time to time, subject to market conditions and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (factors, in the open market, through private transactions, block transactions, or other methods as determined by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (management and our Board of Directors, and in accordance with market conditions, other corporate considerations, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (applicable regulatory requirements. ) Tj ET Q q 0 0 0 rg BT 194.20 673.25 Td (The program does not obligate the Company to acquire any particular amount of common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (stock, and it may be modified or suspended at any time at the Company) Tj ET Q q 0 0 0 rg BT 339.38 661.25 Td (s discretion. ) Tj ET Q q 0 0 0 rg BT 390.02 661.25 Td (W) Tj ET Q q 0 0 0 rg BT 398.66 661.25 Td (e did not make any repurchases under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (the share repurchase program.) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.95 742.25 Td (Item6Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (This table presents selected historical financial data of Encore Capital Group, Inc. and its consolidated subsidiaries. ) Tj ET Q q 0 0 0 rg BT 537.84 721.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (information should be carefully considered in conjunction with the consolidated financial statements and notes thereto ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (appearing elsewhere in this ) Tj ET Q q 0 0 0 rg BT 161.07 697.25 Td (Annual Report on Form 10-K, including the acquisitions described therein that materially af) Tj ET Q q 0 0 0 rg BT 529.41 697.25 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (our results. ) Tj ET Q q 0 0 0 rg BT 96.76 685.25 Td (The selected financial data in this section are not intended to replace the consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 525.02 685.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (selected financial data \(except for Selected Operating Data\) in the table below) Tj ET Q q 0 0 0 rg BT 370.58 673.25 Td (, as of December31, 2014, 2013 and 2012 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (for the years ended December31, 2013 and 2012, were derived from our audited consolidated financial statements not included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (in this ) Tj ET Q q 0 0 0 rg BT 76.67 649.25 Td (Annual Report on Form 10-K. ) Tj ET Q q 0 0 0 rg BT 200.37 649.25 Td (The selected financial data as of December31, 2016, and 2015 and for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (December31, 2016, 2015, and 2014, were derived from our audited consolidated financial statements included elsewhere in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (this ) Tj ET Q q 0 0 0 rg BT 66.40 625.25 Td (Annual Report on Form 10-K) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 185.27 625.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.77 625.25 Td ( ) Tj ET Q q 0 0 0 rg BT 190.09 625.25 Td (The Selected Operating Data were derived from our books and records ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 475.82 625.25 Td (\(in thousands, except ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (per shar) Tj ET Q q 0 0 0 rg BT 83.24 613.25 Td (e data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 571.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 571.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 571.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 571.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 571.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 571.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 571.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 571.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 571.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 571.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 531.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 531.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 531.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 531.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 531.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 531.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 501.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 501.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 501.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 501.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 501.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 501.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 501.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 471.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 471.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 471.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 471.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 471.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 471.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 471.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 471.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 471.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 471.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 441.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 441.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 441.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 441.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 441.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 441.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 441.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 441.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 441.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 441.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 411.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 411.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 411.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 411.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 411.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 411.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 411.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 411.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 411.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 411.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 381.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 381.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 381.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 381.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 381.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 381.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 381.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 381.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 381.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 381.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 351.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 351.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 351.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 351.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 351.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 351.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 351.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 351.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 351.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 321.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 321.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 321.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 321.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 321.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 321.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 321.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 321.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 321.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 321.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 281.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 281.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 281.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 281.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 281.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 281.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 281.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 281.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 281.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 281.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 251.75 171.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 251.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 251.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 251.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 251.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 251.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 251.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 251.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 251.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 251.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 211.75 171.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 211.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 211.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 211.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 211.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 211.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 211.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 211.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 211.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 211.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 161.75 171.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 161.75 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 161.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 161.75 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 161.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 161.75 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 161.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 161.75 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 161.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 161.75 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 122.75 171.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 122.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 122.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 122.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 122.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 122.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 122.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 122.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 122.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 122.75 65.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 584.75 m 286.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 584.75 m 290.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 584.75 m 355.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 584.75 m 359.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 584.75 m 424.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 584.75 m 428.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 584.75 m 493.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 584.75 m 497.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 584.75 m 562.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 571.75 m 286.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 571.75 m 355.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 571.75 m 424.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 571.75 m 493.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 571.75 m 562.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 516.75 m 286.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 501.75 m 286.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 516.75 m 355.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 501.75 m 355.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 516.75 m 424.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 501.75 m 424.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 516.75 m 493.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 501.75 m 493.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 516.75 m 562.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 501.75 m 562.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 396.75 m 286.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 381.75 m 286.5 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 396.75 m 355.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 381.75 m 355.5 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 396.75 m 424.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 381.75 m 424.5 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 396.75 m 493.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 381.75 m 493.5 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 396.75 m 562.5 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 381.75 m 562.5 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 381.75 m 286.5 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 366.75 m 286.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 381.75 m 355.5 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 366.75 m 355.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 381.75 m 424.5 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 366.75 m 424.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 381.75 m 493.5 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 366.75 m 493.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 381.75 m 562.5 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 366.75 m 562.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 321.75 m 286.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 321.75 m 355.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 321.75 m 424.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 321.75 m 493.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 321.75 m 562.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 321.75 m 286.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 306.75 m 286.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 321.75 m 355.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 306.75 m 355.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 321.75 m 424.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 306.75 m 424.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 321.75 m 493.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 306.75 m 493.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 321.75 m 562.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 306.75 m 562.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 306.75 m 493.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 266.75 m 286.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 266.75 m 355.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 266.75 m 424.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 266.75 m 493.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 266.75 m 562.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 266.75 m 286.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 266.75 m 355.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 266.75 m 424.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 266.75 m 493.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 266.75 m 562.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 226.75 m 286.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 226.75 m 355.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 226.75 m 424.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 226.75 m 493.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 226.75 m 562.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 226.75 m 286.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 211.75 m 286.5 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 226.75 m 355.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 211.75 m 355.5 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 226.75 m 424.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 211.75 m 424.5 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 226.75 m 493.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 211.75 m 493.5 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 226.75 m 562.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 211.75 m 562.5 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 186.75 m 286.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 186.75 m 355.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 186.75 m 424.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 186.75 m 493.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 186.75 m 562.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 186.75 m 286.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 162.75 m 286.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 160.75 m 286.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 186.75 m 355.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 162.75 m 355.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 160.75 m 355.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 186.75 m 424.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 162.75 m 424.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 160.75 m 424.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 186.75 m 493.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 162.75 m 493.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 160.75 m 493.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 186.75 m 562.5 186.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 162.75 m 562.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 160.75 m 562.5 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 97.75 m 286.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 97.75 m 355.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 97.75 m 424.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 97.75 m 493.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 97.75 m 562.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 97.75 m 286.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 83.75 m 286.5 83.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 81.75 m 286.5 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 97.75 m 355.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 83.75 m 355.5 83.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 81.75 m 355.5 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 97.75 m 424.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 83.75 m 424.5 83.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 81.75 m 424.5 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 97.75 m 493.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 83.75 m 493.5 83.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 81.75 m 493.5 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 97.75 m 562.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 83.75 m 562.5 83.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 81.75 m 562.5 81.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 589.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.35 588.98 Td (As of and For The Year Ended December31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 576.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.50 575.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 575.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 575.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 575.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 575.98 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.32 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 546.42 Td (Revenue from receivable portfolios, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 536.42 Td (net) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 92.22 540.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 536.42 Td (946,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 536.42 Td (1,072,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 536.42 Td (992,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 536.42 Td (744,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 536.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 536.42 Td (545,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 522.32 Td (Other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 521.42 Td (82,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 521.42 Td (57,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 521.42 Td (50,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 521.42 Td (11,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 521.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 507.32 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 506.42 Td (1,029,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 506.42 Td (1,129,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 506.42 Td (1,043,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 506.42 Td (756,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 506.42 Td (545,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.32 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 477.32 Td (Salaries and employee benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 476.42 Td (281,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 476.42 Td (262,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 476.42 Td (238,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 476.42 Td (159,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 476.42 Td (98,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 462.32 Td (Cost of legal collections) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 461.42 Td (200,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 461.42 Td (229,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 461.42 Td (205,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 461.42 Td (186,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 461.42 Td (168,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 447.32 Td (Other operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 446.42 Td (100,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 446.42 Td (93,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 446.42 Td (89,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 446.42 Td (63,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 446.42 Td (47,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 432.32 Td (Collection agency commissions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 431.42 Td (36,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 431.42 Td (37,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 431.42 Td (33,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 431.42 Td (33,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 431.42 Td (15,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 417.32 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 416.42 Td (134,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 416.42 Td (191,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 416.42 Td (139,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 416.42 Td (106,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 416.42 Td (60,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 402.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 401.42 Td (34,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 401.42 Td (33,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 401.42 Td (27,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 401.42 Td (13,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 401.42 Td (5,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 387.32 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 386.42 Td (787,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 386.42 Td (847,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 386.42 Td (734,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 386.42 Td (562,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 386.42 Td (395,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 372.32 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 371.42 Td (241,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 371.42 Td (282,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 371.42 Td (308,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 371.42 Td (193,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 371.42 Td (149,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 357.32 Td (Other \(expense\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 342.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.80 341.42 Td (\(198,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 341.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.80 341.47 Td (\(186,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 341.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.80 341.47 Td (\(166,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 341.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 341.47 Td (\(73,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 341.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 341.47 Td (\(25,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 341.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 327.32 Td (Other income \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 326.42 Td (14,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 326.42 Td (2,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 326.42 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 326.47 Td (\(4,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 326.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 326.42 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 312.32 Td (Total other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.80 311.42 Td (\(184,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 311.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.80 311.47 Td (\(184,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 311.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.80 311.47 Td (\(166,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 311.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 311.47 Td (\(77,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 311.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 311.47 Td (\(24,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 311.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 297.32 Td (Income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 287.32 Td (before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 286.42 Td (57,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 286.42 Td (97,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 286.42 Td (141,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 286.42 Td (116,309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 286.42 Td (124,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 272.32 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.80 271.42 Td (\(38,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 271.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.80 271.47 Td (\(27,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 271.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 271.47 Td (\(48,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 271.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 271.47 Td (\(43,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 271.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 271.47 Td (\(49,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 271.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 257.32 Td (Income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 256.42 Td (19,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 256.42 Td (70,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 256.42 Td (93,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 256.42 Td (72,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 256.42 Td (75,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 242.32 Td (\(Loss\) income from discontinued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 232.32 Td (operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.80 231.42 Td (\(2,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 231.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.80 231.47 Td (\(23,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 231.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 231.42 Td (5,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 231.42 Td (1,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 231.47 Td (\(5,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 231.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 217.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 216.42 Td (16,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 216.42 Td (47,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 216.42 Td (98,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 216.42 Td (73,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 216.42 Td (69,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 202.32 Td (Net loss \(income\) attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 192.32 Td (noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 191.42 Td (59,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.80 191.47 Td (\(2,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 191.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 191.42 Td (5,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 191.42 Td (1,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 191.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 177.32 Td (Net income attributable to Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 167.32 Td (Capital Group, Inc. stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 166.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 166.42 Td (76,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 166.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 166.42 Td (45,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 166.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 166.42 Td (103,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 166.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 166.42 Td (75,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 166.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 166.42 Td (69,477) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 152.48 Td (Amounts attributable to Encore) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 142.48 Td (Capital Group, Inc.:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 128.32 Td (Income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 127.42 Td (78,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 127.42 Td (68,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 127.42 Td (98,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 127.42 Td (74,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 127.42 Td (75,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 113.32 Td (\(Loss\) income from discontinued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 103.32 Td (operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.80 102.42 Td (\(2,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 102.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.80 102.47 Td (\(23,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 102.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 102.42 Td (5,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 102.42 Td (1,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 102.47 Td (\(5,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 102.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 88.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 87.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 87.42 Td (76,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 87.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 87.42 Td (45,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 87.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 87.42 Td (103,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 87.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 87.42 Td (75,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 87.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 87.42 Td (69,477) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (33) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 722.50 171.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 722.50 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 722.50 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 722.50 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 722.50 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 722.50 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 722.50 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 722.50 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 722.50 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 722.50 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 683.50 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 683.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 683.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 683.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 683.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 683.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 683.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 683.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 683.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 683.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 653.50 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 653.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 653.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 653.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 653.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 653.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 653.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 653.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 653.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 653.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 623.50 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 623.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 623.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 623.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 623.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 623.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 623.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 623.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 623.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 623.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 593.50 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 593.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 593.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 593.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 593.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 593.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 593.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 593.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 593.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 593.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 563.50 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 563.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 563.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 563.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 563.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 563.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 563.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 563.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 563.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 563.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.50 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 533.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 533.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 533.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 533.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 533.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 533.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 533.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 533.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 533.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 493.50 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 493.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 493.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 493.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 493.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 493.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 493.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 493.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 493.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 493.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 453.50 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 453.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 453.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 453.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 453.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 453.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 453.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 453.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 453.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 453.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 423.50 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 423.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 423.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 423.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 423.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 423.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 423.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 423.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 423.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 423.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 393.50 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 393.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 393.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 393.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 393.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 393.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 393.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 393.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 393.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 393.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 735.5 m 286.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 735.5 m 355.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 735.5 m 424.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 735.5 m 493.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 735.5 m 562.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 722.5 m 286.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 722.5 m 355.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 722.5 m 424.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 722.5 m 493.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 722.5 m 562.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 653.5 m 286.5 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 653.5 m 355.5 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 653.5 m 424.5 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 653.5 m 493.5 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 653.5 m 562.5 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 653.5 m 286.5 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 639.5 m 286.5 639.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 637.5 m 286.5 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 653.5 m 355.5 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 639.5 m 355.5 639.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 637.5 m 355.5 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 653.5 m 424.5 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 639.5 m 424.5 639.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 637.5 m 424.5 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 653.5 m 493.5 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 639.5 m 493.5 639.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 637.5 m 493.5 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 653.5 m 562.5 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 639.5 m 562.5 639.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 637.5 m 562.5 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 593.5 m 286.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 593.5 m 355.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 593.5 m 424.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 593.5 m 493.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 593.5 m 562.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 579.5 m 286.5 579.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 577.5 m 286.5 577.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 579.5 m 355.5 579.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 577.5 m 355.5 577.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 579.5 m 424.5 579.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 577.5 m 424.5 577.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 579.5 m 493.5 579.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 577.5 m 493.5 577.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 579.5 m 562.5 579.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 577.5 m 562.5 577.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.35 739.73 Td (As of and For The Year Ended December31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 726.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.50 726.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.50 726.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 726.73 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 726.73 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 726.73 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 713.23 Td (Earnings \(loss\) per share attributable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 703.23 Td (to Encore Capital Group, Inc.:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 689.07 Td (Basic earnings \(loss\) per share from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 674.07 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 673.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 673.17 Td (3.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 673.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 673.17 Td (2.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 673.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 673.17 Td (3.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 673.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 673.17 Td (3.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 673.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 673.17 Td (3.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 659.07 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 658.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.80 658.17 Td (\(0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 658.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 658.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.80 658.22 Td (\(0.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 658.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 658.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 658.17 Td (0.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 658.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 658.17 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 658.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 658.22 Td (\(0.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 658.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 643.17 Td (Net basic earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 643.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 643.17 Td (2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 643.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 643.17 Td (1.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 643.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 643.17 Td (4.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 643.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 643.17 Td (3.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 643.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 643.17 Td (2.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 629.07 Td (Diluted earnings \(loss\) per share from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 614.07 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 613.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 613.17 Td (3.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 613.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 613.17 Td (2.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 613.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 613.17 Td (3.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 613.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 613.17 Td (2.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 613.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 613.17 Td (2.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 599.07 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 598.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.80 598.17 Td (\(0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 598.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 598.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.80 598.22 Td (\(0.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 598.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 598.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 598.17 Td (0.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 598.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 598.17 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 598.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 598.22 Td (\(0.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 598.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 584.07 Td (Net diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 583.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 583.17 Td (2.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 583.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 583.17 Td (1.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 583.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 583.17 Td (3.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 583.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 583.17 Td (2.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 583.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 583.17 Td (2.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 569.07 Td (Weighted-average shares outstanding:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 554.07 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 553.17 Td (25,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 553.17 Td (25,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 553.17 Td (25,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 553.17 Td (24,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 553.17 Td (24,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 539.07 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 538.17 Td (25,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 538.17 Td (26,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 538.17 Td (27,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 538.17 Td (26,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 538.17 Td (25,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 524.07 Td (Selected operating data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 509.07 Td (Purchases of receivable portfolios, at) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 499.07 Td (cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 498.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 498.17 Td (906,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 498.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 498.17 Td (1,023,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 498.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 498.17 Td (1,251,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 498.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 498.17 Td (1,204,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 498.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 498.17 Td (562,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 484.07 Td (Gross collections for the period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 483.17 Td (1,685,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 483.17 Td (1,700,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 483.17 Td (1,607,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 483.17 Td (1,279,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 483.17 Td (948,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.07 Td (Consolidated statements of financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 459.07 Td (condition data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 444.07 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 443.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 443.17 Td (149,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 443.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 443.17 Td (123,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 443.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 443.17 Td (91,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 443.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 443.17 Td (118,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 443.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 443.17 Td (15,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 429.07 Td (Investment in receivable portfolios, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 428.17 Td (2,382,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 428.17 Td (2,440,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 428.17 Td (2,143,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 428.17 Td (1,590,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 428.17 Td (873,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 414.07 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 413.17 Td (3,670,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 413.17 Td (4,174,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 413.17 Td (3,711,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 413.17 Td (2,657,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 413.17 Td (1,157,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.07 Td (Total debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 398.17 Td (2,805,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 398.17 Td (2,944,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 398.17 Td (2,550,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 398.17 Td (1,654,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 398.17 Td (574,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 384.07 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 383.17 Td (3,069,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 383.17 Td (3,526,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 383.17 Td (3,046,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 383.17 Td (2,054,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 383.17 Td (751,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.07 Td (Total Encore equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.15 368.17 Td (559,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 368.17 Td (596,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 368.17 Td (623,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 368.17 Td (571,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 368.17 Td (405,816) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.00 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 337.40 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 337.40 Td (Includes net allowance char) Tj ET Q q 0 0 0 rg BT 164.27 337.40 Td (ge of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.49 337.40 Td ($84.2 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.60 337.40 Td ( for the year ended December31, 2016, and net allowance reversals of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.28 337.40 Td ($6.8 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.39 337.40 Td (, $17.4 million, $12.2 ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 327.80 Td (million and $4.2 million for the years ended December31, 2015, 2014, 2013 and 2012, respectively) Tj ET Q q 0 0 0 rg BT 394.76 327.80 Td (.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.65 742.25 Td (Item 7Management) Tj ET Q q 0 0 0 rg BT 194.20 742.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 266.18 742.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (This ) Tj ET Q q 0 0 0 rg BT 93.55 721.25 Td (Annual Report on Form 10-K contains forwar) Tj ET Q q 0 0 0 rg BT 283.18 721.25 Td (d-looking statements r) Tj ET Q q 0 0 0 rg BT 377.81 721.25 Td (elating to Encor) Tj ET Q q 0 0 0 rg BT 442.43 721.25 Td (e Capital Gr) Tj ET Q q 0 0 0 rg BT 492.61 721.25 Td (oup, Inc. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (\(Encor) Tj ET Q q 0 0 0 rg BT 82.96 709.25 Td (e\) and its subsidiaries \(which we may collectively r) Tj ET Q q 0 0 0 rg BT 293.11 709.25 Td (efer to as the Company) Tj ET Q q 0 0 0 rg BT 390.88 709.25 Td (, we, our or us\) within the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (meaning of the securities laws. The wor) Tj ET Q q 0 0 0 rg BT 208.79 697.25 Td (ds believe, expect, anticipate, estimate, pr) Tj ET Q q 0 0 0 rg BT 425.91 697.25 Td (oject, intend, plan, will, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (may) Tj ET Q q 0 0 0 rg BT 71.67 685.25 Td (, and similar expr) Tj ET Q q 0 0 0 rg BT 147.97 685.25 Td (essions often characterize forwar) Tj ET Q q 0 0 0 rg BT 281.20 685.25 Td (d-looking statements. These statements may include, but ar) Tj ET Q q 0 0 0 rg BT 517.18 685.25 Td (e not ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (limited to, pr) Tj ET Q q 0 0 0 rg BT 101.57 673.25 Td (ojections of collections, r) Tj ET Q q 0 0 0 rg BT 202.29 673.25 Td (evenues, income or loss, estimates of capital expenditur) Tj ET Q q 0 0 0 rg BT 424.93 673.25 Td (es, plans for futur) Tj ET Q q 0 0 0 rg BT 495.68 673.25 Td (e operations, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (pr) Tj ET Q q 0 0 0 rg BT 58.52 661.25 Td (oducts or services, and financing needs or plans, as well as assumptions r) Tj ET Q q 0 0 0 rg BT 354.25 661.25 Td (elating to these matters. ) Tj ET Q q 0 0 0 rg BT 452.67 661.25 Td (Although we believe that ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (the expectations r) Tj ET Q q 0 0 0 rg BT 120.72 649.25 Td (eflected in these forwar) Tj ET Q q 0 0 0 rg BT 214.49 649.25 Td (d-looking statements ar) Tj ET Q q 0 0 0 rg BT 308.55 649.25 Td (e r) Tj ET Q q 0 0 0 rg BT 319.01 649.25 Td (easonable, we caution that these expectations or pr) Tj ET Q q 0 0 0 rg BT 524.16 649.25 Td (edictions ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (may not pr) Tj ET Q q 0 0 0 rg BT 92.96 637.25 Td (ove to be corr) Tj ET Q q 0 0 0 rg BT 148.40 637.25 Td (ect or we may not achieve the financial r) Tj ET Q q 0 0 0 rg BT 311.32 637.25 Td (esults, savings or other benefits anticipated in the forwar) Tj ET Q q 0 0 0 rg BT 539.55 637.25 Td (d-) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (looking statements. These forwar) Tj ET Q q 0 0 0 rg BT 182.40 625.25 Td (d-looking statements ar) Tj ET Q q 0 0 0 rg BT 276.46 625.25 Td (e necessarily estimates r) Tj ET Q q 0 0 0 rg BT 374.13 625.25 Td (eflecting the best judgment of our senior ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (management and involve a number of risks and uncertainties, some of which may be beyond our contr) Tj ET Q q 0 0 0 rg BT 458.73 613.25 Td (ol or cannot be pr) Tj ET Q q 0 0 0 rg BT 530.57 613.25 Td (edicted ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (or quantified, that could cause actual r) Tj ET Q q 0 0 0 rg BT 206.00 601.25 Td (esults to differ materially fr) Tj ET Q q 0 0 0 rg BT 315.63 601.25 Td (om those suggested by the forwar) Tj ET Q q 0 0 0 rg BT 449.41 601.25 Td (d-looking statements. Many ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (factors including, but not limited to, those set forth in this ) Tj ET Q q 0 0 0 rg BT 282.87 589.25 Td (Annual Report on Form 10-K under Part I, Item1A. Risk Factors, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 577.25 Td (could cause our actual r) Tj ET Q q 0 0 0 rg BT 147.39 577.25 Td (esults, performance, achievements, or industry r) Tj ET Q q 0 0 0 rg BT 340.32 577.25 Td (esults to be very differ) Tj ET Q q 0 0 0 rg BT 428.82 577.25 Td (ent fr) Tj ET Q q 0 0 0 rg BT 449.83 577.25 Td (om the r) Tj ET Q q 0 0 0 rg BT 482.79 577.25 Td (esults, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 565.25 Td (performance, achievements or industry r) Tj ET Q q 0 0 0 rg BT 212.65 565.25 Td (esults expr) Tj ET Q q 0 0 0 rg BT 255.33 565.25 Td (essed or implied by these forwar) Tj ET Q q 0 0 0 rg BT 385.22 565.25 Td (d-looking statements. Our business, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 553.25 Td (financial condition, or r) Tj ET Q q 0 0 0 rg BT 145.74 553.25 Td (esults of operations could also be materially and adversely affected by other factors besides those ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 541.25 Td (listed. Forwar) Tj ET Q q 0 0 0 rg BT 106.86 541.25 Td (d-looking statements speak only as of the date the statements wer) Tj ET Q q 0 0 0 rg BT 367.55 541.25 Td (e made. W) Tj ET Q q 0 0 0 rg BT 408.56 541.25 Td (e do not undertake any obligation to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 529.25 Td (update or r) Tj ET Q q 0 0 0 rg BT 94.63 529.25 Td (evise any forwar) Tj ET Q q 0 0 0 rg BT 160.91 529.25 Td (d-looking statements to r) Tj ET Q q 0 0 0 rg BT 260.25 529.25 Td (eflect new information or futur) Tj ET Q q 0 0 0 rg BT 383.21 529.25 Td (e events, or for any other r) Tj ET Q q 0 0 0 rg BT 489.76 529.25 Td (eason, even if ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 517.25 Td (experience or futur) Tj ET Q q 0 0 0 rg BT 126.27 517.25 Td (e events make it clear that any expected r) Tj ET Q q 0 0 0 rg BT 291.38 517.25 Td (esults expr) Tj ET Q q 0 0 0 rg BT 334.06 517.25 Td (essed or implied by these forwar) Tj ET Q q 0 0 0 rg BT 463.95 517.25 Td (d-looking statements ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 505.25 Td (will not be r) Tj ET Q q 0 0 0 rg BT 98.24 505.25 Td (ealized. In addition, it is generally our policy not to make any specific pr) Tj ET Q q 0 0 0 rg BT 389.20 505.25 Td (ojections as to futur) Tj ET Q q 0 0 0 rg BT 468.55 505.25 Td (e earnings, and we do ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 493.25 Td (not endorse pr) Tj ET Q q 0 0 0 rg BT 107.96 493.25 Td (ojections r) Tj ET Q q 0 0 0 rg BT 150.08 493.25 Td (egar) Tj ET Q q 0 0 0 rg BT 168.04 493.25 Td (ding futur) Tj ET Q q 0 0 0 rg BT 207.40 493.25 Td (e performance that may be made by thir) Tj ET Q q 0 0 0 rg BT 367.27 493.25 Td (d parties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 463.25 Td ( Business and Operating Segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 442.25 Td (e are an international specialty finance company providing debt recovery solutions and other related services for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (consumers across a broad range of financial assets. ) Tj ET Q q 0 0 0 rg BT 256.13 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 264.77 430.25 Td (e purchase portfolios of defaulted consumer receivables at deep discounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (to face value and manage them by working with individuals as they repay their obligations and work toward financial recovery) Tj ET Q q 0 0 0 rg BT 557.25 418.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Defaulted receivables are consumers) Tj ET Q q 0 0 0 rg BT 199.46 406.25 Td ( unpaid financial commitments to credit originators, including banks, credit unions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (consumer finance companies, commercial retailers, and telecommunication companies. Defaulted receivables may also include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (receivables subject to bankruptcy proceedings. ) Tj ET Q q 0 0 0 rg BT 239.19 382.25 Td (Through certain subsidiaries, we are a market leader in portfolio purchasing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (recovery in the United States, including Puerto Rico. Our subsidiary) Tj ET Q q 0 0 0 rg BT 322.35 370.25 Td (, Janus Holdings Luxembour) Tj ET Q q 0 0 0 rg BT 437.72 370.25 Td (g S.a.r) Tj ET Q q 0 0 0 rg BT 463.00 370.25 Td (.l. \(Janus Holdings\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (through its indirectly held U.K.-based subsidiary Cabot Credit Management Limited and its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 518.42 358.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Cabot\), is a market leader in credit management services in the United Kingdom, historically specializing in portfolios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (consisting of higher balance, semi-performing accounts \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 277.98 334.25 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.20 334.25 Td (, debt portfolios in which over 50% of the accounts have received a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (payment in three of the last four months immediately prior to the portfolio purchase\). Cabot expanded in the United Kingdom ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (with its consolidating acquisition of Hillesden Securities Ltd and its subsidiaries \(dlc\) in June 2015. Our subsidiary) Tj ET Q q 0 0 0 rg BT 518.44 310.25 Td (, Grove ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Holdings \(Grove\), is a U.K.-based leading specialty investment firm focused on consumer non-performing loans, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (insolvencies \(in particular) Tj ET Q q 0 0 0 rg BT 153.45 286.25 Td (, individual voluntary arrangements, or IV) Tj ET Q q 0 0 0 rg BT 325.72 286.25 Td (As\) in the United Kingdom and bank and non-bank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (receivables in Spain. Our majority-owned subsidiary) Tj ET Q q 0 0 0 rg BT 260.41 274.25 Td (, Refinancia S.A. \(Refinancia\), through its subsidiaries, is a market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (leader in debt collection and management in Colombia and Peru. Our majority-owned subsidiary) Tj ET Q q 0 0 0 rg BT 436.75 262.25 Td (, Baycorp Holdings Pty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (Limited \(Baycorp\), is one of ) Tj ET Q q 0 0 0 rg BT 174.96 250.25 Td (Australasia's leading debt resolution specialists. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 229.25 Td (On March 31, 2016, we completed the divestitureof our membership interests in Propel ) Tj ET Q q 0 0 0 rg BT 427.81 229.25 Td (Acquisition LLC \(Propel\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (Propel represented our entire tax lien business reportable segment prior to the divestiture. Propel) Tj ET Q q 0 0 0 rg BT 438.78 217.25 Td (s operations are presented as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (discontinued operations in our consolidated statements of income. Beginning in the first quarter 2016, we conduct business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (through one reportable segment, portfolio purchasing and recovery) Tj ET Q q 0 0 0 rg BT 317.04 193.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 172.25 Td (In the first quarter of 2017, we and our co-investor in Cabot, J.C. Flowers & Co. LLC \(J.C. Flowers\), began exploring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (options in relation to a potential initial public of) Tj ET Q q 0 0 0 rg BT 241.45 160.25 Td (fering by Cabot. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 139.25 Td (Our long-term growth strategy involves continuing to invest in our core portfolio purchasing and recovery business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.25 Td (expanding into new geographies, and leveraging our core competencies to explore expansion into adjacent asset classes. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (Government Regulation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 89.25 Td (Our U.S. debt purchasing business and collection activities are subject to federal, state and municipal statutes, rules, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.25 Td (regulations and ordinances that establish specific guidelines and procedures that debt purchasers and collectors must follow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.25 Td (when collecting consumer accounts, including among others, specific guidelines and procedures for communicating with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.25 Td (consumers and prohibitions on unfair) Tj ET Q q 0 0 0 rg BT 199.02 53.25 Td (, deceptive or abusive debt collection practices. ) Tj ET Q q 0 0 0 rg BT 390.33 53.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 440.23 53.25 Td (, our international operations ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (are af) Tj ET Q q 0 0 0 rg BT 72.29 742.10 Td (fected by foreign statutes, rules and regulations regarding debt collection and debt purchase activities. ) Tj ET Q q 0 0 0 rg BT 481.97 742.10 Td (These statutes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (rules, regulations, ordinances, guidelines and procedures are modified from time to time by the relevant authorities char) Tj ET Q q 0 0 0 rg BT 528.83 730.10 Td (ged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (with their administration, which could af) Tj ET Q q 0 0 0 rg BT 213.12 718.10 Td (fect the way we conduct our business. See Part I - Item 1 - Business - Government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Regulation in this ) Tj ET Q q 0 0 0 rg BT 127.50 706.10 Td (Annual Report on Form 10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (Portfolio Pur) Tj ET Q q 0 0 0 rg BT 106.19 676.10 Td (chasing and Recovery) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 655.10 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 638.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 638.10 Td (e purchase receivables based on robust, account-level valuation methods and employ proprietary statistical and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (behavioral models across our U.S. operations. ) Tj ET Q q 0 0 0 rg BT 236.17 626.10 Td (These methods and models allow us to value portfolios accurately \(and limit the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (risk of overpaying\), avoid buying portfolios that are incompatible with our methods or goals and align the accounts we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (purchase with our business channels to maximize future collections. ) Tj ET Q q 0 0 0 rg BT 324.38 602.10 Td (As a result, we have been able to realize significant returns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (from the receivables we acquire. ) Tj ET Q q 0 0 0 rg BT 182.53 590.10 Td (W) Tj ET Q q 0 0 0 rg BT 191.17 590.10 Td (e maintain strong relationships with many of the lar) Tj ET Q q 0 0 0 rg BT 397.61 590.10 Td (gest financial service providers in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (United States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 557.10 Td (While seasonality does not have a material impact on our business, collections are generally strongest in our first calendar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.92 545.10 Td (, slower in the second and third calendar quarters, and slowest in the fourth calendar quarter) Tj ET Q q 0 0 0 rg BT 444.73 545.10 Td (. Relatively higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (collections in the first quarter could result in a lower cost-to-collect ratio compared to the other quarters, as our fixed costs are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (relatively constant and applied against a lar) Tj ET Q q 0 0 0 rg BT 223.09 521.10 Td (ger collection base. ) Tj ET Q q 0 0 0 rg BT 302.87 521.10 Td (The seasonal impact on our business may also be influenced by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (our purchasing levels, the types of portfolios we purchase, and our operating strategies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 488.10 Td (Collection seasonality can also af) Tj ET Q q 0 0 0 rg BT 207.67 488.10 Td (fect revenue as a percentage of collections, also referred to as our revenue recognition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (rate. Generally) Tj ET Q q 0 0 0 rg BT 108.76 476.10 Td (, revenue for each pool group declines steadily over time, whereas collections can fluctuate from quarter to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (quarter based on seasonality) Tj ET Q q 0 0 0 rg BT 162.37 464.10 Td (, as described above. In quarters with lower collections \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 388.13 464.10 Td (e.g.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.06 464.10 Td ( the fourth calendar quarter\), the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (revenue recognition rate can be higher than in quarters with higher collections \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 368.21 452.10 Td (e.g.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 452.10 Td ( the first calendar quarter\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 431.10 Td (In addition, seasonality could have an impact on the relative level of quarterly earnings.In quarters with stronger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (collections, total costs are higher as a result of the additional ef) Tj ET Q q 0 0 0 rg BT 301.96 419.10 Td (forts required to generate those collections.Since revenue for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (each pool group declines steadily over time, in quarters with higher collections and higher costs \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 438.78 407.10 Td (e.g.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.72 407.10 Td ( the first calendar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (quarter\), all else being equal, earnings could be lower than in quarters with lower collections and lower costs \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 490.97 395.10 Td (e.g.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.91 395.10 Td ( the fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (calendar quarter\).) Tj ET Q q 0 0 0 rg BT 122.46 383.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 172.36 383.10 Td (, in quarters where a greater percentage of collections come from our legal and agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (outsourcing channels, cost to collect will be higher than if there were more collections from our internal collection sites.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (Europe) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 333.10 Td (Cabot:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.44 333.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.94 333.10 Td (Through Cabot, we purchase paying and non-paying receivable portfolios using a proprietary pricing model that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (utilizes account-level statistical and behavioral data. ) Tj ET Q q 0 0 0 rg BT 261.12 321.10 Td (This model allows Cabot to value portfolios with a high degree of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (accuracy and quantify portfolio performance in order to maximize future collections. ) Tj ET Q q 0 0 0 rg BT 391.53 309.10 Td (As a result, Cabot has been able to realize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (significant returns from the assets it has acquired. Cabot maintains strong relationships with many of the lar) Tj ET Q q 0 0 0 rg BT 480.56 297.10 Td (gest financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (services providers in the United Kingdom and continues to expand in the United Kingdom and the rest of Europe with its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.10 Td (acquisitions of portfolios and other credit management services providers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 252.10 Td (While seasonality does not have a material impact on Cabot) Tj ET Q q 0 0 0 rg BT 316.43 252.10 Td (s operations, collections are generally strongest in the second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (and third calendar quarters and slower in the first and fourth quarters, lar) Tj ET Q q 0 0 0 rg BT 340.55 240.10 Td (gely driven by the impact of the December holiday ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (season and the New ) Tj ET Q q 0 0 0 rg BT 131.83 228.10 Td (Y) Tj ET Q q 0 0 0 rg BT 138.05 228.10 Td (ear holiday) Tj ET Q q 0 0 0 rg BT 182.10 228.10 Td (, and the related impact on its customers) Tj ET Q q 0 0 0 rg BT 345.75 228.10 Td ( ability to repay their balances. ) Tj ET Q q 0 0 0 rg BT 471.36 228.10 Td (This drives a higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (level of plan defaults over this period, which are typically repaired across the first quarter of the following year) Tj ET Q q 0 0 0 rg BT 494.01 216.10 Td (. ) Tj ET Q q 0 0 0 rg BT 498.83 216.10 Td (The ) Tj ET Q q 0 0 0 rg BT 516.32 216.10 Td (August ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (vacation season in the United Kingdom also has an unfavorable ef) Tj ET Q q 0 0 0 rg BT 314.74 204.10 Td (fect on the level of collections, but this is traditionally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (compensated for by higher collections in July and September) Tj ET Q q 0 0 0 rg BT 293.83 192.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 171.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 86.04 171.10 Td (ove:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 171.10 Td ( In ) Tj ET Q q 0 0 0 rg BT 116.58 171.10 Td (April 2014, we acquired a controlling equity ownership interest in Grove. In December 2016, we acquired the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (remaining minority equity ownership interest in Grove. Grove, through its subsidiaries and af) Tj ET Q q 0 0 0 rg BT 423.63 159.10 Td (filiates, is a leading specialty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (investment firm focused on consumer non-performing loans, including insolvencies \(in particular) Tj ET Q q 0 0 0 rg BT 439.22 147.10 Td (, IV) Tj ET Q q 0 0 0 rg BT 453.49 147.10 Td (As\) in the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.10 Td (Kingdom and bank and non-bank receivables in Spain. Grove purchases portfolio receivables using a proprietary pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 79.81 123.10 Td (This model allows Grove to value portfolios and quantify portfolio performance in order to maximize future collections.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (Latin ) Tj ET Q q 0 0 0 rg BT 74.36 102.10 Td (America) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 85.10 Td (In December 2013, we acquired a majority ownership interest in Refinancia, a market leader in debt collection and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (management in Colombia and Peru. In addition to purchasing defaulted receivables, Refinancia of) Tj ET Q q 0 0 0 rg BT 442.47 73.10 Td (fers portfolio management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (services to banks for non-performing loans. Refinancia also specializes in non-traditional niches in the geographic areas in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (which it operates, including point-of-purchase lending to consumers and providing financial solutions to individuals who have ) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (previously defaulted on their credit obligations. In addition to operations in Colombia and Peru, we evaluate and purchase non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (performing loans in other countries in Latin ) Tj ET Q q 0 0 0 rg BT 226.90 730.10 Td (America, including Mexico and Brazil. ) Tj ET Q q 0 0 0 rg BT 385.84 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 394.48 730.10 Td (e also invest in non-performing secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (residential mortgages in Latin ) Tj ET Q q 0 0 0 rg BT 171.64 718.10 Td (America.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Asia Pacific) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 680.10 Td (Through our acquisition of a majority ownership interest in Baycorp in October 2015 \(the Baycorp ) Tj ET Q q 0 0 0 rg BT 475.85 680.10 Td (Acquisition\), we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (one of ) Tj ET Q q 0 0 0 rg BT 77.22 668.10 Td (Australasia) Tj ET Q q 0 0 0 rg BT 124.98 668.10 Td (s leading debt resolution specialists. Baycorp specializes in the management of non-performing loans in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (Australia and New Zealand. In addition to purchasing defaulted receivables, Baycorp of) Tj ET Q q 0 0 0 rg BT 401.64 656.10 Td (fers portfolio management services to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (banks for non-performing loans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 614.10 Td (chases and Collections) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 593.10 Td (Portfolio Pricing, Supply and Demand) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72.5 570.7669921875 m 126.103515625 570.7669921875 l s q 0 0 0 rg BT 72.50 572.10 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 555.10 Td (Prices for portfolios of) Tj ET Q q 0 0 0 rg BT 164.63 555.10 Td (fered for sale directly from credit issuers are beginning to decrease after several years of elevated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.10 Td (pricing, especially for fresh portfolios. Fresh portfolios are portfolios that are generally transacted within six months of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 531.10 Td (consumer) Tj ET Q q 0 0 0 rg BT 89.25 531.10 Td () Tj ET Q q 0 0 0 rg BT 92.03 531.10 Td (s account being char) Tj ET Q q 0 0 0 rg BT 173.75 531.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 199.67 531.10 Td (f by the financial institution. Industry delinquency and char) Tj ET Q q 0 0 0 rg BT 436.93 531.10 Td (ge-of) Tj ET Q q 0 0 0 rg BT 457.85 531.10 Td (f rates, which have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.10 Td (at historic lows, are beginning to increase which creates higher volumes of char) Tj ET Q q 0 0 0 rg BT 368.32 519.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 394.24 519.10 Td (f accounts. ) Tj ET Q q 0 0 0 rg BT 439.87 519.10 Td (W) Tj ET Q q 0 0 0 rg BT 448.51 519.10 Td (e believe the softening in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.10 Td (pricing, especially for fresh portfolios, is primarily due to this anticipated growth in supply) Tj ET Q q 0 0 0 rg BT 412.89 507.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 486.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 486.10 Td (e believe that smaller competitors continue to face dif) Tj ET Q q 0 0 0 rg BT 297.37 486.10 Td (ficulties in the portfolio purchasing market because of the high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (cost to operate due to regulatory pressure and because issuers are being more selective with buyers in the marketplace, resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (in consolidation within the portfolio purchasing and recovery industry) Tj ET Q q 0 0 0 rg BT 329.85 462.10 Td (. ) Tj ET Q q 0 0 0 rg BT 334.67 462.10 Td (W) Tj ET Q q 0 0 0 rg BT 343.31 462.10 Td (e believe this favors lar) Tj ET Q q 0 0 0 rg BT 436.42 462.10 Td (ger participants in this market, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (such as Encore, because the lar) Tj ET Q q 0 0 0 rg BT 174.20 450.10 Td (ger market participants are better able to adapt to these pressures. Furthermore, as smaller ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (competitors limit their participation in or exit the market, it may provide additional opportunities for Encore to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (portfolios from competitors or to acquire competitors directly) Tj ET Q q 0 0 0 rg BT 295.67 426.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 72.5 403.7669921875 m 101.5673828125 403.7669921875 l s q 0 0 0 rg BT 72.50 405.10 Td (Eur) Tj ET Q q 0 0 0 rg BT 87.13 405.10 Td (ope) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 388.10 Td (The U.K. market for char) Tj ET Q q 0 0 0 rg BT 175.44 388.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 201.36 388.10 Td (f portfolios has grown significantly in recent years driven by a consolidation of sellers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (and a material backlog of portfolio coming to market from credit issuers who are selling an increasing proportion of their non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (performing loans. Prices for portfolios of) Tj ET Q q 0 0 0 rg BT 214.23 364.10 Td (fered for sale directly from credit issuers remain at levels higher than historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (averages. ) Tj ET Q q 0 0 0 rg BT 89.79 352.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.43 352.10 Td (e expect that as a result ofan increase in available funding to industry participants, and lower return requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (for certain debt purchasers, pricing will remain elevated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 319.10 Td (The U.K. insolvency market as a whole has remained flat over the past twelve months, although we are seeing an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (increase in individual insolvencies driven by high unemployment rates.) Tj ET Q q 0 0 0 rg BT 337.53 307.10 Td (W) Tj ET Q q 0 0 0 rg BT 346.17 307.10 Td (e expect that this trend will drive increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (purchasing opportunities once lar) Tj ET Q q 0 0 0 rg BT 183.39 295.10 Td (ge retail banks start to of) Tj ET Q q 0 0 0 rg BT 282.35 295.10 Td (f-load their insolvency portfolios.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 274.10 Td (The Spanish debt market continues to be one of the lar) Tj ET Q q 0 0 0 rg BT 292.09 274.10 Td (gest in Europe with a significant amount of debt to be sold and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (serviced. In particular) Tj ET Q q 0 0 0 rg BT 139.56 262.10 Td (, we anticipate strong debt purchasing and servicing opportunities in the secured and small and medium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (enterprise asset classes given the backlog of non-performing debt that has accumulated in these sectors. ) Tj ET Q q 0 0 0 rg BT 468.48 250.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 518.38 250.10 Td (, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (institutions continue to experience both market and regulatory pressure to dispose of non-performing loans which should ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (further increase debt purchasing opportunities in Spain.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 205.10 Td (Although pricing has been elevated, we believe that as our U.K. businesses increase in scale and expand to other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (European markets, and with anticipated improvements in liquidation and improved ef) Tj ET Q q 0 0 0 rg BT 392.23 193.10 Td (ficiencies in collections, our mar) Tj ET Q q 0 0 0 rg BT 522.83 193.10 Td (gins will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (remain competitive. ) Tj ET Q q 0 0 0 rg BT 131.92 181.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 181.82 181.10 Td (, Cabot) Tj ET Q q 0 0 0 rg BT 213.49 181.10 Td (s continuing investment in its litigation liquidation channel has enabled them to collect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (from consumers who have the ability to pay) Tj ET Q q 0 0 0 rg BT 225.14 169.10 Td (, but have so far been unwilling to do so.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (37) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Purchases by T) Tj ET Q q 0 0 0 rg BT 112.96 742.25 Td (ype and Geographic Location) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (The following table summarizes the types and geographic locations of consumer receivable portfolios we purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (during the periods presented ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 166.08 713.25 Td (\(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 667.75 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 667.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 667.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 667.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 667.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 667.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 637.75 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 637.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 637.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 637.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 637.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 637.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 607.75 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 607.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 607.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 607.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 607.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 607.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.75 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 577.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 577.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 577.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 577.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 577.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 547.75 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 547.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 547.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 547.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 547.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 547.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 517.75 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 517.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 517.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 517.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 517.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 517.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 487.75 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 487.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 487.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 487.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 487.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 487.75 79.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 680.75 m 397.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 680.75 m 401.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 680.75 m 479.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 680.75 m 483.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 680.75 m 562.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 667.75 m 397.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 667.75 m 479.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 667.75 m 562.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 622.75 m 397.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 607.75 m 397.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 622.75 m 479.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 607.75 m 479.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 622.75 m 562.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 607.75 m 562.5 607.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 562.75 m 397.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 547.75 m 397.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 562.75 m 479.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 547.75 m 479.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 562.75 m 562.5 562.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 547.75 m 562.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 487.75 m 397.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 487.75 m 479.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 487.75 m 562.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 487.75 m 397.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 472.75 m 397.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 487.75 m 479.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 472.75 m 479.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 487.75 m 562.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 472.75 m 562.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 458.75 m 397.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 456.75 m 397.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 458.75 m 479.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 456.75 m 479.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 458.75 m 562.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 456.75 m 562.5 456.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 685.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.20 684.98 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 672.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.00 671.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.00 671.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.50 671.98 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 657.42 Td (United States:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 642.42 Td (Credit card) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 642.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 642.42 Td (517,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 642.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 642.42 Td (481,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 642.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 642.42 Td (525,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 627.42 Td (Consumer bankruptcy receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 627.42 Td (43,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 627.42 Td (24,373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 612.42 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 612.42 Td (561,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 612.42 Td (506,132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 612.42 Td (525,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 597.42 Td (Europe:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 582.42 Td (Credit card) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 582.42 Td (237,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 582.42 Td (396,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 582.42 Td (622,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 567.42 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 567.42 Td (27,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 567.42 Td (27,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 567.42 Td (9,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 552.42 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 552.42 Td (264,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 552.42 Td (423,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 552.42 Td (632,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 537.42 Td (Other geographies:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 522.42 Td (Credit card) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 522.42 Td (70,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 522.42 Td (86,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 522.42 Td (36,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 508.32 Td (Mortgages) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 507.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 507.42 Td (5,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 507.42 Td (56,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 493.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 492.42 Td (9,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 492.42 Td (1,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 492.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 477.42 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 477.42 Td (80,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 477.42 Td (94,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 477.42 Td (93,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.32 Td (Total purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 462.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 462.42 Td (906,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 462.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 462.42 Td (1,023,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 462.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 462.42 Td (1,251,360) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 437.25 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 437.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 437.25 Td (, we invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.20 437.25 Td ($0.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.31 437.25 Td ( to acquire portfolios, primarily char) Tj ET Q q 0 0 0 rg BT 490.64 437.25 Td (ged-of) Tj ET Q q 0 0 0 rg BT 516.56 437.25 Td (f credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.25 Td (card portfolios, with face values aggregating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.77 425.25 Td ($9.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.88 425.25 Td (, for an average purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.92 425.25 Td (9.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 425.25 Td ( of face value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 404.25 Td (During the year ended December31, 2015, we invested $1.0 billion to acquire portfolios, primarily char) Tj ET Q q 0 0 0 rg BT 490.64 404.25 Td (ged-of) Tj ET Q q 0 0 0 rg BT 516.56 404.25 Td (f credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (card portfolios, with face values aggregating $12.7 billion, for an average purchase price of 8.0% of face value. Purchases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 380.25 Td (ged-of) Tj ET Q q 0 0 0 rg BT 92.94 380.25 Td (f credit card portfolios in Europe include $216.0 million of receivables acquired in connection with the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (dlc. Purchases of char) Tj ET Q q 0 0 0 rg BT 137.56 368.25 Td (ged-of) Tj ET Q q 0 0 0 rg BT 163.48 368.25 Td (f credit card portfolios in other geographies include $60.3 million acquired in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (acquisition of Baycorp. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 335.25 Td (During the year ended December31, 2014, we invested $1.3 billion to acquire portfolios, primarily char) Tj ET Q q 0 0 0 rg BT 490.64 335.25 Td (ged-of) Tj ET Q q 0 0 0 rg BT 516.56 335.25 Td (f credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (card portfolios, with face values aggregating $13.8 billion, for an average purchase price of 9.1% of face value. Purchases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 311.25 Td (ged-of) Tj ET Q q 0 0 0 rg BT 92.94 311.25 Td (f credit card portfolios in the United States include $105.4 million acquired in connection with the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (Atlantic Credit & Finance, Inc. \(Atlantic\). Purchases of char) Tj ET Q q 0 0 0 rg BT 300.00 299.25 Td (ged-of) Tj ET Q q 0 0 0 rg BT 325.92 299.25 Td (f credit card portfolios in Europe include $208.5 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (connection with Cabot) Tj ET Q q 0 0 0 rg BT 143.32 287.25 Td (s acquisition of Marlin Financial Group Limited \(Marlin\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 266.25 Td (The increase in capital deployment in the United States for the year ended December 31, 2016, as compared to 2015, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 Td (primarily the result of increased purchasing volume due to the improved pricing environment. ) Tj ET Q q 0 0 0 rg BT 428.05 254.25 Td (The decrease in capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 Td (deployment in Europe for the year ended December 31, 2016, as compared to 2015, was due to the $216.0 million of receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (portfolios acquired in connection with the acquisition of dlc in June 2015. Excluding the portfolios acquired in connection with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (the acquisition of dlc, capital deployment in Europe increased during the year ended December 31, 2016 as compared to 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (primarily as a result of Cabot) Tj ET Q q 0 0 0 rg BT 169.69 206.25 Td (s investment in Spain, France and Portugal as part of its European expansion strategy) Tj ET Q q 0 0 0 rg BT 510.08 206.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 185.25 Td (The average purchase price, as a percentage of face value, varies from period to period depending on, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.25 Td (factors, the quality of the accounts purchased and the length of time from char) Tj ET Q q 0 0 0 rg BT 362.49 173.25 Td (ge-of) Tj ET Q q 0 0 0 rg BT 383.40 173.25 Td (f to the time we purchase the portfolios. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 161.25 Td (, the improved pricing environment has not materialized to blend down the average purchase price as a percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.25 Td (of face value in the United States.) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (38) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Collections by Channel and Geographic Location) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 725.25 Td (e currently utilize three channels for the collection of our receivables: collection sites, legal collections and collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (agencies. ) Tj ET Q q 0 0 0 rg BT 89.24 713.25 Td (The collection sites channel consists of collections that result from our call centers, direct mail program and online ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (collections. ) Tj ET Q q 0 0 0 rg BT 98.14 701.25 Td (The legal collections channel consists of collections that result from our internal legal channel or from our network ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (of retained law firms. ) Tj ET Q q 0 0 0 rg BT 138.40 689.25 Td (The collection agencies channel consists of collections from third-party collection agencies that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (utilize when we believe they can liquidate better or less expensively than we can, or to supplement capacity in our internal call ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (centers. ) Tj ET Q q 0 0 0 rg BT 83.13 665.25 Td (The following table summarizes the total collections by collection channel and geographic area ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 466.61 665.25 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.11 665.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 619.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 619.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 619.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 619.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 619.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 619.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 589.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 589.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 589.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 589.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 589.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 589.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 559.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 559.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 559.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 559.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 559.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 559.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 529.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 529.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 529.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 529.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 529.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 529.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 499.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 499.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 499.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 499.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 469.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 469.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 469.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 469.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 469.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 469.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 439.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 439.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 439.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 439.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 409.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 409.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 409.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 409.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 409.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 409.75 79.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 632.75 m 393.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 632.75 m 397.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 632.75 m 475.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 632.75 m 479.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 632.75 m 558.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 632.75 m 393.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 619.75 m 393.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 632.75 m 397.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 632.75 m 475.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 619.75 m 475.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 632.75 m 479.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 632.75 m 558.5 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 619.75 m 558.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 559.75 m 393.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 559.75 m 475.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 559.75 m 558.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 544.75 m 393.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 544.75 m 475.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 544.75 m 558.5 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 484.75 m 393.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 469.75 m 393.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 484.75 m 475.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 469.75 m 475.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 484.75 m 558.5 484.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 469.75 m 558.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 409.75 m 393.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 394.75 m 393.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 409.75 m 475.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 394.75 m 475.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 409.75 m 558.5 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 394.75 m 558.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 380.75 m 393.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 378.75 m 393.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 380.75 m 475.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 378.75 m 475.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 380.75 m 558.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 378.75 m 558.5 378.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 637.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.20 636.98 Td (Year Ended December31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 624.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 623.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 623.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 623.98 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 610.32 Td (United States:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 595.32 Td (Collection sites) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 594.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 594.42 Td (470,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 594.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 594.42 Td (480,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 594.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 594.42 Td (502,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 580.32 Td (Legal collections) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 579.42 Td (557,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 579.42 Td (633,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 579.42 Td (610,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 564.42 Td (Collection agencies) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 149.58 568.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 564.42 Td (53,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 564.42 Td (68,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 564.42 Td (79,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 550.32 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 549.42 Td (1,081,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 549.42 Td (1,181,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.65 549.42 Td (1,192,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.32 Td (Europe:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 520.32 Td (Collection sites) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 519.42 Td (250,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 519.42 Td (234,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 519.42 Td (221,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 505.32 Td (Legal collections) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 504.42 Td (122,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 504.42 Td (92,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 504.42 Td (42,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 490.32 Td (Collection agencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 489.42 Td (121,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 489.42 Td (148,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 489.42 Td (120,629) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 475.32 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 474.42 Td (494,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 474.42 Td (476,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 474.42 Td (384,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.32 Td (Other geographies:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 445.32 Td (Collection sites) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 444.42 Td (79,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 444.42 Td (38,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 444.42 Td (29,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 430.32 Td (Legal collections) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 429.42 Td (9,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 429.42 Td (1,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 429.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 415.32 Td (Collection agencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 414.42 Td (20,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 414.42 Td (3,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 414.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 400.32 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 399.42 Td (109,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 399.42 Td (42,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 399.42 Td (29,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 385.32 Td (Total collections) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 384.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 384.42 Td (1,685,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 384.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 384.42 Td (1,700,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 384.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.65 384.42 Td (1,607,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 355.65 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 355.65 Td (Collections through our collection agency channel in the United States include accounts subject to bankruptcy filings collected by others. ) Tj ET Q q 0 0 0 rg BT 516.12 355.65 Td (Additionally) Tj ET Q q 0 0 0 rg BT 556.05 355.65 Td (, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 346.05 Td (collection agency collections often include accounts purchased from a competitor where we maintain the collection agency servicing until the accounts ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 336.45 Td (can be recalled and placed in our collection channels.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 315.45 Td (Gross collections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.66 315.45 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.07 315.45 Td (d slightly by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.57 315.45 Td ($15.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.47 315.45 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.30 315.45 Td (0.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.13 315.45 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.40 315.45 Td ($1,685.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 315.45 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.71 315.45 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 303.45 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.94 303.45 Td ($1,700.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.33 303.45 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.24 303.45 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.82 303.45 Td (. ) Tj ET Q q 0 0 0 rg BT 338.64 303.45 Td (The decrease was primarily due to decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.45 Td (collections in the United States, of) Tj ET Q q 0 0 0 rg BT 187.57 291.45 Td (fset by increased collections in Europe and other geographies. ) Tj ET Q q 0 0 0 rg BT 437.86 291.45 Td (The increase in collections in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 279.45 Td (Europe was primarily the result of increased site collections and legal collections, of) Tj ET Q q 0 0 0 rg BT 387.21 279.45 Td (fset by a decrease in collection agencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.45 Td (collections. ) Tj ET Q q 0 0 0 rg BT 97.77 267.45 Td (As we continue to expand and enhance our in-house servicing capabilities in Europe, we expect collections to shift ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.45 Td (from collection agencies to collection sites and legal collections. ) Tj ET Q q 0 0 0 rg BT 310.29 255.45 Td (The increase in legal collections was primarily due to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.45 Td (increase in the accounts placed in the legal channel as we continuously improve our ability to identify consumers that are able, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.45 Td (but unwilling, to pay their obligations. ) Tj ET Q q 0 0 0 rg BT 205.92 231.45 Td (The increase in collections in Europe was partially of) Tj ET Q q 0 0 0 rg BT 418.99 231.45 Td (fset by the unfavorable impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.45 Td (foreign currency translation, primarily driven by the weakening of the British Pound against the U.S. dollar) Tj ET Q q 0 0 0 rg BT 478.79 219.45 Td (. In other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.45 Td (geographies collections continue to increase as we expand internationally) Tj ET Q q 0 0 0 rg BT 343.13 207.45 Td (. ) Tj ET Q q 0 0 0 rg BT 347.95 207.45 Td (The decrease of collections in the United States was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.45 Td (primarily due to a decrease in legal collections resulting from temporary delays in receiving media from issuers required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.45 Td (initiate the legal process for a number of accounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 162.45 Td (Gross collections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.66 162.45 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.41 162.45 Td (d ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.91 162.45 Td ($93.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.80 162.45 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.63 162.45 Td (5.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.46 162.45 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.74 162.45 Td ($1,700.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.13 162.45 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.04 162.45 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.62 162.45 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.45 Td ($1,607.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.39 150.45 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.30 150.45 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.88 150.45 Td (. ) Tj ET Q q 0 0 0 rg BT 291.70 150.45 Td (The increase in gross collections was primarily due to increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.45 Td (portfolio purchases in the current and prior years and additional collections from our acquired subsidiaries.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (Results of operations, in dollars and as a percentage of total revenues, were as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 420.84 721.25 Td (\(in thousands, except ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (per) Tj ET Q q 0 0 0 rg BT 62.96 709.25 Td (centages\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.27 709.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 663.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 663.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 663.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 663.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 663.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 663.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 663.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 663.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 663.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 663.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 663.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 663.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 623.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 623.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 623.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 623.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 623.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 623.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 623.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 623.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 623.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 623.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 623.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 623.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 593.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 593.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 593.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 593.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 593.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 593.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 593.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 593.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 593.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 593.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 593.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 593.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 563.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 563.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 563.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 563.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 563.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 563.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 563.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 533.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 533.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 533.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 533.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 533.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 533.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 533.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 503.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 503.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 503.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 503.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 503.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 503.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 503.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 473.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 473.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 473.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 473.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 473.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 473.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 473.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 443.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 443.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 443.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 443.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 443.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 443.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 443.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 413.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 413.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 413.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 413.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 413.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 413.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 413.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 413.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 373.75 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 373.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 373.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 373.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 373.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 373.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 373.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 373.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 373.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 373.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 373.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 373.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 343.75 171.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 343.75 53.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 343.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 343.75 53.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 343.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 343.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 343.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 343.75 53.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 343.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 343.75 53.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 343.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 343.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 303.75 171.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 303.75 53.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 303.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 303.75 53.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 303.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 303.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 303.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 303.75 53.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 303.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 303.75 53.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 303.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 303.75 55.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 676.75 m 273.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 676.75 m 277.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 676.75 m 330.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 676.75 m 334.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 676.75 m 388.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 676.75 m 392.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 676.75 m 445.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 676.75 m 449.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 676.75 m 502.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 676.75 m 506.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 676.75 m 561.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 663.75 m 273.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 663.75 m 277.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 663.75 m 330.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 663.75 m 388.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 663.75 m 392.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 663.75 m 445.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 663.75 m 502.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 663.75 m 506.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 663.75 m 561.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 608.75 m 273.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 593.75 m 273.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 608.75 m 330.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 593.75 m 330.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 608.75 m 388.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 593.75 m 388.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 608.75 m 445.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 593.75 m 445.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 608.75 m 502.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 593.75 m 502.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 608.75 m 561.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 593.75 m 561.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 488.75 m 273.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 473.75 m 273.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 488.75 m 330.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 473.75 m 330.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 488.75 m 388.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 473.75 m 388.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 488.75 m 445.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 473.75 m 445.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 488.75 m 502.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 473.75 m 502.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 488.75 m 561.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 473.75 m 561.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 473.75 m 273.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 458.75 m 273.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 473.75 m 330.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 458.75 m 330.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 473.75 m 388.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 458.75 m 388.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 473.75 m 445.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 458.75 m 445.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 473.75 m 502.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 458.75 m 502.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 473.75 m 561.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 458.75 m 561.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 413.75 m 273.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 413.75 m 330.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 413.75 m 388.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 413.75 m 445.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 413.75 m 502.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 413.75 m 561.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 413.75 m 273.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 398.75 m 273.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 413.75 m 330.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 398.75 m 330.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 413.75 m 388.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 398.75 m 388.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 413.75 m 445.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 398.75 m 445.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 413.75 m 502.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 398.75 m 502.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 413.75 m 561.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 398.75 m 561.5 398.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 358.75 m 273.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 358.75 m 330.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 358.75 m 388.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 358.75 m 445.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 358.75 m 502.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 358.75 m 561.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 318.75 m 273.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 318.75 m 330.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 318.75 m 388.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 318.75 m 445.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 318.75 m 502.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 318.75 m 561.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 318.75 m 273.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 303.75 m 273.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 318.75 m 330.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 303.75 m 330.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 318.75 m 388.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 303.75 m 388.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 318.75 m 445.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 303.75 m 445.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 318.75 m 502.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 303.75 m 502.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 318.75 m 561.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 303.75 m 561.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 278.75 m 273.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 278.75 m 330.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 278.75 m 388.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 278.75 m 445.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 278.75 m 502.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 278.75 m 561.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 278.75 m 273.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 254.75 m 273.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 252.75 m 273.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 278.75 m 330.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 254.75 m 330.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 252.75 m 330.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 278.75 m 388.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 254.75 m 388.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 252.75 m 388.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 278.75 m 445.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 254.75 m 445.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 252.75 m 445.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 278.75 m 502.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 254.75 m 502.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 252.75 m 502.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 278.75 m 561.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 254.75 m 561.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 252.75 m 561.5 252.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 681.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.20 680.98 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 668.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.00 667.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.50 667.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.00 667.98 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 654.32 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 639.32 Td (Revenue from receivable portfolios,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 629.32 Td (net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.00 628.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.10 628.42 Td (946,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.75 628.42 Td (92.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 628.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 628.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.60 628.42 Td (1,072,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.75 628.42 Td (94.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 628.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 628.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.10 628.42 Td (992,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.75 628.42 Td (95.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 628.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 614.32 Td (Other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 613.42 Td (82,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 613.42 Td (8.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 613.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 613.42 Td (57,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 613.42 Td (5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 613.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 613.42 Td (50,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 613.42 Td (4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 613.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 599.32 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.60 598.42 Td (1,029,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.75 598.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 598.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.60 598.42 Td (1,129,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.75 598.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 598.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 598.42 Td (1,043,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.75 598.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 598.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 584.32 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 569.32 Td (Salaries and employee benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.10 568.42 Td (281,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.75 568.42 Td (27.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 568.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 568.42 Td (262,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.75 568.42 Td (23.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 568.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.10 568.42 Td (238,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.75 568.42 Td (22.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 568.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 554.32 Td (Cost of legal collections) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.10 553.42 Td (200,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.75 553.42 Td (19.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 553.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 553.42 Td (229,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.75 553.42 Td (20.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 553.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.10 553.42 Td (205,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.75 553.42 Td (19.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 553.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 539.32 Td (Other operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.10 538.42 Td (100,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 538.42 Td (9.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 538.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 538.42 Td (93,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 538.42 Td (8.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 538.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 538.42 Td (89,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 538.42 Td (8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 538.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 524.32 Td (Collection agency commissions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 523.42 Td (36,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 523.42 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 523.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 523.42 Td (37,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 523.42 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 523.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 523.42 Td (33,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 523.42 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 523.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 509.32 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.10 508.42 Td (134,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.75 508.42 Td (13.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 508.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 508.42 Td (191,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.75 508.42 Td (16.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 508.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.10 508.42 Td (139,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.75 508.42 Td (13.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 508.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 494.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 493.42 Td (34,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 493.42 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 493.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 493.42 Td (33,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 493.42 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 493.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 493.42 Td (27,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 493.42 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 493.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 479.32 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.10 478.42 Td (787,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.75 478.42 Td (76.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 478.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 478.42 Td (847,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.75 478.42 Td (75.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 478.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.10 478.42 Td (734,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.75 478.42 Td (70.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 478.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 464.32 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.10 463.42 Td (241,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.75 463.42 Td (23.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 463.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 463.42 Td (282,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.75 463.42 Td (25.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 463.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.10 463.42 Td (308,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.75 463.42 Td (29.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 463.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 449.32 Td (Other \(expense\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 434.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.80 433.42 Td (\(198,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 433.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.45 433.42 Td (\(19.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.30 433.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 433.47 Td (\(186,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 433.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.45 433.42 Td (\(16.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 433.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 433.47 Td (\(166,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 433.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.45 433.42 Td (\(16.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 433.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 419.32 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 418.42 Td (14,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 418.42 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 418.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 418.42 Td (2,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 418.42 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 418.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 418.42 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 418.42 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 418.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 404.32 Td (Total other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.80 403.42 Td (\(184,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 403.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.45 403.42 Td (\(17.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.30 403.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 403.47 Td (\(184,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 403.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.45 403.42 Td (\(16.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 403.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 403.47 Td (\(166,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 403.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.45 403.42 Td (\(16.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 403.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 389.32 Td (Income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 379.32 Td (before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 378.42 Td (57,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 378.42 Td (5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 378.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 378.42 Td (97,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 378.42 Td (8.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 378.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.10 378.42 Td (141,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.75 378.42 Td (13.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 378.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 364.32 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.80 363.42 Td (\(38,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 363.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.45 363.42 Td (\(3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.30 363.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.80 363.47 Td (\(27,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 363.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.45 363.42 Td (\(2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 363.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 363.47 Td (\(48,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 363.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 363.42 Td (\(4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 363.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 349.32 Td (Income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 348.42 Td (19,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 348.42 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 348.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 348.42 Td (70,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 348.42 Td (6.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 348.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 348.42 Td (93,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 348.42 Td (8.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 348.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 334.32 Td (\(Loss\) income from discontinued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 324.32 Td (operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.80 323.42 Td (\(2,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 323.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.45 323.42 Td (\(0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.30 323.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.80 323.47 Td (\(23,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 323.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.45 323.42 Td (\(2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 323.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 323.42 Td (5,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 323.42 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 323.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 309.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 308.42 Td (16,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 308.42 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 308.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 308.42 Td (47,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 308.42 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 308.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 308.42 Td (98,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 308.42 Td (9.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 308.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 294.32 Td (Net loss \(income\) attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 284.32 Td (noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 283.42 Td (59,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 283.42 Td (5.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 283.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.80 283.47 Td (\(2,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 283.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.45 283.42 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 283.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 283.42 Td (5,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 283.42 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 283.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 269.32 Td (Net income attributable to Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 259.32 Td (Capital Group, Inc. stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.00 258.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 258.42 Td (76,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 258.42 Td (7.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 258.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 258.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 258.42 Td (45,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.75 258.42 Td (4.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 258.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 258.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.10 258.42 Td (103,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 258.42 Td (9.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 258.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Results of OperationsCabot) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 721.25 Td (The following tables summarize the operating results contributed by Cabot during the periods presented ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 490.73 721.25 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.23 721.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 668.75 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 668.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 668.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 668.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 668.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 668.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 638.75 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 638.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 638.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 638.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 638.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 638.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 608.75 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 608.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 608.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 608.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 608.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 608.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 578.75 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 578.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 578.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 578.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 578.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 578.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 548.75 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 548.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 548.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 548.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 548.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 548.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 518.75 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 518.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 518.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 518.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 518.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 518.75 66.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 689.75 m 421.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 689.75 m 425.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 689.75 m 491.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 689.75 m 495.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 689.75 m 561.5 689.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 668.75 m 421.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 668.75 m 491.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 668.75 m 561.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 668.75 m 421.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 668.75 m 491.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 668.75 m 561.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 638.75 m 421.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 623.75 m 421.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 638.75 m 491.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 623.75 m 491.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 638.75 m 561.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 623.75 m 561.5 623.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 578.75 m 421.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 578.75 m 491.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 578.75 m 561.5 578.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 548.75 m 421.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 548.75 m 491.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 548.75 m 561.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 518.75 m 421.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 504.75 m 421.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 502.75 m 421.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 518.75 m 491.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 504.75 m 491.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 502.75 m 491.5 502.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 518.75 m 561.5 518.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 504.75 m 561.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 502.75 m 561.5 502.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 693.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.70 693.83 Td (Year Ended December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 673.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.65 672.98 Td (Janus Holdings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.20 672.98 Td (Encor) Tj ET Q q 0 0 0 rg BT 448.94 672.98 Td (e Eur) Tj ET Q q 0 0 0 rg BT 467.68 672.98 Td (ope ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 481.68 676.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.55 672.98 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 658.42 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 658.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 658.42 Td (242,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 658.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 658.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 658.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 658.42 Td (242,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 643.42 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 643.47 Td (\(197,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 643.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 643.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 643.47 Td (\(197,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 643.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 628.42 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 628.42 Td (44,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 628.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 628.42 Td (44,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 613.42 Td (Interest expense-non-PEC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 613.47 Td (\(109,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 613.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 613.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 613.47 Td (\(109,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 613.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 598.42 Td (PEC interest \(expense\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 598.47 Td (\(47,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 598.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 598.42 Td (23,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 598.47 Td (\(24,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 598.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 583.42 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 583.42 Td (15,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 583.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 583.42 Td (15,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 568.42 Td (\(Loss\) income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 568.47 Td (\(96,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 568.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 568.42 Td (23,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 568.47 Td (\(73,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 568.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 553.42 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 553.42 Td (12,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 553.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 553.42 Td (12,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 538.42 Td (Net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 538.47 Td (\(84,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 538.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 538.42 Td (23,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 538.47 Td (\(61,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 538.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 523.42 Td (Net loss attributable to noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 523.42 Td (11,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 523.42 Td (36,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 523.42 Td (48,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 508.42 Td (Net \(loss\) income attributable to Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 508.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 508.47 Td (\(72,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 508.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 508.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 508.42 Td (59,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 508.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 508.47 Td (\(13,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 508.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 451.75 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 451.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 451.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 451.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 451.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 451.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 421.75 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 421.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 421.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 421.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 421.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 421.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 391.75 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 391.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 391.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 391.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 391.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 391.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 361.75 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 361.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 361.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 361.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 361.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 361.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 331.75 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 331.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 331.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 331.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 331.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 331.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 301.75 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 301.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 301.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 301.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 301.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 301.75 66.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 472.75 m 421.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 472.75 m 425.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 472.75 m 491.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 472.75 m 495.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 472.75 m 561.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 451.75 m 421.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 451.75 m 491.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 451.75 m 561.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 451.75 m 421.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 451.75 m 491.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 451.75 m 561.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 421.75 m 421.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 406.75 m 421.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 421.75 m 491.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 406.75 m 491.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 421.75 m 561.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 406.75 m 561.5 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 361.75 m 421.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 361.75 m 491.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 361.75 m 561.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 331.75 m 421.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 331.75 m 491.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 331.75 m 561.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 301.75 m 421.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 287.75 m 421.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 285.75 m 421.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 301.75 m 491.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 287.75 m 491.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 285.75 m 491.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 301.75 m 561.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 287.75 m 561.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 285.75 m 561.5 285.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 476.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.70 476.83 Td (Year Ended December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 456.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.65 455.98 Td (Janus Holdings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.20 455.98 Td (Encor) Tj ET Q q 0 0 0 rg BT 449.94 455.98 Td (e Eur) Tj ET Q q 0 0 0 rg BT 468.68 455.98 Td (ope) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 480.68 459.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.55 455.98 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 441.42 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 441.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 441.42 Td (349,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 441.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 441.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 441.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 441.42 Td (349,379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 426.42 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 426.47 Td (\(188,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 426.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 426.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 426.47 Td (\(188,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 426.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 411.42 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 411.42 Td (161,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 411.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 411.42 Td (161,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 396.42 Td (Interest expense-non-PEC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 396.47 Td (\(106,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 396.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 396.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 396.47 Td (\(106,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 396.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 381.42 Td (PEC interest \(expense\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 381.47 Td (\(48,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 381.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 381.42 Td (23,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 381.47 Td (\(24,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 381.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 366.42 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 366.42 Td (591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 366.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 366.42 Td (591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 351.42 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 351.42 Td (7,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 351.42 Td (23,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 351.42 Td (30,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 336.42 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 336.42 Td (1,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 336.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 336.42 Td (1,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 321.42 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 321.42 Td (8,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 321.42 Td (23,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 321.42 Td (32,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 306.42 Td (Net income attributable to noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 306.47 Td (\(1,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 306.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 306.47 Td (\(3,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 306.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 306.47 Td (\(4,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 306.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 291.42 Td (Net income attributable to Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 291.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 291.42 Td (7,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 291.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 291.42 Td (19,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 291.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 291.42 Td (27,250) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.25 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 259.65 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 259.65 Td (Includes only the results of operations related to Janus Holdings and therefore does not represent the complete financial performance of Encore Europe.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (41) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 715.50 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 715.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 715.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 715.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 715.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 715.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 685.50 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 685.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 685.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 685.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 685.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 685.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 655.50 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 655.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 655.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 655.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 655.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 655.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 625.50 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 625.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 625.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 625.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 625.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 625.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 595.50 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 595.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 595.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 595.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 595.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 595.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 565.50 306.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 565.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 565.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 565.50 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 565.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 565.50 66.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 736.5 m 421.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 736.5 m 425.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 736.5 m 491.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 736.5 m 495.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 736.5 m 561.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 715.5 m 421.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 715.5 m 491.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 715.5 m 561.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 715.5 m 421.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 715.5 m 491.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 715.5 m 561.5 715.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 685.5 m 421.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 670.5 m 421.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 685.5 m 491.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 670.5 m 491.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 685.5 m 561.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 670.5 m 561.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 625.5 m 421.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 625.5 m 491.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 625.5 m 561.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 595.5 m 421.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 595.5 m 491.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 595.5 m 561.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 565.5 m 421.5 565.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 551.5 m 421.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 549.5 m 421.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 565.5 m 491.5 565.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 551.5 m 491.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 549.5 m 491.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 565.5 m 561.5 565.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 551.5 m 561.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 549.5 m 561.5 549.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 740.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.70 740.58 Td (Year Ended December 31, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 719.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.65 719.73 Td (Janus Holdings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.20 719.73 Td (Encor) Tj ET Q q 0 0 0 rg BT 449.94 719.73 Td (e Eur) Tj ET Q q 0 0 0 rg BT 468.68 719.73 Td (ope) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 480.68 723.36 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.55 719.73 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 705.17 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 705.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 705.17 Td (286,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 705.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 705.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 705.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 705.17 Td (286,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 690.17 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 690.22 Td (\(150,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 690.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 690.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 690.22 Td (\(150,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 690.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 675.17 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 675.17 Td (136,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 675.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 675.17 Td (136,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 660.17 Td (Interest expense-non-PEC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 660.22 Td (\(96,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 660.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 660.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 660.22 Td (\(96,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 660.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 645.17 Td (PEC interest \(expense\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 645.22 Td (\(43,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 645.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 645.17 Td (21,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 645.22 Td (\(22,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 645.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 630.17 Td (Other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.30 630.22 Td (\(646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 630.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 630.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 630.22 Td (\(646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 630.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 615.17 Td (\(Loss\) income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 615.22 Td (\(4,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 615.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 615.17 Td (21,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 615.17 Td (16,787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 600.17 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 600.22 Td (\(3,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 600.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 600.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 600.22 Td (\(3,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 600.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 585.17 Td (Net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 585.22 Td (\(7,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 585.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 585.17 Td (21,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 585.17 Td (13,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.00 570.17 Td (Net loss attributable to noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 570.17 Td (1,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 570.17 Td (3,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 570.17 Td (4,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 555.17 Td (Net \(loss\) income attributable to Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 555.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 555.22 Td (\(6,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 555.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 555.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 555.17 Td (24,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 555.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 555.17 Td (17,921) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.00 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 523.40 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 523.40 Td (Includes only the results of operations related to Janus Holdings and therefore does not represent the complete financial performance of Encore Europe.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 502.40 Td (For all periods presented, Janus Holdings recognized all interest expense related to the outstanding preferred equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.40 Td (certificates \(PECs\) owed to Encore and other minority shareholders, while the interest income from PECs owed to Encore ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.40 Td (was recognized at Janus Holdings) Tj ET Q q 0 0 0 rg BT 188.11 478.40 Td ( parent company) Tj ET Q q 0 0 0 rg BT 254.10 478.40 Td (, Encore Europe Holdings, S.a.r) Tj ET Q q 0 0 0 rg BT 380.74 478.40 Td (.l. \(Encore Europe\), which is a wholly-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.40 Td (owned subsidiary of Encore.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.40 Td (Comparison of Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.40 Td (Y) Tj ET Q q 0 0 0 rg BT 56.11 406.40 Td (ear) Tj ET Q q 0 0 0 rg BT 69.81 406.40 Td ( Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.60 406.40 Td (December) Tj ET Q q 0 0 0 rg BT 145.73 406.40 Td (31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.23 406.40 Td ( Compar) Tj ET Q q 0 0 0 rg BT 221.10 406.40 Td (ed to ) Tj ET Q q 0 0 0 rg BT 244.06 406.40 Td (Y) Tj ET Q q 0 0 0 rg BT 250.17 406.40 Td (ear) Tj ET Q q 0 0 0 rg BT 263.87 406.40 Td ( Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.66 406.40 Td (December) Tj ET Q q 0 0 0 rg BT 339.79 406.40 Td (31, 2015) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.40 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 355.40 Td (Our revenues consist of portfolio revenue and other revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 334.40 Td (Portfolio revenue consists of accretion revenue and zero basis revenue. ) Tj ET Q q 0 0 0 rg BT 359.73 334.40 Td (Accretion revenue represents revenue derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.40 Td (from pools \(quarterly groupings of purchased receivable portfolios\) with a cost basis that has not been fully amortized. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.40 Td (Revenue from pools with a remaining unamortized cost basis is accrued based on each pool) Tj ET Q q 0 0 0 rg BT 419.34 310.40 Td (s ef) Tj ET Q q 0 0 0 rg BT 433.32 310.40 Td (fective interest rate applied to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.40 Td (each pool) Tj ET Q q 0 0 0 rg BT 91.37 298.40 Td (s remaining unamortized cost basis. ) Tj ET Q q 0 0 0 rg BT 236.71 298.40 Td (The cost basis of each pool is increased by revenue earned and decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.40 Td (gross collections and portfolio allowances. ) Tj ET Q q 0 0 0 rg BT 223.11 286.40 Td (The ef) Tj ET Q q 0 0 0 rg BT 248.75 286.40 Td (fective interest rate is the internal rate of return \(IRR\) derived from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.40 Td (timing and amounts of actual cash received and anticipated future cash flow projections for each pool. ) Tj ET Q q 0 0 0 rg BT 460.69 274.40 Td (All collections realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.40 Td (after the net book value of a portfolio has been fully recovered, or Zero Basis Portfolios \(ZBA\), are recorded as revenue, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.40 Td (zero basis revenue. ) Tj ET Q q 0 0 0 rg BT 128.67 250.40 Td (W) Tj ET Q q 0 0 0 rg BT 137.31 250.40 Td (e account for our investment in receivable portfolios utilizing the interest method in accordance with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.40 Td (authoritative guidance for loans and debt securities acquired with deteriorated credit quality) Tj ET Q q 0 0 0 rg BT 416.16 238.40 Td (. ) Tj ET Q q 0 0 0 rg BT 420.98 238.40 Td (W) Tj ET Q q 0 0 0 rg BT 429.61 238.40 Td (e may incur allowance char) Tj ET Q q 0 0 0 rg BT 539.38 238.40 Td (ges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.40 Td (when actual cash flows from our receivable portfolios underperform compared to our expectations or when there is a change in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.40 Td (the timing of cash flows. Factors that may contribute to underperformance and to the recording of valuation allowances may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.40 Td (include both internal as well as external factors. Internal factors that may have an impact on our collections include operational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.40 Td (activities such as the productivity of our collection staf) Tj ET Q q 0 0 0 rg BT 269.20 190.40 Td (f. External factors that may have an impact on our collections include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.40 Td (new laws or regulations, new interpretations of existing laws or regulations, and the overall condition of the economy) Tj ET Q q 0 0 0 rg BT 519.51 178.40 Td (. ) Tj ET Q q 0 0 0 rg BT 524.33 178.40 Td (W) Tj ET Q q 0 0 0 rg BT 532.96 178.40 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.40 Td (record allowance reversals on pool groups that have historic allowance reserves when actual cash flows from these receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.40 Td (portfolios outperform our expectations. ) Tj ET Q q 0 0 0 rg BT 209.13 154.40 Td (Allowance reversals are included in portfolio revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 133.40 Td (Other revenues consist primarily of fee-based income earned on accounts collected on behalf of others, primarily credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.40 Td (originators.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 100.40 Td (Our operating results are impacted by foreign currency translation, which represents the ef) Tj ET Q q 0 0 0 rg BT 435.63 100.40 Td (fect of translating operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.40 Td (results where the functional currency is dif) Tj ET Q q 0 0 0 rg BT 220.87 88.40 Td (ferent than our U.S. dollar reporting currency) Tj ET Q q 0 0 0 rg BT 401.82 88.40 Td (. ) Tj ET Q q 0 0 0 rg BT 406.64 88.40 Td (The strengthening of the U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.40 Td (relative to other foreign currencies has an unfavorable impact on our international revenues, and the weakening of the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.40 Td (dollar relative to other foreign currencies has a favorable impact on our international revenues. Our revenues were impacted by ) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (foreign currency translation, primarily by the weakening of the British Pound, which devalued against the U.S. dollar by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.63 730.10 Td (1.4%, during theyear ended December 31, 2016 as compared tothe year ended December 31, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (Portfolio revenue was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.25 709.10 Td ($946.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.15 709.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 709.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.64 709.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.64 709.10 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.99 709.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.32 709.10 Td ($125.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.21 709.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.04 709.10 Td (1) Tj ET Q q 0 0 0 rg BT 532.67 709.10 Td (1.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.50 709.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (compared to revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.18 697.10 Td ($1,072.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.57 697.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.48 697.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.06 697.10 Td (. ) Tj ET Q q 0 0 0 rg BT 388.88 697.10 Td (The decrease in portfolio revenue during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (the year ended December 31, 2016, compared to the year ended December 31, 2015 was the result of allowance char) Tj ET Q q 0 0 0 rg BT 516.85 685.10 Td (ges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (recorded on certain pools in Europe and the negative impact of foreign currency translation, primarily from the weakening of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (the British Pound against the U.S. dollar) Tj ET Q q 0 0 0 rg BT 211.10 661.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 640.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 640.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 640.10 Td (, we recorded a net allowance char) Tj ET Q q 0 0 0 rg BT 382.56 640.10 Td (ge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.33 640.10 Td ($84.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.22 640.10 Td (, compared to a net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (portfolio allowance reversal of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 628.10 Td ($6.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.39 628.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.30 628.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.89 628.10 Td (. During the quarter ended September 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (2016, we recorded a portfolio allowance char) Tj ET Q q 0 0 0 rg BT 231.13 616.10 Td (ges of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.79 616.10 Td ($94.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.68 616.10 Td ( resulting from delays or shortfalls in near term collections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (against our forecasts for certain pools in Europe. ) Tj ET Q q 0 0 0 rg BT 246.70 604.10 Td (These allowance char) Tj ET Q q 0 0 0 rg BT 333.13 604.10 Td (ges, net of portfolio allowance reversals on other pools, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (attributed to the net portfolio allowance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.89 592.10 Td ($84.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.78 592.10 Td ( during the year ended December 31, 2016. ) Tj ET Q q 0 0 0 rg BT 451.09 592.10 Td (The net portfolio allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (reversals recorded in 2015 were primarily due to the reversal of remaining allowance reserves for certain ZBA) Tj ET Q q 0 0 0 rg BT 491.48 580.10 Td ( pool groups with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (cash collections, of) Tj ET Q q 0 0 0 rg BT 126.74 568.10 Td (fset by an $8.3 million portfolio allowance char) Tj ET Q q 0 0 0 rg BT 317.06 568.10 Td (ge resulting from our settlement with the Consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (Financial Protection Bureau \(CFPB\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 535.10 Td (During the quarter ended September 30, 2016, we revised the forecasting methodology we use to value and calculate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (IRRs on certain portfolios in Europe by extending the collection forecast from120months to180months. ) Tj ET Q q 0 0 0 rg BT 476.96 523.10 Td (This change was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (made as a result of \(1\) our observation that older portfolios in Europe have consistently experienced cash collections beyond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (120 months, \(2\) an expectation that regulatory changes in the United Kingdom resulting in a reduction in the number of highly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (discounted near term one-time settlements, an increase in the number of payment plans, and an increase in the length of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (existing payment plans will cause a lengthening of our collections curve, \(3\) an expectation that, as a result of a higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (percentage of semi-performing account purchases in the United Kingdom in recent years, newer vintages will have a lar) Tj ET Q q 0 0 0 rg BT 529.64 463.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (percentage of collections after 120 months and \(4\) our increased confidence in our ability to forecast future cash collections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (to180months.) Tj ET Q q 0 0 0 rg BT 112.05 439.10 Td (The increase in the collection forecast from 120 months to 180 months was applied ef) Tj ET Q q 0 0 0 rg BT 455.10 439.10 Td (fective July1, 2016, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (certain portfolios in Europe for which we could accurately forecast through such term. In addition, during the three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (ended September 30, 2016, we recorded allowance char) Tj ET Q q 0 0 0 rg BT 273.33 415.10 Td (ges of approximately $94.0 million resulting from delays or shortfalls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (in collections against the forecasts for certain pools in Europe. ) Tj ET Q q 0 0 0 rg BT 301.68 403.10 Td (These changes in forecasted future cash flows resulted in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (increase in the aggregate total estimated remaining collections \(ERC\) for the receivable portfolios of approximately $296.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (million as of September30, 2016. ) Tj ET Q q 0 0 0 rg BT 188.13 379.10 Td (The increase in the collection forecast from 120 months to 180 months had the ef) Tj ET Q q 0 0 0 rg BT 512.86 379.10 Td (fect of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (reducing the allowance char) Tj ET Q q 0 0 0 rg BT 162.26 367.10 Td (ges by approximately $13.2 million. For portfolios in Europe that were not extended to 180 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (months, we will continue to include collection forecast to120months in calculating accretion revenue and in our estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (remaining collection disclosures. In the United States, we will continue to include collection forecast to 120months in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (calculating accretion revenue. Expected collections beyond the 120-month collection forecast in the United States are included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (in our estimated remaining collection disclosures but are not included in the calculation of accretion revenue. ) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following tables summarize collections, revenue, end of period receivable balance and other related supplemental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (data, by year of purchase \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 156.06 730.10 Td (in thousands, except per) Tj ET Q q 0 0 0 rg BT 252.89 730.10 Td (centages) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.88 730.10 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.60 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 652.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 652.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 652.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 652.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 652.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 652.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 623.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 593.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 563.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 473.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 473.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 473.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 473.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 473.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 473.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 473.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 473.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 444.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 444.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 444.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 444.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 444.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 444.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 444.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 444.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 444.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 444.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 444.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 444.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 444.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 444.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 414.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 414.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 414.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 414.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 414.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 414.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 414.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 414.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 414.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 414.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 414.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 414.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 414.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 414.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 384.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 384.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 384.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 384.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 384.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 384.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 384.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 384.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 384.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 384.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 384.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 384.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 384.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 384.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 354.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 354.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 354.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 354.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 354.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 354.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 354.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 354.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 354.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 324.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 324.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 324.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 324.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 324.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 324.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 324.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 324.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 324.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 294.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 294.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 294.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 294.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 294.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 294.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 294.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 294.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 264.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 264.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 264.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 264.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 264.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 264.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 264.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 264.60 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 689.6 m 196.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 689.6 m 200.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 689.6 m 257.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 689.6 m 261.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 689.6 m 318.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 689.6 m 322.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 689.6 m 379.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 689.6 m 383.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 689.6 m 440.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 689.6 m 501.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 689.6 m 505.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 689.6 m 562.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 689.6 m 196.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 652.6 m 196.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 689.6 m 200.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 689.6 m 257.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 652.6 m 257.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 689.6 m 261.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 689.6 m 318.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 652.6 m 318.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 652.6 m 379.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 652.6 m 440.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 652.6 m 501.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 652.6 m 562.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 473.6 m 196.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 458.6 m 196.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 473.6 m 257.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 458.6 m 257.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 473.6 m 318.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 458.6 m 318.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 473.6 m 379.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 458.6 m 379.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 473.6 m 440.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 458.6 m 440.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 473.6 m 501.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 458.6 m 501.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 473.6 m 562.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 458.6 m 562.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 384.6 m 196.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 384.6 m 257.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 384.6 m 318.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 384.6 m 379.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 384.6 m 440.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 384.6 m 501.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 384.6 m 562.5 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 369.6 m 196.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 369.6 m 257.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 369.6 m 318.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 369.6 m 379.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 369.6 m 440.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 369.6 m 501.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 369.6 m 562.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 369.6 m 196.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 369.6 m 257.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 369.6 m 318.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 369.6 m 379.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 369.6 m 440.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 369.6 m 501.5 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 279.6 m 196.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 279.6 m 257.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 279.6 m 318.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 279.6 m 379.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 279.6 m 440.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 279.6 m 501.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 279.6 m 562.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 279.6 m 196.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 264.6 m 196.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 279.6 m 257.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 264.6 m 257.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 279.6 m 318.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 264.6 m 318.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 279.6 m 379.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 264.6 m 379.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 279.6 m 440.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 264.6 m 440.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 279.6 m 501.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 264.6 m 501.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 279.6 m 562.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 264.6 m 562.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 264.6 m 196.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 250.60000000000002 m 196.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 248.60000000000002 m 196.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 264.6 m 257.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 250.60000000000002 m 257.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 248.60000000000002 m 257.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 264.6 m 318.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 250.60000000000002 m 318.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 248.60000000000002 m 318.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 264.6 m 379.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 250.60000000000002 m 379.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 248.60000000000002 m 379.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 264.6 m 440.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 250.60000000000002 m 440.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 248.60000000000002 m 440.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 264.6 m 501.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 250.60000000000002 m 501.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 248.60000000000002 m 501.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 264.6 m 562.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 250.60000000000002 m 562.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 248.60000000000002 m 562.5 248.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 693.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.20 693.83 Td (Year Ended December 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.20 701.83 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 693.83 Td (December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 656.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 144.80 656.83 Td (Collections) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 182.57 661.36 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.55 664.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 228.18 664.83 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.00 656.83 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 239.33 661.36 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.80 672.83 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.05 664.83 Td (Recognition) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.70 656.83 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 293.69 661.36 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 680.83 Td (Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.60 672.83 Td (Reversal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.05 664.83 Td (\(Portfolio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.35 656.83 Td (Allowance\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.80 672.83 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.45 664.83 Td (%of) Tj ET Q q 0 0 0 rg BT 411.97 664.83 Td (T) Tj ET Q q 0 0 0 rg BT 416.57 664.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.80 656.83 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.05 664.83 Td (Unamortized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.35 656.83 Td (Balances) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.80 664.83 Td (Monthly) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 656.83 Td (IRR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 643.33 Td (United States:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 629.17 Td (ZBA) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 633.70 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 628.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 628.27 Td (137,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.00 628.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 628.27 Td (130,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 628.27 Td (95.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 628.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 628.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 628.27 Td (6,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 628.27 Td (12.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 628.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 628.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 628.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 628.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.27 Td (2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.15 613.27 Td (2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.65 613.27 Td (748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 613.27 Td (34.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 613.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 613.27 Td (795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 613.27 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 613.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 613.27 Td (941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 613.27 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 613.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 598.27 Td (2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.15 598.27 Td (8,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 598.27 Td (4,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 598.27 Td (49.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 598.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 598.27 Td (2,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 598.27 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 598.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 598.27 Td (3,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 598.27 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 598.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 583.27 Td (2009) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 587.80 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.65 583.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 583.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 583.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 583.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 583.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 583.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 583.27 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 583.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 568.27 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 568.27 Td (10,402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 568.27 Td (7,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 568.27 Td (72.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 568.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 568.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 568.27 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 568.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 568.27 Td (807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 568.27 Td (25.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 568.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.27 Td (2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 553.27 Td (54,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 553.27 Td (35,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 553.27 Td (64.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 553.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 553.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 553.27 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 553.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 553.27 Td (7,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 553.27 Td (17.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 553.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.27 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 538.27 Td (113,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 538.27 Td (72,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 538.27 Td (64.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 538.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 538.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 538.27 Td (7.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 538.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 538.27 Td (38,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 538.27 Td (11.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 538.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.27 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 523.27 Td (196,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 523.27 Td (126,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 523.27 Td (64.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 523.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 523.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 523.27 Td (12.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 523.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 523.27 Td (90,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 523.27 Td (9.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 523.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.27 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 508.27 Td (216,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 508.27 Td (112,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 508.27 Td (52.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 508.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 508.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 508.27 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 508.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 508.27 Td (187,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 508.27 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 508.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 493.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 493.27 Td (231,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 493.27 Td (103,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 493.27 Td (44.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 493.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 493.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 493.27 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 493.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 493.27 Td (313,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 493.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 493.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 478.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 478.27 Td (110,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 478.27 Td (65,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 478.27 Td (59.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 478.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 478.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 478.27 Td (6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 478.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 478.27 Td (515,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 478.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 478.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 464.17 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 463.27 Td (1,081,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 463.27 Td (659,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 463.27 Td (61.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 463.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 463.27 Td (9,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 463.27 Td (64.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 463.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 463.27 Td (1,158,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 463.27 Td (3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 463.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 449.33 Td (Europe:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.17 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 434.27 Td (165,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 434.27 Td (127,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 434.27 Td (77.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 434.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 434.32 Td (\(76,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 434.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 434.27 Td (12.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 434.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 434.27 Td (256,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 434.27 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 434.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 420.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 419.27 Td (156,666) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 419.27 Td (93,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 419.27 Td (59.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 419.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 419.32 Td (\(13,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 419.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 419.27 Td (9.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 419.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 419.27 Td (308,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 419.27 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 419.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 405.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 404.27 Td (127,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 404.27 Td (62,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 404.27 Td (49.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 404.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.80 404.32 Td (\(4,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 404.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 404.27 Td (6.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 404.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 404.27 Td (255,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 404.27 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 404.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 390.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 389.27 Td (44,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 389.27 Td (24,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 389.27 Td (55.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 389.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 389.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 389.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 389.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 389.27 Td (230,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 389.27 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 389.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 375.17 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 374.27 Td (494,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 374.27 Td (308,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 374.27 Td (62.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 374.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 374.32 Td (\(94,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 374.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 374.27 Td (30.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 374.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 374.27 Td (1,050,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 374.27 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 374.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 359.28 Td (Other geographies:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.17 Td (ZBA) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 349.70 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.15 344.27 Td (7,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 344.27 Td (7,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 344.27 Td (98.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 344.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 344.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 344.27 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 344.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 344.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 344.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 329.27 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.15 329.27 Td (1,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 329.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 329.27 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 329.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 329.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 329.27 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 329.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 329.27 Td (1,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 329.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 314.27 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 314.27 Td (17,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 314.27 Td (17,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 314.27 Td (101.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 314.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 314.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 314.27 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 314.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 314.27 Td (56,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 314.27 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 314.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 299.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 299.27 Td (57,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 299.27 Td (27,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 299.27 Td (48.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 299.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 299.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 299.27 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 299.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 299.27 Td (51,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 299.27 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 299.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 284.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 284.27 Td (26,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 284.27 Td (9,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 284.27 Td (36.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 284.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 284.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 284.27 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 284.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 284.27 Td (64,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 284.27 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 284.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 270.17 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 269.27 Td (109,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 269.27 Td (62,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 269.27 Td (56.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 269.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 269.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 269.27 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 269.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 269.27 Td (173,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 269.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 269.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 255.17 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 254.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 254.27 Td (1,685,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.00 254.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.60 254.27 Td (1,030,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 254.27 Td (61.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 254.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 254.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 254.32 Td (\(84,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 254.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 254.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 254.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 254.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 254.27 Td (2,382,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 254.27 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 254.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (_______________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 216.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 216.50 Td (Does not include amounts collected on behalf of others.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 203.90 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 203.90 Td (Gross revenue excludes the ef) Tj ET Q q 0 0 0 rg BT 171.17 203.90 Td (fects of net portfolio allowance or net portfolio allowance reversals.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 191.30 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 191.30 Td (Revenue recognition rate excludes the ef) Tj ET Q q 0 0 0 rg BT 205.59 191.30 Td (fects of net portfolio allowance or net portfolio allowance reversals.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 178.70 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 178.70 Td (ZBA) Tj ET Q q 0 0 0 rg BT 90.91 178.70 Td ( revenue typically has a 100% revenue recognition rate.However) Tj ET Q q 0 0 0 rg BT 299.83 178.70 Td (, collections on ZBA) Tj ET Q q 0 0 0 rg BT 366.05 178.70 Td ( pool groups where a valuation allowance remains must first ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 169.10 Td (be recorded as an allowance reversal until the allowance for that pool group is zero.Once the entire valuation allowance is reversed, the revenue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 159.50 Td (recognition rate will become 100%. ZBA) Tj ET Q q 0 0 0 rg BT 207.31 159.50 Td ( gross revenue includes an immaterial amount of accounts that are returned to the seller in accordance with the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 149.90 Td (respective purchase agreement \(Put-Backs\).) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 137.30 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 137.30 Td (T) Tj ET Q q 0 0 0 rg BT 79.68 137.30 Td (otal collections realized exceed the net book value of the portfolio and have been converted to ZBA.) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (44) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 690.50 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 690.50 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 661.50 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 661.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 631.50 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 631.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 601.50 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 601.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 571.50 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 571.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 571.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 571.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 571.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 571.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 571.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 571.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 541.50 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 541.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 541.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 541.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 541.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 541.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 541.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 541.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 501.50 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 501.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 501.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 501.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 501.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 501.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 501.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 501.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 501.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 501.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 501.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 501.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 501.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 501.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 472.50 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 472.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 472.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 472.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 472.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 472.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 472.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 472.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 472.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 472.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 472.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 472.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 472.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 472.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 442.50 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 442.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 442.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 442.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 442.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 442.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 442.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 442.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 442.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 442.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 442.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 442.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 442.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 442.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 412.50 88.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 412.50 57.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 412.50 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 412.50 57.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 412.50 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 412.50 56.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 412.50 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 412.50 57.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 412.50 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 412.50 57.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 412.50 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 412.50 57.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 412.50 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 412.50 57.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 373.50 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 373.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 373.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 373.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 373.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 373.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 373.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 373.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 373.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 373.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 373.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 373.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 373.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 373.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 343.50 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 343.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 343.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 343.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 343.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 343.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 343.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 343.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 343.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 343.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 343.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 343.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 343.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 343.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 313.50 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 313.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 313.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 313.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 313.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 313.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 313.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 313.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 313.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 313.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 313.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 313.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 313.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 313.50 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 727.5 m 195.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 727.5 m 199.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 727.5 m 256.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 727.5 m 260.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 727.5 m 316.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 727.5 m 320.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 727.5 m 377.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 727.5 m 381.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 727.5 m 438.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 727.5 m 499.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 727.5 m 503.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 727.5 m 560.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 727.5 m 195.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 690.5 m 195.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 727.5 m 199.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 727.5 m 256.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 690.5 m 256.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 727.5 m 260.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 727.5 m 316.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 690.5 m 316.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 690.5 m 377.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 690.5 m 438.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 690.5 m 499.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 690.5 m 560.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 501.5 m 316.5 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 501.5 m 438.5 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 501.5 m 560.5 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 501.5 m 195.5 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 486.5 m 195.5 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 501.5 m 256.5 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 486.5 m 256.5 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 501.5 m 316.5 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 486.5 m 316.5 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 501.5 m 377.5 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 486.5 m 377.5 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 501.5 m 438.5 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 486.5 m 438.5 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 501.5 m 499.5 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 486.5 m 499.5 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 501.5 m 560.5 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 486.5 m 560.5 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 427.5 m 195.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 427.5 m 256.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 427.5 m 316.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 427.5 m 377.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 427.5 m 438.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 427.5 m 499.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 427.5 m 560.5 427.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 412.5 m 195.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 412.5 m 256.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 412.5 m 316.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 412.5 m 377.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 412.5 m 438.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 412.5 m 499.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 412.5 m 560.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 412.5 m 195.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 412.5 m 256.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 412.5 m 316.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 412.5 m 377.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 412.5 m 438.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 412.5 m 499.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 313.5 m 195.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 313.5 m 256.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 313.5 m 316.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 313.5 m 377.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 313.5 m 438.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 313.5 m 499.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 313.5 m 560.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 313.5 m 195.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 298.5 m 195.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 313.5 m 256.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 298.5 m 256.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 313.5 m 316.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 298.5 m 316.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 313.5 m 377.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 298.5 m 377.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 313.5 m 438.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 298.5 m 438.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 313.5 m 499.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 298.5 m 499.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 313.5 m 560.5 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 298.5 m 560.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 298.5 m 195.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 284.5 m 195.5 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 138.5 282.5 m 195.5 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 298.5 m 256.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 284.5 m 256.5 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 282.5 m 256.5 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 298.5 m 316.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 284.5 m 316.5 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 282.5 m 316.5 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 298.5 m 377.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 284.5 m 377.5 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 282.5 m 377.5 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 298.5 m 438.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 284.5 m 438.5 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 282.5 m 438.5 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 298.5 m 499.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 284.5 m 499.5 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 282.5 m 499.5 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 298.5 m 560.5 298.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 284.5 m 560.5 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 282.5 m 560.5 282.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 731.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.70 731.73 Td (Year Ended December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.20 739.73 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.75 731.73 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 694.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 143.80 694.73 Td (Collections) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 181.57 699.26 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.55 702.73 Td (Gr) Tj ET Q q 0 0 0 rg BT 227.18 702.73 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.00 694.73 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 238.33 699.26 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.30 710.73 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.55 702.73 Td (Recognition) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.20 694.73 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 292.19 699.26 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.50 718.73 Td (Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.60 710.73 Td (Reversal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.05 702.73 Td (\(Portfolio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.35 694.73 Td (Allowance\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.80 710.73 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.45 702.73 Td (%of) Tj ET Q q 0 0 0 rg BT 409.97 702.73 Td (T) Tj ET Q q 0 0 0 rg BT 414.57 702.73 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.80 694.73 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.05 702.73 Td (Unamortized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.35 694.73 Td (Balances) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.80 702.73 Td (Monthly) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.15 694.73 Td (IRR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 681.23 Td (United States:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 667.07 Td (ZBA) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 671.60 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 666.17 Td (103,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 666.17 Td (91,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 666.17 Td (88.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 666.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 666.17 Td (11,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 666.17 Td (8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 666.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 666.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 666.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 651.17 Td (2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.15 651.17 Td (3,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 651.17 Td (1,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 651.17 Td (35.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 651.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 651.17 Td (1,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 651.17 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 651.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 651.17 Td (1,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 651.17 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 651.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 636.17 Td (2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.15 636.17 Td (13,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 636.17 Td (8,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 636.17 Td (64.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 636.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 636.17 Td (2,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 636.17 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 636.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 636.17 Td (5,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 636.17 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 636.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 621.17 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.15 621.17 Td (18,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 621.17 Td (10,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 621.17 Td (57.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 621.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 621.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 621.17 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 621.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 621.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 621.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 606.17 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.15 606.17 Td (42,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 606.17 Td (25,629) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 606.17 Td (60.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 606.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 606.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 606.17 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 606.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 606.17 Td (3,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 606.17 Td (21.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 606.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 591.17 Td (2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 591.17 Td (112,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 591.17 Td (85,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 591.17 Td (75.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 591.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 591.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 591.17 Td (8.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 591.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 591.17 Td (27,257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 591.17 Td (18.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 591.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.17 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 576.17 Td (176,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.15 576.17 Td (108,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 576.17 Td (61.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 576.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 576.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 576.17 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 576.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 576.17 Td (79,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 576.17 Td (8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 576.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.17 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 561.17 Td (298,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.15 561.17 Td (176,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 561.17 Td (59.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 561.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 561.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 561.17 Td (16.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 561.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 561.17 Td (161,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 561.17 Td (7.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 561.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 546.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 546.17 Td (307,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.15 546.17 Td (146,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 546.17 Td (47.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 546.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 546.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 546.17 Td (13.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 546.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 546.17 Td (291,402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 546.17 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 546.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 531.17 Td (105,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 531.17 Td (47,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 531.17 Td (44.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 531.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 531.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 531.17 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 531.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 531.17 Td (445,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 531.17 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 531.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 517.07 Td (Impact of CFPB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 507.07 Td (settlement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.65 506.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 506.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 506.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.80 506.22 Td (\(8,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 506.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 506.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 506.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 506.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 492.07 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.60 491.17 Td (1,181,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.15 491.17 Td (702,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 491.17 Td (59.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 491.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 491.17 Td (6,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 491.17 Td (65.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 491.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.60 491.17 Td (1,016,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 491.17 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 491.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 477.23 Td (Europe:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.07 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 462.17 Td (212,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.15 462.17 Td (171,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 462.17 Td (81.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 462.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 462.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 462.17 Td (16.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 462.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 462.17 Td (439,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 462.17 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 462.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 448.07 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 447.17 Td (198,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.15 447.17 Td (122,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 447.17 Td (61.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 447.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 447.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 447.17 Td (11.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 447.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 447.17 Td (444,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 447.17 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 447.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 433.07 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.15 432.17 Td (65,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 432.17 Td (38,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 432.17 Td (57.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 432.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 432.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 432.17 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 432.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 432.17 Td (384,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 432.17 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 432.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 418.07 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 417.17 Td (476,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.15 417.17 Td (332,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 417.17 Td (69.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 417.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 417.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 417.17 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 417.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.60 417.17 Td (1,268,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 417.17 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 417.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 403.18 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 393.18 Td (geographies:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 379.07 Td (ZBA) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 383.60 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.15 378.17 Td (4,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 378.17 Td (4,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 378.17 Td (100.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 378.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 378.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 378.17 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 378.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 378.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 378.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 363.17 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.65 363.17 Td (471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.65 363.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 363.17 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 363.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 363.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 363.17 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 363.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 363.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 363.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 348.17 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.15 348.17 Td (6,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 348.17 Td (319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 348.17 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 348.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 348.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 348.17 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 348.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 348.17 Td (2,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 348.17 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 348.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 333.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.15 333.17 Td (16,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 333.17 Td (19,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 333.17 Td (124.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 333.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 333.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 333.17 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 333.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 333.17 Td (67,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 333.17 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 333.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 318.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.15 318.17 Td (15,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 318.17 Td (5,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 318.17 Td (38.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 318.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 318.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 318.17 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 318.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 318.17 Td (85,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 318.17 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 318.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 304.07 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.15 303.17 Td (42,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.15 303.17 Td (30,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 303.17 Td (71.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 303.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 303.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 303.17 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 303.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 303.17 Td (155,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 303.17 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 303.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 289.07 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.00 288.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.60 288.17 Td (1,700,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 288.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.60 288.17 Td (1,065,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.15 288.17 Td (62.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 288.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 288.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 288.17 Td (6,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 288.17 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 288.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 288.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.60 288.17 Td (2,440,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 288.17 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 288.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.00 Td (_______________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 250.40 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 250.40 Td (Does not include amounts collected on behalf of others.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 237.80 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 237.80 Td (Gross revenue excludes the ef) Tj ET Q q 0 0 0 rg BT 171.17 237.80 Td (fects of net portfolio allowance or net portfolio allowance reversals.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 225.20 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 225.20 Td (Revenue recognition rate excludes the ef) Tj ET Q q 0 0 0 rg BT 205.59 225.20 Td (fects of net portfolio allowance or net portfolio allowance reversals.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 212.60 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 212.60 Td (ZBA) Tj ET Q q 0 0 0 rg BT 90.91 212.60 Td ( revenue typically has a 100% revenue recognition rate.However) Tj ET Q q 0 0 0 rg BT 299.83 212.60 Td (, collections on ZBA) Tj ET Q q 0 0 0 rg BT 366.05 212.60 Td ( pool groups where a valuation allowance remains must first ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 203.00 Td (be recorded as an allowance reversal until the allowance for that pool group is zero.Once the entire valuation allowance is reversed, the revenue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 193.40 Td (recognition rate will become 100%. ZBA) Tj ET Q q 0 0 0 rg BT 207.31 193.40 Td ( gross revenue includes an immaterial amount of accounts that are returned to the seller in accordance with the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 183.80 Td (respective purchase agreement \(Put-Backs\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 150.20 Td (Other revenues were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.23 150.20 Td ($82.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.13 150.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.56 150.20 Td ($57.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.46 150.20 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.81 150.20 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.39 150.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.83 150.20 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.83 150.20 Td (, respectively) Tj ET Q q 0 0 0 rg BT 538.49 150.20 Td (. ) Tj ET Q q 0 0 0 rg BT 543.31 150.20 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.20 Td (increase in other revenues was primarily attributable to fee-based income earned at our international subsidiaries that provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.20 Td (portfolio management services to credit originators for non-performing loans, of) Tj ET Q q 0 0 0 rg BT 371.39 126.20 Td (fset by the negative impact of foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.20 Td (translation. Most of our other revenues are from our international subsidiaries and therefore, other revenues were unfavorably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.20 Td (impacted by the strengthening of the U.S. dollar relative to other foreign currencies during the periods presented.) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Operating Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 721.25 Td (otal operating expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.70 721.25 Td ($787.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.59 721.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 721.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.08 721.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.08 721.25 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.43 721.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.76 721.25 Td ($60.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.66 721.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (7.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.83 709.25 Td (, compared to total operating expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 709.25 Td ($847.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.89 709.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.80 709.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.38 709.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 688.25 Td (Operating expenses are explained in more detail as follows:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 667.25 Td (Salaries and Employee Benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 650.25 Td (Salaries and employee benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.62 650.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.38 650.25 Td (d ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.88 650.25 Td ($18.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.77 650.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.60 650.25 Td (7.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.43 650.25 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.71 650.25 Td ($281.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.60 650.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.51 650.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 638.25 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.94 638.25 Td ($262.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.83 638.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.74 638.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.32 638.25 Td (. ) Tj ET Q q 0 0 0 rg BT 331.14 638.25 Td (The increase was primarily the result of increases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.25 Td (compensation expense of approximately $33.4 million for our international subsidiaries, of) Tj ET Q q 0 0 0 rg BT 413.62 626.25 Td (fset by a decrease of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.74 626.25 Td ($9.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.64 626.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.25 Td (stock-based compensation expense and a net decrease in other salaries and employee benefits in our U.S. operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 593.25 Td (Stock-based compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.42 593.25 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.83 593.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.33 593.25 Td ($9.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.22 593.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.05 593.25 Td (42.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.88 593.25 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.16 593.25 Td ($12.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.05 593.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.96 593.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.55 593.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.94 581.25 Td ($22.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.83 581.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.74 581.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.32 581.25 Td (. ) Tj ET Q q 0 0 0 rg BT 301.14 581.25 Td (The decreases were primarily attributable to expense reversals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.25 Td (resulting from adjustments to estimated vesting of certain performance-based awards and lower fair value of equity awards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.25 Td (granted in recent periods.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 536.25 Td (Cost of Legal Collections) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 519.25 Td (Cost of legal collections includes primarily contingent fees paid to our network of attorneys and the cost of litigation. ) Tj ET Q q 0 0 0 rg BT 545.37 519.25 Td (W) Tj ET Q q 0 0 0 rg BT 554.01 519.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.25 Td (pursue legal collections using a network of attorneys that specialize in collection matters and through our internal legal channel. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.25 Td (Under the agreements with our contracted attorneys, we advance certain out-of-pocket court costs, or Deferred Court Costs. ) Tj ET Q q 0 0 0 rg BT 547.42 495.25 Td (W) Tj ET Q q 0 0 0 rg BT 556.05 495.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.25 Td (capitalize these costs in the consolidated financial statements and provide a reserve for those costs that we believe will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.25 Td (ultimately be uncollectible. ) Tj ET Q q 0 0 0 rg BT 161.45 471.25 Td (W) Tj ET Q q 0 0 0 rg BT 170.09 471.25 Td (e determine the reserve based on an estimated court cost recovery rate based on our analysis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.25 Td (historical court costs recovery data. Based on recent trends of historical court costs recovery data, we noted a decrease in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.25 Td (estimated court cost recovery rate in the United Kingdom. Based on the revised estimated court cost recovery rate, we recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.25 Td (an additional court costs reserve in the cost of legal collections of approximately $1) Tj ET Q q 0 0 0 rg BT 384.25 435.25 Td (1.3 million during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.25 Td (September 30, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 402.25 Td (The cost of legal collections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.24 402.25 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.65 402.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 402.25 Td ($28.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.04 402.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.88 402.25 Td (12.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.71 402.25 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.98 402.25 Td ($200.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.88 402.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.78 402.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 390.25 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.20 390.25 Td ($229.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.09 390.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 390.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.59 390.25 Td (. Cost of legal collections in the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.25 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.41 378.25 Td (d by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.41 378.25 Td ($39.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.31 378.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.14 378.25 Td (19.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.97 378.25 Td (, while cost of legal collections in Europe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.53 378.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.28 378.25 Td (d by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.28 378.25 Td ($8.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.18 378.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.01 378.25 Td (32.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.84 378.25 Td ( as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (compared to the prior year) Tj ET Q q 0 0 0 rg BT 155.51 366.25 Td (. ) Tj ET Q q 0 0 0 rg BT 160.33 366.25 Td (The cost of legal collections as a percentage of gross collections through this channel decreased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (29.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 354.25 Td ( during the year ended December 31, 2016, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.26 354.25 Td (31.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.09 354.25 Td ( during the year ended December 31, 2015. During the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 342.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 342.25 Td (, the cost of legal collections was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.92 342.25 Td (29.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.75 342.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.19 342.25 Td (29.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.02 342.25 Td ( in the United States and Europe, respectively) Tj ET Q q 0 0 0 rg BT 543.10 342.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.25 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.63 330.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.21 330.25 Td (, the cost of legal collections was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.18 330.25 Td (31.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.01 330.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.44 330.25 Td (29.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.27 330.25 Td ( in the United States and Europe, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 318.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 297.25 Td (The decreases in the cost of legal collections and the cost of legal collections as a percentage of gross collections in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.25 Td (United States during the periods presented were due to a reduction in upfront court costs as a result of fewer accounts placed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.25 Td (this channel because of temporary delays in receiving media from issuers required to initiate the legal process for a number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.25 Td (accounts as compared to the corresponding period in the prior year) Tj ET Q q 0 0 0 rg BT 316.58 261.25 Td (. ) Tj ET Q q 0 0 0 rg BT 321.40 261.25 Td (W) Tj ET Q q 0 0 0 rg BT 330.03 261.25 Td (e began to see increased placement volume in the fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.25 Td (quarter of 2016 and expect increased placements in our legal channel thereafter) Tj ET Q q 0 0 0 rg BT 366.80 249.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 228.25 Td (Other Operating Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 211.25 Td (Other operating expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.13 211.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.88 211.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.38 211.25 Td ($7.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.28 211.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.11 211.25 Td (8.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.94 211.25 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.21 211.25 Td ($100.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.11 211.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.02 211.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.60 211.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.94 199.25 Td ($93.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.83 199.25 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.74 199.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.32 199.25 Td (. ) Tj ET Q q 0 0 0 rg BT 301.14 199.25 Td (The increases in other operating expenses was primarily due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (increased costs relating to acquired international subsidiaries of) Tj ET Q q 0 0 0 rg BT 303.90 187.25 Td (fset by lower domestic expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Collection ) Tj ET Q q 0 0 0 rg BT 94.35 166.25 Td (Agency Commissions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 149.25 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 149.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 149.25 Td (, we incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.19 149.25 Td ($36.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.08 149.25 Td ( in commissions to third-party collection agencies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 137.25 Td (18.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.66 137.25 Td ( of the related gross collections of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.67 137.25 Td ($195.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.56 137.25 Td (. During the period, the commission rate as a percentage of related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.25 Td (gross collections was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.49 125.25 Td (9.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.32 125.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.75 125.25 Td (22.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.58 125.25 Td ( for our collection outsourcing channels in the United States and Europe, respectively) Tj ET Q q 0 0 0 rg BT 544.78 125.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.25 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.63 113.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.21 113.25 Td (, we incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.19 113.25 Td ($37.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.08 113.25 Td ( in commissions, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.92 113.25 Td (17.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.75 113.25 Td (, of the related gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.25 Td (collections of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.65 101.25 Td ($220.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.54 101.25 Td (. During 2015, the commission rate as a percentage of related gross collections was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 101.25 Td (14.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.83 101.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.25 Td (18.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 89.25 Td ( for our collection outsourcing channels in the United States and Europe, respectively) Tj ET Q q 0 0 0 rg BT 417.03 89.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 68.25 Td (Collections through this channel vary from period to period depending on, among other things, the number of accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.25 Td (placed with an agency versus accounts collected internally) Tj ET Q q 0 0 0 rg BT 283.42 56.25 Td (. Commissions, as a percentage of collections in this channel, also ) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (vary from period to period depending on, among other things, the amount of time that has passed since the char) Tj ET Q q 0 0 0 rg BT 495.54 742.10 Td (ge-of) Tj ET Q q 0 0 0 rg BT 516.46 742.10 Td (f of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (accounts placed with an agency) Tj ET Q q 0 0 0 rg BT 175.96 730.10 Td (, the asset class, and the geographic location of the receivables. Generally) Tj ET Q q 0 0 0 rg BT 469.64 730.10 Td (, freshly char) Tj ET Q q 0 0 0 rg BT 521.93 730.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 547.85 730.10 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (accounts have a lower commission rate than accounts that have been char) Tj ET Q q 0 0 0 rg BT 343.87 718.10 Td (ged of) Tj ET Q q 0 0 0 rg BT 368.96 718.10 Td (f for a longer period of time. ) Tj ET Q q 0 0 0 rg BT 485.03 718.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 534.93 718.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (commission rates are lower in the United Kingdom, where most of the receivables in this channel are semi-performing loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (and IV) Tj ET Q q 0 0 0 rg BT 76.20 694.10 Td (As, while the commission rates are higher in other European countries where most of the receivables in this channel are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (non-performing loans.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (General and ) Tj ET Q q 0 0 0 rg BT 103.52 661.10 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 644.10 Td (General and administrative expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.39 644.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.80 644.10 Td (d ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.30 644.10 Td ($57.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.20 644.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.03 644.10 Td (30.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.86 644.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.13 644.10 Td ($134.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.03 644.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 632.10 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.52 632.10 Td ($191.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.41 632.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.32 632.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.91 632.10 Td (. ) Tj ET Q q 0 0 0 rg BT 389.73 632.10 Td (The decrease was primarily due to CFPB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (related expenses of approximately $53.7 million recorded during the year ended December 31, 2015 and a reversal of an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (acquisition-related contingent consideration of approximately $8.1 million recorded during the year ended December 31, 2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (Depreciation and ) Tj ET Q q 0 0 0 rg BT 123.52 587.10 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 570.10 Td (Depreciation and amortization expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.82 570.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.58 570.10 Td (d ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.08 570.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.97 570.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.80 570.10 Td (5.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.63 570.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.91 570.10 Td ($34.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.80 570.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 558.10 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.52 558.10 Td ($33.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.41 558.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.32 558.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.91 558.10 Td (. ) Tj ET Q q 0 0 0 rg BT 384.73 558.10 Td (The increase was primarily attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (additional amortization expenses resulting from intangible assets acquired through our recent acquisitions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (Cost per) Tj ET Q q 0 0 0 rg BT 86.20 516.10 Td ( Dollar) Tj ET Q q 0 0 0 rg BT 115.74 516.10 Td ( Collected) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 495.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 495.10 Td (e utilize adjusted operating expenses in order to facilitate a comparison of approximate cash costs to cash collections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.10 Td (for our portfolio purchasing and recovery business. ) Tj ET Q q 0 0 0 rg BT 256.99 483.10 Td (The calculation of adjusted operating expenses is illustrated in detail in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 101.85 471.10 Td ( Disclosure section. ) Tj ET Q q 0 0 0 rg BT 187.20 471.10 Td (The following table summarizes our overall cost per dollar collected by geographic location ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.10 Td (during the periods presented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 409.60 411.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 409.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 409.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 409.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 379.60 411.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 379.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 379.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 379.60 49.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 422.6 m 509.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 422.6 m 509.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 409.6 m 509.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 422.6 m 513.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 422.6 m 562.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 409.6 m 562.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 409.6 m 509.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 409.6 m 562.5 409.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.20 426.83 Td (Year Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.17 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.00 413.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.50 413.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.27 Td ( United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 399.27 Td (40.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 399.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 399.27 Td (42.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 399.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 384.27 Td ( Europe) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 384.27 Td (32.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 384.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 384.27 Td (33.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 384.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.27 Td ( Other geographies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 369.27 Td (44.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 369.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 369.27 Td (32.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 369.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 354.27 Td (Overall cost per dollar collected) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 354.27 Td (38.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 354.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 354.27 Td (39.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 354.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 329.10 Td (Our overall cost per dollar collected \(or cost-to-collect\) for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.13 329.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.72 329.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.27 329.10 Td (38.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.10 329.10 Td (, down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.82 329.10 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.82 329.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.10 Td (basis points from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.39 317.10 Td (39.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.22 317.10 Td ( during the prior period. ) Tj ET Q q 0 0 0 rg BT 245.35 317.10 Td (The decrease in overall cost-to-collect during the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.10 Td (2016 as compared to the prior year) Tj ET Q q 0 0 0 rg BT 188.99 305.10 Td (, was primarily due to improved cost-to-collect in the United States and Europe, of) Tj ET Q q 0 0 0 rg BT 519.56 305.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (higher cost-to-collect in other geographies. ) Tj ET Q q 0 0 0 rg BT 224.20 293.10 Td (T) Tj ET Q q 0 0 0 rg BT 229.61 293.10 Td (o counter higher prices in the United States, we implemented innovative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (consumer) Tj ET Q q 0 0 0 rg BT 88.68 281.10 Td (-centric programs aimed at increasing liquidations. ) Tj ET Q q 0 0 0 rg BT 294.26 281.10 Td (These programs were initiated in the beginning of 2014 and have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (become increasingly successful. ) Tj ET Q q 0 0 0 rg BT 180.51 269.10 Td (As we continue to grow our presence in the Latin ) Tj ET Q q 0 0 0 rg BT 379.90 269.10 Td (American and ) Tj ET Q q 0 0 0 rg BT 438.21 269.10 Td (Australasian markets, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (expect to incur upfront cost in building our collection channels. ) Tj ET Q q 0 0 0 rg BT 305.77 257.10 Td (As a result, cost-to-collect in other geographies may become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (elevated in the near term and may fluctuate over time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 224.10 Td (Over time, we expect our cost-to-collect to remain competitive, but also to fluctuate from quarter to quarter based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (seasonality) Tj ET Q q 0 0 0 rg BT 93.78 212.10 Td (, acquisitions, the cost of investments in new operating initiatives, and the changing regulatory and legislative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (environment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 71.48 170.10 Td (est Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 149.10 Td (Interest expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.19 149.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.95 149.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.45 149.10 Td ($1) Tj ET Q q 0 0 0 rg BT 191.08 149.10 Td (1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.97 149.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.75 149.10 Td ($198.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.64 149.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.55 149.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.13 149.10 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.07 149.10 Td ($186.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 137.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.80 137.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.38 137.10 Td (.) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following table summarizes our interest expense \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 291.43 742.10 Td (in thousands, except per) Tj ET Q q 0 0 0 rg BT 388.26 742.10 Td (centages) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.25 742.10 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 698.60 239.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 698.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 698.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 698.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 698.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 698.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 698.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 698.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.60 239.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 670.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 670.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 670.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 670.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 670.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 670.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 670.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 641.60 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 641.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 641.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 641.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 641.60 66.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 710.6 m 354.5 710.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 710.6 m 358.5 710.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 710.6 m 423.5 710.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 710.6 m 427.5 710.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 710.6 m 492.5 710.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 710.6 m 496.5 710.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 710.6 m 562.5 710.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 710.6 m 354.5 710.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 698.6 m 354.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 710.6 m 358.5 710.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 710.6 m 423.5 710.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 698.6 m 423.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 698.6 m 492.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 698.6 m 562.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 626.6 m 354.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 626.6 m 423.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 626.6 m 492.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 613.6 m 354.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 611.6 m 354.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 613.6 m 423.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 611.6 m 423.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 613.6 m 492.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 611.6 m 492.5 611.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 714.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.20 714.68 Td (Year Ended December31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 702.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.50 702.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.50 702.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.35 702.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.85 702.68 Td (%Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 689.17 Td (Stated interest on debt obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 689.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 689.17 Td (159,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 689.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 689.17 Td (151,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 689.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 689.17 Td (8,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 689.17 Td (5.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 689.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 675.17 Td (Interest expense on preferred equity certificates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 675.17 Td (24,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 675.17 Td (24,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 675.22 Td (\(187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 675.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 675.17 Td (\(0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 675.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.17 Td (Amortization of loan fees and other loan costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 661.17 Td (12,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 661.17 Td (11,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 661.17 Td (826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 661.17 Td (7.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 661.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.17 Td (Amortization of debt discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 646.27 Td (10,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 646.27 Td (9,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 646.27 Td (1,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 646.27 Td (11.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 646.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.17 Td (Accretion of debt premium) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.80 631.32 Td (\(8,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 631.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.80 631.32 Td (\(10,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 631.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 631.27 Td (1,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 631.27 Td (\(16.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 631.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 617.17 Td (Total interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 617.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 617.17 Td (198,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 617.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 617.17 Td (186,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 617.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 617.17 Td (11,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 617.17 Td (6.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 617.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 592.10 Td (The payment of the accumulated interest on the PECs issued in connection with the acquisition of a controlling interest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (Cabot will only be satisfied in connection with the disposition of the noncontrolling interest of J.C. Flowers and management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 559.10 Td (The increase in interest expense was primarily attributable to increased average debt levels in the United States and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (Europe and interest expense recognized by Baycorp, which was acquired in October 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (Other) Tj ET Q q 0 0 0 rg BT 75.37 517.10 Td ( Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 496.10 Td (Other income consists primarily of foreign currency exchange gains or losses, interest income, and gains or losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (recognized on certain transactions outside of our normal course of business. Other income was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.27 484.10 Td ($14.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.17 484.10 Td ( during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 472.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 472.10 Td (, up from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.40 472.10 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.29 472.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.20 472.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.78 472.10 Td (. ) Tj ET Q q 0 0 0 rg BT 418.60 472.10 Td (The increase was primarily due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (net gains recognized on foreign exchange contracts of approximately $8.2 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 439.10 Td (In 2016, Encore and Cabot collectively began entering into currency exchange forward contracts to reduce the ef) Tj ET Q q 0 0 0 rg BT 525.02 439.10 Td (fects of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (currency exchange rate fluctuations between the British Pound and Euro. ) Tj ET Q q 0 0 0 rg BT 344.44 427.10 Td (These derivative contracts generally mature ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (withinone to threemonths and are not designated as hedge instruments for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 439.17 415.10 Td (The gains or losses on these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (derivative contracts are recognized inother income or expense based on the changes in fair value. Before the ef) Tj ET Q q 0 0 0 rg BT 495.45 403.10 Td (fect of income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (tax and noncontrolling interest, the net gain on these derivative contracts recognized in our consolidated statements of income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.05 379.10 Td ($8.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 379.10 Td ( during the year ended December 31, 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 349.10 Td (ovision for) Tj ET Q q 0 0 0 rg BT 105.46 349.10 Td ( Income ) Tj ET Q q 0 0 0 rg BT 141.94 349.10 Td (T) Tj ET Q q 0 0 0 rg BT 147.70 349.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 328.10 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.52 328.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.11 328.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.54 328.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.54 328.10 Td (, we recorded income tax provisions for income from continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.99 316.10 Td ($38.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.88 316.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.32 316.10 Td ($27.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.21 316.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 284.87 316.10 Td (.) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 99.63 742.10 Td (fective tax rates for the respective periods are shown below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 696.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 696.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 696.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 696.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 666.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 666.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 666.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 666.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 636.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 636.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 636.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 636.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 606.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 606.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 606.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 606.60 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 709.6 m 478.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 709.6 m 482.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 709.6 m 562.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 709.6 m 478.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 696.6 m 478.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 709.6 m 482.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 709.6 m 562.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 696.6 m 562.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 591.6 m 478.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 591.6 m 562.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 577.6 m 478.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 575.6 m 478.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 577.6 m 562.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 575.6 m 562.5 575.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 713.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.70 713.83 Td (YearEndedDecember31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 700.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.00 700.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.00 700.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 687.17 Td (Federal provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 686.27 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 686.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 686.27 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 686.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 672.17 Td (State provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 671.27 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 671.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 671.27 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 671.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 656.27 Td (International benefit) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 134.35 660.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.45 656.27 Td (\(3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 656.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 656.27 Td (\(7.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 656.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 641.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 641.27 Td (ax reserves) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 103.11 645.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.45 641.27 Td (\(3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 641.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 641.27 Td (\(2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 641.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.27 Td (Permanent items) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 119.93 630.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 626.27 Td (14.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 626.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 626.27 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 626.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 612.17 Td (Increase \(decrease\) in valuation allowance) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 222.90 616.70 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 611.27 Td (20.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 611.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 611.27 Td (\(5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 611.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 597.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 596.27 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 596.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 596.27 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 596.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 582.17 Td (Effective rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 581.27 Td (66.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 581.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 581.27 Td (27.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 581.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 552.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 552.50 Td (Relates primarily to the lower tax rate on the income attributable to international operations.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 539.90 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 539.90 Td (Represents release of reserves taken for a certain tax position.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 527.30 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 527.30 Td (Represents a provision for nondeductible items, including overall foreign loss in 2016 and a settlement with the CFPB in 2015. ) Tj ET Q q 0 0 0 rg BT 484.03 527.30 Td (The Company incurred ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 517.70 Td (a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 80.90 517.70 Td ($10.0 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 124.01 517.70 Td ( civil monetary penalty related to a settlement with the CFPB during the year ended December 31, 2015, which is not deductible for ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 508.10 Td (income tax purposes.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 495.50 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 495.50 Td (V) Tj ET Q q 0 0 0 rg BT 80.24 495.50 Td (aluation allowance increased in 2016 due to a foreign subsidiary) Tj ET Q q 0 0 0 rg BT 288.40 495.50 Td (s cumulative operating loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 432.50 Td (The ef) Tj ET Q q 0 0 0 rg BT 99.63 432.50 Td (fective tax rate for the year endedDecember 31, 2016increased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.12 432.50 Td (66.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.95 432.50 Td ( as compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.48 432.50 Td (27.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.31 432.50 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.50 Td (December 31, 2015. ) Tj ET Q q 0 0 0 rg BT 133.40 420.50 Td (The increase in ef) Tj ET Q q 0 0 0 rg BT 204.57 420.50 Td (fective tax rate was primarily the result of the recording of a lar) Tj ET Q q 0 0 0 rg BT 458.17 420.50 Td (ge valuation allowance at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.50 Td (one of our foreign subsidiaries, the higher tax provision due to nondeductible items, and proportionately less earnings realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.50 Td (in countries that have lower statutory tax rates than the U.S. federal rate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 375.50 Td (During the year ended December 31, 2016, one of our foreign subsidiaries has incurred a cumulative operating loss. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.50 Td (Management believes that it is more likely than not that the net operating loss carryforwards will not be realized at this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.50 Td (jurisdiction, therefore, we have recorded a valuation allowance against the previously established deferred tax assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 330.50 Td (Our ef) Tj ET Q q 0 0 0 rg BT 99.64 330.50 Td (fective tax rate could fluctuate significantly on a quarterly basis and could be adversely af) Tj ET Q q 0 0 0 rg BT 458.76 330.50 Td (fected to the extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.50 Td (earnings are lower than anticipated in countries that have lower statutory tax rates and higher than anticipated in countries that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.50 Td (have higher statutory tax rates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.50 Td (Y) Tj ET Q q 0 0 0 rg BT 56.11 276.50 Td (ear) Tj ET Q q 0 0 0 rg BT 69.81 276.50 Td ( Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.60 276.50 Td (December) Tj ET Q q 0 0 0 rg BT 145.73 276.50 Td (31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.23 276.50 Td ( Compar) Tj ET Q q 0 0 0 rg BT 221.10 276.50 Td (ed to ) Tj ET Q q 0 0 0 rg BT 244.06 276.50 Td (Y) Tj ET Q q 0 0 0 rg BT 250.17 276.50 Td (ear) Tj ET Q q 0 0 0 rg BT 263.87 276.50 Td ( Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.66 276.50 Td (December) Tj ET Q q 0 0 0 rg BT 339.79 276.50 Td (31, 2014) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.50 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 225.50 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 225.50 Td (otal revenues were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.87 225.50 Td ($1,130.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.26 225.50 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.17 225.50 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.76 225.50 Td (, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.78 225.50 Td ($86.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.67 225.50 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.50 225.50 Td (8.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.33 225.50 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.50 Td (compared to total revenues of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.34 213.50 Td ($1,043.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.73 213.50 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.64 213.50 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.23 213.50 Td (.) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following tables summarize collections, revenue, end of period receivable balance and other related supplemental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (data, by year of purchase from our portfolio purchasing and recovery segment \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 367.94 730.10 Td (in thousands, except per) Tj ET Q q 0 0 0 rg BT 464.77 730.10 Td (centages) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.76 730.10 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.60 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 652.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 652.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 652.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 652.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 652.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 652.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 652.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 623.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 623.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 593.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 593.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 563.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 563.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 533.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 503.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 463.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 463.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 463.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 463.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 463.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 463.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 463.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 463.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 434.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 434.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 434.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 434.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 434.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 434.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 434.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 434.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 404.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 404.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 404.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 404.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 404.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 404.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 404.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 404.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 374.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 374.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 374.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 374.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 374.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 374.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 374.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 374.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 344.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 344.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 344.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 344.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 344.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 344.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 344.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 344.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 314.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 314.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 314.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 314.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 314.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 314.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 314.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 314.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 284.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 284.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 284.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 284.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 284.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 284.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 284.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 284.60 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 689.6 m 196.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 689.6 m 200.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 689.6 m 257.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 689.6 m 261.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 689.6 m 318.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 689.6 m 322.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 689.6 m 379.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 689.6 m 383.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 689.6 m 440.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 689.6 m 501.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 689.6 m 505.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 689.6 m 562.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 689.6 m 196.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 652.6 m 196.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 689.6 m 200.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 689.6 m 257.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 652.6 m 257.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 689.6 m 261.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 689.6 m 318.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 652.6 m 318.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 652.6 m 379.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 652.6 m 440.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 652.6 m 501.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 652.6 m 562.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 463.6 m 318.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 463.6 m 440.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 463.6 m 562.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 463.6 m 196.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 448.6 m 196.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 463.6 m 257.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 448.6 m 257.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 463.6 m 318.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 448.6 m 318.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 463.6 m 379.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 448.6 m 379.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 463.6 m 440.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 448.6 m 440.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 463.6 m 501.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 448.6 m 501.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 463.6 m 562.5 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 448.6 m 562.5 448.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 389.6 m 196.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 389.6 m 257.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 389.6 m 318.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 389.6 m 379.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 389.6 m 440.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 389.6 m 501.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 389.6 m 562.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 374.6 m 196.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 374.6 m 257.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 374.6 m 318.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 374.6 m 379.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 374.6 m 440.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 374.6 m 501.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 374.6 m 562.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 374.6 m 196.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 374.6 m 257.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 374.6 m 318.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 374.6 m 379.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 374.6 m 440.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 374.6 m 501.5 374.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 284.6 m 196.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 284.6 m 257.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 284.6 m 318.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 284.6 m 379.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 284.6 m 440.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 284.6 m 501.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 284.6 m 562.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 284.6 m 196.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 269.6 m 196.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 284.6 m 257.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 269.6 m 257.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 284.6 m 318.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 269.6 m 318.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 284.6 m 379.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 269.6 m 379.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 284.6 m 440.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 269.6 m 440.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 284.6 m 501.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 269.6 m 501.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 284.6 m 562.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 269.6 m 562.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 269.6 m 196.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 255.60000000000002 m 196.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 253.60000000000002 m 196.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 269.6 m 257.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 255.60000000000002 m 257.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 253.60000000000002 m 257.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 269.6 m 318.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 255.60000000000002 m 318.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 253.60000000000002 m 318.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 269.6 m 379.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 255.60000000000002 m 379.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 253.60000000000002 m 379.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 269.6 m 440.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 255.60000000000002 m 440.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 253.60000000000002 m 440.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 269.6 m 501.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 255.60000000000002 m 501.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 253.60000000000002 m 501.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 269.6 m 562.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 255.60000000000002 m 562.5 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 253.60000000000002 m 562.5 253.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 693.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.20 693.83 Td (Year Ended December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.20 701.83 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 693.83 Td (December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 656.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 144.80 656.83 Td (Collections) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 182.57 661.36 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.55 664.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 228.18 664.83 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.00 656.83 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 239.33 661.36 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.80 672.83 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.05 664.83 Td (Recognition) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.70 656.83 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 293.69 661.36 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 680.83 Td (Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.60 672.83 Td (Reversal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.05 664.83 Td (\(Portfolio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.35 656.83 Td (Allowance\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.80 672.83 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.45 664.83 Td (%of) Tj ET Q q 0 0 0 rg BT 411.97 664.83 Td (T) Tj ET Q q 0 0 0 rg BT 416.57 664.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.80 656.83 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.05 664.83 Td (Unamortized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.35 656.83 Td (Balances) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.80 664.83 Td (Monthly) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 656.83 Td (IRR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 643.33 Td (United States:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 629.17 Td (ZBA) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 633.70 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 628.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 628.27 Td (103,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.00 628.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 628.27 Td (91,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 628.27 Td (88.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 628.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 628.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 628.27 Td (11,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 628.27 Td (8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 628.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 628.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 628.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 628.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.27 Td (2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.15 613.27 Td (3,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 613.27 Td (1,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 613.27 Td (35.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 613.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 613.27 Td (1,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 613.27 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 613.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 613.27 Td (1,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 613.27 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 613.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 598.27 Td (2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 598.27 Td (13,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 598.27 Td (8,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 598.27 Td (64.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 598.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 598.27 Td (2,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 598.27 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 598.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 598.27 Td (5,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 598.27 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 598.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 583.27 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 583.27 Td (18,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 583.27 Td (10,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 583.27 Td (57.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 583.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 583.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 583.27 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 583.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 583.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 583.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 568.27 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 568.27 Td (42,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 568.27 Td (25,629) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 568.27 Td (60.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 568.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 568.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 568.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 568.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 568.27 Td (3,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 568.27 Td (21.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 568.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.27 Td (2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 553.27 Td (112,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 553.27 Td (85,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 553.27 Td (75.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 553.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 553.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 553.27 Td (8.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 553.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 553.27 Td (27,257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 553.27 Td (18.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 553.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.27 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 538.27 Td (176,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 538.27 Td (108,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 538.27 Td (61.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 538.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 538.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 538.27 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 538.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 538.27 Td (79,973) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 538.27 Td (8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 538.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.27 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 523.27 Td (298,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 523.27 Td (176,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 523.27 Td (59.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 523.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 523.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 523.27 Td (16.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 523.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 523.27 Td (161,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 523.27 Td (7.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 523.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.27 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 508.27 Td (307,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 508.27 Td (146,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 508.27 Td (47.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 508.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 508.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 508.27 Td (13.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 508.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 508.27 Td (291,402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 508.27 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 508.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 493.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 493.27 Td (105,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 493.27 Td (47,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 493.27 Td (44.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 493.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 493.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 493.27 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 493.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 493.27 Td (445,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 493.27 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 493.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 479.17 Td (Impact of CFPB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 469.17 Td (settlement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.65 468.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 468.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.65 468.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.80 468.32 Td (\(8,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 468.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 468.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 468.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 468.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 454.17 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 453.27 Td (1,181,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 453.27 Td (702,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 453.27 Td (59.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 453.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 453.27 Td (6,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 453.27 Td (65.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 453.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 453.27 Td (1,016,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 453.27 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 453.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 439.33 Td (Europe:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 425.17 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 424.27 Td (212,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 424.27 Td (171,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 424.27 Td (81.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 424.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 424.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 424.27 Td (16.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 424.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 424.27 Td (439,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 424.27 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 424.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 410.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 409.27 Td (198,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 409.27 Td (122,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 409.27 Td (61.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 409.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 409.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 409.27 Td (11.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 409.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 409.27 Td (444,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 409.27 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 409.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 395.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 394.27 Td (65,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 394.27 Td (38,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 394.27 Td (57.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 394.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 394.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 394.27 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 394.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 394.27 Td (384,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 394.27 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 394.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 380.17 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 379.27 Td (476,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 379.27 Td (332,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 379.27 Td (69.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 379.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 379.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 379.27 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 379.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 379.27 Td (1,268,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 379.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 379.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 364.28 Td (Other geographies:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 350.17 Td (ZBA) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 354.70 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.15 349.27 Td (4,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 349.27 Td (4,571) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 349.27 Td (100.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 349.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 349.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 349.27 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 349.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 349.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 349.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 334.27 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.65 334.27 Td (471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 334.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 334.27 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 334.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 334.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 334.27 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 334.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 334.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 334.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 319.27 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.15 319.27 Td (6,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.65 319.27 Td (319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 319.27 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 319.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 319.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 319.27 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 319.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 319.27 Td (2,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 319.27 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 319.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 304.27 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 304.27 Td (16,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 304.27 Td (19,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 304.27 Td (124.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 304.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 304.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 304.27 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 304.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 304.27 Td (67,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 304.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 304.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 289.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 289.27 Td (15,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 289.27 Td (5,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 289.27 Td (38.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 289.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 289.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 289.27 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 289.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 289.27 Td (85,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 289.27 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 289.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 275.17 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 274.27 Td (42,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 274.27 Td (30,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 274.27 Td (71.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 274.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 274.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 274.27 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 274.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 274.27 Td (155,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 274.27 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 274.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 260.17 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 259.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 259.27 Td (1,700,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.00 259.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.60 259.27 Td (1,065,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 259.27 Td (62.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 259.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 259.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 259.27 Td (6,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 259.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 259.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 259.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 259.27 Td (2,440,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 259.27 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 259.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.10 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 230.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 230.50 Td (Does not include amounts collected on behalf of others.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 217.90 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 217.90 Td (Gross revenue excludes the ef) Tj ET Q q 0 0 0 rg BT 171.17 217.90 Td (fects of net portfolio allowance or net portfolio allowance reversals.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 205.30 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 205.30 Td (Revenue recognition rate excludes the ef) Tj ET Q q 0 0 0 rg BT 205.59 205.30 Td (fects of net portfolio allowance or net portfolio allowance reversals.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 192.70 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 192.70 Td (ZBA) Tj ET Q q 0 0 0 rg BT 90.91 192.70 Td ( revenue typically has a 100% revenue recognition rate.However) Tj ET Q q 0 0 0 rg BT 299.83 192.70 Td (, collections on ZBA) Tj ET Q q 0 0 0 rg BT 366.05 192.70 Td ( pool groups where a valuation allowance remains must first ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 183.10 Td (be recorded as an allowance reversal until the allowance for that pool group is zero.Once the entire valuation allowance is reversed, the revenue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 173.50 Td (recognition rate will become 100%. ZBA) Tj ET Q q 0 0 0 rg BT 207.31 173.50 Td ( gross revenue includes an immaterial amount of Put-Backs.) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (50) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 690.50 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 690.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 690.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 661.50 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 661.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 661.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 631.50 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 631.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 631.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 601.50 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 601.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 601.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 571.50 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 571.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 571.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 571.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 571.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 571.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 571.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 571.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 541.50 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 541.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 541.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 541.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 541.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 541.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 541.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 541.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 511.50 89.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 511.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 511.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 511.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 511.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 511.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 511.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 511.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 511.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 511.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 511.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 511.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 511.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 511.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 482.50 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 482.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 482.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 482.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 482.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 482.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 482.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 482.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 482.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 482.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 482.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 482.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 482.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 482.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.50 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 452.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 452.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 452.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 452.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 452.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 452.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 452.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 452.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 452.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 452.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 452.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 452.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 452.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 422.50 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 422.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 422.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 422.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 422.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 422.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 422.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 422.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 422.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 422.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 422.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 422.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 422.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 422.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 392.50 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 392.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 196.50 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 392.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 392.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 392.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 392.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 392.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 392.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 392.50 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 727.5 m 196.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 727.5 m 200.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 727.5 m 257.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 727.5 m 261.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 727.5 m 318.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 727.5 m 322.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 727.5 m 379.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 727.5 m 383.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 727.5 m 440.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 727.5 m 501.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 727.5 m 505.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 727.5 m 562.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 727.5 m 196.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 690.5 m 196.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 727.5 m 200.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 727.5 m 257.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 690.5 m 257.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 727.5 m 261.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 727.5 m 318.5 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 690.5 m 318.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 690.5 m 379.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 690.5 m 440.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 690.5 m 501.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 690.5 m 562.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 526.5 m 196.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 526.5 m 257.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 526.5 m 318.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 526.5 m 379.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 526.5 m 440.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 526.5 m 501.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 526.5 m 562.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 526.5 m 196.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 511.5 m 196.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 526.5 m 257.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 511.5 m 257.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 526.5 m 318.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 511.5 m 318.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 526.5 m 379.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 511.5 m 379.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 526.5 m 440.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 511.5 m 440.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 526.5 m 501.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 511.5 m 501.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 526.5 m 562.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 511.5 m 562.5 511.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 467.5 m 196.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 467.5 m 257.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 467.5 m 318.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 467.5 m 379.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 467.5 m 440.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 467.5 m 501.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 467.5 m 562.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 452.5 m 196.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 452.5 m 257.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 452.5 m 318.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 452.5 m 379.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 452.5 m 440.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 452.5 m 501.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 452.5 m 562.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 452.5 m 196.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 452.5 m 257.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 452.5 m 318.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 452.5 m 379.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 452.5 m 440.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 452.5 m 501.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 452.5 m 562.5 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 392.5 m 196.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 392.5 m 257.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 392.5 m 318.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 392.5 m 379.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 392.5 m 440.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 392.5 m 501.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 392.5 m 562.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 392.5 m 196.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 377.5 m 196.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 392.5 m 257.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 377.5 m 257.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 392.5 m 318.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 377.5 m 318.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 392.5 m 379.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 377.5 m 379.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 392.5 m 440.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 377.5 m 440.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 392.5 m 501.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 377.5 m 501.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 392.5 m 562.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 377.5 m 562.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 377.5 m 196.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 363.5 m 196.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 361.5 m 196.5 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 377.5 m 257.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 363.5 m 257.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 361.5 m 257.5 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 377.5 m 318.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 363.5 m 318.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 361.5 m 318.5 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 377.5 m 379.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 363.5 m 379.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 361.5 m 379.5 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 377.5 m 440.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 363.5 m 440.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 361.5 m 440.5 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 377.5 m 501.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 363.5 m 501.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 361.5 m 501.5 361.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 377.5 m 562.5 377.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 363.5 m 562.5 363.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 361.5 m 562.5 361.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 731.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.20 731.73 Td (Year Ended December 31, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.20 739.73 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 731.73 Td (December 31, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 694.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 144.80 694.73 Td (Collections) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 182.57 699.26 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.55 702.73 Td (Gr) Tj ET Q q 0 0 0 rg BT 228.18 702.73 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.00 694.73 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 239.33 699.26 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.80 710.73 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.05 702.73 Td (Recognition) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.70 694.73 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 293.69 699.26 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 718.73 Td (Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.35 710.73 Td (Portfolio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.70 702.73 Td (Allowance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.60 694.73 Td (Reversal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.80 710.73 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.45 702.73 Td (%of) Tj ET Q q 0 0 0 rg BT 411.97 702.73 Td (T) Tj ET Q q 0 0 0 rg BT 416.57 702.73 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.80 694.73 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.05 702.73 Td (Unamortized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.35 694.73 Td (Balances) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.80 702.73 Td (Monthly) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 694.73 Td (IRR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 681.23 Td (United States:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 667.07 Td (ZBA) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 671.60 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 666.17 Td (34,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 666.17 Td (22,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 666.17 Td (64.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 666.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 666.17 Td (12,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 666.17 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 666.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 666.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 666.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 666.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 651.17 Td (2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.15 651.17 Td (3,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.65 651.17 Td (601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 651.17 Td (19.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 651.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 651.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 651.17 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 651.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 651.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 651.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 636.17 Td (2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.15 636.17 Td (7,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 636.17 Td (3,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 636.17 Td (41.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 636.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 636.17 Td (1,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 636.17 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 636.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 636.17 Td (2,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 636.17 Td (4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 636.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 621.17 Td (2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 621.17 Td (27,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 621.17 Td (14,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 621.17 Td (53.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 621.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 621.17 Td (3,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 621.17 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 621.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 621.17 Td (8,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 621.17 Td (8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 621.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 606.17 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 606.17 Td (52,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 606.17 Td (39,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 606.17 Td (75.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 606.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 606.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 606.17 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 606.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 606.17 Td (7,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 606.17 Td (25.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 606.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 591.17 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 591.17 Td (111,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 591.17 Td (82,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 591.17 Td (74.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 591.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 591.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 591.17 Td (8.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 591.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 591.17 Td (21,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 591.17 Td (22.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 591.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.17 Td (2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 576.17 Td (154,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 576.17 Td (108,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 576.17 Td (69.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 576.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 576.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 576.17 Td (11.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 576.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 576.17 Td (55,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 576.17 Td (13.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 576.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.17 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 561.17 Td (259,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 561.17 Td (137,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 561.17 Td (53.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 561.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 561.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 561.17 Td (14.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 561.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 561.17 Td (150,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 561.17 Td (6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 561.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 546.17 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 546.17 Td (397,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 546.17 Td (220,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 546.17 Td (55.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 546.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 546.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 546.17 Td (22.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 546.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 546.17 Td (284,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 546.17 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 546.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 531.17 Td (143,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 531.17 Td (79,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 531.17 Td (55.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 531.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 531.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 531.17 Td (8.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 531.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 531.17 Td (456,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 531.17 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 531.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 517.07 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 516.17 Td (1,192,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 516.17 Td (708,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 516.17 Td (59.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 516.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 516.17 Td (17,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 516.17 Td (72.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 516.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 516.17 Td (988,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 516.17 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 516.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 502.23 Td (Europe:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.07 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 487.17 Td (249,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 487.17 Td (160,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 487.17 Td (64.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 487.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 487.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 487.17 Td (16.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 487.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 487.17 Td (505,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 487.17 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 487.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 473.07 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 472.17 Td (135,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 472.17 Td (101,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 472.17 Td (74.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 472.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 472.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 472.17 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 472.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 472.17 Td (555,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 472.17 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 472.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 458.07 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.15 457.17 Td (384,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 457.17 Td (261,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 457.17 Td (67.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 457.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 457.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 457.17 Td (26.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 457.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 457.17 Td (1,060,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 457.17 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 457.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 443.23 Td (Other geographies:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.17 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.15 427.17 Td (2,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 427.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 427.17 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 427.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 427.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 427.17 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 427.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 427.17 Td (505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 427.17 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 427.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 412.17 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 412.17 Td (17,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 412.17 Td (3,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 412.17 Td (17.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 412.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 412.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 412.17 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 412.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 412.17 Td (10,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 412.17 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 412.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 397.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.15 397.17 Td (9,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 397.17 Td (2,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 397.17 Td (21.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 397.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 397.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 397.17 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 397.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 397.17 Td (83,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 397.17 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 397.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 383.07 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 382.17 Td (29,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 382.17 Td (5,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 382.17 Td (17.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 382.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 382.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 382.17 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 382.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 382.17 Td (94,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 382.17 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 382.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 368.07 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 367.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 367.17 Td (1,607,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.00 367.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 367.17 Td (975,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 367.17 Td (60.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 367.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 367.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 367.17 Td (17,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 367.17 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 367.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 367.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 367.17 Td (2,143,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 367.17 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 367.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.00 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 338.40 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 338.40 Td (Does not include amounts collected on behalf of others.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 325.80 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 325.80 Td (Gross revenue excludes the ef) Tj ET Q q 0 0 0 rg BT 171.17 325.80 Td (fects of net portfolio allowance or net portfolio allowance reversals.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 313.20 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 313.20 Td (Revenue recognition rate excludes the ef) Tj ET Q q 0 0 0 rg BT 205.59 313.20 Td (fects of net portfolio allowance or net portfolio allowance reversals.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 300.60 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 300.60 Td (ZBA) Tj ET Q q 0 0 0 rg BT 90.91 300.60 Td ( revenue typically has a 100% revenue recognition rate.However) Tj ET Q q 0 0 0 rg BT 299.83 300.60 Td (, collections on ZBA) Tj ET Q q 0 0 0 rg BT 366.05 300.60 Td ( pool groups where a valuation allowance remains must first ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 291.00 Td (be recorded as an allowance reversal until the allowance for that pool group is zero.Once the entire valuation allowance is reversed, the revenue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 281.40 Td (recognition rate will become 100%. ZBA) Tj ET Q q 0 0 0 rg BT 207.31 281.40 Td ( gross revenue includes an immaterial amount of Put-Backs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 260.40 Td (Portfolio revenue from our portfolio purchasing and recovery segment was $1.1 billion during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.40 Td (December31, 2015, an increase of $79.6 million, or 8.0%, compared to revenue of $992.8 million during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.40 Td (December31, 2014. ) Tj ET Q q 0 0 0 rg BT 133.40 236.40 Td (The increase in portfolio revenue during the year ended December31, 2015 compared to 2014 was due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.40 Td (additional accretion revenue associated with a higher portfolio balance, primarily associated with portfolios acquired through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.40 Td (our increased level of mer) Tj ET Q q 0 0 0 rg BT 154.21 212.40 Td (ger and acquisition related activities and increases in yields on certain pool groups due to over) Tj ET Q q 0 0 0 rg BT 530.84 212.40 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.40 Td (performance, of) Tj ET Q q 0 0 0 rg BT 113.67 200.40 Td (fset by lower yields on recently formed pool groups. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 179.40 Td (During the year ended December31, 2015, we recorded a net portfolio allowance reversal of $6.8 million, compared to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.40 Td (net portfolio allowance reversal of $17.4 million during the year ended December31, 2014. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.40 Td (December31, 2015, we recorded a portfolio allowance char) Tj ET Q q 0 0 0 rg BT 289.71 155.40 Td (ge of $8.3 million as a result of a reduction in forecasted cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.40 Td (in certain pool groups related to the settlement we entered into with the CFPB in September 2015. Excluding this allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.40 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 131.40 Td (ge, we recorded portfolio allowance reversals of $15.1 million and $17.4 million during the years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.40 Td (2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 162.10 119.40 Td (. ) Tj ET Q q 0 0 0 rg BT 166.92 119.40 Td (The recording of allowance reversals during the years ended December31, 2015 and 2014 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.40 Td (primarily due to operational improvements that allowed us to assist our customers to repay their obligations and increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.40 Td (collections on our ZBA) Tj ET Q q 0 0 0 rg BT 143.60 95.40 Td ( portfolios. ) Tj ET Q q 0 0 0 rg BT 189.43 95.40 Td (Additionally) Tj ET Q q 0 0 0 rg BT 239.34 95.40 Td (, our refined valuation methodologies have limited the amount of valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.40 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 83.40 Td (ges necessary during recent periods.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 62.40 Td (Other revenues were $57.5 million and $50.6 million for the years ended December31, 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 538.49 62.40 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.40 Td (Other revenues primarily represent fee-based income earned on accounts collected on behalf of others, primarily credit ) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (originators. ) Tj ET Q q 0 0 0 rg BT 98.14 742.10 Td (The increase in other revenues was primarily attributable to fee-based income earned at our recently acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (subsidiaries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 700.10 Td (Operating Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 679.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 679.10 Td (otal operating expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.70 679.10 Td ($847.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.59 679.10 Td ( during the year ended December31, 2015, an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.10 679.10 Td ($1) Tj ET Q q 0 0 0 rg BT 499.73 679.10 Td (12.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.62 679.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 667.10 Td (15.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 667.10 Td (, compared to total operating expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 667.10 Td ($735.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.89 667.10 Td ( during the year ended December31, 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 646.10 Td (Excluding the CFPB settlement related char) Tj ET Q q 0 0 0 rg BT 249.61 646.10 Td (ges of $54.7 million, operating expenses increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.28 646.10 Td ($58.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.17 646.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 646.10 Td (7.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.83 646.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td ($793.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 634.10 Td ( during the year ended December31, 2015, as compared to the prior year) Tj ET Q q 0 0 0 rg BT 400.73 634.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 613.10 Td (Operating expenses are explained in more detail as follows:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (Salaries and Employee Benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 575.10 Td (Salaries and employee benefits increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.88 575.10 Td ($23.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.77 575.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.60 575.10 Td (9.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.43 575.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.71 575.10 Td ($262.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.60 575.10 Td ( during the year ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (2015, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.94 563.10 Td ($238.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.83 563.10 Td ( during the year ended December31, 2014. ) Tj ET Q q 0 0 0 rg BT 331.14 563.10 Td (The increase was primarily the result of increases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (headcount as a result of our recent mer) Tj ET Q q 0 0 0 rg BT 205.03 551.10 Td (gers and acquisitions and increases in headcount and related compensation expense to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (support our growth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 518.10 Td (Stock-based compensation increased $4.8 million, or 28.1%, to $22.0 million during the year ended December31, 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (from $17.2 million during the year ended December31, 2014. ) Tj ET Q q 0 0 0 rg BT 301.14 506.10 Td (This increase was primarily attributable to an increase in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (number of shares granted and the higher fair value of equity awards granted in recent periods.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (Cost of Legal Collections) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 456.10 Td (The cost of legal collections increased $24.1 million, or 1) Tj ET Q q 0 0 0 rg BT 303.84 456.10 Td (1.8%, to $229.8 million during the year ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (2015, compared to $205.7 million during the year ended December31, 2014. ) Tj ET Q q 0 0 0 rg BT 361.41 444.10 Td (The increase reflects an increase in gross legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (collections, which were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.19 432.10 Td ($726.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.08 432.10 Td ( during the year ended December31, 2015, up from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.01 432.10 Td ($652.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.90 432.10 Td ( during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (ended December31, 2014. ) Tj ET Q q 0 0 0 rg BT 159.78 420.10 Td (The cost of legal collections remained stable as a percentage of gross collections through this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (channel at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.31 408.10 Td (31.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.14 408.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.58 408.10 Td (31.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.41 408.10 Td ( during the years ended December 31, 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 430.89 408.10 Td (. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (December31, 2015, the cost of legal collections was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.54 396.10 Td (31.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.38 396.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.81 396.10 Td (29.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.64 396.10 Td ( in the United States and Europe, respectively) Tj ET Q q 0 0 0 rg BT 516.72 396.10 Td (. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (the year ended December31, 2014, the cost of legal collections was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.35 384.10 Td (31.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.18 384.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.61 384.10 Td (32.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.44 384.10 Td ( in the United States and Europe, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 372.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (Other Operating Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 334.10 Td (Other operating expenses increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.38 334.10 Td ($3.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.28 334.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.11 334.10 Td (3.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.94 334.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.21 334.10 Td ($93.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.11 334.10 Td ( during the year ended December31, 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.94 322.10 Td ($89.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.83 322.10 Td ( during the year ended December31, 2014. ) Tj ET Q q 0 0 0 rg BT 301.14 322.10 Td (The increases in other operating expenses were primarily the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (result of additional other operating expenses at our recently acquired subsidiaries.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (Collection ) Tj ET Q q 0 0 0 rg BT 94.35 289.10 Td (Agency Commissions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 272.10 Td (During the year ended December31, 2015, we incurred $37.9 million in commissions to third party collection agencies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (or 17.2% of the related gross collections of $220.2 million. During the period, the commission rate as a percentage of related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (gross collections was 14.4% and 18.5% for our collection outsourcing channels in the United States and Europe, respectively) Tj ET Q q 0 0 0 rg BT 549.78 248.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (During the year ended December31, 2014, we incurred $33.3 million in commissions, or 16.6%, of the related gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (collections of $200.3 million. During 2014, the commission rate as a percentage of related gross collections was 16.2% and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (16.9% for our collection outsourcing channels in the United States and Europe, respectively) Tj ET Q q 0 0 0 rg BT 417.03 212.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 191.10 Td (Collections through this channel vary from period to period depending on, among other things, the number of accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (placed with an agency versus the number of accounts collected internally) Tj ET Q q 0 0 0 rg BT 342.02 179.10 Td (. Commissions, as a percentage of collections in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (channel, also vary from period to period depending on, among other things, the amount of time that has passed since the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 155.10 Td (ge-of) Tj ET Q q 0 0 0 rg BT 87.94 155.10 Td (f of the accounts placed with an agency) Tj ET Q q 0 0 0 rg BT 245.28 155.10 Td (, the asset class, and the geographic location of the receivables. Generally) Tj ET Q q 0 0 0 rg BT 538.96 155.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (freshly char) Tj ET Q q 0 0 0 rg BT 97.29 143.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 123.21 143.10 Td (f accounts have a lower commission rate than accounts that have been char) Tj ET Q q 0 0 0 rg BT 422.91 143.10 Td (ged of) Tj ET Q q 0 0 0 rg BT 448.00 143.10 Td (f for a longer period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 72.22 131.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 122.12 131.10 Td (, commission rates are lower in the United Kingdom, where most of the receivables in this channel are semi-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (performing loans and IV) Tj ET Q q 0 0 0 rg BT 147.29 119.10 Td (As, and higher in other European countries where most of the receivables in this channel are non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (performing loans.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (General and ) Tj ET Q q 0 0 0 rg BT 103.52 86.10 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 69.10 Td (General and administrative expenses increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.64 69.10 Td ($51.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.54 69.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.37 69.10 Td (36.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.20 69.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.47 69.10 Td ($191.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.37 69.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.10 Td (December31, 2015, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.52 57.10 Td ($140.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.41 57.10 Td ( during the year ended December31, 2014. ) Tj ET Q q 0 0 0 rg BT 389.73 57.10 Td (The increase was primarily due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.10 Td (recording of CFPB settlement fees and related administrative expenses of $53.7 million during the year ended December 31, ) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (2015 and increased general and administrative expenses due to our growth in 2015 as compared to 2014, of) Tj ET Q q 0 0 0 rg BT 479.70 742.10 Td (fset by lower rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (expense during the year ended December 31, 2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (Depreciation and ) Tj ET Q q 0 0 0 rg BT 123.52 709.10 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 692.10 Td (Depreciation and amortization expense increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.08 692.10 Td ($6.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.97 692.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.80 692.10 Td (22.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.63 692.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.91 692.10 Td ($33.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.80 692.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (December31, 2015, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.52 680.10 Td ($27.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.41 680.10 Td ( during the year ended December31, 2014. ) Tj ET Q q 0 0 0 rg BT 384.73 680.10 Td (The increase during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (December31, 2015 was primarily related to increased depreciation expense resulting from the acquisition of fixed assets in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (current and prior years and additional depreciation and amortization expenses resulting from fixed assets and intangible assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (acquired through our acquisitions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (Cost per) Tj ET Q q 0 0 0 rg BT 86.20 614.10 Td ( Dollar) Tj ET Q q 0 0 0 rg BT 115.74 614.10 Td ( Collected) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 593.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 593.10 Td (e utilize adjusted operating expenses in order to facilitate a comparison of approximate cash costs to cash collections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (for our portfolio purchasing and recovery business. ) Tj ET Q q 0 0 0 rg BT 256.99 581.10 Td (The calculation of adjusted operating expenses is illustrated in detail in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 101.85 569.10 Td ( Disclosure section. ) Tj ET Q q 0 0 0 rg BT 187.20 569.10 Td (The following table summarizes our overall cost per dollar collected by geographic location ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (during the periods presented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 507.60 411.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 507.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 507.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 507.60 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 477.60 411.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 477.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 477.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 477.60 49.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 520.6 m 509.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 520.6 m 509.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 507.6 m 509.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 520.6 m 513.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 520.6 m 562.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 507.6 m 562.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 507.6 m 509.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 507.6 m 562.5 507.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 525.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.20 524.83 Td (Year Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 511.17 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.00 511.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.50 511.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 497.27 Td ( United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 497.27 Td (42.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 497.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 497.27 Td (41.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 497.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.27 Td ( Europe) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 482.27 Td (33.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 482.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 482.27 Td (29.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 482.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 467.27 Td ( Other geographies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 467.27 Td (32.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 467.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 467.27 Td (30.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 467.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 452.27 Td (Overall cost per dollar collected) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 452.27 Td (39.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 452.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 452.27 Td (38.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 452.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 427.10 Td (Our overall cost-to-collect for the year ended December31, 2015 was 39.2%, up 60 basis points from 38.6% during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (prior period. Cabot) Tj ET Q q 0 0 0 rg BT 129.15 415.10 Td (s cost-to-collect continues to trend lower than our overall cost-to-collect because its portfolio includes many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (consumers who are already on payment plans and historically involves little litigation. ) Tj ET Q q 0 0 0 rg BT 396.87 403.10 Td (As more of Cabot) Tj ET Q q 0 0 0 rg BT 471.02 403.10 Td (s accounts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (serviced through its legal channel, we expect to see incremental net collections and a higher overall cost to collect. ) Tj ET Q q 0 0 0 rg BT 510.11 391.10 Td (As we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (continue to grow our presence in the Latin ) Tj ET Q q 0 0 0 rg BT 221.62 379.10 Td (American market, we expect to incur upfront cost in building our collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (channels. ) Tj ET Q q 0 0 0 rg BT 89.43 367.10 Td (As a result, cost-to-collect in this region may become elevated in the near term and may fluctuate over time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 346.10 Td (Over time, we expect our cost-to-collect to remain competitive, but also to fluctuate from quarter to quarter based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (seasonality) Tj ET Q q 0 0 0 rg BT 93.78 334.10 Td (, acquisitions, the cost of investments in new operating initiatives, and the changing regulatory and legislative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (environment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 71.48 292.10 Td (est Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 271.10 Td (Interest expense increased $19.6 million to $186.6 million during the year ended December31, 2015, from $166.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (million during the year ended December31, 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 238.10 Td (The following table summarizes our interest expense \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 291.43 238.10 Td (in thousands, except per) Tj ET Q q 0 0 0 rg BT 388.26 238.10 Td (centages) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.25 238.10 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 194.60 239.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 194.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 194.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 194.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 194.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 194.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 194.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 194.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 166.60 239.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 166.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 166.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 166.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 166.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 166.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 166.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 166.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 137.60 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 137.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 137.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 137.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 137.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 137.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 137.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 137.60 66.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 206.60000000000002 m 354.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 206.60000000000002 m 358.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 206.60000000000002 m 423.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 206.60000000000002 m 427.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 206.60000000000002 m 492.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 206.60000000000002 m 496.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 206.60000000000002 m 562.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 206.60000000000002 m 354.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 194.60000000000002 m 354.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 206.60000000000002 m 358.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 206.60000000000002 m 423.5 206.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 194.60000000000002 m 423.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 194.60000000000002 m 492.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 194.60000000000002 m 562.5 194.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 122.60000000000002 m 354.5 122.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 122.60000000000002 m 423.5 122.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 122.60000000000002 m 492.5 122.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 109.60000000000002 m 354.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 107.60000000000002 m 354.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 109.60000000000002 m 423.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 107.60000000000002 m 423.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 109.60000000000002 m 492.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 107.60000000000002 m 492.5 107.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 210.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.20 210.68 Td (Year Ended December31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 198.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.50 198.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.50 198.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.35 198.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.85 198.68 Td (%Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 185.17 Td (Stated interest on debt obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 185.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 185.17 Td (151,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 185.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 185.17 Td (137,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 185.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 185.17 Td (14,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 185.17 Td (10.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 185.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 171.17 Td (Interest expense on preferred equity certificates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 171.17 Td (24,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 171.17 Td (22,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 171.17 Td (2,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 171.17 Td (9.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 171.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 157.17 Td (Amortization of loan fees and other loan costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 157.17 Td (11,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 157.17 Td (9,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 157.17 Td (2,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 157.17 Td (30.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 157.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 143.17 Td (Amortization of debt discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 142.27 Td (9,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 142.27 Td (8,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 142.27 Td (987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 142.27 Td (11.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 142.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 128.17 Td (Accretion of debt premium) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.80 127.32 Td (\(10,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 127.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.80 127.32 Td (\(10,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 127.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 127.32 Td (\(513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 127.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 127.27 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 127.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 113.17 Td (Total interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 113.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 113.17 Td (186,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 113.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 113.17 Td (166,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 113.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 113.17 Td (19,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 113.17 Td (11.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 113.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 88.10 Td (The payment of the accumulated interest on the PECs issued in connection with the acquisition of a controlling interest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (Cabot will only be satisfied in connection with the disposition of the noncontrolling interest of J.C. Flowers and management.) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The increase in interest expense was primarily attributable to increased debt levels in the United States and in Europe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (related to additional borrowings to finance recent acquisitions and portfolio purchases.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 700.10 Td (Other) Tj ET Q q 0 0 0 rg BT 75.37 700.10 Td ( Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 679.10 Td (Other income consists primarily of foreign currency exchange gains or losses and interest income. Other income was $2.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 667.10 Td (million during the year ended December31, 2015, up from $0.1 million during the year ended December31, 2014. ) Tj ET Q q 0 0 0 rg BT 513.03 667.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 655.10 Td (increase of other income was primarily attributable to a $1.4 million net change in recognized foreign currency gains and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 78.71 643.10 Td (W) Tj ET Q q 0 0 0 rg BT 87.35 643.10 Td (e recognized a net foreign currency exchange gain of $0.3 million during the year ended December 31, 2105 and a net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.10 Td (foreign currency exchange loss of $1.1 million during the year ended December 31, 2014. ) Tj ET Q q 0 0 0 rg BT 412.20 631.10 Td (The increase in other income was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (also a result of an increase in interest income of $0.8 million during the year ended December 31, 2015 as compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (prior year) Tj ET Q q 0 0 0 rg BT 88.59 607.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 577.10 Td (ovision for) Tj ET Q q 0 0 0 rg BT 105.46 577.10 Td ( Income ) Tj ET Q q 0 0 0 rg BT 141.94 577.10 Td (T) Tj ET Q q 0 0 0 rg BT 147.70 577.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 556.10 Td (During the years ended December31, 2015 and 2014, we recorded income tax provisions for income from continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.99 544.10 Td ($27.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.88 544.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.32 544.10 Td ($48.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.21 544.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 284.87 544.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 523.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 99.63 523.10 Td (fective tax rates for the respective periods are shown below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 477.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 477.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 477.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 477.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 447.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 447.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 447.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 447.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 417.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 417.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 417.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 417.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 387.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 387.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 387.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 387.60 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 490.6 m 478.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 490.6 m 482.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 490.6 m 562.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 490.6 m 478.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 477.6 m 478.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 490.6 m 482.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 490.6 m 562.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 477.6 m 562.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 372.6 m 478.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 372.6 m 562.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 358.6 m 478.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 356.6 m 478.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 358.6 m 562.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 356.6 m 562.5 356.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 494.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.70 494.83 Td (YearEndedDecember31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 481.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.00 481.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.00 481.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 468.17 Td (Federal provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 467.27 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 467.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 467.27 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 467.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 453.17 Td (State provision) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 113.27 457.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 452.27 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 452.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 452.27 Td (5.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 452.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 437.27 Td (International benefit) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 134.35 441.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.45 437.27 Td (\(7.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 437.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 437.27 Td (\(3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 437.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 422.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 422.27 Td (ax reserves) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 103.11 426.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.45 422.27 Td (\(2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 422.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 422.27 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 422.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 407.27 Td (Permanent items) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 119.93 411.80 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 407.27 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 407.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 407.27 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 407.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 393.17 Td (Release of valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.45 392.27 Td (\(5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 392.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 392.27 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 392.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 378.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 75.77 382.70 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 377.27 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 377.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 377.27 Td (\(6.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 377.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 363.17 Td (Effective rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 362.27 Td (27.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 362.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 362.27 Td (34.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 362.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 333.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 333.50 Td (Primarily relates to a beneficial settlement with a state tax authority) Tj ET Q q 0 0 0 rg BT 291.20 333.50 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 320.90 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 320.90 Td (Relates primarily to the lower tax rate on the income attributable to international operations.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 308.30 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 308.30 Td (Represents a release of reserves for a certain tax position.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 295.70 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 295.70 Td (Represents a provision for nondeductible items, including a settlement with the CFPB in 2015.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 283.10 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 283.10 Td (Includes the ef) Tj ET Q q 0 0 0 rg BT 122.30 283.10 Td (fect of discrete items, primarily relates to the recognition of tax benefit as a result of a favorable tax settlement with taxing authorities as ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 273.50 Td (discussed below) Tj ET Q q 0 0 0 rg BT 127.05 273.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 252.50 Td (The ef) Tj ET Q q 0 0 0 rg BT 99.63 252.50 Td (fective tax rate for the year endedDecember 31, 2015as compared to 2014, decreased as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.50 Td (proportionately more earnings realized in countries that have lower statutory tax rates than the U.S. federal rate. ) Tj ET Q q 0 0 0 rg BT 499.65 240.50 Td (The income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.50 Td (provision also decreased due to agreements reached with tax authorities, which generated benefits and the release of valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.50 Td (allowances due to continual profitability of a subsidiary) Tj ET Q q 0 0 0 rg BT 272.35 216.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 195.50 Td (Our ef) Tj ET Q q 0 0 0 rg BT 99.64 195.50 Td (fective tax rate could fluctuate significantly on a quarterly basis and could be adversely af) Tj ET Q q 0 0 0 rg BT 458.76 195.50 Td (fected to the extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.50 Td (earnings are lower than anticipated in countries that have lower statutory tax rates and higher than anticipated in countries that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.50 Td (have higher statutory tax rates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 141.50 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 98.89 141.50 Td ( Disclosur) Tj ET Q q 0 0 0 rg BT 141.21 141.50 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 120.50 Td (In addition to the financial information prepared in conformity with Generally ) Tj ET Q q 0 0 0 rg BT 388.63 120.50 Td (Accepted ) Tj ET Q q 0 0 0 rg BT 428.33 120.50 Td (Accounting Principles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.50 Td (\(GAAP\), we provide historical non-GAAP) Tj ET Q q 0 0 0 rg BT 229.87 108.50 Td ( financial information. Management believes that the presentation of such non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.50 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.86 96.50 Td ( financial information is meaningful and useful in understanding the activities and business metrics of our operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.50 Td (Management believes that these non-GAAP) Tj ET Q q 0 0 0 rg BT 225.69 84.50 Td ( financial measures reflect an additional way of viewing aspects of our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.50 Td (that, when viewed with our GAAP) Tj ET Q q 0 0 0 rg BT 188.50 72.50 Td ( results, provide a more complete understanding of factors and trends af) Tj ET Q q 0 0 0 rg BT 475.44 72.50 Td (fecting our business.) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Management believes that the presentation of these measures provides investors with greater transparency and facilitates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (derivative instruments, and amortization methods, which provide a more complete understanding of our financial performance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (competitive position, and prospects for the future. Readers should consider the information in addition to, but not instead of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (our financial statements prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 289.63 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 294.45 694.10 Td (This non-GAAP) Tj ET Q q 0 0 0 rg BT 359.92 694.10 Td ( financial information may be determined or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (calculated dif) Tj ET Q q 0 0 0 rg BT 103.96 682.10 Td (ferently by other companies, limiting the usefulness of these measures for comparative purposes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 661.10 Td (Adjusted Income From Continuing Operations Per Share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.27 661.10 Td (Management uses non-GAAP) Tj ET Q q 0 0 0 rg BT 435.88 661.10 Td ( adjusted income from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (continuing operations attributable to Encore and adjusted income from continuing operations per share \(which we also refer to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (from time to time as adjusted earnings per share\), to assess operating performance, in order to highlight trends in our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 484.57 625.10 Td (. ) Tj ET Q q 0 0 0 rg BT 489.01 625.10 Td (Adjusted income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (from continuing operations attributable to Encore excludes non-cash interest and issuance cost amortization relating to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (convertible notes, acquisition, integration and restructuring related expenses, settlement fees and related administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (expenses, amortization of certain acquired intangible assets and other char) Tj ET Q q 0 0 0 rg BT 346.92 589.10 Td (ges or gains that are not indicative of ongoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 556.10 Td (The following table provides a reconciliation between income from continuing operations and diluted income from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (continuing operations per share attributable to Encore calculated in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 415.33 544.10 Td ( to adjusted income from continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (operations and adjusted income from continuing operations per share attributable to Encore, respectively) Tj ET Q q 0 0 0 rg BT 468.38 532.10 Td (. GAAP) Tj ET Q q 0 0 0 rg BT 500.23 532.10 Td ( diluted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (earnings per share for the years ended December31, 2015 and 2014, includes the ef) Tj ET Q q 0 0 0 rg BT 385.25 520.10 Td (fect of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.82 520.10 Td (0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.71 520.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 520.10 Td (1.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 508.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 508.10 Td (, common shares that are issuable upon conversion of certain convertible senior notes because the average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (stock price during the respective periods exceeded the conversion price of these notes. However) Tj ET Q q 0 0 0 rg BT 433.90 496.10 Td (, as described in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.76 496.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.76 496.10 Td (, Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (Encore Convertible Notes, in the notes to our consolidated financial statements, we have certain hedging transactions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (place that have the ef) Tj ET Q q 0 0 0 rg BT 134.77 472.10 Td (fect of increasing the ef) Tj ET Q q 0 0 0 rg BT 228.98 472.10 Td (fective conversion price of these notes. ) Tj ET Q q 0 0 0 rg BT 386.98 472.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 436.32 472.10 Td (, while these common shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (are included in our diluted earnings per share, the hedge transactions will of) Tj ET Q q 0 0 0 rg BT 353.33 460.10 Td (fset the impact of this dilution and no shares will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (issued unless our stock price exceeds the ef) Tj ET Q q 0 0 0 rg BT 223.37 448.10 Td (fective conversion price, thereby creating a discrepancy between the accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 436.10 Td (fect of those notes under GAAP) Tj ET Q q 0 0 0 rg BT 185.24 436.10 Td ( and their economic impact. ) Tj ET Q q 0 0 0 rg BT 298.91 436.10 Td (There was no dilutive ef) Tj ET Q q 0 0 0 rg BT 395.92 436.10 Td (fect relating to our convertible senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (notes during the year ended December 31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 403.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 403.10 Td (e have presented the following metrics both including and excluding the dilutive ef) Tj ET Q q 0 0 0 rg BT 414.59 403.10 Td (fect of these convertible senior notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (to better illustrate the economic impact of those notes and the related hedging transactions to shareholders, with the GAAP) Tj ET Q q 0 0 0 rg BT 540.88 391.10 Td ( item ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (under the Per Diluted Share-Accounting and Per Diluted Share-Economic \(non-GAAP\) columns, respectively ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 510.14 379.10 Td (\(in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (thousands, except per shar) Tj ET Q q 0 0 0 rg BT 156.84 367.10 Td (e data\):) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (55) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 689.50 103.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 689.50 42.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 689.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 689.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 689.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 689.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 689.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 689.50 46.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 689.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 689.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 689.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 689.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 689.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 689.50 43.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 689.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 689.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 689.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 689.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 629.50 103.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 629.50 42.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 629.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 629.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 629.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 629.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 629.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 629.50 46.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 629.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 629.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 629.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 629.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 629.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 629.50 43.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 629.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 629.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 629.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 629.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 539.50 103.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 539.50 42.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 539.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 539.50 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 539.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 539.50 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 539.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 539.50 46.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 539.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 539.50 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 539.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 539.50 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 539.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 539.50 43.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 539.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 539.50 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 539.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 539.50 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 459.50 103.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 459.50 42.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 459.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 459.50 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 459.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 459.50 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 459.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 459.50 46.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 459.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 459.50 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 459.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 459.50 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 459.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 459.50 43.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 459.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 459.50 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 459.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 459.50 41.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 399.50 103.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 153.50 399.50 42.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 399.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 399.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 399.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 399.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 399.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 399.50 46.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 399.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 399.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 399.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 399.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 399.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 399.50 43.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 399.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 399.50 41.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 399.50 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 399.50 41.00 -45.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 735.5 m 195.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 735.5 m 199.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 735.5 m 240.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 735.5 m 244.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 735.5 m 285.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 735.5 m 289.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 735.5 m 335.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 735.5 m 339.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 735.5 m 380.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 735.5 m 384.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 735.5 m 425.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 735.5 m 429.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 735.5 m 472.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 735.5 m 476.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 735.5 m 517.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 735.5 m 521.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 735.5 m 562.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 735.5 m 195.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 722.5 m 195.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 722.5 m 199.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 722.5 m 240.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 722.5 m 244.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 722.5 m 285.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 735.5 m 335.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 722.5 m 335.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 722.5 m 339.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 722.5 m 380.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 722.5 m 384.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 722.5 m 425.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 735.5 m 472.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 722.5 m 472.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 722.5 m 476.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 722.5 m 517.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 722.5 m 521.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 722.5 m 562.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 689.5 m 195.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 689.5 m 240.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 689.5 m 285.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 689.5 m 335.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 689.5 m 380.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 689.5 m 425.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 689.5 m 472.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 689.5 m 517.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 689.5 m 562.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 689.5 m 195.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 689.5 m 240.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 689.5 m 285.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 689.5 m 335.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 689.5 m 380.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 689.5 m 425.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 689.5 m 472.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 689.5 m 517.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 689.5 m 562.5 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 354.5 m 195.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 320.5 m 195.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 153.5 318.5 m 195.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 354.5 m 240.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 320.5 m 240.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 318.5 m 240.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 354.5 m 285.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 320.5 m 285.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 318.5 m 285.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 354.5 m 335.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 320.5 m 335.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 318.5 m 335.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 354.5 m 380.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 320.5 m 380.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 318.5 m 380.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 354.5 m 425.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 320.5 m 425.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 318.5 m 425.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 354.5 m 472.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 320.5 m 472.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 318.5 m 472.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 354.5 m 517.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 320.5 m 517.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 318.5 m 517.5 318.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 354.5 m 562.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 320.5 m 562.5 320.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 318.5 m 562.5 318.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.20 739.73 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 726.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 211.00 726.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.00 726.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.50 726.73 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 693.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.00 693.73 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 202.35 707.56 Td (PerDiluted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 207.30 700.56 Td (Share) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 202.35 693.56 Td (Accounting) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 259.30 714.56 Td (Per) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.40 707.56 Td (Diluted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 252.30 700.56 Td (Share) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 249.70 693.56 Td (Economic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.00 693.73 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 342.35 707.56 Td (PerDiluted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 347.30 700.56 Td (Share) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 342.35 693.56 Td (Accounting) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.30 714.56 Td (Per) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 393.40 707.56 Td (Diluted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.30 700.56 Td (Share) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.70 693.56 Td (Economic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.50 693.73 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 479.35 707.56 Td (PerDiluted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 484.30 700.56 Td (Share) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 479.35 693.56 Td (Accounting) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 536.30 714.56 Td (Per) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 530.40 707.56 Td (Diluted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 529.30 700.56 Td (Share) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 526.70 693.56 Td (Economic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 680.07 Td (GAAP net income from) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 670.07 Td (continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 660.07 Td (attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 650.07 Td (Encore, as reported) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.00 649.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.10 649.17 Td (78,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 649.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.15 649.17 Td (3.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 649.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 649.17 Td (3.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 649.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.10 649.17 Td (68,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 649.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 649.17 Td (2.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 649.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 649.17 Td (2.64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.00 649.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.10 649.17 Td (98,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 649.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 649.17 Td (3.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 649.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 649.17 Td (3.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 635.07 Td (Adjustments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 620.07 Td (Convertible notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 610.07 Td (non-cash interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 600.07 Td (and issuance cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 590.07 Td (amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.10 589.17 Td (11,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.15 589.17 Td (0.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 589.17 Td (0.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.10 589.17 Td (11,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 589.17 Td (0.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 589.17 Td (0.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.10 589.17 Td (10,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 589.17 Td (0.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 589.17 Td (0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 575.07 Td (Acquisition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 565.07 Td (integration and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 555.07 Td (restructuring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 545.07 Td (related expenses) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 139.80 549.60 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.10 544.17 Td (17,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.15 544.17 Td (0.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 544.17 Td (0.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.10 544.17 Td (16,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 544.17 Td (0.64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 544.17 Td (0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.10 544.17 Td (20,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 544.17 Td (0.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 544.17 Td (0.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 530.07 Td (Gain on reversal of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 520.07 Td (contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 510.07 Td (consideration) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 127.87 514.60 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.80 509.17 Td (\(8,111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.65 509.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.80 509.17 Td (\(0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 509.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.80 509.17 Td (\(0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.65 509.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 509.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 509.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 509.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 509.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 509.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 509.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 495.07 Td (Settlement fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 485.07 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 475.07 Td (administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 465.07 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 110.10 469.60 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.10 464.17 Td (6,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.15 464.17 Td (0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 464.17 Td (0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.10 464.17 Td (63,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 464.17 Td (2.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 464.17 Td (2.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 464.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 464.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 464.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 450.07 Td (Amortization of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 440.07 Td (certain acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 430.07 Td (intangible assets) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 139.82 434.60 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.10 429.17 Td (2,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.15 429.17 Td (0.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 429.17 Td (0.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 429.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 429.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 429.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 429.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 429.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 429.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 415.07 Td (Income tax ef) Tj ET Q q 0 0 0 rg BT 119.79 415.07 Td (fect of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 405.07 Td (the adjustments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 136.49 409.60 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.80 404.17 Td (\(12,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.65 404.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.80 404.17 Td (\(0.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 404.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.80 404.17 Td (\(0.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.65 404.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.80 404.22 Td (\(28,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 404.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.80 404.22 Td (\(1.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 404.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 404.22 Td (\(1.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 404.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 404.22 Td (\(10,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 404.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 404.22 Td (\(0.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 404.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 404.22 Td (\(0.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 404.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 390.07 Td (Adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 380.07 Td (attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 370.07 Td (noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 360.07 Td (interest) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 103.43 364.60 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.80 359.17 Td (\(6,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.65 359.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.80 359.17 Td (\(0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 359.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.80 359.17 Td (\(0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.65 359.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.80 359.22 Td (\(5,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 359.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.80 359.22 Td (\(0.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 359.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 359.22 Td (\(0.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 359.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.80 359.22 Td (\(6,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 359.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.80 359.22 Td (\(0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 359.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 359.22 Td (\(0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 359.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.07 Td (Adjusted income from) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 335.07 Td (continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 325.07 Td (attributabletoEncore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.10 324.17 Td (90,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.15 324.17 Td (3.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 324.17 Td (3.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.10 324.17 Td (126,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 324.17 Td (4.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 324.17 Td (4.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.10 324.17 Td (112,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 324.17 Td (4.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.00 324.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 324.17 Td (4.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.00 Td (_) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.00 308.00 Td (__) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 308.00 Td (_____________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 295.40 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 295.40 Td (Amount represents acquisition, integration and restructuring related expenses. ) Tj ET Q q 0 0 0 rg BT 326.69 295.40 Td (W) Tj ET Q q 0 0 0 rg BT 333.60 295.40 Td (e adjust for this amount because we believe these expenses are not ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 285.80 Td (indicative of ongoing operations; therefore adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 276.20 Td (competitors) Tj ET Q q 0 0 0 rg BT 115.19 276.20 Td ( results. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 263.60 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 263.60 Td (Amount represents a gain recognized as a result of reversing a liability for contingent consideration that was established in October 2015 when we ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 254.00 Td (acquired a debt solution service provider in Europe. ) Tj ET Q q 0 0 0 rg BT 242.93 254.00 Td (W) Tj ET Q q 0 0 0 rg BT 249.84 254.00 Td (e have adjusted for this amount because we do not believe this is indicative of ongoing ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 244.40 Td (operations. Refer to Note 4 Fair ) Tj ET Q q 0 0 0 rg BT 182.51 244.40 Td (V) Tj ET Q q 0 0 0 rg BT 187.40 244.40 Td (alue Measurement - Contingent Consideration in the notes to our consolidated financial statements for further ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 234.80 Td (details.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 222.20 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 222.20 Td (Amount represents litigation and government settlement fees and related administrative expenses. For the year ended December 31, 2016, amount ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 212.60 Td (consists of settlement and administrative fees related to certain ) Tj ET Q q 0 0 0 rg BT 278.03 212.60 Td (TCP) Tj ET Q q 0 0 0 rg BT 291.96 212.60 Td (A) Tj ET Q q 0 0 0 rg BT 297.30 212.60 Td ( settlements. For the year ended December 31, 2015, amount relates to the consent ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 203.00 Td (order with the CFPB that we entered into in September 2015. ) Tj ET Q q 0 0 0 rg BT 273.39 203.00 Td (W) Tj ET Q q 0 0 0 rg BT 280.30 203.00 Td (e believe these fees and expenses are not indicative of ongoing operations; therefore ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 193.40 Td (adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors) Tj ET Q q 0 0 0 rg BT 450.20 193.40 Td ( results. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 180.80 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 180.80 Td (As we continue to acquire debt solution service providers around the world, the acquired intangible assets, such as trade names and customer ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 171.20 Td (relationships, have grown substantially) Tj ET Q q 0 0 0 rg BT 199.70 171.20 Td (, particularly in recent quarters. ) Tj ET Q q 0 0 0 rg BT 301.95 171.20 Td (These intangible assets are valued at the time of the acquisition and amortized ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 161.60 Td (over their estimated lives. ) Tj ET Q q 0 0 0 rg BT 159.85 161.60 Td (W) Tj ET Q q 0 0 0 rg BT 166.76 161.60 Td (e believe that amortization of acquisition-related intangible assets, especially the amortization of an acquired company) Tj ET Q q 0 0 0 rg BT 548.17 161.60 Td (s ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 152.00 Td (trade names and customer relationships, is the result of pre-acquisition activities. In addition, the amortization of these acquired intangibles is a non-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 142.40 Td (cash static expense that is not af) Tj ET Q q 0 0 0 rg BT 177.84 142.40 Td (fected by operations during any reporting period. ) Tj ET Q q 0 0 0 rg BT 336.46 142.40 Td (As a result, the amortization of certain acquired intangible assets is ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 132.80 Td (excluded from our adjusted income from continuing operations attributable to Encore and adjusted income from continuing operations per share.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 120.20 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 120.20 Td (Amount represents the total income tax ef) Tj ET Q q 0 0 0 rg BT 209.39 120.20 Td (fect of the adjustments, which is calculated based on the applicable mar) Tj ET Q q 0 0 0 rg BT 438.49 120.20 Td (ginal tax rate of the jurisdiction in ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 110.60 Td (which the portion of the adjustment occurred.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 98.00 Td (\(6\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 98.00 Td (Certain of the above pre-tax adjustments include expenses recognized by our partially-owned subsidiaries. ) Tj ET Q q 0 0 0 rg BT 417.76 98.00 Td (This adjustment represents the portion of the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 88.40 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 111.50 88.40 Td ( adjustments that are attributable to noncontrolling interest.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 67.40 Td (Adjusted EBITDA.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.85 67.40 Td (Management utilizes adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 312.87 67.40 Td ( \(defined as net income before discontinued operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.40 Td (interest income and expense, taxes, depreciation and amortization, stock-based compensation expenses, acquisition, integration ) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and restructuring related expenses, settlement fees and related administrative expenses and other char) Tj ET Q q 0 0 0 rg BT 455.49 742.10 Td (ges or gains that are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (indicative of ongoing operations\), in the evaluation of our operating performance. ) Tj ET Q q 0 0 0 rg BT 379.06 730.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 453.78 730.10 Td ( for the periods presented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (is as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 102.50 718.10 Td (\(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 672.60 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 672.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 672.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 672.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 672.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 672.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 642.60 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 642.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 642.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 642.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 642.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 642.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 612.60 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 612.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 612.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 612.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 612.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 612.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 582.60 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 582.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 582.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 582.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 552.60 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 552.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 552.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 552.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 552.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 552.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 522.60 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 522.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 522.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 522.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 522.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 522.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 492.60 269.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 492.60 77.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 492.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 492.60 77.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 492.60 4.00 -4.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 492.60 77.00 -4.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 685.6 m 396.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 685.6 m 400.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 685.6 m 477.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 685.6 m 481.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 685.6 m 558.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 685.6 m 396.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 672.6 m 396.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 685.6 m 400.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 685.6 m 477.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 672.6 m 477.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 685.6 m 481.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 685.6 m 558.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 672.6 m 558.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 672.6 m 396.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 672.6 m 477.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 672.6 m 558.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 507.6 m 396.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 493.6 m 396.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 491.6 m 396.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 507.6 m 477.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 493.6 m 477.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 491.6 m 477.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 507.6 m 558.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 493.6 m 558.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 491.6 m 558.5 491.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 676.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.20 689.83 Td (Year Ended December31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.50 676.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.50 676.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.50 676.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 663.17 Td (GAAP net income, as reported) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 662.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 662.27 Td (16,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 662.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 662.27 Td (47,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 662.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 662.27 Td (98,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 648.17 Td (Adjustments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 633.17 Td (Loss \(income\) from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 632.27 Td (2,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 632.27 Td (23,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 632.32 Td (\(5,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 632.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 618.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 617.27 Td (198,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 617.27 Td (186,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 617.27 Td (166,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 603.17 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 132.92 607.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.80 602.32 Td (\(2,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 602.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 602.32 Td (\(1,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 602.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 602.32 Td (\(962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 602.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 588.17 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 587.27 Td (38,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 587.27 Td (27,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 587.27 Td (48,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 573.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 572.27 Td (34,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 572.27 Td (33,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 572.27 Td (27,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 558.17 Td (Stock-based compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 557.27 Td (12,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 557.27 Td (22,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 557.27 Td (17,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 543.17 Td (Acquisition, integration and restructuring related expenses) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 304.82 547.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 542.27 Td (16,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 542.27 Td (15,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 542.27 Td (18,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 528.17 Td (Gain on reversal of contingent consideration) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 249.00 532.70 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.80 527.32 Td (\(8,111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 527.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 527.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 527.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 513.17 Td (Settlement fees and related administrative expenses) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 277.31 517.70 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 512.27 Td (6,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 512.27 Td (63,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 512.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 498.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 497.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 497.27 Td (315,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 497.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 497.27 Td (416,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 497.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 497.27 Td (370,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 479.17 Td (Collections applied to principal balance) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 211.84 483.70 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 478.27 Td (738,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 478.27 Td (628,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 478.27 Td (614,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 443.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 443.50 Td (In the fourth quarter of 2016, we made a change to our presentation of adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 359.71 443.50 Td ( to adjust for interest income. In previous years we did not ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 433.90 Td (include interest income as an adjustment because it was immaterial. ) Tj ET Q q 0 0 0 rg BT 294.02 433.90 Td (W) Tj ET Q q 0 0 0 rg BT 300.93 433.90 Td (e have updated prior periods for comparability) Tj ET Q q 0 0 0 rg BT 449.25 433.90 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 421.30 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 421.30 Td (Amount represents acquisition, integration and restructuring related expenses. ) Tj ET Q q 0 0 0 rg BT 326.69 421.30 Td (W) Tj ET Q q 0 0 0 rg BT 333.60 421.30 Td (e adjust for this amount because we believe these expenses are not ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 411.70 Td (indicative of ongoing operations; therefore adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 402.10 Td (competitors) Tj ET Q q 0 0 0 rg BT 115.19 402.10 Td ( results. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 389.50 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 389.50 Td (Amount represents a gain recognized as a result of reversing a liability for contingent consideration that was established in October 2015 when we ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 379.90 Td (acquired a debt solution service provider in Europe. ) Tj ET Q q 0 0 0 rg BT 242.93 379.90 Td (W) Tj ET Q q 0 0 0 rg BT 249.84 379.90 Td (e have adjusted for this amount because we do not believe this is indicative of ongoing ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 370.30 Td (operations. Refer to Note 4 Fair ) Tj ET Q q 0 0 0 rg BT 182.51 370.30 Td (V) Tj ET Q q 0 0 0 rg BT 187.40 370.30 Td (alue Measurement - Contingent Consideration in the notes to our consolidated financial statements for further ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 360.70 Td (details. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 348.10 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 348.10 Td (Amount represents litigation and government settlement fees and related administrative expenses. For the year ended December 31, 2016, amount ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 338.50 Td (consists of settlement and administrative fees related to certain ) Tj ET Q q 0 0 0 rg BT 278.03 338.50 Td (TCP) Tj ET Q q 0 0 0 rg BT 291.96 338.50 Td (A) Tj ET Q q 0 0 0 rg BT 297.30 338.50 Td ( settlements. For the year ended December 31, 2015, amount relates to the consent ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 328.90 Td (order with the CFPB that we entered into in September 2015. ) Tj ET Q q 0 0 0 rg BT 273.39 328.90 Td (W) Tj ET Q q 0 0 0 rg BT 280.30 328.90 Td (e believe these fees and expenses are not indicative of ongoing operations; therefore ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 319.30 Td (adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors) Tj ET Q q 0 0 0 rg BT 450.20 319.30 Td ( results. ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 306.70 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 306.70 Td (In our previous filings, amount was referred to as Amount applied to principal on receivable portfolios. ) Tj ET Q q 0 0 0 rg BT 414.37 306.70 Td (Amount represents \(a\) gross collections from ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 297.10 Td (receivable portfolios less \(b\) revenue from receivable portfolios, net. Historically) Tj ET Q q 0 0 0 rg BT 334.51 297.10 Td (, we included this amount in our calculation of adjusted EBITDA. For ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 287.50 Td (transition purposes only) Tj ET Q q 0 0 0 rg BT 151.71 287.50 Td (, if we had included collections applied to principal balance in ) Tj ET Q q 0 0 0 rg BT 359.19 287.50 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 418.97 287.50 Td ( amounts would have been reported as:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 250.00 269.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 250.00 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 250.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 250.00 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 250.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 250.00 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 224.00 269.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 224.00 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 224.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 224.00 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 224.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 224.00 77.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 262 m 397.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 262 m 401.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 262 m 478.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 262 m 482.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 262 m 559.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 262 m 397.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 250 m 397.5 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 262 m 401.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 262 m 478.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 250 m 478.5 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 262 m 482.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 262 m 559.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 250 m 559.5 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 250 m 397.5 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 250 m 478.5 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 250 m 559.5 250 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 224 m 397.5 224 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 224 m 478.5 224 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 224 m 559.5 224 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 254.25 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 400.70 266.06 Td (Year Ended December31,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 351.50 254.06 Td (2016) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 432.50 254.06 Td (2015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 513.50 254.06 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 241.95 Td (Adjusted EBITDA \(as reported above and as will be reported in future filings\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.00 241.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.30 241.25 Td (315,599) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 241.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.30 241.25 Td (416,540) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.00 241.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 241.25 Td (370,675) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 228.95 Td (Collections applied to principal balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.30 228.25 Td (738,989) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.30 228.25 Td (628,289) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 228.25 Td (614,665) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.00 215.95 Td (Adjusted EBITDA \(using historical methods\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.00 215.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.30 215.25 Td (1,054,588) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.00 215.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.30 215.25 Td (1,044,829) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.00 215.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.30 215.25 Td (985,340) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 190.50 Td (Adjusted Operating Expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.68 190.50 Td (Management utilizes adjusted operating expenses in order to facilitate a comparison of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.50 Td (approximate cash costs to cash collections for our portfolio purchasing and recovery business. ) Tj ET Q q 0 0 0 rg BT 428.23 178.50 Td (Adjusted operating expenses for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.50 Td (our portfolio purchasing and recovery business are calculated by starting with GAAP) Tj ET Q q 0 0 0 rg BT 390.37 166.50 Td ( total operating expenses and backing out ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.50 Td (stock-based compensation expense, operating expenses related to non-portfolio purchasing and recovery business, acquisition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.50 Td (integration and restructuring related operating expenses, settlement fees and related administrative expenses and other char) Tj ET Q q 0 0 0 rg BT 541.57 142.50 Td (ges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.50 Td (or gains that are not indicative of ongoing operations. ) Tj ET Q q 0 0 0 rg BT 266.06 130.50 Td (Adjusted operating expenses related to our portfolio purchasing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.50 Td (recovery business for the periods presented are as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 283.54 118.50 Td (\(in thousands\):) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (57) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 722.50 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 722.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 722.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 722.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 722.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 722.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 692.50 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 692.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 692.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 692.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 692.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 692.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.50 269.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 652.50 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 652.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 652.50 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 652.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 652.50 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 612.50 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 612.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 612.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 612.50 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 612.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 612.50 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 735.5 m 396.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 735.5 m 400.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 735.5 m 477.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 735.5 m 481.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 735.5 m 558.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 735.5 m 396.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 722.5 m 396.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 735.5 m 400.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 735.5 m 477.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 722.5 m 477.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 735.5 m 481.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 735.5 m 558.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 722.5 m 558.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 722.5 m 396.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 722.5 m 477.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 722.5 m 558.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 597.5 m 396.5 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 573.5 m 396.5 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 571.5 m 396.5 571.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 597.5 m 477.5 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 573.5 m 477.5 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 571.5 m 477.5 571.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 597.5 m 558.5 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 573.5 m 558.5 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 571.5 m 558.5 571.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 726.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.20 739.73 Td (Year Ended December31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.50 726.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.50 726.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.50 726.73 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 713.07 Td (GAAP total operating expenses, as reported) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 712.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 712.17 Td (787,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 712.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 712.17 Td (847,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 712.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 712.17 Td (734,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 698.07 Td (Adjustments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 683.07 Td (Stock-based compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.80 682.22 Td (\(12,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 682.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.80 682.22 Td (\(22,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 682.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 682.22 Td (\(17,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 682.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 668.07 Td (Operating expenses related to non-portfolio purchasing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 658.07 Td (recovery business) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 151.37 662.60 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.80 657.22 Td (\(110,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 657.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.80 657.22 Td (\(88,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 657.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 657.22 Td (\(79,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 657.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 643.07 Td (Acquisition, integration and restructuring related operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 633.07 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 116.10 637.60 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.80 632.22 Td (\(17,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 632.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.80 632.22 Td (\(15,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 632.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 632.22 Td (\(18,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 632.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 618.07 Td (Gain on reversal of contingent consideration) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 249.00 622.60 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 617.17 Td (8,111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 617.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 617.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 603.07 Td (Settlement fees and related administrative expenses) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 277.31 607.60 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.80 602.22 Td (\(6,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 602.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.80 602.22 Td (\(54,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 602.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 602.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.07 Td (Adjusted operating expenses related to portfolio purchasing and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 578.07 Td (recovery business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 577.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 577.17 Td (648,424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 577.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 577.17 Td (666,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 577.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 577.17 Td (619,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 561.00 Td (_) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.00 561.00 Td (__) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 561.00 Td (_____________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 548.40 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 548.40 Td (Operating expenses related to non-portfolio purchasing and recovery business include operating expenses from other operating segments that primarily ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 538.80 Td (engage in fee-based business, as well as corporate overhead not related to our portfolio purchasing and recovery business.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 526.20 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 526.20 Td (Amount represents acquisition, integration and restructuring related operating expenses. ) Tj ET Q q 0 0 0 rg BT 358.90 526.20 Td (W) Tj ET Q q 0 0 0 rg BT 365.81 526.20 Td (e adjust for this amount because we believe these expenses ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 516.60 Td (are not indicative of ongoing operations; therefore adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 507.00 Td (our competitors) Tj ET Q q 0 0 0 rg BT 127.85 507.00 Td ( results.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 494.40 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 494.40 Td (Amount represents a gain recognized as a result of reversing a liability for contingent consideration that was established in October 2015 when we ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 484.80 Td (acquired a debt solution service provider in Europe. ) Tj ET Q q 0 0 0 rg BT 242.93 484.80 Td (W) Tj ET Q q 0 0 0 rg BT 249.84 484.80 Td (e have adjusted for this amount because we do not believe this is indicative of ongoing ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 475.20 Td (operations. Refer to Note 4 Fair ) Tj ET Q q 0 0 0 rg BT 182.51 475.20 Td (V) Tj ET Q q 0 0 0 rg BT 187.40 475.20 Td (alue Measurement - Contingent Consideration in the notes to our consolidated financial statements for further ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 465.60 Td (details.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 453.00 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 453.00 Td (Amount represents litigation and government settlement fees and related administrative expenses. For the year ended December 31, 2016, amount ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 443.40 Td (consists of settlement and administrative fees related to certain ) Tj ET Q q 0 0 0 rg BT 278.03 443.40 Td (TCP) Tj ET Q q 0 0 0 rg BT 291.96 443.40 Td (A) Tj ET Q q 0 0 0 rg BT 297.30 443.40 Td ( settlements. For the year ended December 31, 2015, amount relates to the consent ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 433.80 Td (order with the CFPB that we entered into in September 2015. ) Tj ET Q q 0 0 0 rg BT 273.39 433.80 Td (W) Tj ET Q q 0 0 0 rg BT 280.30 433.80 Td (e believe these fees and expenses are not indicative of ongoing operations; therefore ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 424.20 Td (adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors) Tj ET Q q 0 0 0 rg BT 450.20 424.20 Td ( results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 403.20 Td (Supplemental Performance Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 382.20 Td (The tables included in this supplemental performance data section include detail for purchases, collections and ERC by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.20 Td (year of purchase. During any fiscal quarter in which we acquire an entity that has portfolio, the entire historical portfolio of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.20 Td (acquired company is aggregated into static pools for the quarter of acquisition based on common characteristics, resulting in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.20 Td (pools for that quarter that may consist of several dif) Tj ET Q q 0 0 0 rg BT 256.70 346.20 Td (ferent vintages of portfolio. ) Tj ET Q q 0 0 0 rg BT 368.99 346.20 Td (These quarterly pools are included in the tables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.20 Td (in this section by year of purchase. For example, with the acquisition of Cabot in July 2013, all of Cabot) Tj ET Q q 0 0 0 rg BT 469.92 334.20 Td (s historical portfolio to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.20 Td (the date of the acquisition \(which includes several years of historical purchases at various stages of maturity\) is included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.20 Td (2013 for Europe. ) Tj ET Q q 0 0 0 rg BT 119.99 310.20 Td (Additional examples include, but are not limited to, the acquisition of Marlin in 2014 and the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.20 Td (dlc in 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 277.20 Td (Our collection expectations are based on demographic data, account characteristics, and economic variables. ) Tj ET Q q 0 0 0 rg BT 509.93 277.20 Td (Additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.20 Td (adjustments are made to account for qualitative factors that may af) Tj ET Q q 0 0 0 rg BT 316.38 265.20 Td (fect the payment behavior of our consumers and servicing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.20 Td (related adjustments to ensure our collection expectations are aligned with our operations. ) Tj ET Q q 0 0 0 rg BT 408.32 253.20 Td (W) Tj ET Q q 0 0 0 rg BT 416.95 253.20 Td (e continue to refine our process of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.20 Td (forecasting collections both domestically and internationally with a focus on operational enhancements. ) Tj ET Q q 0 0 0 rg BT 466.82 241.20 Td (As a result of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.20 Td (process, in the fourth quarter we identified additional ERC, most of which is on ZBA) Tj ET Q q 0 0 0 rg BT 390.49 229.20 Td ( pool groups. Our collection expectations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.20 Td (vary between types of portfolio and geographic location. For example, in the U.K., due to the higher concentration of payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.20 Td (plans, as compared to the U.S. and other locations in Europe, we expect to receive streams of collections over longer periods of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.20 Td (time. ) Tj ET Q q 0 0 0 rg BT 72.22 193.20 Td (As a result, past performance of pools in certain geographic locations or of certain types of portfolio are not necessarily a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.20 Td (suitable indicator of future results in other locations or for other types of portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 160.20 Td (The supplemental performance data presented in this section is impacted by foreign currency translation, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.20 Td (represents the ef) Tj ET Q q 0 0 0 rg BT 115.34 148.20 Td (fect of translating financial results where the functional currency of our foreign subsidiary is dif) Tj ET Q q 0 0 0 rg BT 498.36 148.20 Td (ferent than our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.20 Td (U.S. dollar reporting currency) Tj ET Q q 0 0 0 rg BT 169.59 136.20 Td (. For example, the strengthening of the U.S. dollar relative to other foreign currencies has an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.20 Td (unfavorable reporting impact on our international purchases, collections, and ERC, and the weakening of the U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.20 Td (relative to other foreign currencies has a favorable impact on our international purchases, collections, and ERC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 91.20 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 91.20 Td (e utilize proprietary forecasting models to continuously evaluate the economic life of each pool.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 70.20 Td (During the quarter ended September 30, 2016, we revised the forecasting methodology we use to value and calculate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.20 Td (IRRs on certain portfolios in Europe and extended the collection forecast from120months to180months. ) Tj ET Q q 0 0 0 rg BT 478.06 58.20 Td (This change was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.20 Td (made as a result of \(1\) our observation that older portfolios in Europe have consistently experienced cash collections beyond ) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (120 months, \(2\) an expectation that regulatory changes in the United Kingdom resulting in a reduction in the number of highly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (discounted near term one-time settlements, an increase in the number of payment plans, and an increase in the length of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (existing payment plans will cause a lengthening of our collections curve, \(3\) an expectation that, as a result of a higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (percentage of semi-performing account purchases in the United Kingdom in recent years, newer vintages will have a lar) Tj ET Q q 0 0 0 rg BT 529.64 706.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (percentage of collections after 120 months and \(4\) our increased confidence in our ability to forecast future cash collections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (to180months.) Tj ET Q q 0 0 0 rg BT 112.05 682.10 Td (The increase in the collection forecast from 120 months to 180 months was applied ef) Tj ET Q q 0 0 0 rg BT 455.10 682.10 Td (fective July1, 2016, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (certain portfolios in Europe for which we could accurately forecast through such term. For portfolios in Europe that were not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (extended to 180 months, we will continue to include collection forecast to120months in calculating accretion revenue and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (our estimated remaining collection disclosures. In the United States, we will continue to include collection forecast to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (120months in calculating accretion revenue. Expected collections beyond the 120 month collection forecast in the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (States are included in our estimated remaining collection disclosures but are not included in the calculation of accretion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (revenue. ) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 592.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 592.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.25 33.60 Td (59) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 31.50 560.25 Td (Cumulative Collections to Purchase Price Multiple) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 543.25 Td (The following table summarizes our consumer and bankruptcy receivable purchases and related gross collections by year of purchase) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 587.42 543.25 Td ( \(in thousands, except multiples\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 717.12 543.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 510.75 706.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 488.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 488.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 488.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 488.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 488.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 488.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 488.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 488.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 488.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 488.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 488.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 488.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 488.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 488.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 488.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 488.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 466.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 466.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 466.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 466.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 466.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 466.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 466.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 466.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 466.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 466.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 466.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 466.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 466.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 466.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 466.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 466.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 444.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 444.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 444.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 444.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 444.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 444.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 444.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 444.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 444.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 444.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 444.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 444.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 444.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 444.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 444.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 444.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 422.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 422.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 422.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 422.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 422.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 422.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 422.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 422.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 422.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 422.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 422.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 422.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 422.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 422.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 422.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 422.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 400.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 400.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 400.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 400.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 400.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 400.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 400.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 400.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 400.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 400.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 400.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 400.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 400.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 400.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 400.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 400.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 378.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 378.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 378.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 378.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 378.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 378.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 378.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 378.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 378.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 378.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 378.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 378.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 378.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 378.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 378.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 378.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 356.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 356.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 356.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 356.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 356.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 356.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 356.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 356.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 356.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 356.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 356.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 356.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 356.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 356.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 356.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 356.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 334.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 334.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 334.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 334.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 334.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 334.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 334.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 334.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 334.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 334.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 334.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 334.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 334.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 334.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 334.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 334.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 312.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 312.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 312.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 312.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 312.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 312.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 312.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 312.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 312.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 312.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 312.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 312.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 312.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 312.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 312.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 312.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 290.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 290.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 290.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 290.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 290.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 290.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 290.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 290.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 290.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 290.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 290.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 290.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 290.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 290.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 290.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 290.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 268.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 268.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 268.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 268.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 268.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 268.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 268.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 268.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 268.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 268.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 268.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 268.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 268.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 268.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 268.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 268.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 246.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 246.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 246.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 246.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 246.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 246.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 246.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 246.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 246.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 246.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 246.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 246.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 246.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 246.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 246.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 246.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 32.00 224.75 82.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 114.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 118.00 224.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 224.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.00 224.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 224.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 224.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 224.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 224.75 35.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 224.75 36.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.00 224.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 224.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 550.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 554.00 224.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 599.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 603.00 224.75 46.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 649.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.00 224.75 45.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.00 224.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.00 224.75 36.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 521.75 m 212 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212 521.75 m 216 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 521.75 m 252 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 521.75 m 256 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 521.75 m 292 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 521.75 m 296 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 521.75 m 332 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 521.75 m 336 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 521.75 m 372 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 521.75 m 376 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 521.75 m 411 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 521.75 m 415 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 521.75 m 451 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 521.75 m 455 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 521.75 m 501 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 521.75 m 505 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 521.75 m 550 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 550 521.75 m 554 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 521.75 m 599 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 599 521.75 m 603 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 603 521.75 m 649 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 649 521.75 m 653 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653 521.75 m 698 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 698 521.75 m 702 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702 521.75 m 738 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 32 510.75 m 114 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118 510.75 m 163 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 510.75 m 212 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 510.75 m 252 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 510.75 m 292 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 510.75 m 332 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 510.75 m 372 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 510.75 m 411 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 510.75 m 451 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 510.75 m 501 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 521.75 m 550 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 510.75 m 550 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 521.75 m 599 521.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 510.75 m 599 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 603 510.75 m 649 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653 510.75 m 698 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702 510.75 m 738 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118 378.75 m 163 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 378.75 m 212 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 378.75 m 252 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 378.75 m 292 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 378.75 m 332 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 378.75 m 372 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 378.75 m 411 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 378.75 m 451 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 378.75 m 501 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 378.75 m 550 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 378.75 m 599 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 603 378.75 m 649 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653 378.75 m 698 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118 378.75 m 163 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118 367.75 m 163 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 378.75 m 212 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 367.75 m 212 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 378.75 m 252 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 367.75 m 252 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 378.75 m 292 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 367.75 m 292 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 378.75 m 332 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 367.75 m 332 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 378.75 m 372 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 367.75 m 372 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 378.75 m 411 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 367.75 m 411 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 378.75 m 451 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 367.75 m 451 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 378.75 m 501 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 367.75 m 501 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 378.75 m 550 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 367.75 m 550 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 378.75 m 599 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 367.75 m 599 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 603 378.75 m 649 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 603 367.75 m 649 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653 378.75 m 698 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653 367.75 m 698 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118 312.75 m 163 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 312.75 m 212 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 312.75 m 252 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 312.75 m 292 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 312.75 m 332 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 312.75 m 372 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 312.75 m 411 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 312.75 m 451 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 312.75 m 501 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 312.75 m 550 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 312.75 m 599 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 603 312.75 m 649 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653 312.75 m 698 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118 312.75 m 163 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118 301.75 m 163 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 312.75 m 212 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 301.75 m 212 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 312.75 m 252 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 301.75 m 252 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 312.75 m 292 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 301.75 m 292 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 312.75 m 332 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 301.75 m 332 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 312.75 m 372 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 301.75 m 372 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 312.75 m 411 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 301.75 m 411 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 312.75 m 451 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 301.75 m 451 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 312.75 m 501 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 301.75 m 501 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 312.75 m 550 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 301.75 m 550 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 312.75 m 599 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 301.75 m 599 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 603 312.75 m 649 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 603 301.75 m 649 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653 312.75 m 698 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653 301.75 m 698 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118 235.75 m 163 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118 224.75 m 163 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 235.75 m 212 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 224.75 m 212 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 235.75 m 252 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 224.75 m 252 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 235.75 m 292 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 224.75 m 292 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 235.75 m 332 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 224.75 m 332 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 235.75 m 372 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 224.75 m 372 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 235.75 m 411 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 224.75 m 411 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 235.75 m 451 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 224.75 m 451 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 235.75 m 501 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 224.75 m 501 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 235.75 m 550 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 224.75 m 550 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 235.75 m 599 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 224.75 m 599 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 603 235.75 m 649 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 603 224.75 m 649 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653 235.75 m 698 235.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653 224.75 m 698 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118 214.75 m 163 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118 212.75 m 163 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 214.75 m 212 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 212.75 m 212 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 214.75 m 252 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216 212.75 m 252 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 214.75 m 292 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 212.75 m 292 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 214.75 m 332 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 212.75 m 332 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 214.75 m 372 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 212.75 m 372 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 214.75 m 411 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 212.75 m 411 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 214.75 m 451 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 212.75 m 451 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 214.75 m 501 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 212.75 m 501 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 214.75 m 550 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 212.75 m 550 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 214.75 m 599 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 554 212.75 m 599 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 603 214.75 m 649 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 603 212.75 m 649 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653 214.75 m 698 214.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 653 212.75 m 698 212.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 34.50 522.98 Td (Y) Tj ET Q q 0 0 0 rg BT 39.39 522.98 Td (ear) Tj ET Q q 0 0 0 rg BT 50.35 522.98 Td (of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 34.50 514.98 Td (Pur) Tj ET Q q 0 0 0 rg BT 47.24 514.98 Td (chase) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 124.25 522.98 Td (Pur) Tj ET Q q 0 0 0 rg BT 136.99 522.98 Td (chase) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 128.05 514.98 Td (Price) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 145.81 518.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.15 524.83 Td (Cumulative Collections through December 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 178.70 513.83 Td (<2007) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.50 513.83 Td (2007) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.50 513.83 Td (2008) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.50 513.83 Td (2009) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.50 513.83 Td (2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.20 513.83 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.50 513.83 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.50 513.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.00 513.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 568.00 513.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 617.50 513.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 663.20 513.83 Td (T) Tj ET Q q 0 0 0 rg BT 667.80 513.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 680.69 517.46 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 706.90 513.83 Td (CCM) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 726.01 517.46 Td (\(3\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 34.50 502.70 Td (United States:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 491.70 Td (<2007) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 491.70 Td (719,081) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 169.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.75 491.70 Td (1,377,276) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.80 491.70 Td (286,676) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.80 491.70 Td (183,982) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 491.70 Td (114,648) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 491.70 Td (73,397) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.80 491.70 Td (52,137) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 491.70 Td (36,955) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 491.70 Td (28,242) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.75 491.70 Td (22,012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.75 491.70 Td (18,835) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 605.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 623.75 491.70 Td (16,074) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 655.50 491.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 662.75 491.70 Td (2,210,234) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 491.70 Td (3.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 480.70 Td (2007) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 480.70 Td (204,063) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 480.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.80 480.70 Td (68,048) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.80 480.70 Td (145,272) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 480.70 Td (111,117) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 480.70 Td (70,572) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.80 480.70 Td (44,035) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 480.70 Td (29,619) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 480.70 Td (20,812) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.75 480.70 Td (14,431) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.75 480.70 Td (12,002) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 627.75 480.70 Td (9,240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 668.75 480.70 Td (525,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 480.70 Td (2.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 469.70 Td (2008) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 469.70 Td (227,752) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 469.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 469.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.80 469.70 Td (69,049) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 469.70 Td (165,164) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 469.70 Td (127,799) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.80 469.70 Td (87,850) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 469.70 Td (59,507) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 469.70 Td (41,773) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.75 469.70 Td (29,776) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.75 469.70 Td (23,247) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 623.75 469.70 Td (18,563) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 668.75 469.70 Td (622,728) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 469.70 Td (2.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 458.70 Td (2009) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 458.70 Td (252,984) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 458.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 458.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 458.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.80 458.70 Td (96,529) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 458.70 Td (206,773) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 458.70 Td (164,605) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 458.70 Td (111,569) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 458.70 Td (80,443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.75 458.70 Td (58,345) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.75 458.70 Td (42,960) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 623.75 458.70 Td (30,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 668.75 458.70 Td (791,374) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 458.70 Td (3.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 447.70 Td (2010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 447.70 Td (357,367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 447.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 447.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 447.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 447.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 447.70 Td (125,853) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 447.70 Td (288,788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 447.70 Td (220,686) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.75 447.70 Td (156,806) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.75 447.70 Td (111,993) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.75 447.70 Td (83,578) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 623.75 447.70 Td (55,650) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 662.75 447.70 Td (1,043,354) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 447.70 Td (2.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 436.70 Td (2011) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 436.70 Td (385,274) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 436.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 436.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 436.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 436.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 436.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 436.70 Td (123,596) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 436.70 Td (301,949) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.75 436.70 Td (226,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.75 436.70 Td (155,180) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 569.75 436.70 Td (112,906) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 623.75 436.70 Td (77,256) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 668.75 436.70 Td (997,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 436.70 Td (2.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 425.70 Td (2012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 425.70 Td (549,035) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 425.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 425.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 425.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 425.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 425.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 425.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 425.70 Td (187,721) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.75 425.70 Td (350,134) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.75 425.70 Td (259,252) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 569.75 425.70 Td (176,914) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 619.75 425.70 Td (113,067) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 662.75 425.70 Td (1,087,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 425.70 Td (2.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 414.70 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 414.70 Td (552,433) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 414.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 414.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 414.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 414.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 414.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 414.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 414.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.75 414.70 Td (230,051) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.75 414.70 Td (397,646) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 569.75 414.70 Td (298,068) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 619.75 414.70 Td (203,386) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 662.75 414.70 Td (1,129,151) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 414.70 Td (2.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 403.70 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 403.70 Td (519,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 403.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 403.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 403.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 403.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 403.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 403.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 403.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 403.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.75 403.70 Td (144,178) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 569.75 403.70 Td (307,814) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 619.75 403.70 Td (216,357) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 668.75 403.70 Td (668,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 403.70 Td (1.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 392.70 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 392.70 Td (501,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 392.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 392.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 392.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 392.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 392.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 392.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 392.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 392.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.80 392.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 569.75 392.70 Td (105,610) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 619.75 392.70 Td (231,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 668.75 392.70 Td (336,711) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 392.70 Td (0.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 381.70 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 381.70 Td (559,421) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 381.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 381.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 381.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 381.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 381.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 381.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 381.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 381.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.80 381.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 587.80 381.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 619.75 381.70 Td (110,876) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 668.75 381.70 Td (110,876) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 381.70 Td (0.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 40.50 370.70 Td (Subtotal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 127.75 370.70 Td (4,827,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.75 370.70 Td (1,377,276) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.80 370.70 Td (354,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.80 370.70 Td (398,303) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 370.70 Td (487,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 370.70 Td (604,394) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 370.70 Td (761,011) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 370.70 Td (948,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.75 370.70 Td (1,134,782) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.75 370.70 Td (1,192,813) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 563.75 370.70 Td (1,181,934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 613.75 370.70 Td (1,081,720) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 662.75 370.70 Td (9,522,421) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 370.70 Td (2.0) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 34.50 359.70 Td (Europe:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 348.70 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 348.70 Td (619,079) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 348.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 348.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 348.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 348.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 348.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 348.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 348.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.75 348.70 Td (134,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.75 348.70 Td (249,307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 569.75 348.70 Td (212,129) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 619.75 348.70 Td (165,610) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 668.75 348.70 Td (761,305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 348.70 Td (1.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 337.70 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 337.70 Td (630,343) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 337.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 337.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 337.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 337.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 337.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 337.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 337.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 337.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.75 337.70 Td (135,549) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 569.75 337.70 Td (198,127) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 619.75 337.70 Td (156,665) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 668.75 337.70 Td (490,341) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 337.70 Td (0.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 326.70 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 326.70 Td (423,352) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 326.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 326.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 326.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 326.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 326.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 326.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 326.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 326.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.80 326.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.75 326.70 Td (65,870) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 619.75 326.70 Td (127,084) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 668.75 326.70 Td (192,954) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 326.70 Td (0.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 315.70 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 315.70 Td (259,485) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 315.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 315.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 315.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 315.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 315.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 315.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 315.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 315.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.80 315.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 587.80 315.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 623.75 315.70 Td (44,641) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 672.75 315.70 Td (44,641) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 315.70 Td (0.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 40.50 304.70 Td (Subtotal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 127.75 304.70 Td (1,932,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 304.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 304.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 304.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 304.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 304.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 304.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 304.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 471.75 304.70 Td (134,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.75 304.70 Td (384,856) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 569.75 304.70 Td (476,126) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 619.75 304.70 Td (494,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 662.75 304.70 Td (1,489,241) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 304.70 Td (0.8) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 34.50 293.70 Td (Other geographies:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 282.70 Td (2012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 141.75 282.70 Td (6,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 282.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 282.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 282.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 282.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 282.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 282.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 282.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 282.70 Td (3,848) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 282.70 Td (2,561) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 577.75 282.70 Td (1,208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 633.80 282.70 Td (542) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 676.75 282.70 Td (8,159) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 282.70 Td (1.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 271.70 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.75 271.70 Td (29,568) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 271.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 271.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 271.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 271.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 271.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 271.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 271.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 271.70 Td (6,617) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.75 271.70 Td (17,615) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.75 271.70 Td (10,334) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 627.75 271.70 Td (4,606) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 672.75 271.70 Td (39,172) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 271.70 Td (1.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 260.70 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.75 260.70 Td (86,989) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 260.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 260.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 260.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 260.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 260.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 260.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 260.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 260.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 260.70 Td (9,652) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.75 260.70 Td (16,062) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 623.75 260.70 Td (18,403) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 672.75 260.70 Td (44,117) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 260.70 Td (0.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 249.70 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.75 249.70 Td (91,290) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 249.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 249.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 249.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 249.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 249.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 249.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 249.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 249.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.80 249.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.75 249.70 Td (15,061) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 623.75 249.70 Td (57,064) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 672.75 249.70 Td (72,125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 249.70 Td (0.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 34.50 238.70 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.75 238.70 Td (79,890) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 238.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 238.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 238.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 238.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 238.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 238.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 238.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 238.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.80 238.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 587.80 238.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 623.75 238.70 Td (29,269) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 672.75 238.70 Td (29,269) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 238.70 Td (0.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 40.50 227.70 Td (Subtotal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 133.75 227.70 Td (294,443) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.80 227.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.80 227.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.80 227.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.80 227.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 227.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 227.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 227.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 227.70 Td (10,465) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.75 227.70 Td (29,828) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 573.75 227.70 Td (42,665) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 619.75 227.70 Td (109,884) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 668.75 227.70 Td (192,842) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 227.70 Td (0.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 40.50 216.70 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 127.75 216.70 Td (7,054,548) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 169.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.75 216.70 Td (1,377,276) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.80 216.70 Td (354,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.80 216.70 Td (398,303) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 216.70 Td (487,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.80 216.70 Td (604,394) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 216.70 Td (761,011) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.80 216.70 Td (948,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.75 216.70 Td (1,279,506) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.75 216.70 Td (1,607,497) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 563.75 216.70 Td (1,700,725) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 605.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 613.75 216.70 Td (1,685,604) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 655.50 216.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 658.75 216.70 Td (11,204,504) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 724.80 216.70 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 31.50 202.25 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.85 183.65 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.85 183.65 Td (Adjusted for Put-Backs and Recalls. Recalls represent accounts that are recalled by the seller in accordance with the respective purchase agreement \(Recalls\).) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.85 171.05 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.85 171.05 Td (Cumulative collections from inception through ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.04 171.05 Td (December31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.91 171.05 Td (, excluding collections on behalf of others.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 38.85 158.45 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.85 158.45 Td (Cumulative Collections Multiple \(CCM\) through ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.28 158.45 Td (December31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.14 158.45 Td ( refers to collections as a multiple of purchase price.) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (60) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.19 742.25 Td (otal Estimated Collections to Purchase Price Multiple) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (The following table summarizes our purchases, resulting historical gross collections, and estimated remaining gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (collections for purchased consumer and bankruptcy receivables, by year of purchase ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 389.86 709.25 Td (\(in thousands, except multiples\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.06 709.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 660.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 660.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 660.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 660.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 660.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 660.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 660.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 660.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 660.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 660.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 634.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 634.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 634.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 634.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 634.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 634.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 634.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 634.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 634.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 634.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 608.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 608.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 608.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 608.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 608.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 608.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 608.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 608.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 608.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 608.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 582.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 582.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 582.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 582.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 582.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 582.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 582.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 582.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 582.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 582.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 556.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 556.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 556.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 556.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 556.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 556.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 556.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 556.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 556.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 556.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 530.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 530.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 530.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 530.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 530.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 530.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 530.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 530.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 530.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 530.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 504.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 504.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 504.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 504.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 504.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 504.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 504.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 504.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 504.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 504.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 478.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 478.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 478.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 478.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 478.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 478.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 478.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 478.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 478.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 478.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 452.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 452.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 452.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 452.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 452.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 452.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 452.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 452.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 452.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 426.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 426.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 426.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 426.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 426.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 426.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 426.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 426.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 426.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 426.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 400.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 400.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 400.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 400.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 400.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 400.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 400.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 400.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 400.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 400.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 374.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 374.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 374.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 374.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 374.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 374.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 374.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 374.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 374.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 374.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 346.75 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 346.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 346.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 346.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 346.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 346.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 346.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 346.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 346.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 346.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 318.75 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 318.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 318.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 318.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 318.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 318.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 318.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 318.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 318.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 318.75 83.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 660.75 m 214.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 660.75 m 301.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 660.75 m 388.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 660.75 m 475.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 660.75 m 562.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 504.75 m 214.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 504.75 m 301.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 504.75 m 388.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 504.75 m 475.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 504.75 m 214.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 491.75 m 214.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 504.75 m 301.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 491.75 m 301.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 504.75 m 388.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 491.75 m 388.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 504.75 m 475.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 491.75 m 475.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 426.75 m 214.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 426.75 m 301.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 426.75 m 388.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 426.75 m 475.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 426.75 m 214.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 413.75 m 214.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 426.75 m 301.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 413.75 m 301.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 426.75 m 388.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 413.75 m 388.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 426.75 m 475.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 413.75 m 475.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 413.75 m 301.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 413.75 m 388.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 413.75 m 475.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 331.75 m 214.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 331.75 m 301.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 331.75 m 388.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 331.75 m 475.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 331.75 m 214.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 318.75 m 214.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 331.75 m 301.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 318.75 m 301.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 331.75 m 388.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 318.75 m 388.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 331.75 m 475.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 318.75 m 475.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 306.75 m 214.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 304.75 m 214.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 306.75 m 301.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 304.75 m 301.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 306.75 m 388.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 304.75 m 388.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 318.75 m 475.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 306.75 m 475.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 304.75 m 475.5 304.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.85 664.98 Td (Pur) Tj ET Q q 0 0 0 rg BT 155.59 664.98 Td (chase Price) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 196.02 668.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.60 672.98 Td (Historical) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.55 664.98 Td (Collections) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 275.32 668.61 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.15 680.98 Td (Estimated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.80 672.98 Td (Remaining ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.55 664.98 Td (Collections) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 362.32 668.61 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.40 672.98 Td (T) Tj ET Q q 0 0 0 rg BT 411.00 672.98 Td (otalEstimated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.65 664.98 Td (Gr) Tj ET Q q 0 0 0 rg BT 413.28 664.98 Td (ossCollections) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.45 680.98 Td (T) Tj ET Q q 0 0 0 rg BT 487.05 680.98 Td (otalEstimatedGr) Tj ET Q q 0 0 0 rg BT 548.23 680.98 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.25 672.98 Td (Collectionsto) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.90 664.98 Td (Pur) Tj ET Q q 0 0 0 rg BT 507.64 664.98 Td (chase Price) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 651.31 Td (United States:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 638.32 Td (<2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.00 638.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 638.32 Td (719,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 638.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 638.32 Td (2,210,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 638.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 638.32 Td (29,132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 638.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 638.32 Td (2,239,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 638.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.32 Td (2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 625.32 Td (204,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 625.32 Td (525,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 625.32 Td (21,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 625.32 Td (547,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 625.32 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 612.32 Td (2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 612.32 Td (227,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 612.32 Td (622,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 612.32 Td (47,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 612.32 Td (670,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 612.32 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 599.32 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 599.32 Td (252,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 599.32 Td (791,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 599.32 Td (73,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 599.32 Td (864,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 599.32 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.32 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 586.32 Td (357,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 586.32 Td (1,043,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 586.32 Td (108,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 586.32 Td (1,151,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 586.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 573.32 Td (2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 573.32 Td (385,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 573.32 Td (997,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 573.32 Td (147,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 573.32 Td (1,145,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 573.32 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 560.32 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 560.32 Td (549,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 560.32 Td (1,087,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 560.32 Td (195,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 560.32 Td (1,282,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 560.32 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 547.32 Td (2013) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 551.85 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 547.32 Td (552,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 547.32 Td (1,129,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 547.32 Td (357,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 547.32 Td (1,486,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 547.32 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 534.32 Td (2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 538.85 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 534.32 Td (519,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 534.32 Td (668,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 534.32 Td (432,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 534.32 Td (1,100,438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 534.32 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 521.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 521.32 Td (501,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 521.32 Td (336,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 521.32 Td (551,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 521.32 Td (888,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 521.32 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.32 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 508.32 Td (559,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 508.32 Td (110,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 508.32 Td (917,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 508.32 Td (1,028,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 508.32 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 495.32 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.65 495.32 Td (4,827,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 495.32 Td (9,522,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 495.32 Td (2,882,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 495.32 Td (12,404,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 495.32 Td (2.6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 482.31 Td (Europe:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.32 Td (2013) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 473.85 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 469.32 Td (619,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 469.32 Td (761,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 469.32 Td (804,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 469.32 Td (1,566,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 469.32 Td (2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 456.32 Td (2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 460.85 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 456.32 Td (630,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 456.32 Td (490,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 456.32 Td (756,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 456.32 Td (1,247,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 456.32 Td (2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 443.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 447.85 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 443.32 Td (423,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 443.32 Td (192,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 443.32 Td (542,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 443.32 Td (735,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 443.32 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 430.32 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 430.32 Td (259,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 430.32 Td (44,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 430.32 Td (502,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 430.32 Td (547,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 430.32 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 417.32 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.65 417.32 Td (1,932,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 417.32 Td (1,489,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 417.32 Td (2,607,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 417.32 Td (4,096,878) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 417.32 Td (2.1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 404.31 Td (Other geographies:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 391.32 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.15 391.32 Td (6,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 391.32 Td (8,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 391.32 Td (1,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 391.32 Td (10,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 391.32 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 378.32 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.15 378.32 Td (29,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 378.32 Td (39,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 378.32 Td (3,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 378.32 Td (43,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 378.32 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 365.32 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.15 365.32 Td (86,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 365.32 Td (44,117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 365.32 Td (109,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 365.32 Td (153,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 365.32 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 352.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.15 351.42 Td (91,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 351.42 Td (72,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 351.42 Td (120,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 351.42 Td (192,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 351.42 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 337.32 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.15 336.42 Td (79,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 336.42 Td (29,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 336.42 Td (114,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 336.42 Td (143,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 336.42 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 322.32 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.15 322.32 Td (294,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 322.32 Td (192,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 322.32 Td (350,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 322.32 Td (543,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 322.32 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 309.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.00 309.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.65 309.32 Td (7,054,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 309.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.65 309.32 Td (11,204,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 309.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 309.32 Td (5,840,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 309.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 309.32 Td (17,044,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 309.32 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.25 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 281.65 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 281.65 Td (Adjusted for Put-Backs and Recalls.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 269.05 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 269.05 Td (Cumulative collections from inception through ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.54 269.05 Td (December31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.41 269.05 Td (, excluding collections on behalf of others.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 256.45 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 256.45 Td (ERC for char) Tj ET Q q 0 0 0 rg BT 117.86 256.45 Td (ged-of) Tj ET Q q 0 0 0 rg BT 138.59 256.45 Td (f consumer receivables includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.99 256.45 Td ($74.2 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.11 256.45 Td ( related to accounts that converted to bankruptcy after purchase.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 243.85 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 243.85 Td (Includes portfolios acquired in connection with certain business combinations.) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (61) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Estimated Remaining Gross Collections by ) Tj ET Q q 0 0 0 rg BT 228.45 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 233.45 742.25 Td (ear of Purchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 721.25 Td (The following table summarizes our estimated remaining gross collections for purchased consumer and bankruptcy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (receivables by year of purchase ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 178.54 709.25 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.04 709.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 663.75 509.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 637.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 637.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 637.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 637.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 637.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 637.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 637.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 637.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 637.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 637.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 637.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 637.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 637.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 637.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 637.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 637.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 637.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 637.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 637.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 637.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 637.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 637.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 611.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 611.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 611.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 611.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 611.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 611.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 611.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 611.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 611.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 611.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 611.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 611.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 611.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 611.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 611.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 611.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 611.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 611.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 611.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 611.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 611.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 585.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 585.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 585.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 585.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 585.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 585.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 585.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 585.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 585.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 585.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 585.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 585.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 559.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 559.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 559.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 559.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 559.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 559.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 559.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 559.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 559.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 559.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 559.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 559.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 559.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 533.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 533.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 533.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 533.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 533.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 533.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 533.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 533.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 533.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 533.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 533.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 533.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 507.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 507.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 507.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 507.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 507.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 507.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 507.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 507.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 507.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 507.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 507.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 507.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 507.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 481.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 481.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 481.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 481.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 481.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 481.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 481.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 481.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 481.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 481.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 481.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 481.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 481.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 455.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 455.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 455.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 455.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 455.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 455.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 455.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 455.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 455.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 455.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 455.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 455.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 455.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 429.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 429.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 429.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 429.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 429.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 429.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 429.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 429.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 429.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 429.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 429.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 429.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 429.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 403.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 403.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 403.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 403.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 403.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 403.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 403.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 403.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 403.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 403.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 403.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 403.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 403.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 377.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 377.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 377.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 377.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 377.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 377.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 377.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 377.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 377.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 377.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 377.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 377.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 377.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 351.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 351.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 351.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 351.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 351.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 351.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 351.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 351.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 351.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 351.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 351.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 351.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 325.75 46.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 96.50 325.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 325.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 325.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 325.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 325.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 325.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 325.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 325.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 325.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 325.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 325.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 325.75 45.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 676.75 m 141.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 676.75 m 145.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 676.75 m 190.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 676.75 m 194.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 676.75 m 230.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 676.75 m 234.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 676.75 m 270.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 676.75 m 274.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 676.75 m 310.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 676.75 m 314.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 676.75 m 350.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 676.75 m 354.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 676.75 m 390.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 676.75 m 394.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 676.75 m 430.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 676.75 m 434.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 676.75 m 470.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 676.75 m 474.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 676.75 m 510.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 676.75 m 514.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 676.75 m 559.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 663.75 m 141.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 663.75 m 190.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 663.75 m 230.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 663.75 m 270.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 663.75 m 310.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 663.75 m 350.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 663.75 m 390.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 663.75 m 430.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 663.75 m 470.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 663.75 m 510.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 663.75 m 559.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 507.75 m 141.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 507.75 m 190.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 507.75 m 230.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 507.75 m 270.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 507.75 m 310.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 507.75 m 350.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 507.75 m 390.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 507.75 m 430.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 507.75 m 470.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 507.75 m 510.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 507.75 m 559.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 507.75 m 141.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 494.75 m 141.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 507.75 m 190.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 494.75 m 190.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 507.75 m 230.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 494.75 m 230.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 507.75 m 270.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 494.75 m 270.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 507.75 m 310.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 494.75 m 310.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 507.75 m 350.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 494.75 m 350.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 507.75 m 390.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 494.75 m 390.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 507.75 m 430.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 494.75 m 430.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 507.75 m 470.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 494.75 m 470.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 507.75 m 510.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 494.75 m 510.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 507.75 m 559.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 494.75 m 559.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 429.75 m 141.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 416.75 m 141.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 429.75 m 190.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 416.75 m 190.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 429.75 m 230.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 416.75 m 230.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 429.75 m 270.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 416.75 m 270.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 429.75 m 310.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 416.75 m 310.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 429.75 m 350.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 416.75 m 350.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 429.75 m 390.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 416.75 m 390.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 429.75 m 430.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 416.75 m 430.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 429.75 m 470.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 416.75 m 470.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 429.75 m 510.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 416.75 m 510.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 429.75 m 559.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 416.75 m 559.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 416.75 m 141.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 416.75 m 190.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 416.75 m 230.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 416.75 m 270.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 416.75 m 310.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 416.75 m 350.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 416.75 m 390.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 416.75 m 430.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 416.75 m 470.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 416.75 m 510.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 416.75 m 559.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 338.75 m 141.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 325.75 m 141.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 338.75 m 190.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 325.75 m 190.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 338.75 m 230.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 325.75 m 230.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 338.75 m 270.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 325.75 m 270.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 338.75 m 310.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 325.75 m 310.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 338.75 m 350.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 325.75 m 350.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 338.75 m 390.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 325.75 m 390.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 338.75 m 430.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 325.75 m 430.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 338.75 m 470.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 325.75 m 470.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 338.75 m 510.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 325.75 m 510.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 338.75 m 559.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 325.75 m 559.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 313.75 m 141.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 96.5 311.75 m 141.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 313.75 m 190.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 311.75 m 190.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 313.75 m 230.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 311.75 m 230.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 313.75 m 270.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 311.75 m 270.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 313.75 m 310.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 311.75 m 310.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 313.75 m 350.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 311.75 m 350.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 313.75 m 390.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 311.75 m 390.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 313.75 m 430.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 311.75 m 430.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 313.75 m 470.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 311.75 m 470.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 313.75 m 510.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 311.75 m 510.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 313.75 m 559.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 311.75 m 559.5 311.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 681.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.25 680.98 Td (Estimated Remaining Gr) Tj ET Q q 0 0 0 rg BT 302.88 680.98 Td (oss Collections by ) Tj ET Q q 0 0 0 rg BT 365.03 680.98 Td (Y) Tj ET Q q 0 0 0 rg BT 369.92 680.98 Td (ear) Tj ET Q q 0 0 0 rg BT 380.88 680.98 Td ( of Pur) Tj ET Q q 0 0 0 rg BT 404.29 680.98 Td (chase) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 422.95 684.61 Td (\(1\), \(2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 668.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 110.50 667.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 159.50 667.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.00 667.98 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 244.00 667.98 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.00 667.98 Td (2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.00 667.98 Td (2022) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.00 667.98 Td (2023) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.00 667.98 Td (2024) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.00 667.98 Td (2025) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.70 667.98 Td (>2025) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.75 667.98 Td (Total) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 655.70 Td (United States:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 642.70 Td (<2007) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 99.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 642.00 Td (12,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 169.25 642.00 Td (9,892) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 197.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.30 642.00 Td (4,221) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 642.00 Td (1,933) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.30 642.00 Td (409) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.30 642.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.30 642.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 642.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.30 642.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 642.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.00 642.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.25 642.00 Td (29,132) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 629.70 Td (2007) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.25 629.00 Td (7,680) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 169.25 629.00 Td (6,278) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.30 629.00 Td (3,838) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 629.00 Td (2,345) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.30 629.00 Td (1,431) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 629.00 Td (427) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.30 629.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 629.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.30 629.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 629.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.25 629.00 Td (21,999) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 616.70 Td (2008) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 616.00 Td (15,607) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.25 616.00 Td (12,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.30 616.00 Td (8,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 616.00 Td (5,155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.30 616.00 Td (3,166) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.30 616.00 Td (1,949) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 616.00 Td (620) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.30 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.25 616.00 Td (47,822) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 603.70 Td (2009) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 603.00 Td (24,876) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.25 603.00 Td (20,162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 603.00 Td (12,066) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 603.00 Td (7,222) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.30 603.00 Td (4,314) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.30 603.00 Td (2,579) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 603.00 Td (1,547) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 603.00 Td (389) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.30 603.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 603.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.25 603.00 Td (73,155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 590.70 Td (2010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 590.00 Td (36,486) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.25 590.00 Td (27,969) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 590.00 Td (16,834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 590.00 Td (10,666) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.30 590.00 Td (7,230) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.30 590.00 Td (4,410) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 590.00 Td (2,701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.30 590.00 Td (1,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 590.00 Td (479) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 590.00 Td (108,431) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 577.70 Td (2011) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 577.00 Td (50,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.25 577.00 Td (38,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 577.00 Td (23,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 577.00 Td (15,616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.30 577.00 Td (9,557) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.30 577.00 Td (4,563) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 577.00 Td (2,663) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.30 577.00 Td (1,578) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 577.00 Td (949) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 577.00 Td (369) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 577.00 Td (147,782) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 564.70 Td (2012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 564.00 Td (62,199) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.25 564.00 Td (46,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 564.00 Td (29,788) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 564.00 Td (20,002) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 564.00 Td (13,456) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.30 564.00 Td (8,836) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 564.00 Td (5,838) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.30 564.00 Td (3,970) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.30 564.00 Td (2,704) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 564.00 Td (2,326) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 564.00 Td (195,173) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 551.70 Td (2013) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 69.00 555.33 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.25 551.00 Td (115,847) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.25 551.00 Td (86,623) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 551.00 Td (56,239) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 551.00 Td (36,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 551.00 Td (23,743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.30 551.00 Td (15,495) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 551.00 Td (9,335) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.30 551.00 Td (5,749) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.30 551.00 Td (3,737) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 551.00 Td (4,360) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 551.00 Td (357,628) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 538.70 Td (2014) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 69.00 542.33 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.25 538.00 Td (136,879) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.25 538.00 Td (105,439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 538.00 Td (67,769) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 538.00 Td (43,689) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 538.00 Td (28,190) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.30 538.00 Td (18,605) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 538.00 Td (12,127) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.30 538.00 Td (7,672) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.30 538.00 Td (4,774) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 538.00 Td (6,945) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 538.00 Td (432,089) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 525.70 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.25 525.00 Td (166,783) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.25 525.00 Td (132,010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 525.00 Td (90,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 525.00 Td (60,957) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 525.00 Td (37,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.30 525.00 Td (24,811) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 525.00 Td (16,607) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.30 525.00 Td (11,128) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.30 525.00 Td (6,823) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 525.00 Td (4,696) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 525.00 Td (551,667) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 512.70 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.25 512.00 Td (230,389) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.25 512.00 Td (256,682) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.30 512.00 Td (163,722) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.30 512.00 Td (106,277) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 512.00 Td (66,385) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.30 512.00 Td (36,391) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 512.00 Td (23,710) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.30 512.00 Td (16,751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.30 512.00 Td (11,574) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 512.00 Td (5,313) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 512.00 Td (917,194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 499.70 Td (Subtotal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.25 499.00 Td (859,586) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.25 499.00 Td (742,701) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.30 499.00 Td (476,540) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.30 499.00 Td (310,362) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 499.00 Td (195,727) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 499.00 Td (118,066) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 499.00 Td (75,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.30 499.00 Td (48,893) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.30 499.00 Td (31,040) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 499.00 Td (24,009) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.25 499.00 Td (2,882,072) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 486.70 Td (Europe:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 473.70 Td (2013) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 69.00 477.33 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.25 473.00 Td (104,333) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.25 473.00 Td (115,035) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 473.00 Td (98,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 473.00 Td (84,807) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 473.00 Td (73,952) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.30 473.00 Td (65,874) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 473.00 Td (59,192) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.30 473.00 Td (53,273) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.30 473.00 Td (48,033) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 473.00 Td (101,749) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 473.00 Td (804,903) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 460.70 Td (2014) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 69.00 464.33 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 460.00 Td (95,591) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.25 460.00 Td (106,583) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 460.00 Td (92,297) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 460.00 Td (79,707) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 460.00 Td (68,988) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.30 460.00 Td (60,897) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 460.00 Td (54,459) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.30 460.00 Td (48,302) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.30 460.00 Td (41,932) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 460.00 Td (108,210) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 460.00 Td (756,966) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 447.70 Td (2015) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 69.00 451.33 Td (\(3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 447.00 Td (71,689) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.25 447.00 Td (75,866) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 447.00 Td (63,213) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 447.00 Td (52,907) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 447.00 Td (46,165) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.30 447.00 Td (40,743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 447.00 Td (36,545) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.30 447.00 Td (32,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.30 447.00 Td (29,007) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 447.00 Td (94,009) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 447.00 Td (542,850) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 434.70 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 434.00 Td (53,151) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.25 434.00 Td (67,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 434.00 Td (77,712) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 434.00 Td (69,991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 434.00 Td (50,690) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.30 434.00 Td (35,057) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.30 434.00 Td (26,813) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.30 434.00 Td (23,687) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.30 434.00 Td (21,205) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 434.00 Td (77,012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 434.00 Td (502,918) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 421.70 Td (Subtotal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.25 421.00 Td (324,764) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.25 421.00 Td (365,084) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.30 421.00 Td (331,877) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.30 421.00 Td (287,412) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 421.00 Td (239,795) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 421.00 Td (202,571) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 421.00 Td (177,009) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.30 421.00 Td (157,968) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 421.00 Td (140,177) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 421.00 Td (380,980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.25 421.00 Td (2,607,637) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 53.00 408.70 Td (Other geographies:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 395.70 Td (2012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 126.30 395.00 Td (629) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 175.30 395.00 Td (470) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.30 395.00 Td (304) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 395.00 Td (225) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.30 395.00 Td (189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 395.00 Td (114) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.30 395.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 395.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.30 395.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 395.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.25 395.00 Td (1,931) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 382.70 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.25 382.00 Td (1,632) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 169.25 382.00 Td (1,132) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.30 382.00 Td (540) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 382.00 Td (280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.30 382.00 Td (162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.30 382.00 Td (87) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.30 382.00 Td (11) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 382.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.30 382.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 382.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.25 382.00 Td (3,844) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 369.70 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 369.00 Td (14,801) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.25 369.00 Td (41,404) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 369.00 Td (35,480) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 369.00 Td (12,057) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.30 369.00 Td (2,179) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.30 369.00 Td (1,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 369.00 Td (1,324) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.30 369.00 Td (1,211) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.30 369.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 369.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 369.00 Td (109,871) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 356.70 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 356.00 Td (28,737) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.25 356.00 Td (29,876) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 356.00 Td (21,966) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 356.00 Td (15,956) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.30 356.00 Td (9,848) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.30 356.00 Td (6,293) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 356.00 Td (3,507) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.30 356.00 Td (2,246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.30 356.00 Td (1,359) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 356.00 Td (740) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 356.00 Td (120,528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 343.70 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 343.00 Td (22,835) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.25 343.00 Td (29,095) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 343.00 Td (22,254) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 343.00 Td (16,332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 343.00 Td (10,773) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.30 343.00 Td (5,581) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 343.00 Td (3,172) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.30 343.00 Td (2,097) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.30 343.00 Td (1,544) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 343.00 Td (751) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 343.00 Td (114,434) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 330.70 Td (Subtotal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.25 330.00 Td (68,634) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 161.25 330.00 Td (101,977) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.30 330.00 Td (80,544) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 330.00 Td (44,850) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 330.00 Td (23,151) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.30 330.00 Td (13,490) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 330.00 Td (8,014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.30 330.00 Td (5,554) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.30 330.00 Td (2,903) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 330.00 Td (1,491) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 330.00 Td (350,608) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 317.70 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 99.00 317.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 106.25 317.00 Td (1,252,984) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 148.00 317.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.25 317.00 Td (1,209,762) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 197.00 317.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.30 317.00 Td (888,961) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.00 317.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 241.30 317.00 Td (642,624) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.00 317.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.30 317.00 Td (458,673) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.00 317.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 317.00 Td (334,127) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.00 317.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.30 317.00 Td (260,171) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.00 317.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.30 317.00 Td (212,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.00 317.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 317.00 Td (174,120) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.00 317.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 317.00 Td (406,480) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.00 317.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.25 317.00 Td (5,840,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 288.65 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 288.65 Td (ERC for ZBAs can extend beyond our collection forecasts. ) Tj ET Q q 0 0 0 rg BT 265.52 288.65 Td (As part of our process to continually refine our forecasting of collections, in the fourth ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 279.05 Td (quarter) Tj ET Q q 0 0 0 rg BT 97.68 279.05 Td (, we identified approximately $167.1 million additional ERC for ZBAs. ) Tj ET Q q 0 0 0 rg BT 328.54 279.05 Td (As of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.09 279.05 Td (December31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 410.96 279.05 Td (, ERC for ZBAs include approximately $337.1 ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 269.45 Td (million for purchased consumer receivables in the United States. ERC for ZBAs for purchased consumer receivables in Europe and other geographies ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 259.85 Td (and purchased U.S. bankruptcy receivables were immaterial.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 247.25 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 247.25 Td (ERC for purchased consumer receivables includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.40 247.25 Td ($74.2 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.52 247.25 Td ( related to accounts that converted to bankruptcy after purchase. ) Tj ET Q q 0 0 0 rg BT 488.17 247.25 Td (The collection forecast ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 237.65 Td (of each pool is generally estimated up to 120 months in the United States and up to 180 months in Europe. Expected collections beyond the 120 month ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 228.05 Td (collection forecast in the United States are included in ERC but are not included in the calculation of IRRs.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 215.45 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 215.45 Td (Includes portfolios acquired in connection with certain business combinations.) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (62) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Unamortized Balances of Portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (The following table summarizes the remaining unamortized balances of our purchased receivable portfolios by year of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (purchase ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 88.04 709.25 Td (\(in thousands, except per) Tj ET Q q 0 0 0 rg BT 188.20 709.25 Td (centages) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.18 709.25 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.75 168.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 652.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 652.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 652.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 652.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 652.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 652.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 652.75 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 624.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 624.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 624.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 624.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 624.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 624.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 624.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 624.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 598.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 598.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 598.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 598.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 598.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 598.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 572.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 572.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 572.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 572.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 572.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 572.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 572.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 546.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 546.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 546.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 546.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 546.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 546.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 546.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 546.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 520.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 520.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 520.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 520.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 520.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 520.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 520.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 520.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 494.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 494.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 494.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 494.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 494.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 494.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 494.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 494.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 468.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 468.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 468.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 468.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 468.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 468.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 468.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 468.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 442.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 442.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 442.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 442.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 442.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 442.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 442.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 442.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 416.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 416.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 416.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 416.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 416.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 416.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 416.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 416.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 390.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 390.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 390.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 390.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 390.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 390.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 390.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 390.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 364.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 364.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 364.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 364.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 364.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 364.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 364.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 364.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 338.75 168.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 338.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 338.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 338.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 338.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 338.75 83.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 338.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 338.75 83.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 652.75 m 301.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 652.75 m 388.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 652.75 m 475.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 652.75 m 562.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 507.75 m 301.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 507.75 m 388.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 507.75 m 475.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 507.75 m 562.5 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 494.75 m 301.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 494.75 m 388.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 494.75 m 475.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 494.75 m 562.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 429.75 m 301.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 429.75 m 388.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 429.75 m 475.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 429.75 m 562.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 416.75 m 301.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 416.75 m 388.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 416.75 m 475.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 416.75 m 562.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 351.75 m 301.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 351.75 m 388.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 351.75 m 475.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 351.75 m 562.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 338.75 m 301.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 338.75 m 388.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 338.75 m 475.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 338.75 m 562.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 326.75 m 301.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 324.75 m 301.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 326.75 m 388.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 324.75 m 388.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 326.75 m 475.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 324.75 m 475.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 326.75 m 562.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 324.75 m 562.5 324.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.05 672.98 Td (Unamortized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.05 664.98 Td ( Balance as of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.25 656.98 Td ( December 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.75 664.98 Td (Pur) Tj ET Q q 0 0 0 rg BT 343.49 664.98 Td (chase) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.55 656.98 Td (Price) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 352.31 660.61 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.05 680.98 Td (Unamortized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.35 672.98 Td (Balance as a) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.35 664.98 Td (Per) Tj ET Q q 0 0 0 rg BT 422.19 664.98 Td (centage of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.90 656.98 Td (Pur) Tj ET Q q 0 0 0 rg BT 420.64 656.98 Td (chasePrice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.05 680.98 Td (Unamortized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.35 672.98 Td (Balanceasa) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.65 664.98 Td (Per) Tj ET Q q 0 0 0 rg BT 513.49 664.98 Td (centage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.45 656.98 Td (of) Tj ET Q q 0 0 0 rg BT 515.97 656.98 Td (T) Tj ET Q q 0 0 0 rg BT 520.57 656.98 Td (otal) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 643.31 Td (United States:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.32 Td (2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 628.32 Td (941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 628.32 Td (204,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 628.32 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 628.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 628.32 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 628.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 615.32 Td (2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 615.32 Td (3,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 615.32 Td (227,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 615.32 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 615.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 615.32 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 615.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.32 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 602.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 602.32 Td (252,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 602.32 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 602.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 602.32 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 602.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.32 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 589.32 Td (807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 589.32 Td (345,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 589.32 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 589.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 589.32 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 589.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.32 Td (2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 576.32 Td (7,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 576.32 Td (383,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 576.32 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 576.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 576.32 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 576.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 563.32 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 563.32 Td (38,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 563.32 Td (549,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 563.32 Td (7.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 563.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 563.32 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 563.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 550.32 Td (2013) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 554.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 550.32 Td (90,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 550.32 Td (552,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 550.32 Td (16.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 550.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 550.32 Td (7.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 550.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 537.32 Td (2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 541.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 537.32 Td (187,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 537.32 Td (519,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 537.32 Td (36.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 537.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 537.32 Td (16.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 537.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 524.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 524.32 Td (313,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 524.32 Td (501,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 524.32 Td (62.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 524.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 524.32 Td (27.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 524.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 511.32 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 511.32 Td (515,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 511.32 Td (559,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 511.32 Td (92.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 511.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 511.32 Td (44.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 511.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 498.32 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 498.32 Td (1,158,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 498.32 Td (4,095,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 498.32 Td (28.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 498.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 498.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 498.32 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 485.31 Td (Europe:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.32 Td (2013) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 476.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 472.32 Td (256,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 472.32 Td (619,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 472.32 Td (41.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 472.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 472.32 Td (24.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 472.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 459.32 Td (2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 463.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 459.32 Td (308,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 459.32 Td (630,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 459.32 Td (49.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 459.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 459.32 Td (29.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 459.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 446.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.00 450.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 446.32 Td (255,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 446.32 Td (423,352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 446.32 Td (60.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 446.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 446.32 Td (24.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 446.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 433.32 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 433.32 Td (230,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 433.32 Td (259,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 433.32 Td (88.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 433.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 433.32 Td (21.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 433.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 420.32 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 420.32 Td (1,050,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 420.32 Td (1,932,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 420.32 Td (54.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 420.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 420.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 420.32 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 407.31 Td (Other geographies:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.32 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 394.32 Td (1,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 394.32 Td (29,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 394.32 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 394.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 394.32 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 394.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 381.32 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 381.32 Td (56,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 381.32 Td (86,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 381.32 Td (65.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 381.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 381.32 Td (32.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 381.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 368.32 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 368.32 Td (51,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 368.32 Td (91,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 368.32 Td (56.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 368.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 368.32 Td (29.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 368.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 355.32 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 355.32 Td (64,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 355.32 Td (79,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 355.32 Td (80.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 355.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 355.32 Td (36.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 355.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 342.32 Td (Subtotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 342.32 Td (173,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.15 342.32 Td (287,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 342.32 Td (60.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 342.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 342.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 342.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 329.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 329.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 329.32 Td (2,382,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.00 329.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 329.32 Td (6,315,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 329.32 Td (37.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 329.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 329.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 329.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 301.65 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 301.65 Td (Purchase price refers to the cash paid to a seller to acquire a portfolio less Put-Backs, Recalls, and other adjustments.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 289.05 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 289.05 Td (Includes portfolios acquired in connection with certain business combinations.) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (63) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Estimated Future ) Tj ET Q q 0 0 0 rg BT 124.64 742.25 Td (Amortization of Portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 725.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.03 725.25 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.13 725.25 Td ($2.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.24 725.25 Td ( in investment in receivable portfolios. ) Tj ET Q q 0 0 0 rg BT 415.96 725.25 Td (This balance will be amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (based upon current projections of cash collections in excess of revenue applied to the principal balance. ) Tj ET Q q 0 0 0 rg BT 466.61 713.25 Td (The estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (amortization of the investment in receivable portfolios balance is as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 355.74 701.25 Td (\(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 660.75 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 660.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 660.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 660.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 660.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 660.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 660.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 660.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 630.75 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 630.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 630.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 630.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 630.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 600.75 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 600.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 600.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 600.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 600.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 570.75 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 570.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 570.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 570.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 570.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 540.75 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 540.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 540.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 540.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 540.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 510.75 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 510.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 510.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 510.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 510.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 510.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 510.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 510.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 480.75 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 480.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 480.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 480.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 480.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 480.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 480.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 480.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 450.75 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 450.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 450.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 450.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 450.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 450.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 450.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 450.75 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 660.75 m 328.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 660.75 m 406.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 660.75 m 484.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 660.75 m 562.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 660.75 m 562.5 660.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 435.75 m 328.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 421.75 m 328.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 419.75 m 328.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 435.75 m 406.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 421.75 m 406.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 419.75 m 406.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 435.75 m 484.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 421.75 m 484.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 419.75 m 484.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 435.75 m 562.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 421.75 m 562.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 419.75 m 562.5 419.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 664.98 Td (Years Ending December31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.00 672.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.20 664.98 Td (UnitedStates) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.40 664.98 Td (Europe) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.85 672.98 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.40 664.98 Td (Geographies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.25 672.98 Td (T) Tj ET Q q 0 0 0 rg BT 520.85 672.98 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.10 664.98 Td (Amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 651.32 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 650.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 650.42 Td (264,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 650.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 650.42 Td (77,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 650.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 650.42 Td (7,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 650.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 650.42 Td (349,943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 636.32 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 635.42 Td (318,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 635.42 Td (139,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 635.42 Td (51,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 635.42 Td (509,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 621.32 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 620.42 Td (208,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 620.42 Td (117,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 620.42 Td (50,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 620.42 Td (376,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 606.32 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 605.42 Td (140,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 605.42 Td (97,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 605.42 Td (28,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 605.42 Td (266,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 591.32 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 590.42 Td (92,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 590.42 Td (83,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 590.42 Td (13,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 590.42 Td (188,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.32 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 575.42 Td (56,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 575.42 Td (74,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 575.42 Td (10,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 575.42 Td (140,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.32 Td (2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 560.42 Td (37,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 560.42 Td (70,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 560.42 Td (4,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 560.42 Td (112,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 546.32 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 545.42 Td (23,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 545.42 Td (67,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 545.42 Td (3,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 545.42 Td (94,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.32 Td (2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 530.42 Td (13,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 530.42 Td (73,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 530.42 Td (2,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 530.42 Td (88,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.32 Td (2026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 515.42 Td (4,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 515.42 Td (64,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 515.42 Td (1,329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 515.42 Td (70,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 501.32 Td (2027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 500.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 500.42 Td (66,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 500.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 500.42 Td (66,414) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 486.32 Td (2028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 485.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 485.42 Td (65,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 485.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 485.42 Td (65,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 471.32 Td (2029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 470.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 470.42 Td (30,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 470.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 470.42 Td (30,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 456.32 Td (2030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 455.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 455.42 Td (15,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 455.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 455.42 Td (15,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 441.32 Td (2031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 440.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 440.42 Td (4,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 440.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 440.42 Td (4,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 426.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 425.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 425.42 Td (1,158,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 425.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 425.42 Td (1,050,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 425.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 425.42 Td (173,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 425.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 425.42 Td (2,382,809) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 387.65 Td (Headcount by Function by Geographic Location) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 370.65 Td (The following table summarizes our headcount by function and by geographic location:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 312.15 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 312.15 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 312.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 312.15 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 312.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 312.15 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 312.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 312.15 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 312.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 312.15 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 312.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 312.15 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 282.15 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 282.15 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 282.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 282.15 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 282.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 282.15 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 282.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 282.15 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 282.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 282.15 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 282.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 282.15 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 338.15 m 257.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 338.15 m 261.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 338.15 m 318.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 338.15 m 322.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 338.15 m 379.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 338.15 m 383.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 338.15 m 440.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 338.15 m 444.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 338.15 m 501.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 338.15 m 505.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 338.15 m 562.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 338.15 m 257.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 325.15 m 257.5 325.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 325.15 m 261.5 325.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 325.15 m 318.5 325.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 338.15 m 379.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 325.15 m 379.5 325.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 325.15 m 383.5 325.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 325.15 m 440.5 325.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 338.15 m 501.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 325.15 m 501.5 325.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 325.15 m 505.5 325.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 325.15 m 562.5 325.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 312.15 m 257.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 312.15 m 318.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 312.15 m 379.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 312.15 m 440.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 312.15 m 501.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 312.15 m 562.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 312.15 m 379.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 312.15 m 440.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 312.15 m 501.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 312.15 m 562.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 282.15 m 257.5 282.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 268.15 m 257.5 268.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 266.15 m 257.5 266.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 282.15 m 318.5 282.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 268.15 m 318.5 268.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 266.15 m 318.5 266.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 282.15 m 379.5 282.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 268.15 m 379.5 268.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 266.15 m 379.5 266.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 282.15 m 440.5 282.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 268.15 m 440.5 268.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 266.15 m 440.5 266.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 282.15 m 501.5 282.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 268.15 m 501.5 268.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 266.15 m 501.5 266.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 282.15 m 562.5 282.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 268.15 m 562.5 268.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 266.15 m 562.5 266.15 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 342.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.15 342.38 Td (Headcount as of December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 329.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.00 329.38 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.00 329.38 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.00 329.38 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 316.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.70 316.38 Td (Domestic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.80 316.38 Td (International) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.65 316.38 Td (Domestic) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 363.19 320.01 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.80 316.38 Td (International) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.65 316.38 Td (Domestic) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 485.19 320.01 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.80 316.38 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 302.72 Td (General& Administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.65 301.82 Td (894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 301.82 Td (2,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 301.82 Td (944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 301.82 Td (2,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 301.82 Td (1,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 301.82 Td (1,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 287.72 Td (Account Manager) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.65 286.82 Td (287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 286.82 Td (3,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 286.82 Td (269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 286.82 Td (3,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 286.82 Td (351) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 286.82 Td (2,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 272.72 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 271.82 Td (1,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 271.82 Td (5,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 271.82 Td (1,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 271.82 Td (5,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 271.82 Td (1,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 271.82 Td (4,016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.65 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 243.05 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 243.05 Td (Headcount as of December 31, 2015 and 2014 includes 79 and 86 Propel employees, respectively) Tj ET Q q 0 0 0 rg BT 387.19 243.05 Td (.) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (64) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Purchases by Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (The following table summarizes the consumer receivable portfolios and bankruptcy receivables we purchased by quarter) Tj ET Q q 0 0 0 rg BT 556.20 725.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (and the respective purchase prices \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 192.43 713.25 Td (in thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.27 713.25 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 673.75 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 673.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 673.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 673.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 673.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 673.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.75 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 643.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 643.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 643.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.75 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 613.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 613.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 613.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 583.75 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 583.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 583.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 583.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 553.75 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 553.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 553.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 553.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 553.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 553.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 523.75 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 523.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 523.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 523.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 523.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 523.75 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 673.75 m 404.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 673.75 m 483.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 673.75 m 562.5 673.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 677.98 Td (Quarter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.15 685.83 Td (#of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.70 677.83 Td (Accounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.90 677.98 Td (FaceValue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.75 685.83 Td (Pur) Tj ET Q q 0 0 0 rg BT 521.49 685.83 Td (chase) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.60 677.83 Td (Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.32 Td (Q1 2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 87.72 668.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 663.42 Td (1,104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 663.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 663.42 Td (4,288,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 663.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 663.42 Td (467,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.32 Td (Q2 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 648.42 Td (1,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 648.42 Td (3,075,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 648.42 Td (225,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.32 Td (Q3 2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 87.72 638.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 633.42 Td (2,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 633.42 Td (3,970,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 633.42 Td (299,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.32 Td (Q4 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 618.42 Td (859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 618.42 Td (2,422,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 618.42 Td (258,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.32 Td (Q1 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 603.42 Td (734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 603.42 Td (1,041,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 603.42 Td (125,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.32 Td (Q2 2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 87.72 593.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 588.42 Td (2,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 588.42 Td (5,544,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 588.42 Td (418,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.32 Td (Q3 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 573.42 Td (1,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 573.42 Td (2,085,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 573.42 Td (187,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 559.32 Td (Q4 2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 87.72 563.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 558.42 Td (2,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 558.42 Td (4,068,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 558.42 Td (292,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 544.32 Td (Q1 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 543.42 Td (1,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 543.42 Td (3,544,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 543.42 Td (256,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 529.32 Td (Q2 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 528.42 Td (946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 528.42 Td (2,841,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 528.42 Td (233,116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 514.32 Td (Q3 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 513.42 Td (874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 513.42 Td (1,475,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 513.42 Td (206,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 499.32 Td (Q4 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 498.42 Td (1,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 498.42 Td (1,943,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 498.42 Td (210,491) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 469.65 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 469.65 Td (Includes portfolios acquired in connection with certain business combinations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.65 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 448.65 Td (ces) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 427.65 Td (Liquidity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 406.65 Td (The following table summarizes our cash flow activity) Tj ET Q q 0 0 0 rg BT 291.90 406.65 Td (, including the cash flows from discontinued operations, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.65 Td (periods presented ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.75 394.65 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.25 394.65 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 355.15 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 355.15 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 355.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 355.15 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 355.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 355.15 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 327.15 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 327.15 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 327.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 327.15 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 327.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 327.15 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 367.15 m 404.5 367.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 367.15 m 408.5 367.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 367.15 m 483.5 367.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 367.15 m 487.5 367.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 367.15 m 562.5 367.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 367.15 m 404.5 367.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 355.15 m 404.5 355.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 367.15 m 408.5 367.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 367.15 m 483.5 367.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 355.15 m 483.5 355.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 367.15 m 487.5 367.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 367.15 m 562.5 367.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 355.15 m 562.5 355.15 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 371.10 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.20 371.23 Td (Year Ended December31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 359.10 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 359.23 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 359.23 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 359.23 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.72 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 345.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 345.72 Td (130,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 345.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 345.72 Td (114,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 345.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 345.72 Td (111,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 331.72 Td (Net cash used in investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.80 331.77 Td (\(168,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 331.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 331.77 Td (\(472,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 331.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 331.77 Td (\(755,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 331.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 317.72 Td (Net cash provided by financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 317.72 Td (43,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 317.72 Td (401,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 317.72 Td (626,323) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 292.65 Td (Operating Cash Flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 274.65 Td (Cash flows from operating activities represent the cash receipts and disbursements related to all of our activities other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.65 Td (than investing and financing activities. Operating cash flows are derived by adjusting net income for non-cash operating items ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.65 Td (such as depreciation and amortization, allowance char) Tj ET Q q 0 0 0 rg BT 266.11 250.65 Td (ges and stock-based compensation char) Tj ET Q q 0 0 0 rg BT 423.66 250.65 Td (ges, and changes in operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.65 Td (assets and liabilities which reflect timing dif) Tj ET Q q 0 0 0 rg BT 227.00 238.65 Td (ferences between the receipt and payment of cash associated with transactions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.65 Td (when they are recognized in results of operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 205.65 Td (Net cash provided by operating activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.67 205.65 Td ($130.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.56 205.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.56 205.65 Td ($1) Tj ET Q q 0 0 0 rg BT 332.19 205.65 Td (14.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.08 205.65 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.02 205.65 Td ($1) Tj ET Q q 0 0 0 rg BT 412.65 205.65 Td (1) Tj ET Q q 0 0 0 rg BT 417.28 205.65 Td (1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.17 205.65 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.65 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 193.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 193.65 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.58 193.65 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.52 193.65 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.52 193.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 248.18 193.65 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 172.65 Td (Cash provided by operating activities during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.32 172.65 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.90 172.65 Td ( was primarily related to net income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.65 Td ($16.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 160.65 Td (, adjustments for discontinued operations, various non-cash add backs in operating activities, including portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.65 Td (allowance char) Tj ET Q q 0 0 0 rg BT 110.06 148.65 Td (ges, and changes in operating assets and liabilities. Cash provided by operating activities during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.65 Td (December31, 2015 was primarily related to net income of $47.4 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.20 136.65 Td ($23.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.09 136.65 Td ( loss from discontinued operations, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.65 Td (addition to other non-cash add backs in operating activities and changes in operating assets and liabilities. Cash provided by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.65 Td (operating activities during the year ended December31, 2014 was primarily related to net income of $98.3 million and various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.65 Td (non-cash add backs in operating activities and changes in operating assets and liabilities.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 79.65 Td (Investing Cash Flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 62.65 Td (Net cash used in investing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.13 62.65 Td ($168.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.02 62.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.02 62.65 Td ($472.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.91 62.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.35 62.65 Td ($755.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.24 62.65 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.65 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 50.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 50.65 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.58 50.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.02 50.65 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.02 50.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.68 50.65 Td (.) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (The cash flows used in investing activities during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.82 742.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.40 742.10 Td ( were primarily related to receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (portfolio purchases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.25 730.10 Td ($907.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.15 730.10 Td (, of) Tj ET Q q 0 0 0 rg BT 212.29 730.10 Td (fset by collection proceeds applied to the principal of our receivable portfolios in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 718.10 Td ($659.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.22 718.10 Td ( and $106.0 million of p) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 248.88 718.10 Td (roceeds from divestiture of Propel, net of cash divested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.61 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 463.43 718.10 Td (The cash flows used in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (investing activities during the year ended December31, 2015 were primarily related to cash paid for acquisitions, net of cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (acquired, of $276.6 million, receivable portfolio purchases \(excluding the portfolios acquired from the acquisition of dlc of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td ($216.0 million and from the acquisition of Baycorp of $60.3 million\) of $749.8 million, of) Tj ET Q q 0 0 0 rg BT 412.00 682.10 Td (fset by collection proceeds applied to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (the principal of our receivable portfolios in the amount of $635.9 million. ) Tj ET Q q 0 0 0 rg BT 346.42 670.10 Td (The cash flows used in investing activities during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (year ended December31, 2014 were primarily related to cash paid for acquisitions, net of cash acquired, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.78 658.10 Td ($446.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.67 658.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (receivable portfolio purchases \(excluding the portfolios acquired from the acquisition of Marlin of $208.5 million and from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (acquisition of ) Tj ET Q q 0 0 0 rg BT 106.66 634.10 Td (Atlantic of $105.4 million\) of $863.0 million, of) Tj ET Q q 0 0 0 rg BT 299.79 634.10 Td (fset by collection proceeds applied to the principal of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (receivable portfolios in the amount of $634.0 million. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (Financing Cash Flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 584.10 Td (Net cash provided by financing activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.67 584.10 Td ($43.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.56 584.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.56 584.10 Td ($401.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.45 584.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.89 584.10 Td ($626.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.78 584.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 572.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 572.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.58 572.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.02 572.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.02 572.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.68 572.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 551.10 Td (The cash provided by financing activities during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.13 551.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.72 551.10 Td ( primarily reflects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.85 551.10 Td ($586.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.75 551.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (borrowings under our credit facilities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.28 539.10 Td ($442.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.17 539.10 Td ( of proceeds from the Cabot 2023 Notes \(defined below\), of) Tj ET Q q 0 0 0 rg BT 516.65 539.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td ($615.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 527.10 Td ( in repayments of amounts outstanding under our credit facilities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.88 527.10 Td ($352.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.77 527.10 Td ( in repayment of Cabot) Tj ET Q q 0 0 0 rg BT 540.74 527.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (senior secured notes due 2019. ) Tj ET Q q 0 0 0 rg BT 175.34 515.10 Td (The cash provided by financing activities during the year ended December31, 2015 primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (reflects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.92 503.10 Td ($1.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.04 503.10 Td ( in borrowings under our credit facilities and $332.7 million of proceeds from Cabot) Tj ET Q q 0 0 0 rg BT 467.96 503.10 Td (s floating rate notes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 491.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.59 491.10 Td ($898.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.48 491.10 Td ( in repayments of amounts outstanding under our credit facilities and $33.2 million in repurchases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (our common stock. ) Tj ET Q q 0 0 0 rg BT 129.25 479.10 Td (The cash provided by financing activities during the year ended December31, 2014 primarily reflects $1.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (billion in borrowings under our credit facilities, $288.6 million of proceeds from Cabot) Tj ET Q q 0 0 0 rg BT 401.60 467.10 Td (s senior secured notes, $161.0 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (of proceeds from the issuance of Encore) Tj ET Q q 0 0 0 rg BT 213.82 455.10 Td (s convertible senior notes due 2021, and $134.0 million of proceeds from the issuance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (of Propel) Tj ET Q q 0 0 0 rg BT 89.72 443.10 Td (s securitized notes, of) Tj ET Q q 0 0 0 rg BT 176.18 443.10 Td (fset by $1.2 billion in repayments of amounts outstanding under our credit facilities and $33.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (million in purchases of convertible hedge instruments, including the payment for our warrant restrike transaction associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (with Encore) Tj ET Q q 0 0 0 rg BT 101.37 419.10 Td (s convertible notes due 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (Capital Resources) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 377.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 120.56 377.10 Td (, we have met our cash requirements by utilizing our cash flows from operations, bank borrowings, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (convertible debt of) Tj ET Q q 0 0 0 rg BT 125.35 365.10 Td (ferings, and equity of) Tj ET Q q 0 0 0 rg BT 210.70 365.10 Td (ferings. From time to time, depending on the capital markets, we consider additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.10 Td (financings to fund our operations and acquisitions. Our primary cash requirements have included the purchase of receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.10 Td (portfolios, the acquisition of U.S. and international entities, operating expenses, the payment of interest and principal on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.10 Td (borrowings, and the payment of income taxes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 308.10 Td (On December 20, 2016, we amended our revolving credit facility and term loan facility pursuant to a ) Tj ET Q q 0 0 0 rg BT 478.57 308.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 502.74 308.10 Td (Amended and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (Restated Credit ) Tj ET Q q 0 0 0 rg BT 113.88 296.10 Td (Agreement \(as amended, the Restated Credit ) Tj ET Q q 0 0 0 rg BT 299.09 296.10 Td (Agreement\). ) Tj ET Q q 0 0 0 rg BT 356.10 296.10 Td (The Restated Credit ) Tj ET Q q 0 0 0 rg BT 438.02 296.10 Td (Agreement includes a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (revolving credit facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.74 284.10 Td ($781.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.63 284.10 Td ( \(the Revolving Credit Facility\), a term loan facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.73 284.10 Td ($166.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.62 284.10 Td ( \(the T) Tj ET Q q 0 0 0 rg BT 535.01 284.10 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (Loan Facility, and together with the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 301.80 272.10 Td (, the Senior Secured Credit Facilities\), and an accordion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (feature that allows us to increase the Revolving Credit Facility by an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.64 260.10 Td ($250.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.53 260.10 Td (. Including the accordion feature, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (the maximum amount that can be borrowed under the Senior Secured Credit Facilities is approximately $1.2 billion. ) Tj ET Q q 0 0 0 rg BT 517.21 248.10 Td (The Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (Secured Credit Facilities have a five-year maturity) Tj ET Q q 0 0 0 rg BT 251.49 236.10 Td (, expiring in December 2021, except with respect to \(1\) revolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (commitments under the Revolving Credit Facility of $32.1 million and $207.8 million expiring in November 2017 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (February 2019, respectively) Tj ET Q q 0 0 0 rg BT 161.26 212.10 Td (, and \(2\) three subtranches of the ) Tj ET Q q 0 0 0 rg BT 294.92 212.10 Td (T) Tj ET Q q 0 0 0 rg BT 300.33 212.10 Td (erm Loan Facility of $50.6 million $4.9 million and $22.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (million, expiring in February 2017, November 2017 and February 2019, respectively) Tj ET Q q 0 0 0 rg BT 389.00 200.10 Td (. ) Tj ET Q q 0 0 0 rg BT 393.45 200.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.89 200.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.47 200.10 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.57 200.10 Td ($742.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 188.10 Td ( outstanding and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.50 188.10 Td ($203.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.39 188.10 Td ( of availability under the Senior Secured Credit Facilities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 167.10 Td (On October 6, 2016, Cabot Financial \(Luxembour) Tj ET Q q 0 0 0 rg BT 272.83 167.10 Td (g\) S.A. \(Cabot Financial\), an indirect subsidiary of Encore, issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (350 million \(approximately $442.6 million\) in aggregate principal amount of 7.50% Senior Secured Notes due 2023 \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (Cabot 2023 Notes\). ) Tj ET Q q 0 0 0 rg BT 139.24 143.10 Td (The majority of the proceeds from the of) Tj ET Q q 0 0 0 rg BT 302.06 143.10 Td (fering were used to redeem in full Cabot) Tj ET Q q 0 0 0 rg BT 466.73 143.10 Td (s 265.0 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (10.375% senior secured notes due 2019 and partially repay amounts outstanding under the Cabot Credit Facility \(defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (below\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 98.10 Td (Through Cabot Financial \(UK\) Limited \(Cabot Financial UK\), an indirect subsidiary) Tj ET Q q 0 0 0 rg BT 419.82 98.10 Td (, we have a revolving credit facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (of 250.0million \(the Cabot Credit Facility\). ) Tj ET Q q 0 0 0 rg BT 241.73 86.10 Td (The Cabot Credit Facility includes an uncommitted accordion facility which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (will allow the facility to be increased by an additional 50.0 million, subject to obtaining the requisite commitments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (compliance with the terms of Cabot Financial UK) Tj ET Q q 0 0 0 rg BT 252.45 62.10 Td (s other indebtedness. ) Tj ET Q q 0 0 0 rg BT 337.99 62.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.44 62.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.02 62.10 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.12 62.10 Td (27.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.01 62.10 Td ( ) Tj ET Q endstream endobj 137 0 obj <> endobj 138 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.59 742.10 Td ($33.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.48 742.10 Td (\) outstanding and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.41 742.10 Td (223.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.31 742.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.39 742.10 Td ($274.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.29 742.10 Td (\) of availability under the Cabot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Credit Facility) Tj ET Q q 0 0 0 rg BT 107.40 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (Currently) Tj ET Q q 0 0 0 rg BT 111.68 709.10 Td (, all of our portfolio purchases are funded with cash from operations and borrowings under our Senior Secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Credit Facilities and our Cabot Credit Facility) Tj ET Q q 0 0 0 rg BT 233.21 697.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 676.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 676.10 Td (e are in compliance with all covenants under our financing arrangements. See Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.01 676.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.01 676.10 Td (, Debt to our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (financial statements for a further discussion of our debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 643.10 Td (Our cash and cash equivalents at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.29 643.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.87 643.10 Td ( consisted of $35.2 million held by U.S.-based entities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.10 Td ($1) Tj ET Q q 0 0 0 rg BT 59.63 631.10 Td (14.6million held by foreign entities. Most of our cash and cash equivalents held by foreign entities is indefinitely reinvested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (and may be subject to material tax ef) Tj ET Q q 0 0 0 rg BT 197.26 619.10 Td (fects if repatriated. However) Tj ET Q q 0 0 0 rg BT 311.25 619.10 Td (, we believe that our U.S. sources of cash and liquidity are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 607.10 Td (ficient to meet our business needs in the United States and do not expect that we will need to repatriate the funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 586.10 Td (In November and December 2012, we sold $1) Tj ET Q q 0 0 0 rg BT 256.52 586.10 Td (15.0 million aggregate principal amount of 3.0% 2017 Convertible Notes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (private placement transactions. ) Tj ET Q q 0 0 0 rg BT 176.44 574.10 Td (These convertible notes will mature on November 27, 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 553.10 Td (In 2010 and 201) Tj ET Q q 0 0 0 rg BT 138.90 553.10 Td (1 we entered into an aggregate of $75.0 million in senior secured notes with certain af) Tj ET Q q 0 0 0 rg BT 482.49 553.10 Td (filiates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (Prudential Capital Group \(the Senior Secured Notes\). ) Tj ET Q q 0 0 0 rg BT 274.38 541.10 Td (As of December31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.41 541.10 Td ($1) Tj ET Q q 0 0 0 rg BT 392.04 541.10 Td (1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.93 541.10 Td ( of the Senior Secured Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (were outstanding, with $10.3 million due in 2017 and $1.0 million due in 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 508.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 508.10 Td (e believe that we have suf) Tj ET Q q 0 0 0 rg BT 186.02 508.10 Td (ficient liquidity to fund our operations, including payments for the maturing debt discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (above, for at least the next twelve months, given our expectation of continued positive cash flows from operations, our cash and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (cash equivalents, our access to capital markets, and availability under our credit facilities. Our future cash needs will depend on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (our acquisitions of portfolios and businesses. ) Tj ET Q q 0 0 0 rg BT 232.30 472.10 Td (The divestiture of Propel provided liquidity to deleverage our company and pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (down our debt. ) Tj ET Q q 0 0 0 rg BT 112.22 460.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 162.12 460.10 Td (, it is expected to improve our overall corporate return on invested capital and provide us additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (liquidity for increased investment capital flexibility) Tj ET Q q 0 0 0 rg BT 255.13 448.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Futur) Tj ET Q q 0 0 0 rg BT 74.82 418.10 Td (e Contractual Cash Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 397.10 Td (The following table summarizes our future contractual cash obligations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.63 397.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.21 397.10 Td ( \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 468.04 397.10 Td (in thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.88 397.10 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 335.60 176.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 335.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 335.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 335.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 335.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 335.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 335.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 335.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 335.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 335.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 305.60 176.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 305.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 305.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 305.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 305.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 305.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 275.60 176.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 275.60 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 275.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 275.60 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 275.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 275.60 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 275.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 275.60 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 275.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 275.60 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 235.60 176.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 235.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 235.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 235.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 235.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 235.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 235.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 235.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 235.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 235.60 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 364.6 m 290.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 364.6 m 294.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 364.6 m 358.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 364.6 m 362.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 364.6 m 426.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 364.6 m 430.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 364.6 m 494.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 364.6 m 498.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 364.6 m 562.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 335.6 m 290.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 335.6 m 358.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 335.6 m 426.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 335.6 m 494.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 335.6 m 562.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 335.6 m 358.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 335.6 m 426.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 335.6 m 494.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 235.60000000000002 m 290.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 235.60000000000002 m 358.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 235.60000000000002 m 426.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 235.60000000000002 m 494.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 235.60000000000002 m 562.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 221.60000000000002 m 290.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 219.60000000000002 m 290.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 221.60000000000002 m 358.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 219.60000000000002 m 358.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 221.60000000000002 m 426.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 219.60000000000002 m 426.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 235.60000000000002 m 494.5 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 221.60000000000002 m 494.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 219.60000000000002 m 494.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 221.60000000000002 m 562.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 219.60000000000002 m 562.5 219.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 368.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.00 368.83 Td (Payment Due By Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 339.83 Td (Contractual Obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.25 339.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.40 355.83 Td (Less) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.85 347.83 Td (Than) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.20 339.83 Td (1 ) Tj ET Q q 0 0 0 rg BT 320.90 339.83 Td (Y) Tj ET Q q 0 0 0 rg BT 325.79 339.83 Td (ear) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.55 339.83 Td (13Years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.55 339.83 Td (35Years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.70 355.83 Td (Mor) Tj ET Q q 0 0 0 rg BT 535.66 355.83 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.85 347.83 Td (Than) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.55 339.83 Td (5) Tj ET Q q 0 0 0 rg BT 523.25 339.83 Td (Y) Tj ET Q q 0 0 0 rg BT 528.14 339.83 Td (ears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 326.17 Td (Principal payments on debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.00 325.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 325.27 Td (2,653,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 325.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.15 325.27 Td (221,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 325.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 325.27 Td (323,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 325.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 325.27 Td (1,662,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 325.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 325.27 Td (446,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 310.27 Td (Estimated interest payments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 165.75 314.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 310.27 Td (670,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.15 310.27 Td (146,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 310.27 Td (290,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 310.27 Td (176,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 310.27 Td (56,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 296.17 Td (Capital leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 295.27 Td (5,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 295.27 Td (3,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 295.27 Td (1,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 295.27 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 295.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 281.17 Td (Operating leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 280.27 Td (61,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 280.27 Td (17,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 280.27 Td (21,315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 280.27 Td (11,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 280.27 Td (11,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 266.17 Td (Purchase commitments on receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 256.17 Td (portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 255.27 Td (262,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.15 255.27 Td (254,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 255.27 Td (7,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 255.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 255.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 240.27 Td (Preferred equity certificates) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 164.05 244.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 240.27 Td (205,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 240.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 240.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 240.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 240.27 Td (205,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 225.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 225.27 Td (otal contractual cash obligations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 187.54 229.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.00 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 225.27 Td (3,858,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.15 225.27 Td (642,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 225.27 Td (644,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 225.27 Td (1,851,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 225.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 225.27 Td (719,747) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 196.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 196.50 Td (Estimated interest payments are calculated based on outstanding principal amounts, applicable fixed interest rates or currently ef) Tj ET Q q 0 0 0 rg BT 486.39 196.50 Td (fective interest rates as ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 186.90 Td (of December 31, 2016 for variable rate debt, timing of scheduled payments and the term of the debt obligations.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 174.30 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 174.30 Td (As of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.90 174.30 Td (December31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 157.77 174.30 Td (, we carried a liability of approximately ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 286.61 174.30 Td ($206.0 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.73 174.30 Td ( related to principal and accumulated interests for PECs issued in ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 164.70 Td (connection with the Cabot ) Tj ET Q q 0 0 0 rg BT 161.11 164.70 Td (Acquisition. ) Tj ET Q q 0 0 0 rg BT 202.30 164.70 Td (The PECs have a maturity date of May 2043, accrue interest at 12%per annum, and are held by Cabot) Tj ET Q q 0 0 0 rg BT 532.19 164.70 Td (s ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 155.10 Td (noncontrolling interest holders. ) Tj ET Q q 0 0 0 rg BT 177.41 155.10 Td (The future accrued interest is excluded from the table above due to uncertainty in determining the timing of the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 145.50 Td (payment because the payment will only be satisfied in connection with the disposition of the noncontrolling interest. See Note ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.04 145.50 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.04 145.50 Td (, Debt to our ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 135.90 Td (consolidated financial statements for additional information on our PECs.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 123.30 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 123.30 Td (W) Tj ET Q q 0 0 0 rg BT 82.26 123.30 Td (e had approximately ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 149.57 123.30 Td ($21.2 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.68 123.30 Td ( of liabilities and accrued interests related to uncertain tax positions at ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.39 123.30 Td (December31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.25 123.30 Td (. ) Tj ET Q q 0 0 0 rg BT 485.11 123.30 Td (W) Tj ET Q q 0 0 0 rg BT 492.02 123.30 Td (e are unable to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 113.70 Td (reasonably estimate the timing of the cash settlement with the tax authorities due to the uncertainties related to these tax matters and, as a result, these ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 104.10 Td (obligations are not included in the table. See Note ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.08 104.10 Td (13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.08 104.10 Td (, Income ) Tj ET Q q 0 0 0 rg BT 278.48 104.10 Td (T) Tj ET Q q 0 0 0 rg BT 282.81 104.10 Td (axes to our consolidated financial statements for additional information on our ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 94.50 Td (uncertain tax positions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 73.50 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 73.50 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 52.50 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 52.50 Td (e do not have any of) Tj ET Q q 0 0 0 rg BT 163.82 52.50 Td (f-balance sheet arrangements as defined by Item303\(a\)\(4\) of Regulation S-K.) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 742.25 Td (Accounting Policies and Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 721.25 Td (e prepare our financial statements, in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 326.18 721.25 Td (, which requires management to make estimates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (assumptions that af) Tj ET Q q 0 0 0 rg BT 127.03 709.25 Td (fect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Note 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (Ownership, Description of Business and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 316.35 685.25 Td (Accounting Policies of the notes to consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (statements describes the significant accounting policies and methods used in the preparation of our consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 640.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 640.25 Td (e base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (and we evaluate these estimates on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 263.83 628.25 Td (Actual results may dif) Tj ET Q q 0 0 0 rg BT 352.24 628.25 Td (fer from these estimates and such dif) Tj ET Q q 0 0 0 rg BT 499.23 628.25 Td (ferences may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (be material. ) Tj ET Q q 0 0 0 rg BT 99.52 616.25 Td (W) Tj ET Q q 0 0 0 rg BT 108.15 616.25 Td (e refer to accounting estimates of this type as critical accounting policies and estimates, which we discuss further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 604.25 Td (. ) Tj ET Q q 0 0 0 rg BT 78.61 604.25 Td (W) Tj ET Q q 0 0 0 rg BT 87.25 604.25 Td (e have reviewed our critical accounting policies and estimates with the audit committee of our board of directors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 583.25 Td (Investment in Receivable Portfolios and Related Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.36 583.25 Td (. ) Tj ET Q q 0 0 0 rg BT 307.81 583.25 Td (As permitted by the authoritative guidance for loans and debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (securities acquired with deteriorated credit quality) Tj ET Q q 0 0 0 rg BT 250.10 571.25 Td (, static pools are established on a quarterly basis with accounts purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (during the quarter that have common risk characteristics. Discrete receivable portfolio purchases during a quarter are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (aggregated into pools based on these common risk characteristics. Once a static pool is established, the portfolios are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (permanently assigned to the pool. ) Tj ET Q q 0 0 0 rg BT 187.01 535.25 Td (The discount \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 244.78 535.25 Td (i.e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.49 535.25 Td (., the dif) Tj ET Q q 0 0 0 rg BT 287.64 535.25 Td (ference between the cost of each static pool and the related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (aggregate contractual receivable balance\) is not recorded because we expect to collect a relatively small percentage of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (static pool) Tj ET Q q 0 0 0 rg BT 94.16 511.25 Td (s contractual receivable balance. ) Tj ET Q q 0 0 0 rg BT 226.03 511.25 Td (As a result, receivable portfolios are recorded at cost at the time of acquisition. ) Tj ET Q q 0 0 0 rg BT 543.51 511.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (purchase cost of the portfolios includes certain fees paid to third parties incurred in connection with the direct acquisition of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (receivable portfolios.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 466.25 Td (In compliance with the authoritative guidance, we account for our investments in consumer receivable portfolios using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (either the interest method or the cost recovery method. ) Tj ET Q q 0 0 0 rg BT 270.85 454.25 Td (The interest method applies an IRR, to the cost basis of the pool, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (remains unchanged throughout the life of the pool, unless there is an increase in subsequent expected cash flows. Subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (increases in expected cash flows are generally recognized prospectively through an upward adjustment of the pool) Tj ET Q q 0 0 0 rg BT 510.11 430.25 Td (s IRR over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (its remaining life. Subsequent decreases in expected cash flows do not change the IRR, but are recognized as an allowance to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (the cost basis of the pool, and are reflected in the consolidated statements of income as a reduction in revenue, with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (corresponding valuation allowance, of) Tj ET Q q 0 0 0 rg BT 203.10 394.25 Td (fsetting the investment in receivable portfolios in the consolidated statements of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 361.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 361.25 Td (e account for each static pool as a unit for the economic life of the pool \(similar to one loan\) for recognition of revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (from receivable portfolios, for collections applied to the cost basis of receivable portfolios and for provision for loss or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (allowance. Revenue from receivable portfolios is accrued based on each pool) Tj ET Q q 0 0 0 rg BT 361.82 337.25 Td (s IRR applied to each pool) Tj ET Q q 0 0 0 rg BT 470.96 337.25 Td (s adjusted cost basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.25 Td (The cost basis of each pool is increased by revenue earned and decreased by gross collections and portfolio allowances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 304.25 Td (If the amount and timing of future cash collections on a pool of receivables are not reasonably estimable, we account for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (that pool using the cost recovery method. ) Tj ET Q q 0 0 0 rg BT 217.56 292.25 Td (The accounts in these portfolios have dif) Tj ET Q q 0 0 0 rg BT 380.11 292.25 Td (ferent risk characteristics than those included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (in other portfolios acquired during the same quarter) Tj ET Q q 0 0 0 rg BT 255.92 280.25 Td (, or the necessary information was not available to estimate future cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (flows and, accordingly) Tj ET Q q 0 0 0 rg BT 140.71 268.25 Td (, they were not aggregated with other portfolios. Under the cost recovery method of accounting, no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (revenue is recognized until the carrying value of a cost recovery portfolio has been fully recovered.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 235.25 Td (Deferr) Tj ET Q q 0 0 0 rg BT 100.29 235.25 Td (ed Court Costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.80 235.25 Td ( ) Tj ET Q q 0 0 0 rg BT 165.12 235.25 Td (W) Tj ET Q q 0 0 0 rg BT 173.76 235.25 Td (e pursue legal collection using a network of attorneys that specialize in collection matters and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.25 Td (through our internal legal channel. ) Tj ET Q q 0 0 0 rg BT 190.33 223.25 Td (W) Tj ET Q q 0 0 0 rg BT 198.96 223.25 Td (e generally pursue collections through legal means only when we believe a consumer has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.25 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 211.25 Td (ficient assets to repay their indebtedness but has, to date, been unwilling to pay) Tj ET Q q 0 0 0 rg BT 377.70 211.25 Td (. In connection with our agreements with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (contracted attorneys, we advance certain out-of-pocket court costs, or Deferred Court Costs. ) Tj ET Q q 0 0 0 rg BT 421.07 199.25 Td (W) Tj ET Q q 0 0 0 rg BT 429.71 199.25 Td (e capitalize these costs in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (consolidated financial statements and provide a reserve for those costs that we believe will ultimately be uncollectible. ) Tj ET Q q 0 0 0 rg BT 526.33 187.25 Td (W) Tj ET Q q 0 0 0 rg BT 534.97 187.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.25 Td (determine the reserve based on our analysis of court costs that have been advanced and recovered, or that we anticipate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (recovering. ) Tj ET Q q 0 0 0 rg BT 97.57 163.25 Td (W) Tj ET Q q 0 0 0 rg BT 106.21 163.25 Td (e write of) Tj ET Q q 0 0 0 rg BT 144.35 163.25 Td (f any Deferred Court Cost not recovered within five years of placement. Collections received through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.25 Td (litigation are first applied against related court costs with the balance applied to the debtors) Tj ET Q q 0 0 0 rg BT 416.91 151.25 Td ( account.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 130.25 Td (Goodwill and Other Intangible ) Tj ET Q q 0 0 0 rg BT 200.48 130.25 Td (Assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.98 130.25 Td ( Business combinations typically result in the recording of goodwill and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (intangible assets. ) Tj ET Q q 0 0 0 rg BT 120.64 118.25 Td (The excess of the purchase price over the fair value assigned to the tangible and identifiable intangible assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (liabilities assumed, and noncontrolling interest in the acquiree is recorded as goodwill.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 85.25 Td (Goodwill and indefinite-lived intangible assets are tested at the reporting unit level for impairment annually and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (interim periods if certain events occur indicating that the carrying amounts may be impaired. Determining the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (reporting units and the fair value of a reporting unit requires us to make judgments and involves the use of significant estimates ) Tj ET Q endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and assumptions.) Tj ET Q q 0 0 0 rg BT 121.21 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 129.84 742.10 Td (e have five reporting units identified for goodwill impairment testing purposes. ) Tj ET Q q 0 0 0 rg BT 448.48 742.10 Td (The annual goodwill testing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (date for these reporting units is October 1st. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 709.10 Td (e first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (impairment test. ) Tj ET Q q 0 0 0 rg BT 117.30 697.10 Td (The qualitative factors include economic environment, business climate, market capitalization, operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (performance, competition, and other factors. ) Tj ET Q q 0 0 0 rg BT 230.30 685.10 Td (W) Tj ET Q q 0 0 0 rg BT 238.94 685.10 Td (e may proceed directly to the two-step quantitative test without performing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (qualitative test. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 652.10 Td (The first step involves measuring the recoverability of goodwill at the reporting unit level by comparing the estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (fair value of the reporting unit in which the goodwill resides to its carrying value. ) Tj ET Q q 0 0 0 rg BT 378.07 640.10 Td (The second step, if necessary) Tj ET Q q 0 0 0 rg BT 494.32 640.10 Td (, measures the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (amount of impairment, if any) Tj ET Q q 0 0 0 rg BT 166.82 628.10 Td (, by comparing the implied fair value of goodwill to its carrying value.) Tj ET Q q 0 0 0 rg BT 451.29 628.10 Td (W) Tj ET Q q 0 0 0 rg BT 459.93 628.10 Td (e apply various valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (techniques to measure the fair value of each reporting unit, including the income approach and the market approach. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (goodwill impairment analyses conducted at most of the reporting units, we use the income approach in determining fair value, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (specifically the discounted cash flow method, or DCF) Tj ET Q q 0 0 0 rg BT 264.71 592.10 Td (. In applying the DCF method, an identified level of future cash flow is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 92.77 580.10 Td (Annual estimated cash flows and a terminal value are then discounted to their present value at an appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (discount rate to obtain an indication of fair value. ) Tj ET Q q 0 0 0 rg BT 249.76 568.10 Td (The discount rate utilized reflects estimates of required rates of return for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (investments that are seen as similar to an investment in the reporting unit. DCF analyses are based on management) Tj ET Q q 0 0 0 rg BT 511.83 556.10 Td (s long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (financial projections and require significant judgments, therefore, for most of our reporting units where we have access to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (reliable market participant data, the market approach is conducted in addition to the income approach in determining the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 76.47 520.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.11 520.10 Td (e use a guideline company method under the market approach to estimate the fair value of equity and market value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (invested capital \(MVIC\). ) Tj ET Q q 0 0 0 rg BT 161.45 508.10 Td (The guideline company approach relies on estimated remaining collections data or earnings before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (interest, tax, depreciation and amortization \(EBITDA\) for each of the selected guideline companies, which enables a direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (comparison between the reporting unit and the selected peer group. ) Tj ET Q q 0 0 0 rg BT 321.11 484.10 Td (W) Tj ET Q q 0 0 0 rg BT 329.75 484.10 Td (e believe that the current methodology used in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (determining the fair value of our reporting units represent the best estimate. In addition, we compare the aggregate fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (the reporting units to our overall market capitalization. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 439.10 Td (Due to the lar) Tj ET Q q 0 0 0 rg BT 128.52 439.10 Td (ge allowance char) Tj ET Q q 0 0 0 rg BT 200.52 439.10 Td (ge recorded during the third quarter of 2016, the carrying value at our Cabot reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (unit became negative at October 1, 2016. ) Tj ET Q q 0 0 0 rg BT 216.33 427.10 Td (According to authoritative guidance, if the carrying amount of a reporting unit is zero ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (or negative, the traditional step two of the impairment test should be performed to measure the amount of impairment loss, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (any) Tj ET Q q 0 0 0 rg BT 63.79 403.10 Td (, when it is more likely than not that a goodwill impairment exists. In considering whether it is more likely than not that a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (goodwill impairment exists, an entity can perform a step zero qualitative analysis. ) Tj ET Q q 0 0 0 rg BT 379.73 391.10 Td (W) Tj ET Q q 0 0 0 rg BT 388.36 391.10 Td (e conducted a qualitative analysis and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (concluded that there was no indication that a goodwill impairment existed at this reporting unit. For our annual goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (impairment tests performed at October 1, 2016 for the remaining four reporting units, the estimated fair value of each of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (reporting units exceeded its respective carrying value. ) Tj ET Q q 0 0 0 rg BT 267.70 355.10 Td (As a result, no impairment existed at any of these reporting units. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 334.10 Td (Significant judgments are required to estimate the fair value of reporting units including estimating future cash flows, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (determining appropriate discount rates, growth rates, comparable guideline companies and other assumptions. Future business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (conditions and/or activities could dif) Tj ET Q q 0 0 0 rg BT 196.46 310.10 Td (fer materially from the projections made by management, which in turn, could result in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (need for impairment char) Tj ET Q q 0 0 0 rg BT 151.16 298.10 Td (ges. ) Tj ET Q q 0 0 0 rg BT 169.31 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 177.95 298.10 Td (e will perform additional impairment testing if events occur or circumstances change indicating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (that the carrying amounts may be impaired.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 265.10 Td (Redeemable Noncontr) Tj ET Q q 0 0 0 rg BT 162.77 265.10 Td (olling Inter) Tj ET Q q 0 0 0 rg BT 207.67 265.10 Td (est. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.78 265.10 Td (Some minority shareholders in certain of our subsidiaries have the right, at certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (times, to require us to acquire their ownership interest in those entities at fair value and, in some cases, to force a sale of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (subsidiary if we choose not to purchase their interests at fair value. ) Tj ET Q q 0 0 0 rg BT 319.46 241.10 Td (The noncontrolling interest subject to these arrangements is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (included in temporary equity as redeemable noncontrolling interest, and is adjusted to its estimated redemption amount each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (reporting period with a corresponding adjustment to additional paid-in capital.Future reductions in the carrying amount are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (subject to a floor amount that is equal to the fair value of the redeemable noncontrolling interest at the time it was originally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (recorded.) Tj ET Q q 0 0 0 rg BT 89.79 193.10 Td (The recorded value of the redeemable noncontrolling interest cannot go below the floor) Tj ET Q q 0 0 0 rg BT 439.11 193.10 Td (.) Tj ET Q q 0 0 0 rg BT 443.56 193.10 Td (Adjustments to the carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (amount of redeemable noncontrolling interest are char) Tj ET Q q 0 0 0 rg BT 266.95 181.10 Td (ged to retained earnings \(or to additional paid-in capital if there are no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (retained earnings\) and do not af) Tj ET Q q 0 0 0 rg BT 176.71 169.10 Td (fect net income or comprehensive income in the consolidated financial statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 148.10 Td (Stock-Based Compensation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.20 148.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.52 148.10 Td (W) Tj ET Q q 0 0 0 rg BT 197.16 148.10 Td (e record compensation costs related to our stock-based awards which include stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (options, restricted stock awards, and restricted stock units. ) Tj ET Q q 0 0 0 rg BT 285.60 136.10 Td (W) Tj ET Q q 0 0 0 rg BT 294.23 136.10 Td (e measure stock-based compensation cost at the grant date based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (on the fair value of the award. Compensation cost for service-based awards is recognized ratably over the applicable vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (period. Compensation cost for performance-based awards is reassessed each period and recognized based upon the probability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (that the performance tar) Tj ET Q q 0 0 0 rg BT 145.60 100.10 Td (gets will be achieved. ) Tj ET Q q 0 0 0 rg BT 234.56 100.10 Td (The amount of stock-based compensation expense recognized during a period is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (based on the portion of the awards that are ultimately expected to vest. ) Tj ET Q q 0 0 0 rg BT 334.73 88.10 Td (W) Tj ET Q q 0 0 0 rg BT 343.36 88.10 Td (e have certain share awards that include market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (conditions that af) Tj ET Q q 0 0 0 rg BT 119.25 76.10 Td (fect vesting, the fair value of these shares is estimated using a lattice model. Compensation cost for these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (awards is not adjusted if the market condition is not met, as long as the requisite service is completed. ) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (69) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 110.57 742.10 Td (axes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.84 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.16 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 141.80 742.10 Td (e use the liability method of accounting for income taxes. ) Tj ET Q q 0 0 0 rg BT 374.05 742.10 Td (When we prepare the consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (statements, we estimate our income taxes based on the various jurisdictions where we conduct business. ) Tj ET Q q 0 0 0 rg BT 468.33 730.10 Td (This requires us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (estimate our current tax exposure and to assess temporary dif) Tj ET Q q 0 0 0 rg BT 294.46 718.10 Td (ferences that result from dif) Tj ET Q q 0 0 0 rg BT 405.35 718.10 Td (fering treatments of certain items for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (tax and accounting purposes. Deferred income taxes are recognized based on the dif) Tj ET Q q 0 0 0 rg BT 386.07 706.10 Td (ferences between the financial statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (and income tax bases of assets and liabilities using enacted tax rates in ef) Tj ET Q q 0 0 0 rg BT 342.23 694.10 Td (fect for the year in which the dif) Tj ET Q q 0 0 0 rg BT 471.16 694.10 Td (ferences are expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (to reverse. ) Tj ET Q q 0 0 0 rg BT 93.96 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 102.60 682.10 Td (e then assess the likelihood that our deferred tax assets will be realized. ) Tj ET Q q 0 0 0 rg BT 390.10 682.10 Td (V) Tj ET Q q 0 0 0 rg BT 396.22 682.10 Td (aluation allowances are established, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (when necessary) Tj ET Q q 0 0 0 rg BT 112.38 670.10 Td (, to reduce deferred tax assets to the amount expected to be realized. ) Tj ET Q q 0 0 0 rg BT 387.35 670.10 Td (When we establish a valuation allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (or increase this allowance in an accounting period, we record a corresponding tax expense in our statement of income. ) Tj ET Q q 0 0 0 rg BT 525.48 658.10 Td (When ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (we reduce our valuation allowance in an accounting period, we record a corresponding tax benefit in our statement of income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 634.10 Td (e include interest and penalties related to income taxes within our provision for income taxes. See Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.07 634.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.07 634.10 Td (, Income ) Tj ET Q q 0 0 0 rg BT 525.81 634.10 Td (T) Tj ET Q q 0 0 0 rg BT 531.22 634.10 Td (axes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (to our consolidated financial statements for further discussion of income taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 81.38 592.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 143.13 592.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td ( Information regarding recent accounting pronouncements and the impact of those pronouncements, if any) Tj ET Q q 0 0 0 rg BT 489.77 571.10 Td (, on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (consolidated financial statements is provided in this ) Tj ET Q q 0 0 0 rg BT 259.13 559.10 Td (Annual Report in Note 1, Ownership, Description of Business, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (Summary of Significant ) Tj ET Q q 0 0 0 rg BT 148.05 547.10 Td (Accounting Policies to our consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.25 527.10 Td (Item7AQuantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 364.06 527.10 Td (es ) Tj ET Q q 0 0 0 rg BT 374.34 527.10 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 506.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 506.10 Td (e are exposed to economic risks from foreign currency exchange rates and interest rates. ) Tj ET Q q 0 0 0 rg BT 437.21 506.10 Td (A) Tj ET Q q 0 0 0 rg BT 443.88 506.10 Td ( portion of these risks is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (hedged, but the risks may af) Tj ET Q q 0 0 0 rg BT 162.57 494.10 Td (fect our financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (Foreign Currency Exchange Rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 452.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 452.10 Td (e have operations in foreign countries, which expose us to foreign currency exchange rate fluctuations due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (transactions denominated in foreign currencies. Our primary risk of loss due to foreign currency exchange rate risk is related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (Euro to British Pound and Indian rupee to U.S. dollar exchange rates. ) Tj ET Q q 0 0 0 rg BT 330.03 428.10 Td (W) Tj ET Q q 0 0 0 rg BT 338.67 428.10 Td (e continuously evaluate and manage our foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (currency risk through the use of derivative financial instruments, including foreign currency forward contracts with financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (counterparties where practicable. Such derivative instruments are viewed as risk management tools and are not used for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (speculative or trading purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 371.10 Td (Beginning in 2016, we have currency exchange forward contracts to reduce the ef) Tj ET Q q 0 0 0 rg BT 399.68 371.10 Td (fects of currency exchange rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (fluctuations between the British Pound and Euro. ) Tj ET Q q 0 0 0 rg BT 249.23 359.10 Td (These derivative contracts generally mature withinone to threemonths and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (are not designated as hedge instruments for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 312.52 347.10 Td (The gains or losses on these derivative contracts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (recognized inother income or expense based on the changes in fair value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 314.10 Td (As of December 31, 2016, we had outstanding foreign currency forward contracts that hedge our risk of foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (exchange between the British Pound and Euro with a net fair value liability position of approximately $0.9 million. ) Tj ET Q q 0 0 0 rg BT 513.05 302.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (functional currency of the subsidiary that carries the hedge contracts is British Pound and the reporting currency is the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (dollar) Tj ET Q q 0 0 0 rg BT 72.77 278.10 Td (. ) Tj ET Q q 0 0 0 rg BT 77.59 278.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.23 278.10 Td (e considered the historical trends in currency exchange rates and determined that it was reasonably possible that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (changes in exchange rates of 10% between the British Pound and the Euro and 10% between the British Pound and U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (could be experienced in the near term. If the Euro weakened by 10% against the British Pound and the U.S. dollar weakened by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (10% against the British Pound at December 31, 2016, the result would have had an unfavorable ef) Tj ET Q q 0 0 0 rg BT 442.49 242.10 Td (fect to the fair value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (derivatives of approximately $1) Tj ET Q q 0 0 0 rg BT 177.09 230.10 Td (1.6 million. If the Euro strengthened by 10% against the British Pound and the U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (strengthened by 10% against the British Pound at December 31, 2016, the result would have had a favorable ef) Tj ET Q q 0 0 0 rg BT 493.58 218.10 Td (fect to the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (value of the derivatives of approximately $14.1 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 185.10 Td (In addition, we have currency exchange forward contracts that hedge the forecasted monthly cash settlements resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (from the expenses incurred by our operations in India. ) Tj ET Q q 0 0 0 rg BT 269.20 173.10 Td (These foreign currency forward contracts are designated as cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (hedging instruments and qualify for hedge accounting treatment. Gains and losses arising from the ef) Tj ET Q q 0 0 0 rg BT 454.43 161.10 Td (fective portion of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (contracts are recorded as a component of accumulated other comprehensive income \(OCI\) as gains and losseson derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (instruments, net of income taxes. ) Tj ET Q q 0 0 0 rg BT 184.51 137.10 Td (The hedging gains and losses in OCI are subsequently reclassified into earnings in the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (period in which the underlying transactions af) Tj ET Q q 0 0 0 rg BT 233.66 125.10 Td (fect our earnings. If all or a portion of the forecasted transaction is cancelled, this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (would render all or a portion of the cash flow hedge inef) Tj ET Q q 0 0 0 rg BT 275.58 113.10 Td (fective and we would reclassify the inef) Tj ET Q q 0 0 0 rg BT 434.78 113.10 Td (fective portion of the hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (into earnings. ) Tj ET Q q 0 0 0 rg BT 106.75 101.10 Td (W) Tj ET Q q 0 0 0 rg BT 115.39 101.10 Td (e generally do not experience inef) Tj ET Q q 0 0 0 rg BT 250.98 101.10 Td (fectiveness of the hedge relationship and the accompanying consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (financial statements do not include any such gains or losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 68.10 Td (As of December 31, 2016, our outstanding foreign currency forward contracts that hedge our risk of foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.10 Td (exchange against the Indian rupee had a fair value asset position of $0.7 million. ) Tj ET Q q 0 0 0 rg BT 374.17 56.10 Td (W) Tj ET Q q 0 0 0 rg BT 382.80 56.10 Td (e considered the historical trends in ) Tj ET Q endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (currency exchange rates and determined that it was reasonably possible that changes in exchange rates of 10% for the Indian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (rupee could be experienced in the near term. If the U.S. dollar weakened by 10% against the Indian rupee at December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (2016, the result would have had an unfavorable ef) Tj ET Q q 0 0 0 rg BT 250.03 718.10 Td (fect to the fair value of the derivatives of approximately $2.7 million. If the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (U.S. dollar strengthened by 10% against the Indian rupee at December 31, 2016 the result would have had a favorable ef) Tj ET Q q 0 0 0 rg BT 532.16 706.10 Td (fect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (the fair value of the derivatives of approximately $3.3 million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (Interest Rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 656.10 Td (e have variable-interest-bearing borrowings under our credit facilities that subject us to interest rate risk. ) Tj ET Q q 0 0 0 rg BT 502.31 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 510.94 656.10 Td (e have, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (time to time, utilized derivative financial instruments, including interest rate swap contracts and interest rate caps with financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (counterparties to manage our interest rate risk. ) Tj ET Q q 0 0 0 rg BT 237.71 632.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.15 632.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.74 632.10 Td (, our subsidiary Baycorp had one interest rate swap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (agreement outstanding with a total notional amount of $17.5 million ) Tj ET Q q 0 0 0 rg BT 325.23 620.10 Td (Australian dollars \(approximately $12.6 million U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (dollars\). ) Tj ET Q q 0 0 0 rg BT 85.37 608.10 Td (The interest rate swap instrument is designated as a cash flow hedge and accounted for using hedge accounting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 587.10 Td (Our variable-interest-bearing debt is subject to the risk of interest rate fluctuations. Significant increases in future interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (rates on our variable rate debt could lead to a material decrease in future earnings assuming all other factors remained constant. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (If the market interest rates for our variable rate agreements increase 10%, interest expense on such outstanding debt would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (increase by approximately $5.2 million, on an annualized basis. Conversely) Tj ET Q q 0 0 0 rg BT 352.05 551.10 Td (, if the market interest rates decreased an average of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (10%, our interest expense on such outstanding debt would decrease by $5.2 million on an annualized basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 518.10 Td (Our analysis and methods used to assess and mitigate the risks discussed above should not be considered projections of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (future risks.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.50 485.10 Td (Item8Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 464.10 Td (Our consolidated financial statements, the notes thereto and the Report of BDO USA, LLP) Tj ET Q q 0 0 0 rg BT 435.87 464.10 Td (, our Independent Registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (Public ) Tj ET Q q 0 0 0 rg BT 77.50 452.10 Td (Accounting Firm, are included in this ) Tj ET Q q 0 0 0 rg BT 229.42 452.10 Td (Annual Report on Form 10-K on pages F-1 through F-42.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.20 431.10 Td (Item9Changes in and Disagr) Tj ET Q q 0 0 0 rg BT 230.48 431.10 Td (eements ) Tj ET Q q 0 0 0 rg BT 267.23 431.10 Td (W) Tj ET Q q 0 0 0 rg BT 277.04 431.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 290.66 431.10 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 359.01 431.10 Td (Accounting and Financial Disclosur) Tj ET Q q 0 0 0 rg BT 511.35 431.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 410.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.55 389.10 Td (Item9AContr) Tj ET Q q 0 0 0 rg BT 300.63 389.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 343.79 389.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 373.05 389.10 Td (es) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (Evaluation of Disclosure Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 351.10 Td (As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 339.10 Td (participation of our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 319.46 339.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 432.01 339.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 449.93 339.10 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 488.06 339.10 Td (fectiveness of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.10 Td (design and operation of our disclosure controls and procedures, as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 401.01 327.10 Td (Act Rule 13a-15\(e\) and 15d-15\(e\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.10 Td (Based upon that evaluation, our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 256.98 315.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 369.54 315.10 Td (ficer concluded that, as of the end of the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (covered by this ) Tj ET Q q 0 0 0 rg BT 113.04 303.10 Td (Annual Report on Form10-K, our disclosure controls and procedures are ef) Tj ET Q q 0 0 0 rg BT 416.11 303.10 Td (fective in enabling us to record, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.10 Td (process, summarize and report information required to be included in our periodic SEC filings within the required time period.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (Management) Tj ET Q q 0 0 0 rg BT 107.04 270.10 Td (s Report on Internal Control over Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 253.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 253.10 Td (s management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 329.86 253.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 442.42 253.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 460.33 253.10 Td (, is responsible for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (establishing and maintaining adequate internal control over financial reporting \(as such term is defined in Exchange ) Tj ET Q q 0 0 0 rg BT 515.41 241.10 Td (Act Rule ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (13a-15\(f\) and 15d-15\(f\)\) for Encore Capital Group, Inc. and its subsidiaries \(the Company\). ) Tj ET Q q 0 0 0 rg BT 428.59 229.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 488.30 229.10 Td (s internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (system was designed to provide reasonable assurance to the Company) Tj ET Q q 0 0 0 rg BT 332.98 217.10 Td (s management and Board of Directors regarding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (preparation and fair presentation of published consolidated financial statements in accordance with accounting principles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 218.55 193.10 Td (America.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 172.10 Td (Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (assurance and may not prevent or detect misstatements. Further) Tj ET Q q 0 0 0 rg BT 303.69 160.10 Td (, because of changing conditions, ef) Tj ET Q q 0 0 0 rg BT 447.07 160.10 Td (fectiveness of internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (control over financial reporting may vary over time. ) Tj ET Q q 0 0 0 rg BT 260.58 148.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 320.29 148.10 Td (s processes contain self-monitoring mechanisms and actions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (are taken to correct deficiencies as they are identified.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 115.10 Td (Management has assessed the ef) Tj ET Q q 0 0 0 rg BT 203.22 115.10 Td (fectiveness of Encore) Tj ET Q q 0 0 0 rg BT 292.07 115.10 Td (s internal control over financial reporting as of December31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (based on the criteria for ef) Tj ET Q q 0 0 0 rg BT 155.04 103.10 Td (fective internal control described in Internal ControlIntegrated Framework \(2013\) issued by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 166.20 91.10 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 239.61 91.10 Td (T) Tj ET Q q 0 0 0 rg BT 245.37 91.10 Td (readway Commission. Based on its assessment, management concluded that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 79.10 Td (s internal control over financial reporting was ef) Tj ET Q q 0 0 0 rg BT 299.18 79.10 Td (fective as of December31, 2016. ) Tj ET Q endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (BDO USA, LLP) Tj ET Q q 0 0 0 rg BT 139.29 742.10 Td (, the independent registered public accounting firm that audited the consolidated financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (included in this ) Tj ET Q q 0 0 0 rg BT 113.61 730.10 Td (Annual Report on Form 10-K, was engaged to attest to and report on the ef) Tj ET Q q 0 0 0 rg BT 413.63 730.10 Td (fectiveness of Encore) Tj ET Q q 0 0 0 rg BT 502.48 730.10 Td (s internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (control over financial reporting as of December31, 2016, as stated in its report below) Tj ET Q q 0 0 0 rg BT 392.02 718.10 Td (.) Tj ET Q endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.05 742.25 Td (Report of Independent Register) Tj ET Q q 0 0 0 rg BT 316.13 742.25 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 357.81 742.25 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Board of Directors and Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Encore Capital Group, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (San Diego, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 670.25 Td (e ) Tj ET Q q 0 0 0 rg BT 101.64 670.25 Td (have ) Tj ET Q q 0 0 0 rg BT 123.09 670.25 Td (audited ) Tj ET Q q 0 0 0 rg BT 155.09 670.25 Td (Encore ) Tj ET Q q 0 0 0 rg BT 185.97 670.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 217.42 670.25 Td (Group, ) Tj ET Q q 0 0 0 rg BT 248.04 670.25 Td (Inc.) Tj ET Q q 0 0 0 rg BT 266.09 670.25 Td (s ) Tj ET Q q 0 0 0 rg BT 272.55 670.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 305.66 670.25 Td (control ) Tj ET Q q 0 0 0 rg BT 336.55 670.25 Td (over ) Tj ET Q q 0 0 0 rg BT 356.88 670.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 394.43 670.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 433.65 670.25 Td (as ) Tj ET Q q 0 0 0 rg BT 444.55 670.25 Td (of ) Tj ET Q q 0 0 0 rg BT 455.45 670.25 Td (December ) Tj ET Q q 0 0 0 rg BT 499.10 670.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 514.17 670.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 539.24 670.25 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.61 658.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 93.53 658.25 Td (established ) Tj ET Q q 0 0 0 rg BT 140.57 658.25 Td (in ) Tj ET Q q 0 0 0 rg BT 150.96 658.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 184.67 658.25 Td (Control ) Tj ET Q q 0 0 0 rg BT 217.83 658.25 Td (- ) Tj ET Q q 0 0 0 rg BT 223.77 658.25 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 266.91 658.25 Td (Framework ) Tj ET Q q 0 0 0 rg BT 315.62 658.25 Td (\(2013\) ) Tj ET Q q 0 0 0 rg BT 344.89 658.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 372.50 658.25 Td (by ) Tj ET Q q 0 0 0 rg BT 385.11 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.94 658.25 Td (Committee ) Tj ET Q q 0 0 0 rg BT 446.99 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 457.93 658.25 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 506.10 658.25 Td (Or) Tj ET Q q 0 0 0 rg BT 516.47 658.25 Td (ganizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 62.01 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.65 646.25 Td (T) Tj ET Q q 0 0 0 rg BT 83.40 646.25 Td (readway ) Tj ET Q q 0 0 0 rg BT 120.95 646.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 175.20 646.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 194.43 646.25 Td (COSO ) Tj ET Q q 0 0 0 rg BT 224.79 646.25 Td (criteria\). ) Tj ET Q q 0 0 0 rg BT 262.61 646.25 Td (Encore ) Tj ET Q q 0 0 0 rg BT 294.61 646.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 327.18 646.25 Td (Group, ) Tj ET Q q 0 0 0 rg BT 358.91 646.25 Td (Inc.) Tj ET Q q 0 0 0 rg BT 376.96 646.25 Td (s ) Tj ET Q q 0 0 0 rg BT 384.53 646.25 Td (management ) Tj ET Q q 0 0 0 rg BT 439.31 646.25 Td (is ) Tj ET Q q 0 0 0 rg BT 449.66 646.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 498.89 646.25 Td (for ) Tj ET Q q 0 0 0 rg BT 514.23 646.25 Td (maintaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 634.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 88.11 634.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 121.97 634.25 Td (control ) Tj ET Q q 0 0 0 rg BT 153.62 634.25 Td (over ) Tj ET Q q 0 0 0 rg BT 174.71 634.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 213.01 634.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 252.98 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 270.74 634.25 Td (for ) Tj ET Q q 0 0 0 rg BT 285.72 634.25 Td (its ) Tj ET Q q 0 0 0 rg BT 298.49 634.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 346.25 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.90 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 373.44 634.25 Td (ef) Tj ET Q q 0 0 0 rg BT 381.03 634.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 428.77 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 440.42 634.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 474.28 634.25 Td (control ) Tj ET Q q 0 0 0 rg BT 505.93 634.25 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 634.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 92.91 622.25 Td (included ) Tj ET Q q 0 0 0 rg BT 131.09 622.25 Td (in ) Tj ET Q q 0 0 0 rg BT 142.63 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.60 622.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 220.66 622.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 242.74 622.25 Td (9A, ) Tj ET Q q 0 0 0 rg BT 261.21 622.25 Td (Management) Tj ET Q q 0 0 0 rg BT 316.19 622.25 Td (s ) Tj ET Q q 0 0 0 rg BT 323.84 622.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 354.81 622.25 Td (on ) Tj ET Q q 0 0 0 rg BT 368.56 622.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 403.41 622.25 Td (Control ) Tj ET Q q 0 0 0 rg BT 437.72 622.25 Td (over ) Tj ET Q q 0 0 0 rg BT 459.24 622.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 500.20 622.25 Td (Reporting. ) Tj ET Q q 0 0 0 rg BT 546.45 622.25 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 106.94 610.25 Td (is ) Tj ET Q q 0 0 0 rg BT 116.11 610.25 Td (to ) Tj ET Q q 0 0 0 rg BT 126.39 610.25 Td (express ) Tj ET Q q 0 0 0 rg BT 158.88 610.25 Td (an ) Tj ET Q q 0 0 0 rg BT 170.82 610.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 203.88 610.25 Td (on ) Tj ET Q q 0 0 0 rg BT 216.38 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.09 610.25 Td (company) Tj ET Q q 0 0 0 rg BT 270.53 610.25 Td (s ) Tj ET Q q 0 0 0 rg BT 276.92 610.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 309.96 610.25 Td (control ) Tj ET Q q 0 0 0 rg BT 340.79 610.25 Td (over ) Tj ET Q q 0 0 0 rg BT 361.05 610.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 398.54 610.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 437.69 610.25 Td (based ) Tj ET Q q 0 0 0 rg BT 462.96 610.25 Td (on ) Tj ET Q q 0 0 0 rg BT 475.46 610.25 Td (our ) Tj ET Q q 0 0 0 rg BT 491.29 610.25 Td (audit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 586.25 Td (e ) Tj ET Q q 0 0 0 rg BT 101.73 586.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 145.49 586.25 Td (our ) Tj ET Q q 0 0 0 rg BT 161.47 586.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 184.13 586.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.56 586.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 242.18 586.25 Td (with ) Tj ET Q q 0 0 0 rg BT 262.62 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.49 586.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 317.92 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 328.91 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 343.78 586.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 371.99 586.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 412.95 586.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 462.26 586.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 504.36 586.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 531.46 586.25 Td (\(United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (States\). ) Tj ET Q q 0 0 0 rg BT 81.52 574.25 Td (Those ) Tj ET Q q 0 0 0 rg BT 107.91 574.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 147.62 574.25 Td (require ) Tj ET Q q 0 0 0 rg BT 177.88 574.25 Td (that ) Tj ET Q q 0 0 0 rg BT 194.82 574.25 Td (we ) Tj ET Q q 0 0 0 rg BT 208.43 574.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 227.59 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.98 574.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 278.13 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.29 574.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 314.23 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 323.96 574.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 350.90 574.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 395.60 574.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 436.41 574.25 Td (about ) Tj ET Q q 0 0 0 rg BT 460.57 574.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 494.73 574.25 Td (ef) Tj ET Q q 0 0 0 rg BT 502.31 574.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 531.46 574.25 Td (internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (control ) Tj ET Q q 0 0 0 rg BT 80.46 562.25 Td (over ) Tj ET Q q 0 0 0 rg BT 100.37 562.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 137.49 562.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 176.28 562.25 Td (was ) Tj ET Q q 0 0 0 rg BT 193.97 562.25 Td (maintained ) Tj ET Q q 0 0 0 rg BT 240.54 562.25 Td (in ) Tj ET Q q 0 0 0 rg BT 250.45 562.25 Td (all ) Tj ET Q q 0 0 0 rg BT 262.58 562.25 Td (material ) Tj ET Q q 0 0 0 rg BT 297.48 562.25 Td (respects. ) Tj ET Q q 0 0 0 rg BT 334.33 562.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 352.02 562.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 374.15 562.25 Td (included ) Tj ET Q q 0 0 0 rg BT 410.72 562.25 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 450.63 562.25 Td (an ) Tj ET Q q 0 0 0 rg BT 462.21 562.25 Td (understanding ) Tj ET Q q 0 0 0 rg BT 521.00 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 531.47 562.25 Td (internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (control ) Tj ET Q q 0 0 0 rg BT 81.75 550.25 Td (over ) Tj ET Q q 0 0 0 rg BT 102.94 550.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 141.34 550.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 183.92 550.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 224.56 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.20 550.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 258.62 550.25 Td (that ) Tj ET Q q 0 0 0 rg BT 277.04 550.25 Td (a ) Tj ET Q q 0 0 0 rg BT 284.90 550.25 Td (material ) Tj ET Q q 0 0 0 rg BT 321.08 550.25 Td (weakness ) Tj ET Q q 0 0 0 rg BT 362.82 550.25 Td (exists, ) Tj ET Q q 0 0 0 rg BT 391.52 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.38 550.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 439.47 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 457.33 550.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 502.40 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.04 550.25 Td (design ) Tj ET Q q 0 0 0 rg BT 547.57 550.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.40 538.25 Td (ef) Tj ET Q q 0 0 0 rg BT 97.99 538.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 145.05 538.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.02 538.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 189.20 538.25 Td (control ) Tj ET Q q 0 0 0 rg BT 220.16 538.25 Td (based ) Tj ET Q q 0 0 0 rg BT 245.57 538.25 Td (on ) Tj ET Q q 0 0 0 rg BT 258.21 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.06 538.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 309.58 538.25 Td (risk. ) Tj ET Q q 0 0 0 rg BT 329.72 538.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 347.91 538.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 370.54 538.25 Td (also ) Tj ET Q q 0 0 0 rg BT 389.29 538.25 Td (included ) Tj ET Q q 0 0 0 rg BT 426.36 538.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 473.99 538.25 Td (such ) Tj ET Q q 0 0 0 rg BT 494.96 538.25 Td (other ) Tj ET Q q 0 0 0 rg BT 518.14 538.25 Td (procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.83 526.25 Td (we ) Tj ET Q q 0 0 0 rg BT 74.99 526.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 120.81 526.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 162.17 526.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.45 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.17 526.25 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 248.63 526.25 Td (W) Tj ET Q q 0 0 0 rg BT 257.27 526.25 Td (e ) Tj ET Q q 0 0 0 rg BT 264.20 526.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 295.58 526.25 Td (that ) Tj ET Q q 0 0 0 rg BT 313.07 526.25 Td (our ) Tj ET Q q 0 0 0 rg BT 328.90 526.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 351.40 526.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 388.33 526.25 Td (a ) Tj ET Q q 0 0 0 rg BT 395.27 526.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 440.53 526.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 463.03 526.25 Td (for ) Tj ET Q q 0 0 0 rg BT 477.19 526.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.02 526.25 Td (opinion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 502.25 Td ( ) Tj ET Q q 0 0 0 rg BT 95.53 502.25 Td (company) Tj ET Q q 0 0 0 rg BT 134.96 502.25 Td (s ) Tj ET Q q 0 0 0 rg BT 141.71 502.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 175.10 502.25 Td (control ) Tj ET Q q 0 0 0 rg BT 206.28 502.25 Td (over ) Tj ET Q q 0 0 0 rg BT 226.91 502.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.74 502.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 304.25 502.25 Td (is ) Tj ET Q q 0 0 0 rg BT 313.78 502.25 Td (a ) Tj ET Q q 0 0 0 rg BT 321.07 502.25 Td (process ) Tj ET Q q 0 0 0 rg BT 353.92 502.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 392.32 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 402.96 502.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 436.36 502.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 481.97 502.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 523.69 502.25 Td (regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.34 490.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 105.34 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.80 490.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 152.90 490.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 191.68 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 208.24 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.58 490.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 270.24 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 280.69 490.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 317.80 490.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 362.13 490.25 Td (for ) Tj ET Q q 0 0 0 rg BT 375.92 490.25 Td (external ) Tj ET Q q 0 0 0 rg BT 410.24 490.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 447.92 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 457.82 490.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 504.91 490.25 Td (with ) Tj ET Q q 0 0 0 rg BT 524.81 490.25 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 87.28 478.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 133.46 478.25 Td (principles. ) Tj ET Q q 0 0 0 rg BT 177.19 478.25 Td (A) Tj ET Q q 0 0 0 rg BT 183.86 478.25 Td ( ) Tj ET Q q 0 0 0 rg BT 186.17 478.25 Td (company) Tj ET Q q 0 0 0 rg BT 225.60 478.25 Td (s ) Tj ET Q q 0 0 0 rg BT 231.80 478.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 264.66 478.25 Td (control ) Tj ET Q q 0 0 0 rg BT 295.29 478.25 Td (over ) Tj ET Q q 0 0 0 rg BT 315.37 478.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 352.66 478.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 391.62 478.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 427.25 478.25 Td (those ) Tj ET Q q 0 0 0 rg BT 450.67 478.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 484.08 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.83 478.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 547.00 478.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 64.25 466.25 Td (pertain ) Tj ET Q q 0 0 0 rg BT 94.61 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.98 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.79 466.25 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 172.91 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.83 466.25 Td (records ) Tj ET Q q 0 0 0 rg BT 215.85 466.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 235.93 466.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.30 466.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 291.65 466.25 Td (detail, ) Tj ET Q q 0 0 0 rg BT 318.95 466.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 362.63 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 379.66 466.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 403.90 466.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 432.03 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 446.83 466.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 497.19 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.22 466.25 Td (dispositions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.98 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.85 454.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 101.84 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.82 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.69 454.25 Td (company; ) Tj ET Q q 0 0 0 rg BT 169.78 454.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 184.09 454.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 217.29 454.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 262.70 454.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 304.22 454.25 Td (that ) Tj ET Q q 0 0 0 rg BT 321.87 454.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 372.29 454.25 Td (are ) Tj ET Q q 0 0 0 rg BT 387.15 454.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 424.78 454.25 Td (as ) Tj ET Q q 0 0 0 rg BT 435.76 454.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 477.29 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.72 454.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 516.47 454.25 Td (preparation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.54 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 99.73 442.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 145.16 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 156.15 442.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 204.32 442.25 Td (with ) Tj ET Q q 0 0 0 rg BT 225.31 442.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 265.73 442.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 303.91 442.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 350.99 442.25 Td (principles, ) Tj ET Q q 0 0 0 rg BT 396.14 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.79 442.25 Td (that ) Tj ET Q q 0 0 0 rg BT 432.00 442.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 466.30 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.95 442.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 538.26 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 442.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (company ) Tj ET Q q 0 0 0 rg BT 89.37 430.25 Td (are ) Tj ET Q q 0 0 0 rg BT 104.29 430.25 Td (being ) Tj ET Q q 0 0 0 rg BT 129.22 430.25 Td (made ) Tj ET Q q 0 0 0 rg BT 153.59 430.25 Td (only ) Tj ET Q q 0 0 0 rg BT 174.08 430.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.57 430.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 232.25 430.25 Td (with ) Tj ET Q q 0 0 0 rg BT 252.74 430.25 Td (authorizations ) Tj ET Q q 0 0 0 rg BT 312.11 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.15 430.25 Td (management ) Tj ET Q q 0 0 0 rg BT 376.95 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.10 430.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 431.80 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 442.85 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.78 430.25 Td (company; ) Tj ET Q q 0 0 0 rg BT 499.93 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.08 430.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 531.45 430.25 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 95.42 418.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 136.95 418.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 177.92 418.25 Td (prevention ) Tj ET Q q 0 0 0 rg BT 223.35 418.25 Td (or ) Tj ET Q q 0 0 0 rg BT 234.34 418.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 262.56 418.25 Td (detection ) Tj ET Q q 0 0 0 rg BT 301.87 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 312.86 418.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 367.73 418.25 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 416.77 418.25 Td (use, ) Tj ET Q q 0 0 0 rg BT 435.27 418.25 Td (or ) Tj ET Q q 0 0 0 rg BT 446.26 418.25 Td (disposition ) Tj ET Q q 0 0 0 rg BT 492.82 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 503.81 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.69 418.25 Td (company) Tj ET Q q 0 0 0 rg BT 558.12 418.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.83 406.25 Td (that ) Tj ET Q q 0 0 0 rg BT 93.33 406.25 Td (could ) Tj ET Q q 0 0 0 rg BT 118.04 406.25 Td (have ) Tj ET Q q 0 0 0 rg BT 139.42 406.25 Td (a ) Tj ET Q q 0 0 0 rg BT 146.36 406.25 Td (material ) Tj ET Q q 0 0 0 rg BT 181.62 406.25 Td (ef) Tj ET Q q 0 0 0 rg BT 189.20 406.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 206.69 406.25 Td (on ) Tj ET Q q 0 0 0 rg BT 219.19 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.91 406.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 271.39 406.25 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 122.47 382.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.95 382.25 Td (its ) Tj ET Q q 0 0 0 rg BT 146.55 382.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 182.46 382.25 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 230.89 382.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 264.58 382.25 Td (control ) Tj ET Q q 0 0 0 rg BT 296.06 382.25 Td (over ) Tj ET Q q 0 0 0 rg BT 316.98 382.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 355.11 382.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 394.92 382.25 Td (may ) Tj ET Q q 0 0 0 rg BT 415.28 382.25 Td (not ) Tj ET Q q 0 0 0 rg BT 431.21 382.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 464.35 382.25 Td (or ) Tj ET Q q 0 0 0 rg BT 475.83 382.25 Td (detect ) Tj ET Q q 0 0 0 rg BT 502.85 382.25 Td (misstatements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Also, ) Tj ET Q q 0 0 0 rg BT 73.81 370.25 Td (projections ) Tj ET Q q 0 0 0 rg BT 120.66 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.41 370.25 Td (any ) Tj ET Q q 0 0 0 rg BT 148.27 370.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 192.34 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 203.09 370.25 Td (ef) Tj ET Q q 0 0 0 rg BT 210.68 370.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 257.52 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 267.72 370.25 Td (future ) Tj ET Q q 0 0 0 rg BT 294.02 370.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 325.87 370.25 Td (are ) Tj ET Q q 0 0 0 rg BT 340.50 370.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 371.25 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 381.44 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 396.08 370.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 413.50 370.25 Td (that ) Tj ET Q q 0 0 0 rg BT 430.91 370.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 465.55 370.25 Td (may ) Tj ET Q q 0 0 0 rg BT 485.19 370.25 Td (become ) Tj ET Q q 0 0 0 rg BT 518.70 370.25 Td (inadequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (because ) Tj ET Q q 0 0 0 rg BT 84.15 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 94.98 358.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 129.68 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 139.96 358.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 186.63 358.25 Td (or ) Tj ET Q q 0 0 0 rg BT 197.46 358.25 Td (that ) Tj ET Q q 0 0 0 rg BT 214.95 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.67 358.25 Td (degree ) Tj ET Q q 0 0 0 rg BT 258.81 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.64 358.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 318.23 358.25 Td (with ) Tj ET Q q 0 0 0 rg BT 338.51 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 353.23 358.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 386.83 358.25 Td (or ) Tj ET Q q 0 0 0 rg BT 397.66 358.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 444.03 358.25 Td (may ) Tj ET Q q 0 0 0 rg BT 463.75 358.25 Td (deteriorate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.25 Td (In ) Tj ET Q q 0 0 0 rg BT 96.97 334.25 Td (our ) Tj ET Q q 0 0 0 rg BT 112.93 334.25 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 148.63 334.25 Td (Encore ) Tj ET Q q 0 0 0 rg BT 179.58 334.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 211.10 334.25 Td (Group, ) Tj ET Q q 0 0 0 rg BT 241.79 334.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 259.69 334.25 Td (maintained, ) Tj ET Q q 0 0 0 rg BT 309.26 334.25 Td (in ) Tj ET Q q 0 0 0 rg BT 319.67 334.25 Td (all ) Tj ET Q q 0 0 0 rg BT 332.30 334.25 Td (material ) Tj ET Q q 0 0 0 rg BT 367.70 334.25 Td (respects, ) Tj ET Q q 0 0 0 rg BT 405.04 334.25 Td (ef) Tj ET Q q 0 0 0 rg BT 412.63 334.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 442.47 334.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 475.65 334.25 Td (control ) Tj ET Q q 0 0 0 rg BT 506.61 334.25 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 334.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 89.16 322.25 Td (as ) Tj ET Q q 0 0 0 rg BT 99.99 322.25 Td (of ) Tj ET Q q 0 0 0 rg BT 110.82 322.25 Td (December ) Tj ET Q q 0 0 0 rg BT 154.40 322.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 169.40 322.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 194.40 322.25 Td (based ) Tj ET Q q 0 0 0 rg BT 219.67 322.25 Td (on ) Tj ET Q q 0 0 0 rg BT 232.17 322.25 Td (the ) Tj ET Q q 0 0 0 rg BT 246.88 322.25 Td (COSO ) Tj ET Q q 0 0 0 rg BT 276.06 322.25 Td (criteria. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 298.25 Td (e ) Tj ET Q q 0 0 0 rg BT 102.21 298.25 Td (also ) Tj ET Q q 0 0 0 rg BT 121.45 298.25 Td (have ) Tj ET Q q 0 0 0 rg BT 143.46 298.25 Td (audited, ) Tj ET Q q 0 0 0 rg BT 178.53 298.25 Td (in ) Tj ET Q q 0 0 0 rg BT 189.44 298.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 237.54 298.25 Td (with ) Tj ET Q q 0 0 0 rg BT 258.45 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.80 298.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 314.70 298.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.17 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 341.52 298.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 370.21 298.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 411.54 298.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 461.32 298.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 503.90 298.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 531.47 298.25 Td (\(United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (States\), ) Tj ET Q q 0 0 0 rg BT 82.13 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.75 286.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 149.70 286.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 194.32 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.06 286.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 242.45 286.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 282.63 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.37 286.25 Td (Encore ) Tj ET Q q 0 0 0 rg BT 324.10 286.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 355.39 286.25 Td (Group, ) Tj ET Q q 0 0 0 rg BT 385.85 286.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 403.52 286.25 Td (as ) Tj ET Q q 0 0 0 rg BT 414.26 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 425.00 286.25 Td (December ) Tj ET Q q 0 0 0 rg BT 468.49 286.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 483.40 286.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 505.81 286.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.66 286.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 547.57 286.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.07 274.25 Td (related ) Tj ET Q q 0 0 0 rg BT 95.13 274.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 148.52 274.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 193.59 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 204.77 274.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 239.56 274.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 302.95 274.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 337.73 274.25 Td (equity) Tj ET Q q 0 0 0 rg BT 362.08 274.25 Td (, ) Tj ET Q q 0 0 0 rg BT 367.43 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 384.73 274.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 405.35 274.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 430.42 274.25 Td (for ) Tj ET Q q 0 0 0 rg BT 444.94 274.25 Td (each ) Tj ET Q q 0 0 0 rg BT 466.11 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 477.29 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.36 274.25 Td (three ) Tj ET Q q 0 0 0 rg BT 515.20 274.25 Td (years ) Tj ET Q q 0 0 0 rg BT 539.16 274.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 274.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (period ) Tj ET Q q 0 0 0 rg BT 78.05 262.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 104.42 262.25 Td (December ) Tj ET Q q 0 0 0 rg BT 148.01 262.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 163.01 262.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 185.51 262.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.45 262.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.28 262.25 Td (report ) Tj ET Q q 0 0 0 rg BT 244.65 262.25 Td (dated ) Tj ET Q q 0 0 0 rg BT 268.81 262.25 Td (February ) Tj ET Q q 0 0 0 rg BT 307.41 262.25 Td (23, ) Tj ET Q q 0 0 0 rg BT 322.41 262.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 344.91 262.25 Td (expressed ) Tj ET Q q 0 0 0 rg BT 386.84 262.25 Td (an ) Tj ET Q q 0 0 0 rg BT 398.77 262.25 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 446.82 262.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 479.87 262.25 Td (thereon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.00 241.25 Td (/s/ BDO USA, LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 217.25 Td (Costa ) Tj ET Q q 0 0 0 rg BT 111.28 217.25 Td (Mesa, ) Tj ET Q q 0 0 0 rg BT 137.94 217.25 Td (California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 193.25 Td (February ) Tj ET Q q 0 0 0 rg BT 124.60 193.25 Td (23, ) Tj ET Q q 0 0 0 rg BT 139.60 193.25 Td (2017) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (73) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Changes in Internal Control over Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (There were no changes in our system of internal control over financial reporting \(as defined in Rule 13a-15\(f\) and Rule ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (15d-15\(f\) under the Exchange ) Tj ET Q q 0 0 0 rg BT 172.18 709.25 Td (Act\) that occurred during the quarter endedDecember 31, 2016, that have materially af) Tj ET Q q 0 0 0 rg BT 521.02 709.25 Td (fected, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (are reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 196.70 697.25 Td (fect, our internal control over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 676.25 Td (In the course of our ongoing preparations for management) Tj ET Q q 0 0 0 rg BT 310.04 676.25 Td (s report on internal control over financial reporting as required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (by Section 404 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 203.86 664.25 Td (Act of 2002, we have identified areas in need ofimprovementand have taken remedial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (actions to strengthen the af) Tj ET Q q 0 0 0 rg BT 157.56 652.25 Td (fected controls as appropriate. ) Tj ET Q q 0 0 0 rg BT 280.39 652.25 Td (W) Tj ET Q q 0 0 0 rg BT 289.02 652.25 Td (e make these and other changes, which do not have a material ef) Tj ET Q q 0 0 0 rg BT 546.24 652.25 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (on our overall internal control over financial reporting, to enhance the ef) Tj ET Q q 0 0 0 rg BT 339.70 640.25 Td (fectiveness of our internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.85 607.25 Td (Item9BOther) Tj ET Q q 0 0 0 rg BT 313.38 607.25 Td ( Information) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (Retention Stock ) Tj ET Q q 0 0 0 rg BT 117.41 586.25 Td (A) Tj ET Q q 0 0 0 rg BT 123.34 586.25 Td (wards and Revised Employee Letter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 569.25 Td (On February 21, 2017, in order to promote retention of the Company) Tj ET Q q 0 0 0 rg BT 352.55 569.25 Td (s of) Tj ET Q q 0 0 0 rg BT 367.10 569.25 Td (ficers, the Compensation Committee of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 557.25 Td (s Board of Directors approved and granted restricted stock awards \(the RSAs\) and restricted cash awards \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.25 Td (Restricted Cash ) Tj ET Q q 0 0 0 rg BT 119.43 545.25 Td (A) Tj ET Q q 0 0 0 rg BT 125.73 545.25 Td (wards and collectively with the RSAs, the Retention ) Tj ET Q q 0 0 0 rg BT 345.96 545.25 Td (A) Tj ET Q q 0 0 0 rg BT 352.27 545.25 Td (wards\) pursuant to the Encore Capital Group, Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.25 Td (2013 Incentive Compensation Plan to the following executive of) Tj ET Q q 0 0 0 rg BT 308.10 533.25 Td (ficers of the Company in the following amounts:) Tj ET Q 0.8509803921568627 0.8509803921568627 0.8509803921568627 rg /GS0 gs 59.50 513.75 343.00 -13.00 re f /GS0 gs 0.8509803921568627 0.8509803921568627 0.8509803921568627 rg /GS0 gs 402.50 513.75 74.00 -13.00 re f /GS0 gs 0.8509803921568627 0.8509803921568627 0.8509803921568627 rg /GS0 gs 476.50 513.75 83.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 513.75 m 59.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 513.75 m 402.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 513.75 m 402.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 500.75 m 402.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 513.75 m 402.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 513.75 m 476.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 513.75 m 476.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 500.75 m 476.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 513.75 m 476.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 513.75 m 559.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 513.75 m 559.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 500.75 m 559.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 500.75 m 59.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 500.75 m 402.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 500.75 m 402.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 486.75 m 402.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 500.75 m 402.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 500.75 m 476.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 500.75 m 476.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 486.75 m 476.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 500.75 m 476.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 500.75 m 559.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 500.75 m 559.5 500.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 486.75 m 559.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 486.75 m 59.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 486.75 m 402.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 486.75 m 402.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 471.75 m 402.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 486.75 m 402.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 486.75 m 476.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 486.75 m 476.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 471.75 m 476.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 486.75 m 476.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 486.75 m 559.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 486.75 m 559.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 471.75 m 559.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 471.75 m 59.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 471.75 m 402.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 471.75 m 402.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 457.75 m 402.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 471.75 m 402.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 471.75 m 476.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 471.75 m 476.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 457.75 m 476.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 471.75 m 476.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 471.75 m 559.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 471.75 m 559.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 457.75 m 559.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 457.75 m 59.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 457.75 m 402.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 457.75 m 402.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 443.75 m 402.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 457.75 m 402.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 457.75 m 476.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 457.75 m 476.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 443.75 m 476.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 457.75 m 476.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 457.75 m 559.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 457.75 m 559.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 443.75 m 559.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 443.75 m 59.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 443.75 m 402.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 443.75 m 402.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 59.5 427.75 m 402.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 443.75 m 402.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 443.75 m 476.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 443.75 m 476.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 427.75 m 476.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 443.75 m 476.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 443.75 m 559.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 443.75 m 559.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 427.75 m 559.5 427.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 219.25 505.15 Td (Name) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.95 505.15 Td (RSAs \(shares\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.85 505.15 Td (Restricted Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 491.32 Td (Kenneth A. Vecchione, President and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 491.32 Td (23,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 491.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 491.32 Td (800,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 476.42 Td (Jonathan Clark, Executive Vice President, Chief Financial Officer and Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 476.42 Td (13,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 476.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 476.42 Td (450,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 462.32 Td (Paul Grinberg, Group Executive, International and Corporate Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 462.32 Td (13,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 462.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 462.32 Td (450,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 448.32 Td (Ashish Masih, President MCM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 448.32 Td (11,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 448.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 448.32 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 432.42 Td (Gregory L. Call, Senior Vice President, General Counsel and Corporate Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 432.42 Td (9,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 432.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 432.42 Td (318,300) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 407.25 Td (Subject to the recipient being continuously employed with the Company or any of its af) Tj ET Q q 0 0 0 rg BT 424.30 407.25 Td (filiates, the RSAs will time vest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (50% on December 31, 2018 and 50% on December 31, 2019. Subject to \(1\) the recipient being continuously employed with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (Company or any of its af) Tj ET Q q 0 0 0 rg BT 149.52 383.25 Td (filiates and \(2\) the Company achieving predetermined strategic objectives relating to developing new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (business, the Restricted Cash ) Tj ET Q q 0 0 0 rg BT 168.60 371.25 Td (A) Tj ET Q q 0 0 0 rg BT 174.90 371.25 Td (wards vest in four equal installments on June 30, 2018, December 31, 2018, June 30, 2019 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (December 31, 2019. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 338.25 Td (The foregoing description of the material provisions of the Retention ) Tj ET Q q 0 0 0 rg BT 351.71 338.25 Td (A) Tj ET Q q 0 0 0 rg BT 358.01 338.25 Td (wards is a summary and does not purport to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (complete and is qualified in its entirety by reference to the complete text of the form of the RSA) Tj ET Q q 0 0 0 rg BT 434.33 326.25 Td ( ) Tj ET Q q 0 0 0 rg BT 436.27 326.25 Td (Agreement and the form of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (Restricted Cash ) Tj ET Q q 0 0 0 rg BT 114.99 314.25 Td (A) Tj ET Q q 0 0 0 rg BT 121.29 314.25 Td (ward ) Tj ET Q q 0 0 0 rg BT 143.23 314.25 Td (Agreement, copies of which are filed as Exhibits 10.105 and 10.106, respectively) Tj ET Q q 0 0 0 rg BT 467.77 314.25 Td (, to this ) Tj ET Q q 0 0 0 rg BT 499.44 314.25 Td (Annual Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (on Form 10-K and are incorporated herein by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 281.25 Td (Amendment of Chief Executive Of) Tj ET Q q 0 0 0 rg BT 192.03 281.25 Td (ficer Employment Letter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 264.25 Td (On February 21, 2017, the Company entered into an amendment to the employment of) Tj ET Q q 0 0 0 rg BT 420.13 264.25 Td (fer letter \(Of) Tj ET Q q 0 0 0 rg BT 474.91 264.25 Td (fer Letter\), dated as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.28 252.25 Td (April 8, 2013, by and between the Company and Mr) Tj ET Q q 0 0 0 rg BT 268.85 252.25 Td (. Kenneth ) Tj ET Q q 0 0 0 rg BT 309.68 252.25 Td (A. ) Tj ET Q q 0 0 0 rg BT 321.72 252.25 Td (V) Tj ET Q q 0 0 0 rg BT 327.83 252.25 Td (ecchione in order to provide Mr) Tj ET Q q 0 0 0 rg BT 454.74 252.25 Td (. ) Tj ET Q q 0 0 0 rg BT 459.56 252.25 Td (V) Tj ET Q q 0 0 0 rg BT 465.67 252.25 Td (ecchione certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.25 Td (accelerated vesting provisions consistent with those provided to other executive of) Tj ET Q q 0 0 0 rg BT 379.73 240.25 Td (ficers pursuant to the Company) Tj ET Q q 0 0 0 rg BT 508.03 240.25 Td (s Executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.25 Td (Separation Plan. ) Tj ET Q q 0 0 0 rg BT 117.86 228.25 Td (The foregoing description of the amendment to the Of) Tj ET Q q 0 0 0 rg BT 334.28 228.25 Td (fer Letter is a summary and does not purport to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.25 Td (complete and is qualified in its entirety by reference to the complete text of the amendment to the Of) Tj ET Q q 0 0 0 rg BT 452.46 216.25 Td (fer Letter) Tj ET Q q 0 0 0 rg BT 489.53 216.25 Td (, a copy of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.25 Td (is filed as Exhibit 10.107 to this ) Tj ET Q q 0 0 0 rg BT 179.44 204.25 Td (Annual Report on Form 10-K and is incorporated herein by reference.) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.90 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 742.25 Td ( III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.20 727.25 Td (Item10Dir) Tj ET Q q 0 0 0 rg BT 219.95 727.25 Td (ectors, Executive Officers and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 706.25 Td (The information under the captions Election of Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 372.59 706.25 Td (ficers and Section16\(a\) Beneficial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Ownership Reporting Compliance, appearing in the 2017 Proxy Statement to be filed no later than May1, 2017, is hereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (incorporated by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.10 661.25 Td (Item1) Tj ET Q q 0 0 0 rg BT 259.04 661.25 Td (1Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 640.25 Td (The information under the caption Executive Compensation and Other Information, appearing in the 2017 Proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (Statement to be filed no later than May1, 2017, is hereby incorporated by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.05 607.25 Td (Item12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder) Tj ET Q q 0 0 0 rg BT 507.56 607.25 Td ( Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 586.25 Td (The information under the captions Security Ownership of Principal Stockholders and Management and Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Compensation Plan Information, appearing in the 2017 Proxy Statement to be filed no later than May1, 2017, is hereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (incorporated by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.05 541.25 Td (Item13Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 313.81 541.25 Td (T) Tj ET Q q 0 0 0 rg BT 319.74 541.25 Td (ransactions, and Dir) Tj ET Q q 0 0 0 rg BT 406.51 541.25 Td (ector) Tj ET Q q 0 0 0 rg BT 427.98 541.25 Td ( Independence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 520.25 Td (The information under the captions Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 360.68 520.25 Td (T) Tj ET Q q 0 0 0 rg BT 366.44 520.25 Td (ransactions and Election of Directors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (Corporate GovernanceDirector Independence, appearing in the 2017 Proxy Statement to be filed no later than May1, 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (is hereby incorporated by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.55 475.25 Td (Item14Principal ) Tj ET Q q 0 0 0 rg BT 284.43 475.25 Td (Accountant Fees and Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 454.25 Td (The information under the caption Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 342.81 454.25 Td (Accounting Firm, appearing in the 2017 Proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (Statement to be filed no later than May1, 2017, is hereby incorporated by reference.) Tj ET Q endstream endobj 155 0 obj <> endobj 156 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.30 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.67 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.76 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 312.25 742.25 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.10 727.25 Td (Item15Exhibits and Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 706.25 Td (\(a\) Financial Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 685.25 Td (The following consolidated financial statements of Encore Capital Group, Inc. are filed as part of this annual report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (Form10-K:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 641.75 m 562.5 641.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 641.75 m 562.5 641.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 645.70 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.20 644.48 Td (Page) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.32 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 218.24 632.32 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.32 Td (Consolidated Statements of Financial Condition at December31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.32 Td (Consolidated Statements of Income for the years ended December31, 2016, 2015 and2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 590.32 Td (Consolidated Statements of Comprehensive Income for the years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.32 Td (Consolidated Statements of Equity for the years ended December 31, 2016, 2015 and2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.32 Td (Consolidated Statements of Cash Flows for the years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 548.32 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 503.25 Td (\(b\) Exhibits. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 472.91259765625 m 107.46142578125 472.91259765625 l s q 0 0 0 rg BT 72.00 474.48 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 472.86259765625 m 184.4384765625 472.86259765625 l s q 0 0 0 rg BT 135.00 474.43 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 460.32 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 460.32 Td (Agreement and Plan of Merger dated March 6, 2013, by and among Encore Capital Group, Inc.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 450.32 Td (Pinnacle Sub, Inc. and Asset Acceptance Capital Corp. \(incorporated by reference to Exhibit 2.1 to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 440.32 Td (the Companys Current Report on Form 8-K filed on March 6, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 416.32 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 416.32 Td (Stock Purchase Agreement, dated August 1, 2014, by and among Encore Capital Group, Inc., the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 406.32 Td (sellers party thereto, Atlantic Credit & Finance, Inc. and Richard Woolwine as the sellers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 396.32 Td (representative \(incorporated by reference to Exhibit 2.1 to the Companys Quarterly Report on Form) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 386.32 Td (10-Q filed on August 7, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 362.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 362.32 Td (Restated Certificate of Incorporation \(incorporated by reference to Exhibit3.1 to Amendment No.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 352.32 Td (to the Companys Registration Statement on Form S-1/A filed on June14, 1999, File No.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 342.32 Td (333-77483\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 318.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 318.32 Td (Certificate of Amendment to the Certificate of Incorporation \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 308.32 Td (Exhibit3.1 to the Companys Current Report on Form8-K filed on April4, 2002\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 284.32 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 284.32 Td (Bylaws, as amended through February 8, 2011 \(incorporated by reference to Exhibit 3.3 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 274.32 Td (Companys Annual Report on Form 10-K filed on February 14, 2011\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 250.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 250.32 Td (Form of Common Stock Certificate \(incorporated by reference to Exhibit 4.7 to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 240.32 Td (Registration Statement on Form S-3 filed on December 21, 2009, File No. 333-163876\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 216.32 Td (4.2*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 216.32 Td (Amended and Restated Senior Secured Note Purchase Agreement, dated February10, 2011, by and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 206.32 Td (among Encore Capital Group, Inc., The Prudential Insurance Company of America, Pruco Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 196.32 Td (Insurance Company, Prudential Retirement Insurance and Annuity Company and Prudential) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 186.32 Td (Annuities Life Assurance Corporation \(incorporated by reference to Exhibit 4.1 to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 176.32 Td (Quarterly Report on Form 10-Q filed on April 27, 2011\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 152.32 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 152.32 Td (Form of 7.75% Senior Secured Note due 2017 \(incorporated by reference to Exhibit 4.2 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 142.32 Td (Companys Quarterly Report on Form 10-Q filed on April 27, 2011\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 118.32 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 118.32 Td (Form of 7.375% Senior Secured Note due 2018 \(incorporated by reference to Exhibit 4.3 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 108.32 Td (Companys Quarterly Report on Form 10-Q filed on April 27, 2011\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 632.32 Td (F-1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 618.32 Td (F-2) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 604.32 Td (F-3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 590.32 Td (F-4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 576.32 Td (F-5) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 562.32 Td (F-6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.10 548.32 Td (F-7) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 157 0 obj <> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (76) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 737.66259765625 m 107.46142578125 737.66259765625 l s q 0 0 0 rg BT 72.00 739.23 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 737.61259765625 m 184.4384765625 737.61259765625 l s q 0 0 0 rg BT 135.00 739.18 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 725.07 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 725.07 Td (Amendment No. 1, dated May 8, 2012, to Amended and Restated Senior Secured Note Purchase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 715.07 Td (Agreement, dated February 10, 2011, by and among Encore Capital Group, Inc., The Prudential) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 705.07 Td (Insurance Company of America, Pruco Life Insurance Company, Prudential Retirement Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 695.07 Td (and Annuity Company and Prudential Annuities Life Assurance Corporation, and SunTrust Bank as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 685.07 Td (collateral agent and administrative agent \(incorporated by reference to Exhibit 4.1 to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 675.07 Td (Quarterly Report on Form 10-Q filed on May 9, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 651.07 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 651.07 Td (Indenture, dated November 27, 2012, between Encore Capital Group, Inc. and Union Bank, N.A., as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 641.07 Td (trustee \(incorporated by reference to Exhibit 4.1 to the Companys Current Report on 8-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 631.07 Td (December 3, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 607.07 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 607.07 Td (Indenture \(including the form of the Note\), dated as of June24, 2013, by and among Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 597.07 Td (Group, Inc., Midland Credit Management, Inc., as guarantor, and Union Bank, N.A., as trustee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 587.07 Td (\(incorporated by reference to Exhibit 4.1 to the Companys Current Report on Form 8-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 577.07 Td (June24, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 553.07 Td (4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 553.07 Td (Indenture \(including the form of the Note\), dated August2, 2013, by and among Cabot Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 543.07 Td (\(Luxembourg\) S.A., Cabot Credit Management Limited, Cabot Financial Limited and all material) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 533.07 Td (subsidiaries of Cabot Financial Limited, as guarantors, J.P. Morgan Europe Limited, as security) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 523.07 Td (agent, and Citibank, N.A., London Branch as trustee \(incorporated by reference to Exhibit 4.1 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 513.07 Td (Companys Current Report on Form 8-K filed on August6, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 489.07 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 489.07 Td (Indenture \(including the form of the Note\), dated September20, 2012, by and among Cabot) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 479.07 Td (Financial \(Luxembourg\) S.A., Cabot Credit Management Limited, Cabot Financial Limited and all) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 469.07 Td (material subsidiaries of Cabot Financial Limited, as guarantors, J.P. Morgan Europe Limited, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 459.07 Td (security agent, and Citibank, N.A., London Branch as trustee \(incorporated by reference to Exhibit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 449.07 Td (4.1 to the Companys Quarterly Report on Form 10-Q filed on November 7, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 425.07 Td (4.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 425.07 Td (First Supplemental Indenture, dated June 13, 2013, between Cabot Financial \(Luxembourg\) S.A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 415.07 Td (and Citibank, N.A., London Branch as trustee \(incorporated by reference to Exhibit 4.2 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 405.07 Td (Companys Quarterly Report on Form 10-Q filed on November 7, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 381.07 Td (4.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 381.07 Td (Indenture \(including the form of the Note\), dated July 25, 2013, by and among Marlin Intermediate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 371.07 Td (Holdings plc, Marlin Financial Group Limited, Marlin Financial Intermediate Limited, certain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 361.07 Td (subsidiaries of Marlin Financial Intermediate Limited, The Bank of New York Mellon, London) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 351.07 Td (Branch as trustee, paying agent, transfer agent and registrar, and Royal Bank of Scotland plc, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 341.07 Td (security agent \(incorporated by reference to Exhibit 4.11 to the Companys Annual Report on Form) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 331.07 Td (10-K filed on February 25, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 307.07 Td (4.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 307.07 Td (First Supplemental Indenture, dated February 19, 2014, by and among Marlin Intermediate Holdings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 297.07 Td (plc, Marlin Financial Intermediate II Limited, Cabot Financial Limited the guarantors party thereto) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 287.07 Td (and the Bank of New York Mellon, as trustee \(incorporated by reference to Exhibit 4.12 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 277.07 Td (Companys Annual Report on Form 10-K filed on February 25, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 253.07 Td (4.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 253.07 Td (Indenture \(including form of Note\), dated as of March 11, 2014, by and between Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 243.07 Td (Group, Inc., Midland Credit Management, Inc., as guarantor, and Union Bank, N.A., as trustee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 233.07 Td (\(incorporated by reference to Exhibit 4.1 to the Companys Current Report on Form 8-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 223.07 Td (March 11, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 199.07 Td (4.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 199.07 Td (Second Supplemental Indenture, dated March 14, 2014, by and among Cabot Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 189.07 Td (\(Luxembourg\) S.A., Cabot Financial Limited, Cabot Credit Management Limited, as guarantor, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 179.07 Td (Citibank, N.A., London Branch, as trustee \(filed with the Companys Quarterly Report on Form 10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 169.07 Td (Q filed on May 8, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 145.07 Td (4.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 145.07 Td (Second Supplemental Indenture, dated March 14, 2014, by and among Marlin Intermediate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 135.07 Td (Holdings plc, Cabot Financial Limited, the subsidiary guarantors party thereto and the Bank of New) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 125.07 Td (York Mellon, London Branch, as trustee \(filed with the Companys Quarterly Report on Form 10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 115.07 Td (filed on May 8, 2014\)) Tj ET Q endstream endobj 159 0 obj <> endobj 160 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (77) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 737.66259765625 m 107.46142578125 737.66259765625 l s q 0 0 0 rg BT 72.00 739.23 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 737.61259765625 m 184.4384765625 737.61259765625 l s q 0 0 0 rg BT 135.00 739.18 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 725.07 Td (4.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 725.07 Td (Indenture \(including form of Note\), dated March 27, 2014, between Cabot Financial \(Luxembourg\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 715.07 Td (S.A., Cabot Credit Management Limited, Cabot Financial Limited, the subsidiary guarantors party) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 705.07 Td (thereto, J.P. Morgan Europe Limited, as security agent, Citibank, N.A., London Branch as trustee,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 695.07 Td (principal paying agent and transfer agent and Citigroup Global Markets Deutschland AG, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 685.07 Td (registrar \(incorporated by reference to Exhibit 4.1 to the Companys Current Report on Form 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 675.07 Td (filed on March 28, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 651.07 Td (4.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 651.07 Td (Indenture \(including form of Note\), dated May 6, 2014, by and between PFS Tax Lien Trust 2014-1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 641.07 Td (and Citibank, N.A., as trustee \(filed with the Companys Quarterly Report on Form 10-Q filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 631.07 Td (May 8, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 607.07 Td (4.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 607.07 Td (First Supplemental Indenture, dated March 14, 2014, by and among Cabot Financial \(Luxembourg\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 597.07 Td (S.A., Cabot Financial Limited, Cabot Credit Management Limited, as guarantor, and Citibank, N.A.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 587.07 Td (London Branch, as trustee \(incorporated by reference to Exhibit 4.1 to the Companys Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 577.07 Td (Report on Form 10-Q filed on August 7, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 553.07 Td (4.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 553.07 Td (Third Supplemental Indenture, dated May 19, 2014, by and among Cabot Financial \(Luxembourg\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 543.07 Td (S.A., Cabot Financial Limited, Citibank, N.A., London Branch, as trustee, and the guarantors party) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 533.07 Td (thereto \(incorporated by reference to Exhibit 4.1 of the Companys Current Report on Form 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 523.07 Td (filed on May 20, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 499.07 Td (4.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 499.07 Td (Second Supplemental Indenture, dated May 19, 2014, by and among Cabot Financial \(Luxembourg\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 489.07 Td (S.A., Cabot Financial Limited, Citibank, N.A., London Branch, as trustee, and the guarantors party) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 479.07 Td (thereto \(incorporated by reference to Exhibit 4.2 of the Companys Current Report on Form 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 469.07 Td (filed on May 20, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 445.07 Td (4.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 445.07 Td (Third Supplemental Indenture, dated May 19, 2014, by and among Marlin Intermediate Holdings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 435.07 Td (plc, Cabot Financial Limited, The Bank of New York Mellon, London Branch, as trustee, and the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 425.07 Td (guarantors party thereto \(incorporated by reference to Exhibit 4.3 of the Companys Current Report) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 415.07 Td (on Form 8-K filed on May 20, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 391.07 Td (4.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 391.07 Td (Fourth Supplemental Indenture, dated May 28, 2015, by and among Cabot Asset Purchases \(Ireland\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 381.07 Td (Limited, Cabot Financial \(Ireland\) Limited, Cabot Financial \(Luxembourg\) S.A., Cabot Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 371.07 Td (Management Limited, Cabot Financial Limited and Citibank, N.A., London Branch, as trustee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 361.07 Td (\(incorporated by reference to Exhibit 4.22 to the Companys Annual Report on Form 10-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 351.07 Td (February 24, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 327.07 Td (4.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 327.07 Td (Third Supplemental Indenture, dated May 28, 2015, by and among Cabot Asset Purchases \(Ireland\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 317.07 Td (Limited, Cabot Financial \(Ireland\) Limited, Cabot Financial \(Luxembourg\) S.A., Cabot Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 307.07 Td (Management Limited, Cabot Financial Limited and Citibank, N.A., London Branch, as trustee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 297.07 Td (\(incorporated by reference to Exhibit 4.23 to the Companys Annual Report on Form 10-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 287.07 Td (February 24, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 263.07 Td (4.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 263.07 Td (Fourth Supplemental Indenture, dated May 28, 2015, by and among Cabot Asset Purchases \(Ireland\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 253.07 Td (Limited, Cabot Financial \(Ireland\) Limited, Marlin Intermediate Holdings plc, Marlin Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 243.07 Td (Group Limited, Marlin Financial Intermediate Limited, Marlin Financial Intermediate II Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 233.07 Td (and The Bank of New York Mellon, London Branch, as trustee \(incorporated by reference to Exhibit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 223.07 Td (4.24 to the Companys Annual Report on Form 10-K filed on February 24, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 199.07 Td (4.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 199.07 Td (Supplemental Indenture, dated May 28, 2015, by and among Cabot Asset Purchases \(Ireland\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 189.07 Td (Limited, Cabot Financial \(Ireland\) Limited, Cabot Financial \(Luxembourg\) S.A., Cabot Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 179.07 Td (Management Limited, Cabot Financial Limited and Citibank, N.A., London Branch, as trustee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 169.07 Td (\(incorporated by reference to Exhibit 4.25 to the Companys Annual Report on Form 10-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 159.07 Td (February 24, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 135.07 Td (4.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 135.07 Td (Fifth Supplemental Indenture, dated July 28, 2015, by and among Hillesden Securities Limited,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 125.07 Td (Cabot Financial \(Luxembourg\) S.A., Cabot Credit Management Limited, Cabot Financial Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 115.07 Td (and Citibank, N.A., London Branch, as trustee \(incorporated by reference to Exhibit 4.26 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 105.07 Td (Companys Annual Report on Form 10-K filed on February 24, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 81.07 Td (4.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 81.07 Td (Fourth Supplemental Indenture, dated July 28, 2015, by and among Hillesden Securities Limited,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 71.07 Td (Cabot Financial \(Luxembourg\) S.A., Cabot Credit Management Limited, Cabot Financial Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 61.07 Td (and Citibank, N.A., London Branch, as trustee \(incorporated by reference to Exhibit 4.27 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 51.07 Td (Companys Annual Report on Form 10-K filed on February 24, 2016\)) Tj ET Q endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (78) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 737.66259765625 m 107.46142578125 737.66259765625 l s q 0 0 0 rg BT 72.00 739.23 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 737.61259765625 m 184.4384765625 737.61259765625 l s q 0 0 0 rg BT 135.00 739.18 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 715.07 Td (4.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 715.07 Td (Fifth Supplemental Indenture, dated July 28, 2015, by and among Hillesden Securities Limited,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 705.07 Td (Marlin Intermediate Holdings plc, Marlin Financial Group Limited, Marlin Financial Intermediate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 695.07 Td (Limited, Marlin Financial Intermediate II Limited and The Bank of New York Mellon, London) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 685.07 Td (Branch, as trustee \(incorporated by reference to Exhibit 4.28 to the Companys Annual Report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 675.07 Td (Form 10-K filed on February 24, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 651.07 Td (4.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 651.07 Td (Second Supplemental Indenture, dated July 28, 2015, by and among Hillesden Securities Limited,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 641.07 Td (Cabot Financial \(Luxembourg\) S.A., Cabot Credit Management Limited, Cabot Financial Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 631.07 Td (and Citibank, N.A., London Branch, as trustee \(incorporated by reference to Exhibit 4.29 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 621.07 Td (Companys Annual Report on Form 10-K filed on February 24, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 597.07 Td (4.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 597.07 Td (Indenture, dated November 11, 2015, between Cabot Financial \(Luxembourg\) II S.A., Cabot Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 587.07 Td (Management Limited, Cabot Financial Limited, the subsidiary guarantors party thereto, J.P. Morgan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 577.07 Td (Europe Limited, as security agent, Citibank, N.A., London Branch as trustee, principal paying agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 567.07 Td (and transfer agent and Citigroup Global Markets Deutschland AG, as registrar \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 557.07 Td (reference to Exhibit 10.1 to the Companys Current Report on Form 8-K filed on November 13,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 547.07 Td (2015\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 523.07 Td (4.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 523.07 Td (Sixth Supplemental Indenture, dated November 11, 2015, by and among Cabot Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 513.07 Td (\(Luxembourg\) II S.A., Cabot Financial \(Treasury\) Ireland, Cabot Financial \(Luxembourg\) S.A.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 503.07 Td (Cabot Credit Management Limited, Cabot Financial Limited and Citibank, N.A., London Branch, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 493.07 Td (trustee \(incorporated by reference to Exhibit 4.31 to the Companys Annual Report on Form 10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 483.07 Td (filed on February 24, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 459.07 Td (4.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 459.07 Td (Fifth Supplemental Indenture, dated November 11, 2015, by and among Cabot Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 449.07 Td (\(Luxembourg\) II S.A., Cabot Financial \(Treasury\) Ireland, Cabot Financial \(Luxembourg\) S.A.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 439.07 Td (Cabot Credit Management Limited, Cabot Financial Limited and Citibank, N.A., London Branch, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 429.07 Td (trustee \(incorporated by reference to Exhibit 4.32 to the Companys Annual Report on Form 10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 419.07 Td (filed on February 24, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 395.07 Td (4.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 395.07 Td (Sixth Supplemental Indenture, dated November 11, 2015, by and among Cabot Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 385.07 Td (\(Luxembourg\) II S.A., Cabot Financial \(Treasury\) Ireland, Marlin Intermediate Holdings PLC,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 375.07 Td (Marlin Financial Group Limited, Marlin Financial Intermediate Limited, Marlin Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 365.07 Td (Intermediate II Limited, and The Bank of New York Mellon, London Branch, as trustee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 355.07 Td (\(incorporated by reference to Exhibit 4.33 to the Companys Annual Report on Form 10-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 345.07 Td (February 24, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 321.07 Td (4.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 321.07 Td (Third Supplemental Indenture, dated November 11, 2015, by and among Cabot Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 311.07 Td (\(Luxembourg\) II S.A., Cabot Financial \(Treasury\) Ireland, Cabot Financial \(Luxembourg\) S.A.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 301.07 Td (Cabot Credit Management Limited, Cabot Financial Limited and Citibank, N.A., London Branch, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 291.07 Td (trustee \(incorporated by reference to Exhibit 4.34 to the Companys Annual Report on Form 10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 281.07 Td (filed on February 24, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.07 Td (4.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 257.07 Td (Indenture, dated October 6, 2016, between Cabot Financial \(Luxembourg\) S.A., Cabot Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 247.07 Td (Management Limited, Cabot Financial Limited, the subsidiary guarantors party thereto, J.P. Morgan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 237.07 Td (Europe Limited, as security agent, Citibank, N.A., London Branch as trustee, principal paying agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 227.07 Td (and transfer agent and Citigroup Global Markets Deutschland AG, as registrar \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 217.07 Td (reference to Exhibit 4.1 to the Companys Current Report on Form 8-K filed on October 7, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 195.07 Td (10.1+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 195.07 Td (Form of Indemnification Agreement \(incorporated by reference to Exhibit 10.1 to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 185.07 Td (Current Report on Form 8-K filed on May4, 2006\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 161.07 Td (10.2+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 161.07 Td (Severance protection letter agreement, dated March11, 2009, between Encore Capital Group, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 151.07 Td (and Paul Grinberg \(incorporated by reference to Exhibit 10.2 to the Companys Current Report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 141.07 Td (Form 8-K filed on March13, 2009\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 117.07 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 117.07 Td (Lease Deed, dated April22, 2009, between Midland Credit Management India Private Limited and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 107.07 Td (R.S.Technologies Private Limited, for real property located in Gurgaon, India \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 97.07 Td (reference to Exhibit10.4 to the Companys Quarterly Report on Form 10-Q filed on April29, 2009\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 73.07 Td (10.4+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 73.07 Td (Encore Capital Group, Inc. 2005 Stock Incentive Plan, as amended and restated \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 63.07 Td (reference to Exhibit 10.1 to the Companys Current Report on Form 8-K filed on June 15, 2009\)) Tj ET Q endstream endobj 163 0 obj <> endobj 164 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (79) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 737.66259765625 m 107.46142578125 737.66259765625 l s q 0 0 0 rg BT 72.00 739.23 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 737.61259765625 m 184.4384765625 737.61259765625 l s q 0 0 0 rg BT 135.00 739.18 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 725.07 Td (10.5+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 725.07 Td (Amended Form of Stock Option Agreement for awards under the Encore Capital Group, Inc. 2005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 715.07 Td (Stock Incentive Plan \(incorporated by reference to Exhibit 10.3 to the Companys Quarterly Report) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 705.07 Td (on Form 10-Q filed on July30, 2009\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 681.07 Td (10.6+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 681.07 Td (Amended Form of Restricted Stock Unit Grant Notice and Agreement under the Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 671.07 Td (Group, Inc. 2005 Stock Incentive Plan \(incorporated by reference to Exhibit 10.2 to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 661.07 Td (Quarterly Report on Form 10-Q filed on July30, 2009\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 637.07 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 637.07 Td (Lease Deed, dated October 26, 2010, between Midland Credit Management India Private Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 627.07 Td (and R.S.Technologies Private Limited, for real property located in Gurgaon, India \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 617.07 Td (reference to Exhibit 10.47 to the Companys Annual Report on Form 10-K filed on February 14,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 607.07 Td (2011\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 583.07 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 583.07 Td (Lease Deed, dated March 4, 2011, between Midland Credit Management, Inc. and Teachers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 573.07 Td (Insurance and Annuity Association of America for the Benefit of its Separate Real Estate Account) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 563.07 Td (for real property located in San Diego, California \(the San Diego Lease\) \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 553.07 Td (reference to Exhibit 10.49 to the Companys Annual Report on Form 10-K filed on February 9,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 543.07 Td (2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 519.07 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 519.07 Td (Lease Guaranty, dated March 4, 2011, by Encore Capital Group, Inc., in favor of Teachers Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 509.07 Td (and Annuity Association of America for the Benefit of its Separate Real Estate Account in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 499.07 Td (connection with the San Diego Lease \(incorporated by reference to Exhibit 10.50 to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 489.07 Td (Annual Report on Form 10-K filed on February 9, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 465.07 Td (10.10+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 465.07 Td (Form of Restricted Stock Award Grant Notice and Agreement under the Encore Capital Group, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 455.07 Td (2005 Stock Incentive Plan \(Executive\) \(incorporated by reference to Exhibit 10.2 to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 445.07 Td (Quarterly Report on Form 10-Q filed on November 1, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 421.07 Td (10.11+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 421.07 Td (Form of Non-Incentive Stock Option Agreement under the Encore Capital Group, Inc. 2005 Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 411.07 Td (Incentive Plan \(incorporated by reference to Exhibit 10.3 to the Companys Quarterly Report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 401.07 Td (Form 10-Q filed on November 1, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 377.07 Td (10.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 377.07 Td (Amended and Restated Credit Agreement, dated November 5, 2012, by and among Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 367.07 Td (Group, Inc., the several banks and other financial institutions and lenders from time to time party) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 357.07 Td (thereto and listed on the signature pages thereof, and SunTrust Bank, as administrative agent and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 347.07 Td (collateral agent \(incorporated by reference to Exhibit 10.1 to the Companys Current Report on 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 337.07 Td (filed on November 7, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 313.07 Td (10.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 313.07 Td (Second Amended and Restated Pledge and Security Agreement, dated November 5, 2012, by and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 303.07 Td (among Encore Capital Group, Inc., certain of its subsidiaries and SunTrust Bank, as collateral agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 293.07 Td (\(incorporated by reference to Exhibit 10.2 to the Companys Current Report on 8-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 283.07 Td (November 7, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 259.07 Td (10.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 259.07 Td (Amended and Restated Guaranty, dated November 5, 2012, by and among certain subsidiaries of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 249.07 Td (Encore Capital Group, Inc. and SunTrust Bank, as administrative agent \(incorporated by reference) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 239.07 Td (to Exhibit 10.3 to the Companys Current Report on 8-K filed on November 7, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 215.07 Td (10.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 215.07 Td (Amended and Restated Intercreditor Agreement, dated November 5, 2012, by and among Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 205.07 Td (Capital Group, Inc., certain of its subsidiaries, SunTrust Bank, as administrative agent for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 195.07 Td (lenders, and the holders of the Companys 7.75% Senior Secured Notes due 2017 and 7.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 185.07 Td (Senior Secured Notes due 2018 \(incorporated by reference to Exhibit 10.4 to the Companys Current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 175.07 Td (Report on 8-K filed on November 7, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 151.07 Td (10.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 151.07 Td (Amendment No. 2 to Note Purchase Agreement, dated November 5, 2012, by and among Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 141.07 Td (Capital Group, Inc., the holders of the Companys 7.75% Senior Secured Notes due 2017 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 131.07 Td (7.375% Senior Secured Notes due 2018, and SunTrust Bank, as collateral agent and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 121.07 Td (agent \(incorporated by reference to Exhibit 10.5 to the Companys Current Report on 8-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 111.07 Td (November 7, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 87.07 Td (10.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 87.07 Td (Letter Agreement, dated November 20, 2012, between Deutsche Bank AG, London Branch and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 77.07 Td (Encore Capital Group, Inc., regarding the Base Call Option Transaction \(incorporated by reference) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 67.07 Td (to Exhibit 10.1 to the Companys Current Report on 8-K filed on December 3, 2012\)) Tj ET Q endstream endobj 165 0 obj <> endobj 166 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (80) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 737.66259765625 m 107.46142578125 737.66259765625 l s q 0 0 0 rg BT 72.00 739.23 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 737.61259765625 m 184.4384765625 737.61259765625 l s q 0 0 0 rg BT 135.00 739.18 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 725.07 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 725.07 Td (Letter Agreement, dated November 20, 2012, between RBC Capital Markets, LLC and Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 715.07 Td (Capital Group, Inc., regarding the Base Call Option Transaction \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 705.07 Td (Exhibit 10.2 to the Companys Current Report on 8-K filed on December 3, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 681.07 Td (10.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 681.07 Td (Letter Agreement, dated November 20, 2012, between Socit Gnrale and Encore Capital Group,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 671.07 Td (Inc., regarding the Base Call Option Transaction \(incorporated by reference to Exhibit 10.3 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 661.07 Td (Companys Current Report on 8-K filed on December 3, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 637.07 Td (10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 637.07 Td (Letter Agreement, dated November20, 2012, between Deutsche Bank AG, London Branch and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 627.07 Td (Encore Capital Group, Inc., regarding the Base Warrant Transaction \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 617.07 Td (Exhibit 10.4 to the Companys Current Report on 8-K filed on December3, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.07 Td (10.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 593.07 Td (Letter Agreement, dated November 20, 2012, between RBC Capital Markets, LLC and Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 583.07 Td (Capital Group, Inc., regarding the Base Warrant Transaction \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 573.07 Td (Exhibit10.5 to the Companys Current Report on 8-K filed on December 3, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 549.07 Td (10.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 549.07 Td (Letter Agreement, dated November 20, 2012, between Socit Gnrale and Encore Capital Group,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 539.07 Td (Inc., regarding the Base Warrant Transaction \(incorporated by reference to Exhibit 10.6 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 529.07 Td (Companys Current Report on 8-K filed on December 3, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 505.07 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 505.07 Td (Letter Agreement, dated December 6, 2012, between Deutsche Bank AG, London Branch and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 495.07 Td (Encore Capital Group, Inc., regarding the Additional Call Option Transaction \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 485.07 Td (reference to Exhibit 10.1 to the Companys Current Report on 8-K filed on December 12, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 461.07 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 461.07 Td (Letter Agreement, dated December 6, 2012, between RBC Capital Markets, LLC and Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 451.07 Td (Capital Group, Inc., regarding the Additional Call Option Transaction \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 441.07 Td (Exhibit10.2 to the Companys Current Report on 8-K filed on December 12, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 417.07 Td (10.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 417.07 Td (Letter Agreement, dated December 6, 2012, between Socit Gnrale and Encore Capital Group,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 407.07 Td (Inc., regarding the Additional Call Option Transaction \(incorporated by reference to Exhibit 10.3 to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 397.07 Td (the Companys Current Report on 8-K filed on December 12, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 373.07 Td (10.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 373.07 Td (Letter Agreement, dated December 6, 2012, between Deutsche Bank AG, London Branch and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 363.07 Td (Encore Capital Group, Inc., regarding the Additional Warrant Transaction \(incorporated by reference) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 353.07 Td (to Exhibit 10.4 to the Companys Current Report on 8-K filed on December 12, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 329.07 Td (10.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 329.07 Td (Letter Agreement, dated December 6, 2012, between RBC Capital Markets, LLC and Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 319.07 Td (Capital Group, Inc., regarding the Additional Warrant Transaction \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 309.07 Td (Exhibit 10.5 to the Companys Current Report on 8-K filed on December 12, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 285.07 Td (10.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 285.07 Td (Letter Agreement, dated December 6, 2012, between Socit Gnrale and Encore Capital Group,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 275.07 Td (Inc., regarding the Additional Warrant Transaction \(incorporated by reference to Exhibit 10.6 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 265.07 Td (Companys Current Report on 8-K filed on December 12, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 241.07 Td (10.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 241.07 Td (Incremental Facility Agreement, dated December 6, 2012, among Encore Capital Group, Inc.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 231.07 Td (Barclays Bank PLC, SunTrust Bank and each of the guarantors party thereto \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 221.07 Td (reference to Exhibit 10.7 to the Companys Current Report on 8-K filed on December 12, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 197.07 Td (10.30+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 197.07 Td (Amendment, dated January 9, 2013, to the Severance Protection Letter Agreement dated March 11,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 187.07 Td (2009 between Encore Capital Group, Inc. and Paul Grinberg \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 177.07 Td (Exhibit10.1 to the Companys Current Report on Form 8-K filed on January 15, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 153.07 Td (10.31+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 153.07 Td (Letter Agreement, dated January 9, 2013, between Encore Capital Group, Inc. and Paul Grinberg) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 143.07 Td (\(incorporated by reference to Exhibit 10.2 to the Companys Current Report on Form 8-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 133.07 Td (January 15, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 109.07 Td (10.32+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 109.07 Td (Employment offer letter, dated as of April 8, 2013, by and between Encore Capital Group, Inc. and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 99.07 Td (Kenneth A. Vecchione \(incorporated by reference to Exhibit 10.2 to the Companys Current Report) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 89.07 Td (on Form 8-K filed on April 9, 2013\)) Tj ET Q endstream endobj 167 0 obj <> endobj 168 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (81) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 737.66259765625 m 107.46142578125 737.66259765625 l s q 0 0 0 rg BT 72.00 739.23 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 737.61259765625 m 184.4384765625 737.61259765625 l s q 0 0 0 rg BT 135.00 739.18 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 725.07 Td (10.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 725.07 Td (Amendment No. 1 and Limited Waiver, dated May9, 2013, to Amended and Restated Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 715.07 Td (Agreement, dated as of November5, 2012, by and among Encore Capital Group, Inc., the several) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 705.07 Td (banks and other financial institutions and lenders from time to time party thereto and SunTrust) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 695.07 Td (Bank, as administrative agent and collateral agent \(incorporated by reference to Exhibit 10.2 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 685.07 Td (Companys Quarterly Report on Form 10-Q filed on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 661.07 Td (10.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 661.07 Td (SecondAmended and Restated Senior Secured Note Purchase Agreement, dated May 9, 2013, by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 651.07 Td (and among Encore Capital Group, Inc., The Prudential Insurance Company of America, Pruco Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 641.07 Td (Insurance Company, Prudential Retirement Insurance and Annuity Company and Prudential) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 631.07 Td (Annuities Life Assurance Corporation \(incorporated by reference to Exhibit 10.3 to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 621.07 Td (Quarterly Report on Form 10-Q filed on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 597.07 Td (10.35+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 597.07 Td (Encore Capital Group, Inc. 2013 Incentive Compensation Plan \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 587.07 Td (Appendix A of the Companys definitive Proxy Statement on Schedule14A filed on April 26, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 563.07 Td (10.36+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 563.07 Td (Form of Non-Incentive Stock Option Agreement under the Encore Capital Group, Inc. 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 553.07 Td (Incentive Compensation Plan \(incorporated by reference to Exhibit 10.5 to the Companys Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 543.07 Td (Report on Form 10-Q filed on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 519.07 Td (10.37+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 519.07 Td (Form of Restricted Stock Award Grant Notice and Agreement \(Executive\) under the Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 509.07 Td (Group, Inc. 2013 Incentive Compensation Plan \(incorporated by reference to Exhibit 10.6 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 499.07 Td (Companys Quarterly Report on Form 10-Q filed on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 475.07 Td (10.38+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 475.07 Td (Form of Restricted Stock Award Grant Notice and Agreement \(Non-Executive\) under the Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 465.07 Td (Capital Group, Inc. 2013 Incentive Compensation Plan \(incorporated by reference to Exhibit 10.7 to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 455.07 Td (the Companys Quarterly Report on Form 10-Q filed on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 431.07 Td (10.39+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 431.07 Td (Form of Restricted Stock Unit Grant Notice and Agreement \(Executive\) under the Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 421.07 Td (Group, Inc. 2013 Incentive Compensation Plan \(incorporated by reference to Exhibit 10.8 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 411.07 Td (Companys Quarterly Report on Form 10-Q filed on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 387.07 Td (10.40+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 387.07 Td (Form of Performance Stock Grant Notice and Agreement under the Encore Capital Group, Inc. 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 377.07 Td (Incentive Compensation Plan\(incorporated by reference to Exhibit 10.9 to the Companys Quarterly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 367.07 Td (Report on Form 10-Q filed on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 343.07 Td (10.41+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 343.07 Td (Form of Performance Stock Unit Grant Notice and Agreement under the Encore Capital Group, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 333.07 Td (2013 Incentive Compensation Plan \(incorporated by reference to Exhibit 10.10 to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 323.07 Td (Quarterly Report on Form 10-Q filed on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 299.07 Td (10.42+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 299.07 Td (Form of Restricted Stock Unit Grant Notice and Agreement \(Non-Employee Director\) under the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 289.07 Td (Encore Capital Group, Inc. 2013 Incentive Compensation Plan \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 279.07 Td (Exhibit10.11 to the Companys Quarterly Report on Form 10-Q filed on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 255.07 Td (10.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 255.07 Td (Incremental Facility Agreement, dated May 9, 2013, among Encore Capital Group, Inc., each of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 245.07 Td (banks and guarantors party thereto and SunTrust Bank, as administrative agent, issuing bank and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 235.07 Td (swingline lender\(incorporated by reference to Exhibit 10.12 to the Companys Quarterly Report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 225.07 Td (Form 10-Q filed on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 201.07 Td (10.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 201.07 Td (Securities Purchase Agreement, dated May 29, 2013, by and between Encore Capital Group, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 191.07 Td (and JCF III Europe S. R.L. \(incorporated by reference to Exhibit 10.16 to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 181.07 Td (Quarterly Report on Form 10-Q filed on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 157.07 Td (10.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 157.07 Td (Amendment No.2, dated May 29, 2013, to Amended and Restated Credit Agreement, dated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 147.07 Td (November 5, 2012, by and among Encore Capital Group, Inc., the guarantors identified therein, the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 137.07 Td (lenders party thereto and SunTrust Bank, as administrative agent and collateral agent \(incorporated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 127.07 Td (by reference to Exhibit 10.17 to the Companys Quarterly Report on Form 10-Q filed on August 8,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 117.07 Td (2013\)) Tj ET Q endstream endobj 169 0 obj <> endobj 170 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (82) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 737.66259765625 m 107.46142578125 737.66259765625 l s q 0 0 0 rg BT 72.00 739.23 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 737.61259765625 m 184.4384765625 737.61259765625 l s q 0 0 0 rg BT 135.00 739.18 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 725.07 Td (10.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 725.07 Td (Amendment No.1, dated May29, 2013, to Second Amended and Restated Senior Secured Note) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 715.07 Td (Purchase Agreement, dated May9, 2013, by and between Encore Capital Group, Inc., The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 705.07 Td (Prudential Insurance Company of America, Pruco Life Insurance Company, Prudential Retirement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 695.07 Td (Insurance and Annuity Company and Prudential Annuities Life Assurance Corporations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 685.07 Td (\(incorporated by reference to Exhibit 10.18 to the Companys Quarterly Report on Form 10-Q filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 675.07 Td (on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 651.07 Td (10.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 651.07 Td (Letter Agreement, dated June18, 2013, between Barclays Bank PLC and Encore Capital Group,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 641.07 Td (Inc., regarding the Capped Call Transaction \(incorporated by reference to Exhibit 10.1 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 631.07 Td (Companys Current Report on Form 8-K filed on June24, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 607.07 Td (10.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 607.07 Td (Letter Agreement, dated June 18, 2013, between Credit Suisse International and Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 597.07 Td (Group, Inc., regarding the Capped Call Transaction \(incorporated by reference to Exhibit 10.2 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 587.07 Td (Companys Current Report on Form 8-K filed on June 24, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 563.07 Td (10.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 563.07 Td (Letter Agreement, dated June 18, 2013, between Morgan Stanley & Co. International plc and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 553.07 Td (Encore Capital Group, Inc., regarding the Capped Call Transaction \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 543.07 Td (Exhibit10.3 to the Companys Current Report on Form 8-K filed on June24, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 519.07 Td (10.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 519.07 Td (Letter Agreement, dated June 18, 2013, between RBC Capital Markets, LLC and Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 509.07 Td (Group, Inc., regarding the Capped Call Transaction \(incorporated by reference to Exhibit 10.4 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 499.07 Td (Companys Current Report on Form 8-K filed on June 24, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 475.07 Td (10.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 475.07 Td (Amendment, dated July 1, 2013, to Securities Purchase Agreement, dated May 29, 2013, by and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 465.07 Td (between Encore Capital Group, Inc. and JCF III Europe S. R.L.\(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 455.07 Td (Exhibit 10.23 to the Companys Quarterly Report on Form 10-Q filed on August 8, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 431.07 Td (10.52*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 431.07 Td (Investors Agreement, dated July 1, 2013, by and between Encore Europe Holdings S. R.L., JCF III) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 421.07 Td (Europe S. R.L. and the other parties thereto\(incorporated by reference to Exhibit 10.24 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 411.07 Td (Companys Quarterly Report on Form 10-Q/A filed on December 20, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 387.07 Td (10.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 387.07 Td (Letter Agreement, dated July 18, 2013, between Barclays Bank PLC and Encore Capital Group,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 377.07 Td (Inc., regarding the Capped Call Transaction \(incorporated by reference to Exhibit 10.1 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 367.07 Td (Companys Current Report on Form 8-K filed on July 23, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 343.07 Td (10.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 343.07 Td (Letter Agreement, dated July 18, 2013, between Credit Suisse International and Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 333.07 Td (Group, Inc., regarding the Capped Call Transaction \(incorporated by reference to Exhibit 10.2 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 323.07 Td (Companys Current Report on Form 8-K filed on July23, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 299.07 Td (10.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 299.07 Td (Letter Agreement, dated July 18, 2013, between Morgan Stanley & Co. International plc and Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 289.07 Td (Capital Group, Inc., regarding the Capped Call Transaction \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 279.07 Td (Exhibit10.3 to the Companys Current Report on Form 8-K filed on July23, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 255.07 Td (10.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 255.07 Td (Letter Agreement, dated July 18, 2013, between RBC Capital Markets, LLC and Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 245.07 Td (Group, Inc., regarding the Capped Call Transaction \(incorporated by reference to Exhibit 10.4 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 235.07 Td (Companys Current Report on Form 8-K filed on July 23, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 211.07 Td (10.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 211.07 Td (Amended and Restated Senior Facilities Agreement, dated June 28, 2013, by and among Cabot) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 201.07 Td (Financial \(UK\) Limited, the several guarantors, banks and other financial institutions and lenders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 191.07 Td (from time to time party thereto and J.P. Morgan Europe Limited as Agent and Security Agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 181.07 Td (\(incorporated by reference to Exhibit 10.1 to the Companys Quarterly Report on Form 10-Q filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 171.07 Td (on November 7, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 147.07 Td (10.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 147.07 Td (Second Amendment to Securities Purchase Agreement, dated September 25, 2013, by and between) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 137.07 Td (Encore Europe Holdings S. R.L. and JCF III Europe S. R.L.\(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 127.07 Td (Exhibit10.2 to the Companys Quarterly Report on Form 10-Q filed on November 7, 2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 103.07 Td (10.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 103.07 Td (Amendment to Letter Agreement, dated December16, 2013, between Deutsche Bank AG, London) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 93.07 Td (Branch and Encore Capital Group, Inc., regarding the Warrant Transactions \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 83.07 Td (reference to Exhibit 10.77 to the Companys Annual Report on Form 10-K filed February 25, 2014\)) Tj ET Q endstream endobj 171 0 obj <> endobj 172 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (83) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 737.66259765625 m 107.46142578125 737.66259765625 l s q 0 0 0 rg BT 72.00 739.23 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 737.61259765625 m 184.4384765625 737.61259765625 l s q 0 0 0 rg BT 135.00 739.18 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 725.07 Td (10.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 725.07 Td (Amendment to Letter Agreement, dated December 16, 2013, between RBC Capital Markets, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 715.07 Td (and Encore Capital Group, Inc., regarding the Warrant Transactions \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 705.07 Td (Exhibit 10.78 to the Companys Annual Report on Form 10-K filed February 25, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 681.07 Td (10.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 681.07 Td (Amendment to Letter Agreement, dated December 16, 2013, between Socit Gnrale and Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 671.07 Td (Capital Group, Inc., regarding the Warrant Transactions \(incorporated by reference to Exhibit 10.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 661.07 Td (to the Companys Annual Report on Form 10-K filed February 25, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 637.07 Td (10.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 637.07 Td (Amendment No. 2, dated December 27, 2013, to the Credit Facility Loan Agreement, dated May 8,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 627.07 Td (2012, by and among Propel Financial Services, LLC, certain banks and Texas Capital Bank,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 617.07 Td (National Association, as administrative agent \(incorporated by reference to Exhibit 10.1 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 607.07 Td (Companys Current Report on Form 8-K filed on January 2, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 583.07 Td (10.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 583.07 Td (Share Sale and Purchase Agreement, dated February7, 2014, by and among Cabot Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 573.07 Td (Holdings Group Limited, certain funds managed by Duke Street and certain individuals, including) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 563.07 Td (certain executive management of Marlin Financial Group Limited \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 553.07 Td (Exhibit 10.82 to the Companys Annual Report on Form 10-K filed on February 25, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 529.07 Td (10.64+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 529.07 Td (First Amendment to Encore Capital Group, Inc. 2013 Incentive Compensation Plan, dated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 519.07 Td (February20, 2014 \(incorporated by reference to Exhibit 10.84 to the Companys Annual Report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 509.07 Td (Form 10-K filed on February 25, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 485.07 Td (10.65+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 485.07 Td (Letter Agreement, dated February 24, 2014, between Encore Capital Group, Inc. and Paul Grinberg) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 475.07 Td (\(incorporated by reference to Exhibit 10.1 to the Companys Current Report on Form 8-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 465.07 Td (February 24, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 441.07 Td (10.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 441.07 Td (Second Amended and Restated Credit Agreement, dated February 25, 2014, by and among Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 431.07 Td (Capital Group, Inc., the several banks and other financial institutions and lenders from time to time) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 421.07 Td (party thereto and listed on the signature pages thereof, and SunTrust Bank, as administrative agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 411.07 Td (and collateral agent \(incorporated by reference to Exhibit 10.86 to the Companys Annual Report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 401.07 Td (Form 10-K filed on February 25, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 377.07 Td (10.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 377.07 Td (Amendment No.2, dated February25, 2014, to Second Amended and Restated Senior Secured Note) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 367.07 Td (Purchase Agreement, dated May9, 2013, by and between Encore Capital Group, Inc., The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 357.07 Td (Prudential Insurance Company of America, Pruco Life Insurance Company, Prudential Retirement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 347.07 Td (Insurance and Annuity Company and Prudential Annuities Life Assurance Corporations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 337.07 Td (\(incorporated by reference to Exhibit 10.87 to the Companys Annual Report on Form 10-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 327.07 Td (February 25, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 303.07 Td (10.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 303.07 Td (Amendment No. 1, dated February25, 2014, to Amended and Restated Guaranty, dated November) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 293.07 Td (5, 2012, by and among certain subsidiaries of Encore Capital Group, Inc. and SunTrust Bank, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 283.07 Td (administrative agent \(incorporated by reference to Exhibit 10.88 to the Companys Annual Report) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 273.07 Td (on Form 10-K filed on February 25, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 249.07 Td (10.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 249.07 Td (Letter Agreement, dated March 5, 2014, between Citibank, N.A. and Encore Capital Group, Inc.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 239.07 Td (regarding the Base Capped Call Transaction \(incorporated by reference to Exhibit 10.1 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 229.07 Td (Companys Current Report on Form 8-K filed on March 11, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 205.07 Td (10.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 205.07 Td (Letter Agreement, dated March 5, 2014, between Credit Suisse International and Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 195.07 Td (Group, Inc., regarding the Base Capped Call Transaction \(incorporated by reference to Exhibit 10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 185.07 Td (to the Companys Current Report on Form 8-K filed on March 11, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 161.07 Td (10.71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 161.07 Td (Letter Agreement, dated March 5, 2014, between Morgan Stanley & Co. LLC and Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 151.07 Td (Group, Inc., regarding the Base Capped Call Transaction \(incorporated by reference to Exhibit 10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 141.07 Td (to the Companys Current Report on Form 8-K filed on March 11, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 117.07 Td (10.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 117.07 Td (Letter Agreement, dated March 5, 2014, between Socit Gnrale and Encore Capital Group, Inc.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 107.07 Td (regarding the Base Capped Call Transaction \(incorporated by reference to Exhibit 10.4 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 97.07 Td (Companys Current Report on Form 8-K filed on March 11, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 73.07 Td (10.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 73.07 Td (Letter Agreement, dated March 6, 2014, between Citibank, N.A. and Encore Capital Group, Inc.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 63.07 Td (regarding the Additional Capped Call Transaction \(incorporated by reference to Exhibit 10.5 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 53.07 Td (Companys Current Report on Form 8-K filed on March 11, 2014\)) Tj ET Q endstream endobj 173 0 obj <> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (84) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 737.66259765625 m 107.46142578125 737.66259765625 l s q 0 0 0 rg BT 72.00 739.23 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 737.61259765625 m 184.4384765625 737.61259765625 l s q 0 0 0 rg BT 135.00 739.18 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 715.07 Td (10.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 715.07 Td (Letter Agreement, dated March 6, 2014, between Credit Suisse International and Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 705.07 Td (Group, Inc., regarding the Additional Capped Call Transaction \(incorporated by reference to Exhibit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 695.07 Td (10.6 to the Companys Current Report on Form 8-K filed on March 11, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 671.07 Td (10.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 671.07 Td (Letter Agreement, dated March 6, 2014, between Morgan Stanley & Co. LLC and Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 661.07 Td (Group, Inc., regarding the Additional Capped Call Transaction \(incorporated by reference to Exhibit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 651.07 Td (10.7 to the Companys Current Report on Form 8-K filed on March 11, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 627.07 Td (10.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 627.07 Td (Letter Agreement, dated March 6, 2014, between Socit Gnrale and Encore Capital Group, Inc.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 617.07 Td (regarding the Additional Capped Call Transaction \(incorporated by reference to Exhibit 10.8 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 607.07 Td (Companys Current Report on Form 8-K filed on March 11, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 583.07 Td (10.77+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 583.07 Td (Restricted Stock Award Grant Notice and Agreement, dated March 7, 2014, between Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 573.07 Td (Group, Inc. and Paul Grinberg \(incorporated by reference to Exhibit 10.9 to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 563.07 Td (Quarterly Report on Form 10-Q filed on May 8, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 539.07 Td (10.78+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 539.07 Td (Restricted Stock Award Grant Notice and Agreement, dated April 15, 2013, between Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 529.07 Td (Group, Inc. and Kenneth A. Vecchione \(incorporated by reference to Exhibit 10.10 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 519.07 Td (Companys Quarterly Report on Form 10-Q filed on May 8, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 495.07 Td (10.79+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 495.07 Td (Restricted Stock Award Grant Notice and Agreement, dated April 15, 2013, between Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 485.07 Td (Group, Inc. and Kenneth A. Vecchione \(incorporated by reference to Exhibit 10.11 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 475.07 Td (Companys Quarterly Report on Form 10-Q filed on May 8, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 451.07 Td (10.80+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 451.07 Td (Performance Stock Grant Notice and Agreement, dated June 4, 2013, between Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 441.07 Td (Group, Inc. and Kenneth A. Vecchione \(incorporated by reference to Exhibit 10.12 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 431.07 Td (Companys Quarterly Report on Form 10-Q filed on May 8, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 407.07 Td (10.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 407.07 Td (Amendment No. 1 to Second Amended and Restated Credit Agreement, dated August 1, 2014, by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 397.07 Td (and among Encore Capital Group, Inc., the several banks and other financial institutions and lenders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 387.07 Td (from time to time party thereto and listed on the signature pages thereof, and SunTrust Bank, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 377.07 Td (administrative agent and collateral agent \(incorporated by reference to Exhibit 10.1 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 367.07 Td (Companys Quarterly Report on Form 10-Q filed on August 7, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 343.07 Td (10.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 343.07 Td (Amendment No. 3, dated August 1, 2014, to Second Amended and Restated Senior Secured Note) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 333.07 Td (Purchase Agreement, dated May 9, 2013, by and between Encore Capital Group, Inc., The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 323.07 Td (Prudential Insurance Company of America, Pruco Life Insurance Company, Prudential Retirement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 313.07 Td (Insurance and Annuity Company and Prudential Annuities Life Assurance Corporations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 303.07 Td (\(incorporated by reference to Exhibit 10.2 to the Companys Quarterly Report on Form 10-Q filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 293.07 Td (on August 7, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.07 Td (10.83+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 269.07 Td (Form of Performance Award Agreement \(incorporated by reference to Exhibit 10.1 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 259.07 Td (Companys Quarterly Report on Form 10-Q filed on November 6, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 235.07 Td (10.84+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 235.07 Td (Encore Capital Group, Inc. Executive Separation Plan \(incorporated by reference to Exhibit 10.2 to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 225.07 Td (the Companys Quarterly Report on Form 10-Q filed on November 6, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 201.07 Td (10.85+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 201.07 Td (Employment offer letter dated October 9, 2014 by and between Encore Capital Group, Inc. and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 191.07 Td (Jonathan Clark \(incorporated by reference to Exhibit 10.1 to the Companys Current Report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 181.07 Td (Form 8-K filed on February 26, 2015\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 157.07 Td (10.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 157.07 Td (Amendment Agreement, dated February 5, 2015, for Cabot Financial \(UK\) Limited, as Parent, with) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 147.07 Td (J.P. Morgan Europe Limited, as Agent, relating to a Senior Facilities Agreement originally dated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 137.07 Td (September 20, 2012\(incorporated by reference to Exhibit 10.1 to the Companys Quarterly Report) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 127.07 Td (on Form 10-Q filed on May 7, 2015\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 103.07 Td (10.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 103.07 Td (Amendment No. 1 to Limited Guarantee, dated April 3, 2015, by Encore Capital Group, Inc., in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 93.07 Td (favor of Wells Fargo Bank, N.A.\(incorporated by reference to Exhibit 10.1 to the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 83.07 Td (Quarterly Report on Form 10-Q filed on August 10, 2015\)) Tj ET Q endstream endobj 175 0 obj <> endobj 176 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (85) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 737.66259765625 m 107.46142578125 737.66259765625 l s q 0 0 0 rg BT 72.00 739.23 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 737.61259765625 m 184.4384765625 737.61259765625 l s q 0 0 0 rg BT 135.00 739.18 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 725.07 Td (10.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 725.07 Td (Credit Facility Loan Agreement, dated May 8, 2015, by and among Texas Capital Bank, National) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 715.07 Td (Association, as administrative agent, certain banks and Propel Financial Services, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 705.07 Td (\(incorporated by reference to Exhibit 10.3 to the Companys Quarterly Report on Form 10-Q filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 695.07 Td (on August 10, 2015\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 671.07 Td (10.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 671.07 Td (Amendment No. 2 to Second Amended and Restated Credit Agreement, dated July 9, 2015, by and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 661.07 Td (among Encore Capital Group, Inc., the several banks and other financial institutions and lenders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 651.07 Td (from time to time party thereto and listed on the signature pages thereof, and SunTrust Bank, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 641.07 Td (administrative agent and collateral agent \(incorporated by reference to Exhibit 10.4 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 631.07 Td (Companys Quarterly Report on Form 10-Q filed on August 10, 2015\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 607.07 Td (10.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 607.07 Td (Amendment No. 4, dated July 9, 2015, to Second Amended and Restated Senior Secured Note) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 597.07 Td (Purchase Agreement, dated May 9, 2013, by and between Encore Capital Group, Inc., The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 587.07 Td (Prudential Insurance Company of America, Pruco Life Insurance Company, Prudential Retirement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 577.07 Td (Insurance and Annuity Company and Prudential Annuities Life Assurance Corporations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 567.07 Td (\(incorporated by reference to Exhibit 10.5 to the Companys Quarterly Report on Form 10-Q filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 557.07 Td (on August 10, 2015\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.07 Td (10.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 533.07 Td (Amended and Restated Senior Facilities Agreement, dated November 11, 2015, by and among) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 523.07 Td (Cabot Financial \(UK\) Limited, the several guarantors, banks and other financial institutions and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 513.07 Td (lenders from time to time party thereto and J.P. Morgan Europe Limited as Agent and Security) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 503.07 Td (Agent \(incorporated by reference to Exhibit 10.1 to the Companys Current Report on Form 8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 493.07 Td (filed on November 13, 2015\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 469.07 Td (10.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 469.07 Td (Incremental Facility Agreement, dated November 19, 2015, by and among Encore Capital Group,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 459.07 Td (Inc., Credit Suisse AG, Northwest Bank, SunTrust Bank, and each of the guarantors, party thereto) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 449.07 Td (\(incorporated by reference to Exhibit 10.104 to the Companys Annual Report on Form 10-K filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 439.07 Td (on February 24, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 415.07 Td (10.93+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 415.07 Td (Form of Performance Stock Grant Notice and ) Tj ET Q q 0 0 0 rg BT 319.67 415.07 Td (Agreement \(TSR\) under the Encore Capital Group, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 405.07 Td (Inc. 2013 Incentive Compensation Plan \(incorporated by reference to Exhibit 10.1 to the Company) Tj ET Q q 0 0 0 rg BT 532.95 405.07 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 395.07 Td (Current Report on Form 10-Q filed on May 10, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 361.07 Td (10.94+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 361.07 Td (Form of Restricted Stock ) Tj ET Q q 0 0 0 rg BT 237.77 361.07 Td (A) Tj ET Q q 0 0 0 rg BT 244.07 361.07 Td (ward Grant Notice and ) Tj ET Q q 0 0 0 rg BT 337.37 361.07 Td (Agreement \(Executive - Umbrella\) under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 351.07 Td (Encore Capital Group, Inc. 2013 Incentive Compensation Plan \(incorporated by reference to Exhibit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 341.07 Td (10.2 to the Company) Tj ET Q q 0 0 0 rg BT 221.66 341.07 Td (s Current Report on Form 10-Q filed on May 10, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 307.07 Td (10.95+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 307.07 Td (Form of Performance Stock Grant Notice and Agreement under the Encore Capital Group, Inc. 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 297.07 Td (Incentive Compensation Plan \(incorporated by reference to Exhibit 10.3 to the Companys Current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 287.07 Td (Report on Form 10-Q filed on May 10, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 263.07 Td (10.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 263.07 Td (Amendment No. 3 to Second Amended and Restated Credit Agreement, dated March 24, 2016, by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 253.07 Td (and among Encore Capital Group, Inc., the several banks and other financial institutions and lenders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 243.07 Td (from time to time party thereto and listed on the signature pages thereof, and SunTrust Bank, as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 233.07 Td (administrative agent and collateral agent \(incorporated by reference to Exhibit 10.4 to the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 223.07 Td (Companys Current Report on Form 10-Q filed on May 10, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 199.07 Td (10.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 199.07 Td (Amendment No. 5, dated March 24, 2016, to Second Amended and Restated Senior Secured Note) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 189.07 Td (Purchase Agreement, dated May 9, 2013, by and between Encore Capital Group, Inc., The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 179.07 Td (Prudential Insurance Company of America, Pruco Life Insurance Company, Prudential Retirement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 169.07 Td (Insurance and Annuity Company and Prudential Annuities Life Assurance Corporations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 159.07 Td (\(incorporated by reference to Exhibit 10.5 to the Companys Current Report on Form 10-Q filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 149.07 Td (May 10, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 125.07 Td (10.98+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 125.07 Td (Non-Employee Director Compensation Program Guidelines, effective June 1, 2016 \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 115.07 Td (reference to Exhibit 10.1 to the Companys Current Report on Form 10-Q filed on August 4, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 91.07 Td (10.99+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 91.07 Td (Non-Employee Director Deferred Stock Compensation Plan \(incorporated by reference to Exhibit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 81.07 Td (10.2 to the Companys Current Report on Form 10-Q filed on August 4, 2016\)) Tj ET Q endstream endobj 177 0 obj <> endobj 178 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (86) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 737.66259765625 m 107.46142578125 737.66259765625 l s q 0 0 0 rg BT 72.00 739.23 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 737.61259765625 m 184.4384765625 737.61259765625 l s q 0 0 0 rg BT 135.00 739.18 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 725.07 Td (10.100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 725.07 Td (Amendment Letter, dated June 6, 2016, related to the Amended and Restated Senior Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 715.07 Td (Agreement, dated November 11, 2015, by and among Cabot Financial \(UK\) Limited, the several) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 705.07 Td (guarantors, banks and other financial institutions and lenders from time to time party thereto and J.P.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 695.07 Td (Morgan Europe Limited as Agent and Security Agent \(incorporated by reference to Exhibit 10.3 to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 685.07 Td (the Companys Current Report on Form 10-Q filed on August 4, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 661.07 Td (10.101+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 661.07 Td (First Amendment to Non-Employee Director Deferred Stock Compensation Plan, dated August 6,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 651.07 Td (2016 \(incorporated by reference to Exhibit 10.3 to the Companys Current Report on Form 10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 641.07 Td (filed on November 9, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 620.07 Td (10.102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 620.07 Td (Amended and Restated Senior Facilities Agreement, dated October 6, 2016, by and among Cabot) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 610.07 Td (Financial \(UK\) Limited, the several guarantors, banks and other financial institutions and lenders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 600.07 Td (from time to time party thereto and J.P. Morgan Europe Limited as Agent and Security Agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 590.07 Td (\(incorporated by reference to Exhibit 10.1 to the Companys Current Report on Form 8-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 580.07 Td (October 7, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 556.07 Td (10.103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 556.07 Td (Third Amended and Restated Credit Agreement, dated December 20, 2016, by and among Encore) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 546.07 Td (Capital Group, Inc., the several banks and other financial institutions and lenders from time to time) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 536.07 Td (party thereto and listed on the signature pages thereof, and SunTrust Bank, as administrative agent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 526.07 Td (and collateral agent \(incorporated by reference to Exhibit 10.1 to the Companys Current Report on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 516.07 Td (Form 8-K filed on December 27, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 492.07 Td (10.104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 492.07 Td (Amendment No. 6, dated December 20, 2016, to Second Amended and Restated Senior Secured) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 482.07 Td (Note Purchase Agreement, dated May 9, 2013, by and between Encore Capital Group, Inc., The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 472.07 Td (Prudential Insurance Company of America, Pruco Life Insurance Company, Prudential Retirement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 462.07 Td (Insurance and Annuity Company and Prudential Annuities Life Assurance Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 452.07 Td (\(incorporated by reference to Exhibit 10.2 to the Companys Current Report on Form 8-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 442.07 Td (December 27, 2016\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 418.07 Td (10.105+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 417.17 Td (Form of Restricted Stock Award Grant Notice and Agreement \(Retention\) under the Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 407.17 Td (Group, Inc. 2013 Incentive Compensation Plan \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 383.07 Td (10.106+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 382.17 Td (Form of Restricted Cash Award Grant Notice and Agreement \(Retention\) under the Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 372.17 Td (Group, Inc. 2013 Incentive Compensation Plan \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 348.07 Td (10.107+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 348.07 Td (Amendment, dated February 21, 2017, to the employment of) Tj ET Q q 0 0 0 rg BT 377.82 348.07 Td (fer letter) Tj ET Q q 0 0 0 rg BT 411.56 348.07 Td (, dated as of ) Tj ET Q q 0 0 0 rg BT 461.83 348.07 Td (April 8, 2013, by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 338.07 Td (and between Encore Capital Group, Inc. and Kenneth ) Tj ET Q q 0 0 0 rg BT 351.04 338.07 Td (A. ) Tj ET Q q 0 0 0 rg BT 363.08 338.07 Td (V) Tj ET Q q 0 0 0 rg BT 369.19 338.07 Td (ecchione \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 304.07 Td (10.108+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 303.17 Td (Form of Performance Stock Option Agreement under the Encore Capital Group, Inc. 2013 Incentive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 293.17 Td (Compensation Plan \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.07 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 269.07 Td (List of Subsidiaries \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 245.07 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 245.07 Td (Consent of Independent Registered Public Accounting Firm, BDO USA, LLP, dated February 23,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 235.07 Td (2017 \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 211.07 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 211.07 Td (Certification of the Principal Executive Officer pursuant to Rule 13a-14\(a\) or 15d-14\(a\) under the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 201.07 Td (Securities Exchange Act of 1934 \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 177.07 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 177.07 Td (Certification of the Principal Financial Officer pursuant to Rule 13a-14\(a\) or 15d-14\(a\) under the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 167.07 Td (Securities Exchange Act of 1934 \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 143.07 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 143.07 Td (Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 133.07 Td (1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 \(furnished herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 109.07 Td (101.INS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 109.07 Td (XBRL Instance Document \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 85.07 Td (101.SCH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 85.07 Td (XBRL Taxonomy Extension Schema Document \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 61.07 Td (101.CAL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 61.07 Td (XBRL Taxonomy Extension Calculation Linkbase Document \(filed herewith\)) Tj ET Q endstream endobj 179 0 obj <> endobj 180 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (87) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 736.66259765625 m 107.46142578125 736.66259765625 l s q 0 0 0 rg BT 72.00 738.23 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 135 736.61259765625 m 184.4384765625 736.61259765625 l s q 0 0 0 rg BT 135.00 738.18 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 724.07 Td (101.DEF) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 724.07 Td (XBRL Taxonomy Extension Definition Linkbase Document \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 700.07 Td (101.LAB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 700.07 Td (XBRL Taxonomy Extension Label Linkbase Document \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 676.07 Td (101.PRE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 676.07 Td (XBRL Taxonomy Extension Presentation Linkbase Document \(filed herewith\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 11.00 Tf ET q 0 0 0 rg BT 69.50 621.37 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.50 622.07 Td (The asterisk denotes that confidential portions of this exhibit have been omitted in reliance on Rule) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.50 612.07 Td (24b-2 of the Securities Exchange Act of 1934. The confidential portions have been submitted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.50 602.07 Td (separately to the Securities and Exchange Commission.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 588.07 Td (+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.50 588.07 Td (Management contract or compensatory plan or arrangement.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 181 0 obj <> endobj 182 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.25 31.60 Td (88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.10 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 316.03 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (Pursuant to the requirements of Section13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 390.87 721.25 Td (Act of 1934, the registrant has duly caused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (this report to be signed on its behalf by the undersigned, thereunto duly authorized.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 642.75 m 562.5 642.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 679.42 Td (ENCORE CAPIT) Tj ET Q q 0 0 0 rg BT 381.59 679.42 Td (AL) Tj ET Q q 0 0 0 rg BT 394.55 679.42 Td ( GROUP) Tj ET Q q 0 0 0 rg BT 429.84 679.42 Td (, INC.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 669.42 Td (a Delaware corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 648.32 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.80 647.42 Td (/s/K) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.47 647.42 Td (ENNETH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.46 647.42 Td ( ) Tj ET Q q 0 0 0 rg BT 446.41 647.42 Td (A. ) Tj ET Q q 0 0 0 rg BT 458.45 647.42 Td (V) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.67 647.42 Td (ECCHIONE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.00 634.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.55 633.98 Td (Kenneth A. Vecchione) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.00 621.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.25 620.98 Td (President and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 596.25 Td (Date: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.66 596.25 Td (February23, 2017) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 575.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 300.05 575.25 Td (Act of 1934, this report has been signed by the following persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (on behalf of the registrant and in the capacities and on the dates indicated.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 505.75 m 261.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 461.75 m 261.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 461.75 m 261.5 461.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 417.75 m 261.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 383.75 m 261.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 348.75 m 261.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 310.75 m 261.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 270.75 m 261.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 230.75 m 261.5 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 192.75 m 261.5 192.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 152.75 m 261.5 152.75 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 533.730078125 m 123.08203125 533.730078125 l s q 0 0 0 rg BT 53.00 534.98 Td (Name and Signature) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 359.05 533.730078125 m 374.9015625 533.730078125 l s q 0 0 0 rg BT 359.05 534.98 Td (Title) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 507 533.730078125 m 522.9921875 533.730078125 l s q 0 0 0 rg BT 507.00 534.98 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.30 510.42 Td (/s/K) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 121.97 510.42 Td (ENNETH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.96 510.42 Td ( ) Tj ET Q q 0 0 0 rg BT 155.91 510.42 Td (A. ) Tj ET Q q 0 0 0 rg BT 167.95 510.42 Td (V) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 175.17 510.42 Td (ECCHIONE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 511.32 Td (President and Chief Executive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 501.32 Td (Of) Tj ET Q q 0 0 0 rg BT 283.37 501.32 Td (ficer and Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 491.32 Td (\(Principal Executive Of) Tj ET Q q 0 0 0 rg BT 367.79 491.32 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.20 511.32 Td (February 23, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.05 497.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 124.05 497.70 Td (Kenneth ) Tj ET Q q 0 0 0 rg BT 154.94 497.70 Td (A. ) Tj ET Q q 0 0 0 rg BT 164.58 497.70 Td (V) Tj ET Q q 0 0 0 rg BT 169.62 497.70 Td (ecchione) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 491.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.15 466.42 Td (/s/J) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 126.49 466.42 Td (ONA) Tj ET Q q 0 0 0 rg BT 142.94 466.42 Td (THAN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.15 466.42 Td ( C. C) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 185.99 466.42 Td (LARK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.77 466.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 467.32 Td (Executive ) Tj ET Q q 0 0 0 rg BT 315.30 467.32 Td (V) Tj ET Q q 0 0 0 rg BT 321.92 467.32 Td (ice President,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 457.32 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 347.80 457.32 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 385.37 457.32 Td (T) Tj ET Q q 0 0 0 rg BT 391.13 457.32 Td (reasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 447.32 Td (\(Principal Financial and ) Tj ET Q q 0 0 0 rg BT 371.03 447.32 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 430.56 447.32 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.20 467.32 Td (February 23, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 123.60 453.83 Td (Jonathan C. Clark) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 445.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.70 421.32 Td (/s/) Tj ET Q q 0 0 0 rg BT 129.60 421.32 Td (A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.82 421.32 Td (SHWINI) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.70 421.32 Td ( G) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 175.42 421.32 Td (UPT) Tj ET Q q 0 0 0 rg BT 189.90 421.32 Td (A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 422.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 421.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.20 421.32 Td (February 23, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 129.60 409.88 Td (Ashwini Gupta) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.05 388.32 Td (/s/) Tj ET Q q 0 0 0 rg BT 129.32 388.32 Td (W) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.76 388.32 Td (ENDY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.97 388.32 Td ( H) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 170.70 388.32 Td (ANNAM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 388.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 388.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.20 388.32 Td (February 23, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 127.60 375.88 Td (Wendy Hannam) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.85 353.42 Td (/s/) Tj ET Q q 0 0 0 rg BT 129.12 353.42 Td (W) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.56 353.42 Td (ILLEM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.99 353.42 Td ( M) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 174.39 353.42 Td (ESDAG ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 353.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 354.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.20 354.32 Td (February 23, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 128.75 340.83 Td (Willem Mesdag) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 315.42 Td (/s/M) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 130.34 315.42 Td (ICHAEL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.67 315.42 Td ( P) Tj ET Q q 0 0 0 rg BT 166.62 315.42 Td (. M) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 180.51 315.42 Td (ONACO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 315.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 316.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.20 316.32 Td (February 23, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 122.85 302.83 Td (Michael P. Monaco) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 121.60 275.42 Td (/s/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.16 275.42 Td (L) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 143.27 275.42 Td (AURA) Tj ET Q q 0 0 0 rg BT 165.49 275.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.49 275.42 Td (O) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 174.72 275.42 Td (LLE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 275.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 276.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.20 276.32 Td (February 23, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 136.70 262.83 Td (Laura Olle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.55 235.42 Td (/s/F) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 127.56 235.42 Td (RANCIS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.90 235.42 Td ( E. Q) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 177.73 235.42 Td (UINLAN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 235.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 236.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.20 236.32 Td (February 23, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 122.90 222.83 Td (Francis E. Quinlan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.95 197.42 Td (/s/N) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 125.62 197.42 Td (ORMAN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.40 197.42 Td ( R. S) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 175.13 197.42 Td (ORENSEN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 197.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 198.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.20 198.32 Td (February 23, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 119.90 184.83 Td (Norman R. Sorensen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 157.42 Td (/s/R) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 125.62 157.42 Td (ICHARD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.29 157.42 Td ( J. S) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.24 157.42 Td (REDNICKI) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.00 157.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 158.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.20 158.32 Td (February 23, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 120.10 144.83 Td (Richard J. Srednicki) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 183 0 obj <> endobj 184 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.95 742.25 Td (ENCORE CAPIT) Tj ET Q q 0 0 0 rg BT 316.60 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 329.94 742.25 Td ( GROUP) Tj ET Q q 0 0 0 rg BT 367.63 742.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.40 721.25 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 221.95 721.25 Td (T) Tj ET Q q 0 0 0 rg BT 228.44 721.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 298.54 721.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 377.72 721.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 391.71 721.25 Td (A) Tj ET Q q 0 0 0 rg BT 398.19 721.25 Td (TEMENTS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 688.75 m 562.5 688.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 693.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.25 692.98 Td (Page) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 679.32 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 218.24 679.32 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.32 Td (Consolidated Statements of Financial Condition at December31, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.32 Td (Consolidated Statements of Income for the years ended December31, 2016, 2015 and2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.32 Td (Consolidated Statements of Comprehensive Income for the years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.32 Td (Consolidated Statements of Equity for the years ended December 31, 2016, 2015 and2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.32 Td (Consolidated Statements of Cash Flows for the years ended December31, 2016, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.32 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.55 678.42 Td (F-1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.55 663.42 Td (F-2) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.55 648.42 Td (F-3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.55 633.42 Td (F-4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.55 618.42 Td (F-5) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.55 603.42 Td (F-6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.55 588.42 Td (F-7) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 185 0 obj <> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.30 31.60 Td (F-1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.05 742.25 Td (Report of Independent Register) Tj ET Q q 0 0 0 rg BT 316.13 742.25 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 357.81 742.25 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Board of Directors and Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Encore Capital Group, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (San Diego, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 658.25 Td (e ) Tj ET Q q 0 0 0 rg BT 103.46 658.25 Td (have ) Tj ET Q q 0 0 0 rg BT 126.72 658.25 Td (audited ) Tj ET Q q 0 0 0 rg BT 160.54 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 177.15 658.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 239.84 658.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 294.77 658.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 341.37 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.08 658.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 393.45 658.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 435.61 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.33 658.25 Td (Encore ) Tj ET Q q 0 0 0 rg BT 481.03 658.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 514.29 658.25 Td (Group, ) Tj ET Q q 0 0 0 rg BT 546.73 658.25 Td (Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (\(Company\) ) Tj ET Q q 0 0 0 rg BT 107.77 646.25 Td (as ) Tj ET Q q 0 0 0 rg BT 119.45 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.13 646.25 Td (December ) Tj ET Q q 0 0 0 rg BT 175.56 646.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 191.40 646.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 214.75 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.54 646.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 255.88 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.67 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 289.23 646.25 Td (related ) Tj ET Q q 0 0 0 rg BT 319.78 646.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 373.67 646.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 419.23 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.91 646.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 466.19 646.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 530.07 646.25 Td (income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (equity) Tj ET Q q 0 0 0 rg BT 74.35 634.25 Td (, ) Tj ET Q q 0 0 0 rg BT 80.10 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 97.80 634.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 118.82 634.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 144.30 634.25 Td (for ) Tj ET Q q 0 0 0 rg BT 159.21 634.25 Td (each ) Tj ET Q q 0 0 0 rg BT 180.79 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.37 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.84 634.25 Td (three ) Tj ET Q q 0 0 0 rg BT 231.08 634.25 Td (years ) Tj ET Q q 0 0 0 rg BT 255.44 634.25 Td (in ) Tj ET Q q 0 0 0 rg BT 266.47 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.95 634.25 Td (period ) Tj ET Q q 0 0 0 rg BT 310.75 634.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 337.88 634.25 Td (December ) Tj ET Q q 0 0 0 rg BT 382.22 634.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 397.98 634.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 423.50 634.25 Td (These ) Tj ET Q q 0 0 0 rg BT 450.63 634.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 488.87 634.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 534.33 634.25 Td (are ) Tj ET Q q 0 0 0 rg BT 549.80 634.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 106.97 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.83 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.57 622.25 Td (Company) Tj ET Q q 0 0 0 rg BT 174.23 622.25 Td (s ) Tj ET Q q 0 0 0 rg BT 180.65 622.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 236.77 622.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 254.84 622.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 311.81 622.25 Td (is ) Tj ET Q q 0 0 0 rg BT 321.01 622.25 Td (to ) Tj ET Q q 0 0 0 rg BT 331.31 622.25 Td (express ) Tj ET Q q 0 0 0 rg BT 363.83 622.25 Td (an ) Tj ET Q q 0 0 0 rg BT 375.79 622.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 408.88 622.25 Td (on ) Tj ET Q q 0 0 0 rg BT 421.40 622.25 Td (these ) Tj ET Q q 0 0 0 rg BT 444.47 622.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 481.98 622.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 526.72 622.25 Td (based ) Tj ET Q q 0 0 0 rg BT 552.01 622.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 610.25 Td (audits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 586.25 Td (e ) Tj ET Q q 0 0 0 rg BT 101.49 586.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 144.99 586.25 Td (our ) Tj ET Q q 0 0 0 rg BT 160.73 586.25 Td (audits ) Tj ET Q q 0 0 0 rg BT 187.03 586.25 Td (in ) Tj ET Q q 0 0 0 rg BT 197.22 586.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 244.59 586.25 Td (with ) Tj ET Q q 0 0 0 rg BT 264.78 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.41 586.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 319.59 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 330.33 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.96 586.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 372.93 586.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 413.69 586.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 462.76 586.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 504.61 586.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 531.46 586.25 Td (\(United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (States\). ) Tj ET Q q 0 0 0 rg BT 82.46 574.25 Td (Those ) Tj ET Q q 0 0 0 rg BT 109.86 574.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 150.58 574.25 Td (require ) Tj ET Q q 0 0 0 rg BT 181.86 574.25 Td (that ) Tj ET Q q 0 0 0 rg BT 199.81 574.25 Td (we ) Tj ET Q q 0 0 0 rg BT 214.43 574.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 234.60 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.00 574.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 287.17 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.34 574.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 325.29 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.03 574.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 363.98 574.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 409.69 574.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 451.52 574.25 Td (about ) Tj ET Q q 0 0 0 rg BT 476.69 574.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 511.86 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.03 574.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.79 562.25 Td (are ) Tj ET Q q 0 0 0 rg BT 109.57 562.25 Td (free ) Tj ET Q q 0 0 0 rg BT 127.68 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 138.58 562.25 Td (material ) Tj ET Q q 0 0 0 rg BT 173.91 562.25 Td (misstatement. ) Tj ET Q q 0 0 0 rg BT 231.19 562.25 Td (An ) Tj ET Q q 0 0 0 rg BT 245.98 562.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 268.55 562.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 304.45 562.25 Td (examining, ) Tj ET Q q 0 0 0 rg BT 351.73 562.25 Td (on ) Tj ET Q q 0 0 0 rg BT 364.31 562.25 Td (a ) Tj ET Q q 0 0 0 rg BT 371.32 562.25 Td (test ) Tj ET Q q 0 0 0 rg BT 387.78 562.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 412.85 562.25 Td (evidence ) Tj ET Q q 0 0 0 rg BT 450.96 562.25 Td (supporting ) Tj ET Q q 0 0 0 rg BT 496.31 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.10 562.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 547.56 562.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 96.95 550.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.24 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.97 550.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.47 550.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 206.69 550.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 246.43 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.16 550.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 307.55 550.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 349.49 550.25 Td (used ) Tj ET Q q 0 0 0 rg BT 370.34 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 387.29 550.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 432.01 550.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 471.74 550.25 Td (made ) Tj ET Q q 0 0 0 rg BT 495.91 550.25 Td (by ) Tj ET Q q 0 0 0 rg BT 508.42 550.25 Td (management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (as ) Tj ET Q q 0 0 0 rg BT 61.23 538.25 Td (well ) Tj ET Q q 0 0 0 rg BT 81.35 538.25 Td (as ) Tj ET Q q 0 0 0 rg BT 92.59 538.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 137.14 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.26 538.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 182.92 538.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 220.81 538.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 262.03 538.25 Td (presentation. ) Tj ET Q q 0 0 0 rg BT 316.10 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 324.73 538.25 Td (e ) Tj ET Q q 0 0 0 rg BT 332.08 538.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 363.85 538.25 Td (that ) Tj ET Q q 0 0 0 rg BT 381.75 538.25 Td (our ) Tj ET Q q 0 0 0 rg BT 397.98 538.25 Td (audits ) Tj ET Q q 0 0 0 rg BT 424.77 538.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 458.22 538.25 Td (a ) Tj ET Q q 0 0 0 rg BT 465.56 538.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 511.22 538.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 534.12 538.25 Td (for ) Tj ET Q q 0 0 0 rg BT 548.68 538.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (opinion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.25 Td (In ) Tj ET Q q 0 0 0 rg BT 96.28 514.25 Td (our ) Tj ET Q q 0 0 0 rg BT 111.57 514.25 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 146.58 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.75 514.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 213.25 514.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.18 514.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 294.35 514.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 327.94 514.25 Td (to ) Tj ET Q q 0 0 0 rg BT 337.67 514.25 Td (above ) Tj ET Q q 0 0 0 rg BT 363.50 514.25 Td (present ) Tj ET Q q 0 0 0 rg BT 394.34 514.25 Td (fairly) Tj ET Q q 0 0 0 rg BT 415.34 514.25 Td (, ) Tj ET Q q 0 0 0 rg BT 419.80 514.25 Td (in ) Tj ET Q q 0 0 0 rg BT 429.53 514.25 Td (all ) Tj ET Q q 0 0 0 rg BT 441.48 514.25 Td (material ) Tj ET Q q 0 0 0 rg BT 476.19 514.25 Td (respects, ) Tj ET Q q 0 0 0 rg BT 512.85 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.03 514.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (position ) Tj ET Q q 0 0 0 rg BT 84.28 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 94.66 502.25 Td (Encore ) Tj ET Q q 0 0 0 rg BT 125.02 502.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 155.95 502.25 Td (Group, ) Tj ET Q q 0 0 0 rg BT 186.05 502.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 203.37 502.25 Td (at ) Tj ET Q q 0 0 0 rg BT 212.64 502.25 Td (December ) Tj ET Q q 0 0 0 rg BT 255.77 502.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 270.32 502.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 292.37 502.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.86 502.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 333.41 502.25 Td (and ) Tj ET Q q 0 0 0 rg BT 349.90 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.17 502.25 Td (results ) Tj ET Q q 0 0 0 rg BT 392.32 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.70 502.25 Td (its ) Tj ET Q q 0 0 0 rg BT 414.20 502.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 457.91 502.25 Td (and ) Tj ET Q q 0 0 0 rg BT 474.40 502.25 Td (its ) Tj ET Q q 0 0 0 rg BT 485.89 502.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 505.71 502.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 529.98 502.25 Td (for ) Tj ET Q q 0 0 0 rg BT 543.69 502.25 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.46 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.80 490.25 Td (three ) Tj ET Q q 0 0 0 rg BT 99.91 490.25 Td (years ) Tj ET Q q 0 0 0 rg BT 124.14 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 135.04 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.38 490.25 Td (period ) Tj ET Q q 0 0 0 rg BT 179.06 490.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 206.06 490.25 Td (December ) Tj ET Q q 0 0 0 rg BT 250.27 490.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 265.90 490.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 291.52 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 302.43 490.25 Td (conformity ) Tj ET Q q 0 0 0 rg BT 349.99 490.25 Td (with ) Tj ET Q q 0 0 0 rg BT 370.89 490.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 417.89 490.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 460.45 490.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 500.78 490.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 538.88 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.78 490.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (United ) Tj ET Q q 0 0 0 rg BT 79.72 478.25 Td (States ) Tj ET Q q 0 0 0 rg BT 106.10 478.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.38 478.25 Td (America.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 Td (As ) Tj ET Q q 0 0 0 rg BT 99.29 454.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 139.80 454.25 Td (in ) Tj ET Q q 0 0 0 rg BT 149.75 454.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 171.37 454.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 178.54 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 188.50 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.89 454.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 255.61 454.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 292.77 454.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 339.66 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 354.05 454.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 395.11 454.25 Td (changed ) Tj ET Q q 0 0 0 rg BT 430.61 454.25 Td (its ) Tj ET Q q 0 0 0 rg BT 442.23 454.25 Td (method ) Tj ET Q q 0 0 0 rg BT 474.40 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 484.91 454.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 530.96 454.25 Td (for ) Tj ET Q q 0 0 0 rg BT 544.80 454.25 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 86.79 442.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 109.70 442.25 Td (as ) Tj ET Q q 0 0 0 rg BT 120.93 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.17 442.25 Td (January ) Tj ET Q q 0 0 0 rg BT 166.18 442.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 176.59 442.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 199.50 442.25 Td (due ) Tj ET Q q 0 0 0 rg BT 216.85 442.25 Td (to ) Tj ET Q q 0 0 0 rg BT 227.54 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.66 442.25 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 297.21 442.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 335.12 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.71 442.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 395.28 442.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 437.62 442.25 Td (Update ) Tj ET Q q 0 0 0 rg BT 469.41 442.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 487.04 442.25 Td (2015-03, ) Tj ET Q q 0 0 0 rg BT 525.78 442.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 558.68 442.25 Td (- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Imputation ) Tj ET Q q 0 0 0 rg BT 96.38 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.21 430.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 139.70 430.25 Td (\(Subtopic ) Tj ET Q q 0 0 0 rg BT 181.08 430.25 Td (835-30\): ) Tj ET Q q 0 0 0 rg BT 218.02 430.25 Td (Simplifying ) Tj ET Q q 0 0 0 rg BT 268.31 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.02 430.25 Td (Presentation ) Tj ET Q q 0 0 0 rg BT 334.96 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.79 430.25 Td (Debt ) Tj ET Q q 0 0 0 rg BT 367.72 430.25 Td (Issuance ) Tj ET Q q 0 0 0 rg BT 404.65 430.25 Td (Costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 406.25 Td (e ) Tj ET Q q 0 0 0 rg BT 102.21 406.25 Td (also ) Tj ET Q q 0 0 0 rg BT 121.45 406.25 Td (have ) Tj ET Q q 0 0 0 rg BT 143.46 406.25 Td (audited, ) Tj ET Q q 0 0 0 rg BT 178.53 406.25 Td (in ) Tj ET Q q 0 0 0 rg BT 189.44 406.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 237.54 406.25 Td (with ) Tj ET Q q 0 0 0 rg BT 258.45 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.80 406.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 314.70 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.17 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 341.52 406.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 370.21 406.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 411.54 406.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 461.32 406.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 503.90 406.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 531.47 406.25 Td (\(United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (States\), ) Tj ET Q q 0 0 0 rg BT 81.30 394.25 Td (Encore ) Tj ET Q q 0 0 0 rg BT 111.21 394.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 141.67 394.25 Td (Group, ) Tj ET Q q 0 0 0 rg BT 171.31 394.25 Td (Inc.) Tj ET Q q 0 0 0 rg BT 189.36 394.25 Td (s ) Tj ET Q q 0 0 0 rg BT 194.84 394.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 226.97 394.25 Td (control ) Tj ET Q q 0 0 0 rg BT 256.88 394.25 Td (over ) Tj ET Q q 0 0 0 rg BT 276.24 394.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 312.80 394.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 351.04 394.25 Td (as ) Tj ET Q q 0 0 0 rg BT 360.96 394.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.88 394.25 Td (December ) Tj ET Q q 0 0 0 rg BT 413.55 394.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 427.64 394.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 451.72 394.25 Td (based ) Tj ET Q q 0 0 0 rg BT 476.08 394.25 Td (on ) Tj ET Q q 0 0 0 rg BT 487.67 394.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 517.56 394.25 Td (established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (in ) Tj ET Q q 0 0 0 rg BT 61.82 382.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 96.95 382.25 Td (Control ) Tj ET Q q 0 0 0 rg BT 131.54 382.25 Td (- ) Tj ET Q q 0 0 0 rg BT 138.91 382.25 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 183.48 382.25 Td (Framework ) Tj ET Q q 0 0 0 rg BT 233.62 382.25 Td (\(2013\) ) Tj ET Q q 0 0 0 rg BT 264.32 382.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 293.35 382.25 Td (by ) Tj ET Q q 0 0 0 rg BT 307.39 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.65 382.25 Td (Committee ) Tj ET Q q 0 0 0 rg BT 372.12 382.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.49 382.25 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 434.09 382.25 Td (Or) Tj ET Q q 0 0 0 rg BT 444.46 382.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 494.04 382.25 Td (of ) Tj ET Q q 0 0 0 rg BT 506.41 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.37 382.25 Td (T) Tj ET Q q 0 0 0 rg BT 528.13 382.25 Td (readway ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 103.07 370.25 Td (\(COSO\) ) Tj ET Q q 0 0 0 rg BT 138.90 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 155.84 370.25 Td (our ) Tj ET Q q 0 0 0 rg BT 171.67 370.25 Td (report ) Tj ET Q q 0 0 0 rg BT 198.05 370.25 Td (dated ) Tj ET Q q 0 0 0 rg BT 222.20 370.25 Td (February ) Tj ET Q q 0 0 0 rg BT 260.80 370.25 Td (23, ) Tj ET Q q 0 0 0 rg BT 275.80 370.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 300.80 370.25 Td (expressed ) Tj ET Q q 0 0 0 rg BT 342.73 370.25 Td (an ) Tj ET Q q 0 0 0 rg BT 354.67 370.25 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 402.71 370.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 435.77 370.25 Td (thereon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.00 337.25 Td (/s/ BDO USA, LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 316.25 Td (Costa Mesa, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 295.25 Td (February23, 2017) Tj ET Q endstream endobj 187 0 obj <> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.30 31.60 Td (F-2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.70 742.25 Td (ENCORE CAPIT) Tj ET Q q 0 0 0 rg BT 305.35 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 318.69 742.25 Td ( GROUP) Tj ET Q q 0 0 0 rg BT 356.38 742.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.75 727.25 Td (Consolidated Statements of Financial Condition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.50 715.25 Td (\(In ) Tj ET Q q 0 0 0 rg BT 233.48 715.25 Td (Thousands, Except Par ) Tj ET Q q 0 0 0 rg BT 327.72 715.25 Td (V) Tj ET Q q 0 0 0 rg BT 333.84 715.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 352.44 715.25 Td (Amounts\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 678.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 678.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 678.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 678.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 654.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 654.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 654.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 654.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 630.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 630.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 630.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 630.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 606.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 606.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 606.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 606.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 582.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 582.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 582.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 582.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 558.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 558.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 558.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 558.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 534.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 534.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 534.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 534.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 510.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 510.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 510.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 510.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 486.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 486.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 486.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 486.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 462.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 462.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 462.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 462.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 438.75 339.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 438.75 84.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 438.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 438.75 85.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 378.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 378.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 378.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 378.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 354.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 354.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 354.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 354.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 330.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 330.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 330.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 330.75 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 306.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 306.75 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 306.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 306.75 85.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 678.75 m 473.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 678.75 m 562.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 582.75 m 473.5 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 582.75 m 562.5 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 571.75 m 473.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 569.75 m 473.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 571.75 m 562.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 569.75 m 562.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 498.75 m 473.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 498.75 m 562.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 486.75 m 473.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 486.75 m 562.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 486.75 m 473.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 486.75 m 562.5 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 342.75 m 473.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 342.75 m 562.5 342.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 318.75 m 473.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 318.75 m 562.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 306.75 m 473.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 306.75 m 562.5 306.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 295.75 m 473.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 293.75 m 473.5 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 295.75 m 562.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 293.75 m 562.5 293.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.75 690.98 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.00 682.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.25 690.98 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.50 682.98 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.15 669.48 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 657.37 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 657.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 657.37 Td (149,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 657.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 657.37 Td (123,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 645.37 Td (Investment in receivable portfolios, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 645.37 Td (2,382,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 645.37 Td (2,440,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 633.37 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 633.37 Td (72,257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 633.37 Td (72,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 621.37 Td (Deferred court costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 621.37 Td (65,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 621.37 Td (75,239) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 609.37 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 609.37 Td (215,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 609.37 Td (148,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 597.37 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 597.37 Td (785,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 597.37 Td (924,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 585.37 Td (Assets associated with discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 585.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 585.37 Td (388,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 573.37 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 573.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 573.37 Td (3,670,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 573.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 573.37 Td (4,174,819) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.20 561.48 Td (Liabilities and equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 549.37 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 537.37 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 537.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 537.37 Td (234,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 537.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 537.37 Td (290,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 525.37 Td (Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 525.37 Td (2,805,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 525.37 Td (2,944,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 513.37 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 513.37 Td (29,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 513.37 Td (59,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 501.37 Td (Liabilities associated with discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 501.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 501.37 Td (232,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 489.37 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 489.37 Td (3,069,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 489.37 Td (3,526,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 477.37 Td (Commitments and contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 465.37 Td (Redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 465.37 Td (45,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 465.37 Td (38,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 453.37 Td (Redeemable equity component of convertible senior notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 453.37 Td (2,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 453.37 Td (6,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 441.37 Td (Equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 429.32 Td (Convertible preferred stock, $.01 par value, 5,000 shares authorized, no shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 419.32 Td (issued and outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 418.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 404.32 Td (Common stock, $.01 par value, 50,000 shares authorized, 25,593 shares and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 394.32 Td (25,288 shares issued and outstanding as of December 31, 2016 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 384.32 Td (December31, 2015, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 383.42 Td (256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 383.42 Td (253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 369.37 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 369.37 Td (103,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 369.37 Td (110,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 357.37 Td (Accumulated earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 357.37 Td (560,567) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 357.37 Td (543,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 345.37 Td (Accumulated other comprehensive loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.80 345.37 Td (\(104,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 345.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 345.37 Td (\(57,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 345.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 333.37 Td (Total Encore Capital Group, Inc. stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 333.37 Td (559,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 333.37 Td (596,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 321.37 Td (Noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 321.37 Td (\(7,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 321.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 321.37 Td (7,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 309.37 Td (Total equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 309.37 Td (551,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 309.37 Td (603,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 297.37 Td (Total liabilities, redeemable equity and equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 297.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 297.37 Td (3,670,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 297.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 297.37 Td (4,174,819) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 276.65 Td (The following table includes assets that can only be used to settle the liabilities of the Company) Tj ET Q q 0 0 0 rg BT 358.38 276.65 Td (s consolidated variable interest entities \(VIEs\) and the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 267.05 Td (creditors of the ) Tj ET Q q 0 0 0 rg BT 100.28 267.05 Td (VIEs have no recourse to the Company) Tj ET Q q 0 0 0 rg BT 225.50 267.05 Td (. ) Tj ET Q q 0 0 0 rg BT 229.36 267.05 Td (These assets and liabilities are included in the consolidated statements of financial condition above. See ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 257.45 Td (Note) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.55 257.45 Td (1) Tj ET Q q 0 0 0 rg BT 71.25 257.45 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.25 257.45 Td (, V) Tj ET Q q 0 0 0 rg BT 87.70 257.45 Td (ariable Interest Entities for additional information on the Company) Tj ET Q q 0 0 0 rg BT 307.63 257.45 Td (s ) Tj ET Q q 0 0 0 rg BT 312.60 257.45 Td (VIEs. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 227.95 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 227.95 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 227.95 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 227.95 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 203.95 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 203.95 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 203.95 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 203.95 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 179.95 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 179.95 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 179.95 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 179.95 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 155.95 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 155.95 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 155.95 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 155.95 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 131.95 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 131.95 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 131.95 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 131.95 85.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 107.95 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 107.95 84.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 107.95 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 107.95 85.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 227.95000000000005 m 473.5 227.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 227.95000000000005 m 562.5 227.95000000000005 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.75 239.03 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.00 231.03 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.25 239.03 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.50 231.03 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.15 218.68 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 206.57 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 206.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 206.57 Td (55,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 206.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 206.57 Td (50,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 194.57 Td (Investment in receivable portfolios, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 194.57 Td (972,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 194.57 Td (1,197,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 182.57 Td (Property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 182.57 Td (19,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 182.57 Td (19,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 170.57 Td (Deferred court costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 170.57 Td (22,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 170.57 Td (33,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 158.57 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 158.57 Td (79,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 158.57 Td (31,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 146.57 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 146.57 Td (584,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 146.57 Td (706,812) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.10 134.68 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 122.57 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 122.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 122.57 Td (99,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.00 122.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 122.57 Td (142,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 110.57 Td (Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 110.57 Td (1,514,799) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 110.57 Td (1,665,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 98.57 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 98.57 Td (1,921) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 98.57 Td (839) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 194.75 75.45 Td (See accompanying notes to consolidated financial statements) Tj ET Q endstream endobj 189 0 obj <> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.30 31.60 Td (F-3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.70 742.25 Td (ENCORE CAPIT) Tj ET Q q 0 0 0 rg BT 305.35 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 318.69 742.25 Td ( GROUP) Tj ET Q q 0 0 0 rg BT 356.38 742.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.55 727.25 Td (Consolidated Statements of Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.40 715.25 Td (\(In ) Tj ET Q q 0 0 0 rg BT 233.38 715.25 Td (Thousands, Except Per Share ) Tj ET Q q 0 0 0 rg BT 352.52 715.25 Td (Amounts\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 671.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 671.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 671.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 671.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 671.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 671.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 643.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 643.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 643.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 643.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 643.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 615.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 615.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 615.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 615.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 615.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 615.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 587.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 587.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 587.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 587.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 587.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 587.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 559.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 559.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 559.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 559.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 559.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 559.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 531.75 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 531.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 531.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 531.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 531.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 501.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 501.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 501.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 501.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 473.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 473.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 473.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 473.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 473.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 445.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 445.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 445.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 445.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 445.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 445.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 417.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 417.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 417.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 417.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 389.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 389.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 389.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 389.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 389.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 389.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 361.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 361.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 361.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 361.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 361.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 361.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 333.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 333.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 333.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 333.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 333.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 333.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 305.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 305.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 305.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 305.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 305.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 305.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 277.75 283.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 277.75 73.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 277.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 277.75 74.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 277.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 277.75 74.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 239.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 239.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 239.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 239.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 239.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 239.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 211.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 211.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 211.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 211.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 211.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 211.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 183.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 183.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 183.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 183.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 183.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 183.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 155.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 155.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 155.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 155.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 155.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 155.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 127.75 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 127.75 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 127.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 127.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 127.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 127.75 74.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 685.75 m 406.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 685.75 m 410.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 685.75 m 484.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 685.75 m 488.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 685.75 m 562.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 671.75 m 406.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 671.75 m 484.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 671.75 m 562.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 629.75 m 406.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 615.75 m 406.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 629.75 m 484.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 615.75 m 484.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 629.75 m 562.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 615.75 m 562.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 516.75 m 406.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 501.75 m 406.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 516.75 m 484.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 501.75 m 484.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 516.75 m 562.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 501.75 m 562.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 487.75 m 406.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 487.75 m 484.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 487.75 m 562.5 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 445.75 m 406.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 445.75 m 484.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 445.75 m 562.5 445.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 431.75 m 406.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 431.75 m 484.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 431.75 m 562.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 403.75 m 406.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 403.75 m 484.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 403.75 m 562.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 375.75 m 406.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 375.75 m 484.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 375.75 m 562.5 375.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 361.75 m 406.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 361.75 m 484.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 361.75 m 562.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 347.75 m 406.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 347.75 m 484.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 347.75 m 562.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 334.75 m 406.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 332.75 m 406.5 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 334.75 m 484.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 332.75 m 484.5 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 334.75 m 562.5 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 332.75 m 562.5 332.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 291.75 m 406.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 291.75 m 484.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 291.75 m 562.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 278.75 m 406.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 276.75 m 406.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 278.75 m 484.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 276.75 m 484.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 278.75 m 562.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 276.75 m 562.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 211.75 m 406.5 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 211.75 m 484.5 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 211.75 m 562.5 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 198.75 m 406.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 196.75 m 406.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 198.75 m 484.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 196.75 m 484.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 198.75 m 562.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 196.75 m 562.5 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 155.75 m 406.5 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 155.75 m 484.5 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 155.75 m 562.5 155.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 142.75 m 406.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 140.75 m 406.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 142.75 m 484.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 140.75 m 484.5 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 142.75 m 562.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 140.75 m 562.5 140.75 l s BT /F1 9.50 Tf ET q 0 0 0 rg BT 53.00 690.31 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.20 689.98 Td (Year Ended December 31,) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 53.00 676.31 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.50 675.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 675.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 675.98 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 662.32 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 648.32 Td (Revenue from receivable portfolios, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 648.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 648.32 Td (946,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 648.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 648.32 Td (1,072,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 648.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 648.32 Td (992,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 634.32 Td (Other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 634.32 Td (82,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 634.32 Td (57,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 634.32 Td (50,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 620.32 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 620.32 Td (1,029,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 620.32 Td (1,129,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 620.32 Td (1,043,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 606.32 Td (Operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 592.32 Td (Salaries and employee benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 592.32 Td (281,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 592.32 Td (262,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 592.32 Td (238,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 578.32 Td (Cost of legal collections) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 578.32 Td (200,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 578.32 Td (229,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 578.32 Td (205,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 564.32 Td (Other operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 564.32 Td (100,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 564.32 Td (93,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 564.32 Td (89,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 550.32 Td (Collection agency commissions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 550.32 Td (36,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 550.32 Td (37,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 550.32 Td (33,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 536.32 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 536.32 Td (134,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 536.32 Td (191,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 536.32 Td (139,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 522.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 521.42 Td (34,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 521.42 Td (33,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 521.42 Td (27,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 507.32 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 506.42 Td (787,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 506.42 Td (847,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 506.42 Td (734,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.32 Td (Income from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 492.32 Td (241,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 492.32 Td (282,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 492.32 Td (308,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 478.32 Td (Other \(expense\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 464.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.80 464.37 Td (\(198,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 464.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 464.37 Td (\(186,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 464.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 464.37 Td (\(166,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 464.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 450.32 Td (Other income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 450.32 Td (14,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 450.32 Td (2,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 450.32 Td (113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 436.32 Td (Total other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.80 436.37 Td (\(184,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 436.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 436.37 Td (\(184,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 436.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 436.37 Td (\(166,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 436.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 422.32 Td (Income from continuing operations before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 422.32 Td (57,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 422.32 Td (97,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 422.32 Td (141,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.32 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.80 408.37 Td (\(38,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 408.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 408.37 Td (\(27,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 408.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 408.37 Td (\(48,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 408.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.32 Td (Income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 394.32 Td (19,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 394.32 Td (70,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 394.32 Td (93,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 380.32 Td (\(Loss\) income from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 380.37 Td (\(2,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 380.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 380.37 Td (\(23,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 380.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 380.32 Td (5,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 366.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 366.32 Td (16,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 366.32 Td (47,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 366.32 Td (98,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 352.32 Td (Net loss \(income\) attributable to noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 352.32 Td (59,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 352.37 Td (\(2,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 352.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 352.32 Td (5,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 338.32 Td (Net income attributable to Encore Capital Group, Inc. stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 338.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 338.32 Td (76,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 338.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 338.32 Td (45,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 338.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 338.32 Td (103,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 324.48 Td (Amounts attributable to Encore Capital Group, Inc.:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 310.32 Td (Income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 310.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 310.32 Td (78,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 310.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 310.32 Td (68,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 310.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 310.32 Td (98,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 296.32 Td (\(Loss\) income from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 296.37 Td (\(2,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 296.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 296.37 Td (\(23,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 296.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 296.32 Td (5,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 282.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 282.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 282.32 Td (76,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 282.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 282.32 Td (45,135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 282.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 282.32 Td (103,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 268.48 Td (Earnings \(loss\) per share attributable to Encore Capital Group,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 258.48 Td (Inc.:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 244.32 Td (Basic earnings \(loss\) per share from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 230.32 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 230.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 230.32 Td (3.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 230.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 230.32 Td (2.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 230.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 230.32 Td (3.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 216.32 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 216.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 216.37 Td (\(0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 216.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 216.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 216.37 Td (\(0.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 216.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 216.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 216.32 Td (0.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 202.32 Td (Net basic earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 202.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 202.32 Td (2.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 202.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 202.32 Td (1.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 202.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 202.32 Td (4.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 188.32 Td (Diluted earnings \(loss\) per share from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 174.32 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 174.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 174.32 Td (3.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 174.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 174.32 Td (2.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 174.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 174.32 Td (3.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 160.32 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 160.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 160.37 Td (\(0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 160.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 160.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 160.37 Td (\(0.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 160.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 160.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 160.32 Td (0.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 146.32 Td (Net diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 146.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 146.32 Td (2.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 146.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 146.32 Td (1.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 146.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 146.32 Td (3.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 132.32 Td (Weighted average shares outstanding:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 118.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 118.32 Td (25,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 118.32 Td (25,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 118.32 Td (25,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 104.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 104.32 Td (25,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 104.32 Td (26,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 104.32 Td (27,495) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 194.75 79.25 Td (See accompanying notes to consolidated financial statements) Tj ET Q endstream endobj 191 0 obj <> endobj 192 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.30 31.60 Td (F-4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.70 742.25 Td (ENCORE CAPIT) Tj ET Q q 0 0 0 rg BT 305.35 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 318.69 742.25 Td ( GROUP) Tj ET Q q 0 0 0 rg BT 356.38 742.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.05 727.25 Td (Consolidated Statements of Compr) Tj ET Q q 0 0 0 rg BT 345.59 727.25 Td (ehensive Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 715.25 Td (\(In ) Tj ET Q q 0 0 0 rg BT 289.63 715.25 Td (Thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 673.75 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 673.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 673.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 673.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 673.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 673.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.75 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 643.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 643.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 643.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.75 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 613.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 613.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 613.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 573.75 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 573.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 573.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 573.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 573.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 573.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 543.75 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 543.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 543.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 543.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 543.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 543.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.75 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 503.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 503.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 503.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 503.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.75 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 473.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 473.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 473.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 473.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 443.75 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 443.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 443.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 443.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 443.75 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 413.75 287.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 413.75 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 413.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 413.75 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 413.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 413.75 73.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 686.75 m 409.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 686.75 m 413.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 686.75 m 485.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 686.75 m 489.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 686.75 m 562.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 673.75 m 409.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 686.75 m 485.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 673.75 m 485.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 686.75 m 562.5 686.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 673.75 m 562.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 673.75 m 409.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 673.75 m 485.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 673.75 m 562.5 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 598.75 m 409.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 598.75 m 485.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 598.75 m 562.5 598.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 528.75 m 409.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 528.75 m 485.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 528.75 m 562.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 503.75 m 409.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 503.75 m 485.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 503.75 m 562.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 488.75 m 409.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 488.75 m 485.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 488.75 m 562.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 428.75 m 409.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 428.75 m 485.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 428.75 m 562.5 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 413.75 m 409.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 413.75 m 485.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 413.75 m 562.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 389.75 m 409.5 389.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 387.75 m 409.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 389.75 m 485.5 389.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 387.75 m 485.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 389.75 m 562.5 389.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 387.75 m 562.5 387.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 691.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.20 690.98 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 678.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.00 677.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.00 677.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.50 677.98 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 663.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 663.42 Td (16,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 663.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 663.42 Td (47,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 663.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 663.42 Td (98,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.32 Td (Other comprehensive income \(loss\), net of tax:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 634.32 Td (Change in unrealized gains/losses on derivative instruments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 619.32 Td (Unrealized gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 618.42 Td (407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 618.47 Td (\(1,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 618.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 618.42 Td (3,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 604.32 Td (Income tax effect) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.30 603.47 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 603.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 603.47 Td (\(151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 603.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 603.47 Td (\(708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 603.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 589.32 Td (Unrealized gain \(loss\) on derivative instruments, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 579.32 Td (tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 578.42 Td (320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 578.47 Td (\(1,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 578.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 578.42 Td (2,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 564.32 Td (Change in foreign currency translation:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 549.32 Td (Unrealized loss on foreign currency translation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 548.47 Td (\(67,943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 548.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 548.47 Td (\(57,144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 548.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 548.47 Td (\(10,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 548.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 534.32 Td (Income tax effect) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 533.42 Td (361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 533.47 Td (\(1,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 533.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 533.47 Td (\(1,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 533.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 519.32 Td (Unrealized loss on foreign currency translation, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 509.32 Td (tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 508.47 Td (\(67,582) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 508.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 508.47 Td (\(58,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 508.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 508.47 Td (\(12,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 508.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 494.32 Td (Other comprehensive loss, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 493.47 Td (\(67,262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 493.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 493.47 Td (\(60,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 493.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 493.47 Td (\(9,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 493.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 479.32 Td (Comprehensive \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 478.47 Td (\(50,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 478.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 478.47 Td (\(12,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 478.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 478.42 Td (88,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 464.32 Td (Comprehensive loss \(income\) attributable to noncontrolling interest:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 449.32 Td (Net loss \(income\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 448.42 Td (59,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 448.47 Td (\(2,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 448.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 448.42 Td (5,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 434.32 Td (Unrealized loss on foreign currency translation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 433.42 Td (20,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 433.42 Td (3,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 433.42 Td (3,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 419.32 Td (Comprehensive loss attributable to noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 418.42 Td (79,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 418.42 Td (1,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 418.42 Td (9,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 404.32 Td (Comprehensive income \(loss\) attributable to Encore Capital Group,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 394.32 Td (Inc. stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 393.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 393.42 Td (29,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 393.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 393.47 Td (\(11,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 393.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 393.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 393.42 Td (97,609) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 194.75 368.25 Td (See accompanying notes to consolidated financial statements) Tj ET Q endstream endobj 193 0 obj <> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.30 31.60 Td (F-5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.70 742.25 Td (ENCORE CAPIT) Tj ET Q q 0 0 0 rg BT 305.35 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 318.69 742.25 Td ( GROUP) Tj ET Q q 0 0 0 rg BT 356.38 742.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.95 727.25 Td (Consolidated Statements of Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 715.25 Td (\(In ) Tj ET Q q 0 0 0 rg BT 289.63 715.25 Td (Thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 666.75 182.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 666.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 666.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 666.75 25.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 666.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 666.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 666.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 666.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 666.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 666.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 666.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 666.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 666.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 666.75 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.75 182.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 640.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 640.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 640.75 25.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 640.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 640.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 640.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 640.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 640.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 640.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 640.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 640.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 640.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 640.75 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 606.75 182.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 606.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 606.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 606.75 25.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 606.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 606.75 43.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 606.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 606.75 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 606.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 606.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 606.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 606.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 606.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 606.75 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 564.75 182.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 564.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 564.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 564.75 25.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 564.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 564.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 564.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 564.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 564.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 564.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 564.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 564.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 564.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 564.75 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 538.75 182.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 538.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 538.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 538.75 25.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 538.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 538.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 538.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 538.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 538.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 538.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 538.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 538.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 538.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 538.75 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 504.75 182.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 504.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 504.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 504.75 25.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 504.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 504.75 43.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 504.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 504.75 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 504.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 504.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 504.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 504.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 504.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 504.75 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 470.75 182.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 470.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 470.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 470.75 25.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 470.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 470.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 470.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 470.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 470.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 470.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 470.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 470.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 470.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 470.75 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 444.75 182.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 444.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 444.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 444.75 25.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 444.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 444.75 43.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 444.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 444.75 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 444.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 444.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 444.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 444.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 444.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 444.75 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 402.75 182.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 402.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 402.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 402.75 25.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 402.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 402.75 43.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 402.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 402.75 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 402.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 402.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 402.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 402.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 402.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 402.75 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 368.75 182.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 368.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 368.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 368.75 25.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 368.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 368.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 368.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 368.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 368.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 368.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 368.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 368.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 368.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 368.75 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 342.75 182.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 342.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 342.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 342.75 25.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 342.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 342.75 43.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 342.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 342.75 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 342.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 342.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 342.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 342.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 342.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 342.75 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 308.75 182.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 308.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 308.75 25.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 308.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 308.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 308.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 308.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 308.75 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 282.75 182.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 282.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 282.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 282.75 25.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 282.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 282.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 282.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 282.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 282.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 282.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 282.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 282.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 282.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 282.75 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 248.75 182.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 248.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 248.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 248.75 25.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 248.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 248.75 43.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 248.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 248.75 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 248.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 248.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 248.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 248.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 248.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 248.75 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 206.75 182.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 206.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 206.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 206.75 25.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 206.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 206.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 206.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 206.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 206.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 206.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 206.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 206.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 206.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 206.75 38.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 180.75 182.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 180.75 30.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 180.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 180.75 25.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 180.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 180.75 43.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 180.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 180.75 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 180.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 180.75 60.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 180.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 180.75 58.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 180.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 180.75 38.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 146.75 182.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 146.75 30.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 146.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 146.75 25.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 146.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 146.75 43.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 146.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 146.75 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 146.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 146.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 146.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 146.75 58.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 146.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 146.75 38.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 685.75 m 262.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 685.75 m 266.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 685.75 m 291.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 666.75 m 262.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 666.75 m 291.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 666.75 m 338.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 666.75 m 394.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 666.75 m 458.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 666.75 m 520.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 666.75 m 562.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 666.75 m 262.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 666.75 m 291.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 483.75 m 262.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 483.75 m 291.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 483.75 m 338.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 483.75 m 394.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 483.75 m 458.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 483.75 m 520.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 483.75 m 562.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 483.75 m 262.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 483.75 m 291.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 483.75 m 338.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 483.75 m 394.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 483.75 m 458.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 483.75 m 520.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 483.75 m 562.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 308.75 m 262.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 308.75 m 291.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 308.75 m 338.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 308.75 m 394.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 308.75 m 458.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 308.75 m 520.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 308.75 m 562.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 146.75 m 262.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 146.75 m 291.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 146.75 m 338.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 146.75 m 394.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 146.75 m 458.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 146.75 m 520.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 146.75 m 562.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 146.75 m 262.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 134.75 m 262.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 132.75 m 262.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 146.75 m 291.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 134.75 m 291.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 132.75 m 291.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 146.75 m 338.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 134.75 m 338.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 132.75 m 338.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 146.75 m 394.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 134.75 m 394.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 132.75 m 394.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 146.75 m 458.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 134.75 m 458.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 132.75 m 458.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 146.75 m 520.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 134.75 m 520.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 132.75 m 520.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 146.75 m 562.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 134.75 m 562.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 132.75 m 562.5 132.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 671.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.15 689.98 Td (CommonStock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.25 686.98 Td (Additional) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.60 678.98 Td (Paid-In) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.80 670.98 Td (Capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.30 678.98 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.40 670.98 Td (Earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.30 694.98 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.85 686.98 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.40 678.98 Td (Compr) Tj ET Q q 0 0 0 rg BT 425.70 678.98 Td (ehensive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.85 670.98 Td (Income \(Loss\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.25 678.98 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 497.55 678.98 Td (olling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.70 670.98 Td (Inter) Tj ET Q q 0 0 0 rg BT 494.88 670.98 Td (est) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.25 678.98 Td (T) Tj ET Q q 0 0 0 rg BT 538.85 678.98 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.40 670.98 Td (Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.50 670.98 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 272.35 670.98 Td (Par) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 658.83 Td (Balance at December 31, 2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.30 658.00 Td (25,457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.00 658.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.30 658.00 Td (255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.00 658.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.25 658.00 Td (171,819) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.00 658.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.25 658.00 Td (394,628) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.00 658.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 658.00 Td (5,195) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.00 658.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 658.00 Td (4,010) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 658.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 658.00 Td (575,907) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 645.70 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 645.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 645.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.30 645.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.25 645.00 Td (103,726) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 645.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.60 645.00 Td (\(935) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.30 645.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 645.00 Td (102,791) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 632.70 Td (Other comprehensive \(loss\) gain, net of tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 632.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 632.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.30 632.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 632.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.60 632.00 Td (\(6,117) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 632.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 632.00 Td (14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.60 632.00 Td (\(6,103) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 632.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 619.70 Td (Initial noncontrolling interest related to business) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 611.70 Td (combinations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 611.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 611.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.30 611.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 611.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 611.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 611.00 Td (892) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 611.00 Td (892) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 598.70 Td (Change in fair value of redeemable noncontrolling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 590.70 Td (interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.60 590.00 Td (\(5,730) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 590.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 590.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.60 590.00 Td (\(5,730) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 590.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 577.70 Td (Exercise of stock options and issuance of share-based) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 569.70 Td (awards, net of shares withheld for employee taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.30 569.00 Td (737) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 569.00 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.60 569.00 Td (\(15,496) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 569.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 569.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 569.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 569.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.60 569.00 Td (\(15,489) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 569.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 556.70 Td (Repurchase of common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.60 556.00 Td (\(400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 556.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.60 556.00 Td (\(4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.30 556.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.60 556.00 Td (\(16,811) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 556.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 556.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 556.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 556.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.60 556.00 Td (\(16,815) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 556.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 543.70 Td (Stock-based compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.25 543.00 Td (17,181) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 543.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.30 543.00 Td (17,181) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 530.70 Td (Tax benefit related to stock-based compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 530.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 530.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.25 530.00 Td (11,580) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 530.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 530.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 530.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.30 530.00 Td (11,580) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 517.70 Td (Issuance of convertible notes, net of hedge) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 509.70 Td (transactions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 509.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 509.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.60 509.00 Td (\(28,160) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 509.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 509.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 509.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 509.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.60 509.00 Td (\(28,160) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 509.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 496.70 Td (Reclassification of redeemable equity component of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 488.70 Td (convertible senior notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 488.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 488.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.60 488.00 Td (\(9,073) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 488.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 488.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 488.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 488.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.60 488.00 Td (\(9,073) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 488.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 475.83 Td (Balance at December 31, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.30 475.00 Td (25,794) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.30 475.00 Td (258) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.25 475.00 Td (125,310) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.25 475.00 Td (498,354) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.60 475.00 Td (\(922) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 475.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 475.00 Td (3,981) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 475.00 Td (626,981) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 462.70 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 462.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 462.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.30 462.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.25 462.00 Td (45,135) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 462.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 462.00 Td (878) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.30 462.00 Td (46,013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 449.70 Td (Other comprehensive loss, net of tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 449.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 449.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.30 449.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 449.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.60 449.00 Td (\(56,900) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 449.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 449.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.60 449.00 Td (\(56,900) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 449.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 436.70 Td (Initial noncontrolling interest related to business) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 428.70 Td (combinations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 428.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 428.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.30 428.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 428.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 428.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 428.00 Td (2,426) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 428.00 Td (2,426) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 415.70 Td (Change in fair value of redeemable noncontrolling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 407.70 Td (interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 407.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 407.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.60 407.00 Td (\(2,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 407.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 407.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 407.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 407.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.60 407.00 Td (\(2,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 407.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 394.70 Td (Exercise of stock options and issuance of share-based) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 386.70 Td (awards, net of shares withheld for employee taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.30 386.00 Td (333) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 386.00 Td (3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.60 386.00 Td (\(5,321) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 386.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 386.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 386.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 386.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.60 386.00 Td (\(5,318) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 386.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 373.70 Td (Repurchase of common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 244.60 373.00 Td (\(839) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 373.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.60 373.00 Td (\(8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.30 373.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.60 373.00 Td (\(33,177) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 373.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 373.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 373.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 373.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.60 373.00 Td (\(33,185) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 373.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 360.70 Td (Stock-based compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 360.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 360.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.25 360.00 Td (22,008) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 360.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 360.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 360.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.30 360.00 Td (22,008) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 347.70 Td (Tax benefit related to stock-based compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 347.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 347.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 347.00 Td (1,251) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 347.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 347.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 347.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 347.00 Td (1,251) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 334.70 Td (Reclassification of redeemable equity component of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 326.70 Td (convertible senior notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 326.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 326.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 326.00 Td (2,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 326.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 326.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 326.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 326.00 Td (2,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 313.70 Td (Other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 313.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 313.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.60 313.00 Td (\(137) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 313.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 313.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 313.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 313.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 313.00 Td (\(137) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 313.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 300.83 Td (Balance at December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.30 300.00 Td (25,288) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.30 300.00 Td (253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.25 300.00 Td (110,533) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.25 300.00 Td (543,489) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.60 300.00 Td (\(57,822) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 300.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 300.00 Td (7,285) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 300.00 Td (603,738) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 287.70 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 287.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 287.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.30 287.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.25 287.00 Td (76,570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 287.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.60 287.00 Td (\(11,922) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.30 287.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.30 287.00 Td (64,648) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 274.70 Td (Other comprehensive loss, net of tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 274.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 274.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.30 274.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 274.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.60 274.00 Td (\(47,089) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 274.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.60 274.00 Td (\(3,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.30 274.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.60 274.00 Td (\(50,766) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 274.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 261.70 Td (Initial noncontrolling interest related to business) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 253.70 Td (combinations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 253.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 253.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.30 253.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 253.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 253.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.30 253.00 Td (775) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 253.00 Td (775) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 240.70 Td (Change in fair value of redeemable noncontrolling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 232.70 Td (interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 232.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 232.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.60 232.00 Td (\(14,702) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 232.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.60 232.00 Td (\(59,492) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 232.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 232.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 232.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.60 232.00 Td (\(74,194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 232.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 219.70 Td (Exercise of stock options and issuance of share-based) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 211.70 Td (awards, net of shares withheld for employee taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.30 211.00 Td (305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 211.00 Td (3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.60 211.00 Td (\(4,481) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 211.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 211.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 211.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 211.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.60 211.00 Td (\(4,478) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 211.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 198.70 Td (Stock-based compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 198.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 198.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.25 198.00 Td (12,627) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 198.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 198.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 198.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.30 198.00 Td (12,627) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 185.70 Td (Tax benefit related to stock-based compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 185.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 185.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.60 185.00 Td (\(2,324) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 185.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 185.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 185.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 185.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.60 185.00 Td (\(2,324) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 185.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 172.70 Td (Reclassification of redeemable equity component of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 164.70 Td (convertible senior notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 164.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 164.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.25 164.00 Td (3,130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 164.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 164.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 164.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 164.00 Td (3,130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 151.70 Td (Other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 251.30 151.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.30 151.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 314.60 151.00 Td (\(1,391) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.30 151.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 151.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 151.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.30 151.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.60 151.00 Td (\(1,391) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 151.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 138.83 Td (Balance at December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 237.30 138.00 Td (25,593) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.00 138.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.30 138.00 Td (256) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.00 138.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.25 138.00 Td (103,392) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.00 138.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.25 138.00 Td (560,567) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.00 138.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.60 138.00 Td (\(104,911) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.30 138.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.00 138.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.60 138.00 Td (\(7,539) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.30 138.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 138.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 138.00 Td (551,765) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 194.75 113.25 Td (See accompanying notes to consolidated financial statements) Tj ET Q endstream endobj 195 0 obj <> endobj 196 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.30 24.60 Td (F-6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.70 749.25 Td (ENCORE CAPIT) Tj ET Q q 0 0 0 rg BT 305.35 749.25 Td (AL) Tj ET Q q 0 0 0 rg BT 318.69 749.25 Td ( GROUP) Tj ET Q q 0 0 0 rg BT 356.38 749.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.80 734.25 Td (Consolidated Statements of Cash Flows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 722.25 Td (\(In ) Tj ET Q q 0 0 0 rg BT 289.63 722.25 Td (Thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 691.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 691.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 691.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 691.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 691.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 691.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 669.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 669.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 669.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 669.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 669.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 669.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 647.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 647.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 647.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 647.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 647.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 647.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 625.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 625.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 625.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 625.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 625.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 625.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 603.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 603.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 603.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 603.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 603.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 603.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 581.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 581.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 581.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 581.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 581.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 581.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 559.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 559.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 559.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 559.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 559.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 559.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 537.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 537.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 537.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 537.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 537.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 537.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 515.75 287.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 515.75 72.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 515.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 515.75 73.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 515.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 515.75 73.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 486.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 486.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 486.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 486.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 486.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 486.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 464.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 464.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 464.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 464.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 464.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 464.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 442.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 442.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 442.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 442.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 442.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 442.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 420.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 420.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 420.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 420.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 420.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 420.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 398.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 398.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 398.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 398.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 398.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 398.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 376.75 287.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 376.75 72.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 376.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 376.75 73.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 376.75 4.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 376.75 73.00 -18.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 347.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 347.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 347.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 347.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 347.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 347.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 325.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 325.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 325.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 325.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 325.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 325.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 303.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 303.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 303.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 303.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 303.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 303.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 281.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 281.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 281.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 281.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 281.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 281.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 259.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 259.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 259.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 259.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 259.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 259.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 237.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 237.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 237.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 237.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 237.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 237.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 215.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 215.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 215.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 215.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 215.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 215.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 193.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 193.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 193.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 193.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 193.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 193.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 171.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 171.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 171.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 171.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 171.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 171.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 149.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 149.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 149.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 149.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 149.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 149.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 127.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 127.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 127.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 127.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 127.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 127.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 105.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 105.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 105.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 105.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 105.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 105.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 83.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 83.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 83.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 83.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 83.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 83.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 62.75 287.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 62.75 72.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 62.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 62.75 73.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 62.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 62.75 73.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 700.75 m 408 700.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 700.75 m 412 700.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 700.75 m 485 700.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 700.75 m 489 700.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 700.75 m 562 700.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 691.75 m 408 691.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 700.75 m 485 700.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 691.75 m 485 691.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 700.75 m 562 700.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 691.75 m 562 691.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 526.75 m 408 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 526.75 m 485 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 526.75 m 562 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 497.75 m 408 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 487.75 m 408 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 485.75 m 408 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 497.75 m 485 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 487.75 m 485 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 485.75 m 485 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 497.75 m 562 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 487.75 m 562 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 485.75 m 562 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 387.75 m 408 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 387.75 m 485 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 387.75 m 562 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 358.75 m 408 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 348.75 m 408 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 346.75 m 408 346.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 358.75 m 485 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 348.75 m 485 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 346.75 m 485 346.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 358.75 m 562 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 348.75 m 562 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 346.75 m 562 346.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 182.75 m 408 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 182.75 m 485 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 182.75 m 562 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 171.75 m 408 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 171.75 m 485 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 171.75 m 562 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 138.75 m 408 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 138.75 m 485 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 138.75 m 562 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 116.75 m 408 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 106.75 m 408 106.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 104.75 m 408 104.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 116.75 m 485 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 106.75 m 485 106.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 104.75 m 485 104.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 116.75 m 562 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 106.75 m 562 106.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 104.75 m 562 104.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 703.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.20 703.83 Td (Year Ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.50 692.88 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.00 692.88 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 692.88 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 683.83 Td (Operating activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 672.70 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.50 672.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 672.70 Td (16,817) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.50 672.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 672.70 Td (47,384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 672.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 672.70 Td (98,278) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 661.70 Td (Adjustments to reconcile net income to net cash provided by operating activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 650.70 Td (Loss \(income\) from discontinued operations, net of income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 650.70 Td (2,353) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 650.70 Td (23,387) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 650.70 Td (\(6,816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 650.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 639.70 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 639.70 Td (34,868) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 639.70 Td (33,160) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 639.70 Td (27,100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 628.70 Td (Other non-cash expense, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 628.70 Td (30,623) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 628.70 Td (35,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 628.70 Td (27,660) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 617.70 Td (Stock-based compensation expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 617.70 Td (12,627) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 617.70 Td (22,008) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 617.70 Td (17,181) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 606.70 Td (Gain on derivative instruments, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.10 606.70 Td (\(7,816) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 606.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 606.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 606.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 595.70 Td (Deferred income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.10 595.70 Td (\(52,905) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 595.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.10 595.70 Td (\(16,665) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 595.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 595.70 Td (\(48,078) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 595.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 584.70 Td (Excess tax benefit from stock-based payment arrangements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 584.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.10 584.70 Td (\(1,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 584.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 584.70 Td (\(11,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 584.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 573.70 Td (Provision for \(reversal of\) allowances on receivable portfolios, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 573.70 Td (84,177) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.10 573.70 Td (\(6,763) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 573.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 573.70 Td (\(17,407) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 573.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 562.70 Td (Changes in operating assets and liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 551.70 Td (Deferred court costs and other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.10 551.70 Td (\(20,364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 551.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.10 551.70 Td (\(33,430) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 551.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 551.70 Td (\(11,282) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 551.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 540.70 Td (Prepaid income tax and income taxes payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 540.70 Td (25,417) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.10 540.70 Td (\(29,504) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 540.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 540.70 Td (22,180) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 529.70 Td (Accounts payable, accrued liabilities and other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 529.70 Td (2,439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 529.70 Td (43,135) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 529.70 Td (9,832) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.50 518.70 Td (Net cash provided by operating activities from continuing operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.80 518.70 Td (128,236) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 518.70 Td (116,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 518.70 Td (106,720) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.50 507.70 Td (Net cash provided by \(used in\) operating activities from discontinued) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.50 499.75 Td (operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 502.00 Td (2,096) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.10 502.00 Td (\(1,667) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 502.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 502.00 Td (4,824) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.50 489.70 Td (Net cash provided by operating activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.80 489.70 Td (130,332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 489.70 Td (114,425) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 489.70 Td (111,544) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 478.83 Td (Investing activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 467.70 Td (Cash paid for acquisitions, net of cash acquired) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.10 467.70 Td (\(675) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 467.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.10 467.70 Td (\(276,575) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 467.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.10 467.70 Td (\(446,165) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 467.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 456.70 Td (Proceeds from divestiture of business, net of cash divested) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.80 456.70 Td (106,041) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 456.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 456.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 445.70 Td (Purchases of assets held for sale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.10 445.70 Td (\(19,874) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 445.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 445.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 445.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 434.70 Td (Purchases of receivable portfolios, net of put-backs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.10 434.70 Td (\(907,413) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 434.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.10 434.70 Td (\(749,760) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 434.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.10 434.70 Td (\(862,997) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 434.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 423.70 Td (Collections applied to investment in receivable portfolios, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.80 423.70 Td (659,321) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 423.70 Td (635,899) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 423.70 Td (633,960) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 412.70 Td (Purchases of property and equipment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.10 412.70 Td (\(31,668) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 412.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.10 412.70 Td (\(28,624) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 412.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 412.70 Td (\(23,084) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 412.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 401.70 Td (Proceeds from derivative instruments, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 401.70 Td (8,800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 401.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 401.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 390.70 Td (Other, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 390.70 Td (1,994) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.10 390.70 Td (\(1,233) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 390.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 390.70 Td (\(5,102) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 390.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.50 379.70 Td (Net cash used in investing activities from continuing operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.10 379.70 Td (\(183,474) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 379.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.10 379.70 Td (\(420,293) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 379.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.10 379.70 Td (\(703,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 379.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.50 368.70 Td (Net cash provided by \(used in\) used in investing activities from) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.50 360.75 Td (discontinued operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 363.00 Td (14,685) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.10 363.00 Td (\(52,416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 363.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 363.00 Td (\(51,809) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 363.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.50 350.70 Td (Net cash used in investing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.10 350.70 Td (\(168,789) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 350.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.10 350.70 Td (\(472,709) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 350.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.10 350.70 Td (\(755,197) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 350.70 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 339.83 Td (Financing activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 328.70 Td (Payment of loan costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.10 328.70 Td (\(32,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 328.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.10 328.70 Td (\(17,995) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 328.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 328.70 Td (\(20,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 328.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 317.70 Td (Proceeds from credit facilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.80 317.70 Td (586,016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.80 317.70 Td (1,084,393) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.80 317.70 Td (1,343,417) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 306.70 Td (Repayment of credit facilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.10 306.70 Td (\(615,857) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 306.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.10 306.70 Td (\(898,086) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 306.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.10 306.70 Td (\(1,184,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 306.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 295.70 Td (Proceeds from senior secured notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.80 295.70 Td (442,610) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 295.70 Td (332,693) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 295.70 Td (288,645) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 284.70 Td (Repayment of senior secured notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.10 284.70 Td (\(352,549) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 284.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.10 284.70 Td (\(15,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 284.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 284.70 Td (\(15,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 284.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 273.70 Td (Proceeds from issuance of convertible senior notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 273.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 273.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 273.70 Td (161,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 262.70 Td (Proceeds from issuance of securitized notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 262.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 262.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 262.70 Td (134,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 251.70 Td (Repayment of securitized notes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.10 251.70 Td (\(935) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 251.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.10 251.70 Td (\(44,251) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 251.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 251.70 Td (\(29,753) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 251.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 240.70 Td (Purchases of convertible hedge instruments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 240.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 240.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 240.70 Td (\(33,576) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 240.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 229.70 Td (Repurchase of common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 229.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.10 229.70 Td (\(33,185) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 229.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 229.70 Td (\(16,815) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 229.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 218.70 Td (Taxes paid related to net share settlement of equity awards) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.10 218.70 Td (\(4,829) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 218.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.10 218.70 Td (\(6,289) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 218.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 218.70 Td (\(20,324) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 218.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 207.70 Td (Excess tax benefit from stock-based payment arrangements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 207.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.80 207.70 Td (1,724) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 207.70 Td (11,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 196.70 Td (Proceeds from other debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 196.70 Td (36,172) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 196.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 196.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 185.70 Td (Other, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.10 185.70 Td (\(15,037) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 185.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.10 185.70 Td (\(2,159) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 185.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 185.70 Td (7,146) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.50 174.70 Td (Net cash provided by financing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 174.70 Td (43,253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 174.70 Td (401,845) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 174.70 Td (626,323) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 163.70 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.80 163.70 Td (4,796) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 163.70 Td (43,561) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 163.70 Td (\(17,330) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 163.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 152.70 Td (Effect of exchange rate changes on cash and cash equivalents) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.10 152.70 Td (\(8,624) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.80 152.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.10 152.70 Td (\(14,131) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.80 152.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 152.70 Td (15,280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 141.70 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.80 141.70 Td (153,593) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 141.70 Td (124,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 141.70 Td (126,213) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 130.70 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.80 130.70 Td (149,765) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 130.70 Td (153,593) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 130.70 Td (124,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 119.70 Td (Cash and cash equivalents of discontinued operations, end of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 119.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 119.70 Td (29,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 119.70 Td (32,644) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 108.70 Td (Cash and cash equivalents of continuing operations, end of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.50 108.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.80 108.70 Td (149,765) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.50 108.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 108.70 Td (123,993) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 108.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 108.70 Td (91,519) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 97.70 Td (Supplemental disclosures of cash flow information:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 86.70 Td (Cash paid for interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.50 86.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.80 86.70 Td (147,899) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.50 86.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.80 86.70 Td (151,946) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 86.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 86.70 Td (95,034) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 75.70 Td (Cash paid for income taxes, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.80 75.70 Td (60,071) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.80 75.70 Td (84,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 75.70 Td (69,948) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 64.75 Td (Supplemental schedule of non-cash investing and financing activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 69.50 54.70 Td (Fixed assets acquired through capital lease) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.50 54.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.80 54.70 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.50 54.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.80 54.70 Td (2,220) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 54.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 54.70 Td (8,341) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 183.50 40.25 Td (See accompanying notes to consolidated financial statements) Tj ET Q endstream endobj 197 0 obj <> endobj 198 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.30 31.60 Td (F-7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.70 742.25 Td (ENCORE CAPIT) Tj ET Q q 0 0 0 rg BT 305.35 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 318.69 742.25 Td ( GROUP) Tj ET Q q 0 0 0 rg BT 356.38 742.25 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.20 727.25 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 706.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.49 706.25 Td (: Ownership, Description of Business, and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 362.25 706.25 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 685.25 Td (Encore Capital Group, Inc. \(Encore\), through its subsidiaries \(collectively with Encore, the Company\), is an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (international specialty finance company providing debt recovery solutions and other related services for consumers across a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (broad range of financial assets. ) Tj ET Q q 0 0 0 rg BT 176.44 661.25 Td (The Company purchases portfolios of defaulted consumer receivables at deep discounts to face ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (value and manages them by working with individuals as they repay their obligations and work toward financial recovery) Tj ET Q q 0 0 0 rg BT 531.71 649.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (Defaulted receivables are consumers) Tj ET Q q 0 0 0 rg BT 199.46 637.25 Td ( unpaid financial commitments to credit originators, including banks, credit unions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (consumer finance companies, commercial retailers, and telecommunication companies. Defaulted receivables may also include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (receivables subject to bankruptcy proceedings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (Basis of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 575.25 Td (The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (the United States of ) Tj ET Q q 0 0 0 rg BT 131.10 563.25 Td (America \(GAAP\), and reflect the accounts and operations of the Company and those of its subsidiaries in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (which the Company has a controlling financial interest. ) Tj ET Q q 0 0 0 rg BT 273.93 551.25 Td (The Company also consolidates ) Tj ET Q q 0 0 0 rg BT 403.72 551.25 Td (VIEs, for which it is the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.25 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 94.32 539.25 Td (. ) Tj ET Q q 0 0 0 rg BT 99.14 539.25 Td (The primary beneficiary has both \(a\)the power to direct the activities of the ) Tj ET Q q 0 0 0 rg BT 404.95 539.25 Td (VIE that most significantly af) Tj ET Q q 0 0 0 rg BT 523.63 539.25 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.25 Td (entity) Tj ET Q q 0 0 0 rg BT 75.55 527.25 Td (s economic performance and \(b\)either the obligation to absorb losses or the right to receive benefits. Refer to Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.45 527.25 Td (1) Tj ET Q q 0 0 0 rg BT 543.08 527.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.08 527.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.25 Td (V) Tj ET Q q 0 0 0 rg BT 60.55 515.25 Td (ariable Interest Entities for further details. ) Tj ET Q q 0 0 0 rg BT 234.65 515.25 Td (All intercompany transactions and balances have been eliminated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (consolidation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.74 482.25 Td (ranslation of Foreign Currencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 465.25 Td (The financial statements of certain of the Company) Tj ET Q q 0 0 0 rg BT 281.98 465.25 Td (s foreign subsidiaries are measured using their local currency as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.25 Td (functional currency) Tj ET Q q 0 0 0 rg BT 127.37 453.25 Td (. ) Tj ET Q q 0 0 0 rg BT 131.82 453.25 Td (Assets and liabilities of foreign operations are translated into U.S. dollars using period-end exchange rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.25 Td (and revenues and expenses are translated into U.S. dollars using average exchange rates in ef) Tj ET Q q 0 0 0 rg BT 421.90 441.25 Td (fect during each period. ) Tj ET Q q 0 0 0 rg BT 519.17 441.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.25 Td (resulting translation adjustments are recorded as a component of other comprehensive income or loss. Equity accounts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.25 Td (translated at historical rates, except for the change in retained earnings during the year which is the result of the income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.25 Td (statement translation process. Intercompany transaction gains or losses at each period end arising from subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.25 Td (measurement of balances for which settlement is not planned or anticipated in the foreseeable future are included as translation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.25 Td (adjustments and recorded within other comprehensive income or loss. ) Tj ET Q q 0 0 0 rg BT 331.97 381.25 Td (T) Tj ET Q q 0 0 0 rg BT 337.72 381.25 Td (ransaction gains and losses are included in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.25 Td (income or expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (Reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 331.25 Td (Certain immaterial reclassifications have been made to the consolidated financial statements to conform to the current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.25 Td (year) Tj ET Q q 0 0 0 rg BT 67.58 319.25 Td () Tj ET Q q 0 0 0 rg BT 70.36 319.25 Td (s presentation. For the years ended December 31, 2015 and 2014, the Company revised its statements of comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 84.25 307.25 Td (The comprehensive loss attributable to Encore increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.28 307.25 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.17 307.25 Td ( for the year ended December 31, 2015, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (the comprehensive income attributable to Encore decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.23 295.25 Td ($3.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.12 295.25 Td ( for the years ended December 31, 2014. ) Tj ET Q q 0 0 0 rg BT 516.88 295.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (revisions were not material. ) Tj ET Q q 0 0 0 rg BT 163.39 283.25 Td (There were no revisions to the statements of financial condition, income, equity or cash flows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (Change in ) Tj ET Q q 0 0 0 rg BT 95.20 262.25 Td (Accounting Principle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 245.25 Td (In ) Tj ET Q q 0 0 0 rg BT 84.28 245.25 Td (April 2015, the Financial ) Tj ET Q q 0 0 0 rg BT 186.76 245.25 Td (Accounting Standards Board \(the F) Tj ET Q q 0 0 0 rg BT 332.10 245.25 Td (ASB\) issued ) Tj ET Q q 0 0 0 rg BT 388.77 245.25 Td (Accounting StandardsUpdate \(ASU\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.25 Td (No. 2015-03, InterestImputation of Interest \(Subtopic 835-30\): Simplifying the Presentation of Debt Issuance Cost \(ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.25 Td (2015-03\). ) Tj ET Q q 0 0 0 rg BT 95.55 221.25 Td (ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.25 Td (sheet as a direct deduction from the carrying amount of that debt liability) Tj ET Q q 0 0 0 rg BT 341.48 209.25 Td (, consistent with debt discounts. ) Tj ET Q q 0 0 0 rg BT 471.20 209.25 Td (ASU 2015-03 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 197.25 Td (fective beginning January 1, 2016, with early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 321.78 197.25 Td (The update requires retrospective application and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.25 Td (represents a change in accounting principle. ) Tj ET Q q 0 0 0 rg BT 227.80 185.25 Td (The Company adopted ) Tj ET Q q 0 0 0 rg BT 320.84 185.25 Td (ASU 2015-03 in the first quarter of 2016 and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.25 Td (retrospective application of this change in accounting principle on the consolidated balance sheet as of December 31, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.25 Td (reclassified debt issuance costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.46 161.25 Td ($41.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.35 161.25 Td (, which were previously presented as other assets, as a reduction to the carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.25 Td (value of the debt by the same amount. ) Tj ET Q q 0 0 0 rg BT 204.50 149.25 Td (The adoption did not have an impact on the Company's condensed consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (statements of income or statements of cash flows in any period.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 80.45 116.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 130.74 116.25 Td (Pronouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 92.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 102.39 92.25 Td (than ) Tj ET Q q 0 0 0 rg BT 122.22 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.05 92.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 174.67 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.04 92.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 207.66 92.25 Td (2015-03 ) Tj ET Q q 0 0 0 rg BT 243.60 92.25 Td (as ) Tj ET Q q 0 0 0 rg BT 254.55 92.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 295.50 92.25 Td (in ) Tj ET Q q 0 0 0 rg BT 305.90 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 320.73 92.25 Td (Change ) Tj ET Q q 0 0 0 rg BT 358.33 92.25 Td (in ) Tj ET Q q 0 0 0 rg BT 368.15 92.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 417.42 92.25 Td (Principle ) Tj ET Q q 0 0 0 rg BT 460.58 92.25 Td (section ) Tj ET Q q 0 0 0 rg BT 491.52 92.25 Td (above, ) Tj ET Q q 0 0 0 rg BT 520.52 92.25 Td (there ) Tj ET Q q 0 0 0 rg BT 543.12 92.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.25 Td (been ) Tj ET Q q 0 0 0 rg BT 70.72 80.25 Td (no ) Tj ET Q q 0 0 0 rg BT 82.56 80.25 Td (new ) Tj ET Q q 0 0 0 rg BT 101.06 80.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 146.77 80.25 Td (pronouncements ) Tj ET Q q 0 0 0 rg BT 214.70 80.25 Td (made ) Tj ET Q q 0 0 0 rg BT 238.20 80.25 Td (ef) Tj ET Q q 0 0 0 rg BT 245.79 80.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 274.83 80.25 Td (during ) Tj ET Q q 0 0 0 rg BT 302.78 80.25 Td (year ) Tj ET Q q 0 0 0 rg BT 321.82 80.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 347.54 80.25 Td (December ) Tj ET Q q 0 0 0 rg BT 390.46 80.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 404.80 80.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 426.64 80.25 Td (that ) Tj ET Q q 0 0 0 rg BT 443.48 80.25 Td (have ) Tj ET Q q 0 0 0 rg BT 464.19 80.25 Td (significance, ) Tj ET Q q 0 0 0 rg BT 516.84 80.25 Td (or ) Tj ET Q q 0 0 0 rg BT 527.01 80.25 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.25 Td (significance, ) Tj ET Q q 0 0 0 rg BT 103.31 68.25 Td (to ) Tj ET Q q 0 0 0 rg BT 113.59 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.31 68.25 Td (Company) Tj ET Q q 0 0 0 rg BT 169.97 68.25 Td (s ) Tj ET Q q 0 0 0 rg BT 176.36 68.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 229.40 68.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 266.88 68.25 Td (statements.) Tj ET Q endstream endobj 199 0 obj <> endobj 200 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.30 31.60 Td (F-8) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 740.7669921875 m 263.18359375 740.7669921875 l s q 0 0 0 rg BT 50.00 742.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 79.52 742.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 137.19 742.10 Td (onouncements Not Y) Tj ET Q q 0 0 0 rg BT 218.49 742.10 Td (et Effective) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 162.96 721.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 211.87 721.10 Td (ASU 2017-04, Intangibles - Goodwill and Other \(T) Tj ET Q q 0 0 0 rg BT 416.69 721.10 Td (opic 350\). ) Tj ET Q q 0 0 0 rg BT 459.56 721.10 Td (The amendments in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (update simplify the test for goodwill impairment by eliminating Step 2 from the impairment test, which required the entity to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (perform procedures to determine the fair value at the impairment testing date of its assets and liabilities following the procedure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (that would be required in determining fair value of assets acquired and liabilities assumed in a business combination. ) Tj ET Q q 0 0 0 rg BT 519.98 685.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (amendments in this update are ef) Tj ET Q q 0 0 0 rg BT 181.72 673.10 Td (fective for public companies for annual or any interim goodwill impairments tests in fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (performed on testing dates after January 1, 2017. ) Tj ET Q q 0 0 0 rg BT 248.09 649.10 Td (The Company is evaluating the impact of adopting this guidance on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (consolidated financial statements as well as whether to adopt the new guidance early) Tj ET Q q 0 0 0 rg BT 388.12 637.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 616.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 162.96 616.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 211.87 616.10 Td (ASU 2017-01, Business Combinations \(T) Tj ET Q q 0 0 0 rg BT 378.12 616.10 Td (opic 805\); Clarifying the Definition of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (Business. ) Tj ET Q q 0 0 0 rg BT 90.38 604.10 Td (The amendments in this update clarify the definition of a business to help companies evaluate whether transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (should be accounted for as acquisitions or disposals of assets or businesses. ) Tj ET Q q 0 0 0 rg BT 353.94 592.10 Td (The amendments in this update are ef) Tj ET Q q 0 0 0 rg BT 503.70 592.10 Td (fective for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (public companies for annual periods beginning after December 15, 2017, including interim periods within those periods. ) Tj ET Q q 0 0 0 rg BT 534.42 580.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (Company is evaluating the impact of adopting this guidance on its consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 547.10 Td (In ) Tj ET Q q 0 0 0 rg BT 84.28 547.10 Td (August 2016, the F) Tj ET Q q 0 0 0 rg BT 160.21 547.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 209.11 547.10 Td (ASU 2016-15,Statement of Cash Flows\(T) Tj ET Q q 0 0 0 rg BT 381.46 547.10 Td (opic 230\): Classification of Certain Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (Receipts and Cash Payments\(ASU 2016-15\). ) Tj ET Q q 0 0 0 rg BT 243.95 535.10 Td (The F) Tj ET Q q 0 0 0 rg BT 266.82 535.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 315.72 535.10 Td (ASU 2016-15 to decrease the diversity in practice in how ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (certain cash receipts and cash payments are presented and classified in the statement of cash flows. ) Tj ET Q q 0 0 0 rg BT 448.28 523.10 Td (The amendments in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (update provide guidance on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.30 511.10 Td (eight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.29 511.10 Td ( specific cash flow issues. ) Tj ET Q q 0 0 0 rg BT 288.82 511.10 Td (ASU 2016-15 is ef) Tj ET Q q 0 0 0 rg BT 363.92 511.10 Td (fective for reporting periods beginning after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (December 15, 2017, with earlyadoption permitted,providedthatall of the amendments are adoptedin the same period.) Tj ET Q q 0 0 0 rg BT 531.06 499.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (guidance requires application usinga retrospective transition method. ) Tj ET Q q 0 0 0 rg BT 330.57 487.10 Td (The Company is currently evaluating the impact of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (accounting standard update on its consolidated financial statements as well as whether to adopt the new guidance early) Tj ET Q q 0 0 0 rg BT 524.47 475.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 454.10 Td (In June 2016, the F) Tj ET Q q 0 0 0 rg BT 150.20 454.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 199.10 454.10 Td (ASU No. 2016-13, Financial Instruments - Credit Losses \(T) Tj ET Q q 0 0 0 rg BT 438.37 454.10 Td (opic 326\): Measurement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Credit Losses on Financial Instruments \(ASU 2016-13\). ) Tj ET Q q 0 0 0 rg BT 284.97 442.10 Td (ASU 2016-13 applies a current expected credit loss model which is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (new impairment model based on expected losses rather than incurred losses. Under this model, an entity would recognize an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (financial assets measured at amortized cost. ) Tj ET Q q 0 0 0 rg BT 227.25 406.10 Td (The estimate of expected credit losses should consider historical information, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (current information, as well as reasonable and supportable forecasts, including estimates of prepayments. ) Tj ET Q q 0 0 0 rg BT 473.02 394.10 Td (The expected credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (losses, and subsequent adjustments to such losses, will be recorded through an allowance account that is deducted from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (amortized cost basis of the financial asset, with the net carrying value of the financial asset presented on the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (balance sheet at the amount expected to be collected. ) Tj ET Q q 0 0 0 rg BT 263.79 358.10 Td (ASU 2016-13 eliminates the current accounting model for loans and debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (securities acquired with deteriorated credit quality under ) Tj ET Q q 0 0 0 rg BT 277.97 346.10 Td (ASC 310-30, which provides authoritative guidance for the accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (of the Company) Tj ET Q q 0 0 0 rg BT 117.21 334.10 Td (s investment in receivable portfolios. Under this new standard, entities will gross up the initial amortized cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (for the purchased financial assets with credit deterioration \(PCD assets\), the initial amortized cost will be the sum of \(1\) the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (purchase price and \(2\) the estimate of credit losses as of the date of acquisition. ) Tj ET Q q 0 0 0 rg BT 369.34 310.10 Td (After initial recognition of PCD assets and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (related allowance, any change in estimated cash flows \(favorable or unfavorable\) will be immediately recognized in the income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (statement because the yield on PCD assets is locked. ) Tj ET Q q 0 0 0 rg BT 262.73 286.10 Td (ASU 2016-13 is ef) Tj ET Q q 0 0 0 rg BT 337.83 286.10 Td (fective for reporting periods beginning after December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (15, 2019 with early adoption permitted for reporting periods beginning after December 15, 2018. ) Tj ET Q q 0 0 0 rg BT 440.55 274.10 Td (The Company is in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (process of determining the ef) Tj ET Q q 0 0 0 rg BT 166.45 262.10 Td (fects the adoption will have on its consolidated financial statements as well as whether to adopt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (the new guidance early) Tj ET Q q 0 0 0 rg BT 141.81 250.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 229.10 Td (In March 2016, the F) Tj ET Q q 0 0 0 rg BT 157.96 229.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 206.87 229.10 Td (ASU No. 2016-09, Compensation - Stock Compensation \(T) Tj ET Q q 0 0 0 rg BT 445.32 229.10 Td (opic 718\): Improvements to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (Employee Share-Based Payment ) Tj ET Q q 0 0 0 rg BT 183.02 217.10 Td (Accounting \(ASU 2016-09\). ) Tj ET Q q 0 0 0 rg BT 308.00 217.10 Td (ASU 2016-09 simplifies several aspects of the accounting for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (share-based payment transactions, including the income tax consequences, classification of awards as either equity or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (liabilities, and classification on the statement of cash flows. For public entities, ) Tj ET Q q 0 0 0 rg BT 367.99 193.10 Td (ASU 2016-09 is ef) Tj ET Q q 0 0 0 rg BT 443.08 193.10 Td (fective for fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (of this standard, excess tax benefits and tax deficiencies will be recognized as income tax expense, and the tax ef) Tj ET Q q 0 0 0 rg BT 501.04 169.10 Td (fects of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (exercised or vested awards will be treated as discrete items in the period in which they occur) Tj ET Q q 0 0 0 rg BT 419.87 157.10 Td (. ) Tj ET Q q 0 0 0 rg BT 424.32 157.10 Td (As such, implementation of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (standard could create volatility in and entity) Tj ET Q q 0 0 0 rg BT 228.83 145.10 Td (s ef) Tj ET Q q 0 0 0 rg BT 242.81 145.10 Td (fective income tax rate on a quarter by quarter basis. ) Tj ET Q q 0 0 0 rg BT 455.04 145.10 Td (The volatility in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 133.10 Td (fective income tax rate is due primarily to fluctuations in the stock price and the timing of stock option exercises and vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (of restricted share grants. ) Tj ET Q q 0 0 0 rg BT 153.39 121.10 Td (The standard also requires excess tax benefits to be presented as an operating activity on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (statement of cash flows rather than as a financing activity) Tj ET Q q 0 0 0 rg BT 279.55 109.10 Td (. ) Tj ET Q q 0 0 0 rg BT 283.99 109.10 Td (An entity may elect to apply the change in presentation in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (statement of cash flows either prospectively or retrospectively to all periods presented. Further) Tj ET Q q 0 0 0 rg BT 428.09 97.10 Td (, the amendments allow the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (entities to make an accounting policy election to either estimate forfeitures or recognize forfeitures as they occur) Tj ET Q q 0 0 0 rg BT 499.82 85.10 Td (. If an election ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (is made, the change to recognize forfeitures as they occur must be adopted using a modified retrospective approach with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (cumulative ef) Tj ET Q q 0 0 0 rg BT 104.52 61.10 Td (fect adjustment recorded to opening retained earnings. ) Tj ET Q endstream endobj 201 0 obj <> endobj 202 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.30 31.60 Td (F-9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (ASU 2016-09 became ef) Tj ET Q q 0 0 0 rg BT 172.96 742.10 Td (fective for the Company on January 1, 2017. ) Tj ET Q q 0 0 0 rg BT 353.84 742.10 Td (The Company will apply the change in presentation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (in the statement of cash flows retrospectively for all periods presented after adoption date. ) Tj ET Q q 0 0 0 rg BT 412.75 730.10 Td (The Company believes that the new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (standard may cause volatility in its ef) Tj ET Q q 0 0 0 rg BT 199.22 718.10 Td (fective tax rates and earnings per share due to the tax ef) Tj ET Q q 0 0 0 rg BT 421.44 718.10 Td (fects related to share-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (payments being recorded to the income statement. ) Tj ET Q q 0 0 0 rg BT 253.09 706.10 Td (The volatility in future periods will depend on the Company) Tj ET Q q 0 0 0 rg BT 496.65 706.10 Td (s stock price at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (the awards) Tj ET Q q 0 0 0 rg BT 95.63 694.10 Td ( vest dates and the number of awards that vest in each period. ) Tj ET Q q 0 0 0 rg BT 343.70 694.10 Td (The Company will not elect an accounting policy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (change to record forfeitures as they occur and will continue to estimate forfeitures at each period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 661.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 167.96 661.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 216.87 661.10 Td (ASU 2016-02, Leases \(T) Tj ET Q q 0 0 0 rg BT 316.15 661.10 Td (opic 842\) \(ASU 2016-02\). ) Tj ET Q q 0 0 0 rg BT 432.52 661.10 Td (ASU 2016-02 changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (accounting for leases and requires lessees to recognize the assets and liabilities arising from all leases, including those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (classified as operating leases under previous accounting guidance, on the balance sheet and requires disclosure of key ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (information about leasing arrangements to increase transparency and comparability among or) Tj ET Q q 0 0 0 rg BT 423.57 625.10 Td (ganizations. ) Tj ET Q q 0 0 0 rg BT 473.94 625.10 Td (The new guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (must be adopted using the modified retrospective approach and will be ef) Tj ET Q q 0 0 0 rg BT 343.34 613.10 Td (fective for the Company starting in the first quarter of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (fiscal year 2019. Early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 232.82 601.10 Td (The Company is in the process of determining the ef) Tj ET Q q 0 0 0 rg BT 442.87 601.10 Td (fects the adoption will have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (on its consolidated financial statements as well as whether to adopt the new guidance early) Tj ET Q q 0 0 0 rg BT 412.57 589.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 568.10 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 150.20 568.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 199.10 568.10 Td (ASU 2014-09, Revenue from Contracts with Customers \(T) Tj ET Q q 0 0 0 rg BT 434.48 568.10 Td (opic 606\) \(ASU 2014-09\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (The objective of ) Tj ET Q q 0 0 0 rg BT 117.48 556.10 Td (ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (specific guidance. ) Tj ET Q q 0 0 0 rg BT 124.51 532.10 Td (The core principle is that an entity should recognize revenue to depict the transfer of promised goods or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (those goods or services. In applying ) Tj ET Q q 0 0 0 rg BT 195.81 508.10 Td (ASU 2014-09, companies will perform a five-step analysis of transactions to determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (when and how revenue is recognized. ) Tj ET Q q 0 0 0 rg BT 202.45 496.10 Td (ASU 2014-09 applies to all contracts with customers except those that are within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (scope of other topics in the F) Tj ET Q q 0 0 0 rg BT 165.35 484.10 Td (ASB) Tj ET Q q 0 0 0 rg BT 187.58 484.10 Td (s ) Tj ET Q q 0 0 0 rg BT 193.42 484.10 Td (ASC. ) Tj ET Q q 0 0 0 rg BT 217.32 484.10 Td (ASU 2014-09 is ef) Tj ET Q q 0 0 0 rg BT 292.41 484.10 Td (fective for annual reporting periods \(including interim periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (within that reporting period\) beginning after December 15, 2016 and shall be applied using either a full retrospective or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (modified retrospective approach. Early application is not permitted. In ) Tj ET Q q 0 0 0 rg BT 333.52 460.10 Td (August 2015, F) Tj ET Q q 0 0 0 rg BT 394.73 460.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 443.63 460.10 Td (ASU 2015-14, which defers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (the ef) Tj ET Q q 0 0 0 rg BT 72.30 448.10 Td (fective date of ) Tj ET Q q 0 0 0 rg BT 131.44 448.10 Td (ASU 2014-09 for all public companies for all annual periods beginning after December 15, 2017 with early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (adoption permitted only as of annual reporting periods beginning after December 31, 2016, including interim periods within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (reporting period. In March 2016, the F) Tj ET Q q 0 0 0 rg BT 203.67 424.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 252.57 424.10 Td (ASU 2016-08 as an amendment to ) Tj ET Q q 0 0 0 rg BT 392.55 424.10 Td (ASU 2014-09, the amendment clarifies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (how to identify the unit of accounting for the principal versus agent evaluation, how to apply the control principle to certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (types of arrangements, such as service transaction, and reframed the indicators in the guidance to focus on evidence that an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (entity is acting as a principal rather than as an agent. ) Tj ET Q q 0 0 0 rg BT 261.96 388.10 Td (The Company is evaluating its implementation approach and the potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (impacts of ) Tj ET Q q 0 0 0 rg BT 94.25 376.10 Td (T) Tj ET Q q 0 0 0 rg BT 99.66 376.10 Td (opic 606 on its existing revenue recognition policies and procedures. ) Tj ET Q q 0 0 0 rg BT 376.91 376.10 Td (The revenue recognition guidance of this new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (standard applies to the Company) Tj ET Q q 0 0 0 rg BT 183.86 364.10 Td (s fee-based income generated from its international subsidiaries that provide portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (management services. ) Tj ET Q q 0 0 0 rg BT 140.62 352.10 Td (The Company does not expect the adoption of this standard will have a material impact on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (consolidated financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 319.10 Td (W) Tj ET Q q 0 0 0 rg BT 83.04 319.10 Td (ith the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 307.10 Td (fective that have significance, or potential significance, to the Company) Tj ET Q q 0 0 0 rg BT 347.76 307.10 Td (s consolidated financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 269.10 Td (The preparation of financial statements, in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 339.21 269.10 Td (, requires management to make estimates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (assumptions that af) Tj ET Q q 0 0 0 rg BT 127.03 257.10 Td (fect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (date of the financial statements and the reported amounts of revenues and expenses during the reporting period. ) Tj ET Q q 0 0 0 rg BT 497.63 245.10 Td (Actual results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (could materially dif) Tj ET Q q 0 0 0 rg BT 128.68 233.10 Td (fer from those estimates.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 195.10 Td (Cash and cash equivalents consist of highly liquid investments with maturities of three months or less at the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (purchase. ) Tj ET Q q 0 0 0 rg BT 90.36 183.10 Td (The Company invests its excess cash in bank deposits and money market instruments, which are af) Tj ET Q q 0 0 0 rg BT 486.20 183.10 Td (forded the highest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (ratings by nationally recognized rating firms. ) Tj ET Q q 0 0 0 rg BT 232.82 171.10 Td (The carrying amounts reported in the consolidated statements of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (condition for cash and cash equivalents approximate their fair value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (Investment in Receivable Portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 121.10 Td (In accordance with the authoritative guidance for loans and debt securities acquired with deteriorated credit quality) Tj ET Q q 0 0 0 rg BT 533.44 121.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (discrete receivable portfolio purchases during the same fiscal quarter are aggregated into pools based on common risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (characteristics. Common risk characteristics include risk ratings \(e.g. FICO or similar scores\), financial asset type, collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (type, size, interest rate, date of origination, term, and geographic location. ) Tj ET Q q 0 0 0 rg BT 347.77 85.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 407.48 85.10 Td (s static pools are typically grouped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (into credit card, purchased consumer bankruptcy) Tj ET Q q 0 0 0 rg BT 244.28 73.10 Td (, and mortgage portfolios. ) Tj ET Q q 0 0 0 rg BT 350.19 73.10 Td (The Company further groups these static pools by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (geographic region or location. Portfolios acquired in business combinations are also grouped into these pools. During any fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (quarter in which the Company has an acquisition of an entity that has portfolio, the entire historical portfolio of the acquired ) Tj ET Q endstream endobj 203 0 obj <> endobj 204 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (company is aggregated into the pool groups for that quarter) Tj ET Q q 0 0 0 rg BT 287.03 742.10 Td (, based on common characteristics, resulting in pools for that quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (that may consist of several dif) Tj ET Q q 0 0 0 rg BT 170.06 730.10 Td (ferent vintages of portfolio. Once a static pool is established, the portfolios are permanently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (assigned to the pool. ) Tj ET Q q 0 0 0 rg BT 134.53 718.10 Td (The discount \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 192.29 718.10 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.51 718.10 Td (, the dif) Tj ET Q q 0 0 0 rg BT 235.16 718.10 Td (ference between the cost of each static pool and the related aggregate contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (receivable balance\) is not recorded because the Company expects to collect a relatively small percentage of each static pool) Tj ET Q q 0 0 0 rg BT 547.00 706.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (contractual receivable balance. ) Tj ET Q q 0 0 0 rg BT 175.48 694.10 Td (As a result, receivable portfolios are recorded at cost at the time of acquisition. ) Tj ET Q q 0 0 0 rg BT 492.96 694.10 Td (The purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (cost of the portfolios includes certain fees paid to third parties incurred in connection with the direct acquisition of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (receivable portfolios.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 649.10 Td (In compliance with the authoritative guidance, the Company accounts for its investments in consumer receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (portfolios using either the interest method or the cost recovery method. ) Tj ET Q q 0 0 0 rg BT 336.41 637.10 Td (The interest method applies an internal rate of return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (\(IRR\) to the cost basis of the pool, which remains unchanged throughout the life of the pool, unless there is an increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (subsequent expected cash flows. Subsequent increases in expected cash flows are generally recognized prospectively through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (an upward adjustment of the pool) Tj ET Q q 0 0 0 rg BT 186.91 601.10 Td (s IRR over its remaining life. Subsequent decreases in expected cash flows do not change the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (IRR, but are recognized as an allowance to the cost basis of the pool, and are reflected in the consolidated statements of income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (as a reduction in revenue, with a corresponding valuation allowance, of) Tj ET Q q 0 0 0 rg BT 335.27 577.10 Td (fsetting the investment in receivable portfolios in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (consolidated statements of financial condition. ) Tj ET Q q 0 0 0 rg BT 238.66 565.10 Td (W) Tj ET Q q 0 0 0 rg BT 247.70 565.10 Td (ith gross collections being discounted at monthly IRRs, when collections are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (lower in the near term, even if substantially higher collections are expected later in the collection curve, an allowance char) Tj ET Q q 0 0 0 rg BT 539.33 553.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (could result.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 520.10 Td (The Company accounts for each static pool as a unit for the economic life of the pool \(similar to one loan\) for recognition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (of revenue from receivable portfolios, for collections applied to the cost basis of receivable portfolios and for provision for loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (or allowance. Revenue from receivable portfolios is accrued based on each pool) Tj ET Q q 0 0 0 rg BT 372.65 496.10 Td (s IRR applied to each pool) Tj ET Q q 0 0 0 rg BT 481.79 496.10 Td (s adjusted cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 74.82 484.10 Td (The cost basis of each pool is increased by revenue earned and decreased by gross collections and portfolio allowances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 463.10 Td (If the amount and timing of future cash collections on a pool of receivables are not reasonably estimable, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (accounts for such portfolios on the cost recovery method \(Cost Recovery Portfolios\). ) Tj ET Q q 0 0 0 rg BT 401.12 451.10 Td (The accounts in these portfolios have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 439.10 Td (ferent risk characteristics than those included in other portfolios acquired during the same quarter) Tj ET Q q 0 0 0 rg BT 450.11 439.10 Td (, or the necessary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (information was not available to estimate future cash flows and, accordingly) Tj ET Q q 0 0 0 rg BT 355.09 427.10 Td (, they were not aggregated with other portfolios. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (See Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.88 415.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.88 415.10 Td (, Investment in Receivable Portfolios, Net for further discussion of investment in receivable portfolios.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Fee-based Income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 377.10 Td (Certain of the Company) Tj ET Q q 0 0 0 rg BT 171.65 377.10 Td (s international subsidiaries earn fee-based income by providing portfolio management services to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (credit originators for non-performing loans. ) Tj ET Q q 0 0 0 rg BT 226.99 365.10 Td (The Company recognizes fee-based income in accordance with the authoritative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.10 Td (guidance for revenue recognition, specifically principal agent considerations. ) Tj ET Q q 0 0 0 rg BT 360.81 353.10 Td (The revenue recognition guidance requires an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.10 Td (analysis to be completed to determine if certain revenues should be reported gross or reported net of their related operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 87.03 329.10 Td (This analysis includes an assessment of who retains credit risk, controls vendor selection, establishes pricing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.10 Td (remains the primary obligor on the transaction. ) Tj ET Q q 0 0 0 rg BT 240.32 317.10 Td (The Company considers each of these factors to determine the correct method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.10 Td (of recognizing fee-based income. Fee-based income is included in Other Revenues in the Company) Tj ET Q q 0 0 0 rg BT 459.31 305.10 Td (s consolidated statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (of income.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (Goodwill and Other Intangible ) Tj ET Q q 0 0 0 rg BT 179.10 272.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 255.10 Td (Goodwill represents the excess of purchase price over the value assigned to the tangible and identifiable intangible assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.10 Td (liabilities assumed, and noncontrolling interest of businesses acquired. ) Tj ET Q q 0 0 0 rg BT 333.83 243.10 Td (Acquired intangible assets other than goodwill are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.10 Td (amortized over their useful lives unless the lives are determined to be indefinite. In accordance with authoritative guidance on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.10 Td (goodwill and other intangible assets, goodwill and other indefinite-lived intangible assets are tested at the reporting unit level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.10 Td (annually for impairment and in interim periods if certain events occur indicating the fair value of a reporting unit may be below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (its carrying value. See Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.30 195.10 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.30 195.10 Td (, Goodwill and Identifiable Intangible ) Tj ET Q q 0 0 0 rg BT 331.03 195.10 Td (Assets for further discussion of the Company) Tj ET Q q 0 0 0 rg BT 519.33 195.10 Td (s goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (and other intangible assets.) Tj ET Q endstream endobj 205 0 obj <> endobj 206 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.95 31.60 Td (F-1) Tj ET Q q 0 0 0 rg BT 321.47 31.60 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Property and Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (Property and equipment are recorded at cost, less accumulated depreciation and amortization. ) Tj ET Q q 0 0 0 rg BT 450.34 725.25 Td (The provision for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 668.75 254.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 668.75 254.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 628.75 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 628.75 254.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 668.75 m 304.5 668.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 668.75 m 562.5 668.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 140.75 672.98 Td (Fixed Asset Category) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.85 672.98 Td (Estimated Useful Life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.55 659.32 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.45 658.42 Td (Lesser of lease term, including periods covered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.90 648.42 Td (by renewal options, or useful life) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 634.32 Td (Furniture, fixtures and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.30 634.32 Td (5 to 10 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.20 619.32 Td (Computer hardware and software) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.30 619.32 Td (3 to 10 years) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 593.25 Td (Maintenance and repairs are char) Tj ET Q q 0 0 0 rg BT 206.52 593.25 Td (ged to expense in the year incurred. Expenditures for major renewals that extend the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.25 Td (useful lives of fixed assets are capitalized and depreciated over the useful lives of such assets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (Deferred Court Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 543.25 Td (The Company pursues legal collections using a network of attorneys that specialize in collection matters and through its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 531.25 Td (internal legal channel. ) Tj ET Q q 0 0 0 rg BT 140.89 531.25 Td (The Company generally pursues collections through legal means only when it believes a consumer has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.25 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 519.25 Td (ficient assets to repay their indebtedness but has, to date, been unwilling to pay) Tj ET Q q 0 0 0 rg BT 377.70 519.25 Td (. In order to pursue legal collections the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.25 Td (Company is required to pay certain upfront costs to the applicable courts that are recoverable from the consumer \(Deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.25 Td (Court Costs\). ) Tj ET Q q 0 0 0 rg BT 110.10 495.25 Td (The Company capitalizes Deferred Court Costs in its consolidated financial statements and provides a reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.25 Td (for those costs that it believes will ultimately be uncollectible. ) Tj ET Q q 0 0 0 rg BT 300.59 483.25 Td (The Company determines the reserve based on an estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.25 Td (court cost recovery rate established based on its analysis of historical court costs recovery data. ) Tj ET Q q 0 0 0 rg BT 433.02 471.25 Td (The Company estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.25 Td (deferral periods for Deferred Court Costs based on jurisdiction and nature of litigation and writes of) Tj ET Q q 0 0 0 rg BT 449.43 459.25 Td (f any Deferred Court Costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.25 Td (not recovered within the respective deferral period. Collections received from debtors are first applied against related court ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.25 Td (costs with the balance applied to the debtors) Tj ET Q q 0 0 0 rg BT 229.48 435.25 Td ( account balance. See Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.99 435.25 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.99 435.25 Td (, Deferred Court Costs, Net for further discussion.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 414.25 Td (Income T) Tj ET Q q 0 0 0 rg BT 88.80 414.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 397.25 Td (The Company uses the liability method of accounting for income taxes in accordance with the authoritative guidance for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 82.30 385.25 Td (T) Tj ET Q q 0 0 0 rg BT 87.71 385.25 Td (axes. ) Tj ET Q q 0 0 0 rg BT 110.30 385.25 Td (When the Company prepares its consolidated financial statements, it estimates income taxes based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (various jurisdictions and countries where it conducts business. ) Tj ET Q q 0 0 0 rg BT 301.72 373.25 Td (This requires the Company to estimate current tax exposure and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (to assess temporary dif) Tj ET Q q 0 0 0 rg BT 141.74 361.25 Td (ferences that result from dif) Tj ET Q q 0 0 0 rg BT 252.63 361.25 Td (fering treatments of certain items for tax and accounting purposes. Deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (income taxes are recognized based on the dif) Tj ET Q q 0 0 0 rg BT 229.46 349.25 Td (ferences between the financial statement and income tax bases of assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (liabilities using enacted tax rates in ef) Tj ET Q q 0 0 0 rg BT 200.88 337.25 Td (fect for the year in which the dif) Tj ET Q q 0 0 0 rg BT 329.81 337.25 Td (ferences are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 462.32 337.25 Td (The Company then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.25 Td (assesses the likelihood that deferred tax assets will be realized. ) Tj ET Q q 0 0 0 rg BT 303.34 325.25 Td (V) Tj ET Q q 0 0 0 rg BT 309.46 325.25 Td (aluation allowances are established, when necessary) Tj ET Q q 0 0 0 rg BT 517.61 325.25 Td (, to reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.25 Td (deferred tax assets to the amount expected to be realized. ) Tj ET Q q 0 0 0 rg BT 280.55 313.25 Td (When the Company establishes a valuation allowance or increases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td (this allowance in an accounting period, it records a corresponding tax expense in the consolidated statement of income. ) Tj ET Q q 0 0 0 rg BT 529.11 301.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.25 Td (Company includes interest and penalties related to income taxes within its provision for income taxes. ) Tj ET Q q 0 0 0 rg BT 460.83 289.25 Td (The Company uses the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (income forecasting methodology to recognize the income and expenses of the portfolios with the exception of a certain recently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.25 Td (acquired subsidiary) Tj ET Q q 0 0 0 rg BT 127.38 265.25 Td (, which uses the cost recovery methodology) Tj ET Q q 0 0 0 rg BT 301.97 265.25 Td (. See Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.84 265.25 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.84 265.25 Td (, Income ) Tj ET Q q 0 0 0 rg BT 397.59 265.25 Td (T) Tj ET Q q 0 0 0 rg BT 403.00 265.25 Td (axes for further discussion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 244.25 Td (Management must make significant judgments to determine the provision for income taxes, deferred tax assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (liabilities, and any valuation allowance to be recorded against deferred tax assets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 211.25 Td (Stock-Based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 194.25 Td (The Company determines stock-based compensation expense for all share-based payment awards based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (measurement date fair value. ) Tj ET Q q 0 0 0 rg BT 167.82 182.25 Td (The Company has certain share awards that include market conditions that af) Tj ET Q q 0 0 0 rg BT 476.14 182.25 Td (fect vesting, the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (value of these shares is estimated using a lattice model. Compensation cost is not adjusted if the market condition is not met, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (long as the requisite service is provided. For share awards that require service and performance conditions, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (recognizes compensation cost only for those awards expected to meet the service and performance vesting conditions over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (requisite service period of the award. Forfeiture rates are estimated based on the Company) Tj ET Q q 0 0 0 rg BT 414.31 134.25 Td (s historical experience. See Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.59 134.25 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.59 134.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (Stock-Based Compensation for further discussion.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 101.25 Td (Derivative Instruments and Hedging ) Tj ET Q q 0 0 0 rg BT 202.97 101.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 84.25 Td (The Company recognizes all derivative financial instruments in its consolidated financial statements at fair value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.25 Td (Changes in the fair value of derivative instruments are recorded in earnings unless hedge accounting criteria are met. ) Tj ET Q q 0 0 0 rg BT 519.36 72.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.25 Td (Company designates certain foreign currency exchange contracts and interest rate swap agreements as cash flow hedges. ) Tj ET Q q 0 0 0 rg BT 534.90 60.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 48.25 Td (fective portion of the changes in fair value of these cash flow hedges is recorded each period, net of tax, in accumulated other ) Tj ET Q endstream endobj 207 0 obj <> endobj 208 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (comprehensive income or loss until the related hedged transaction occurs. ) Tj ET Q q 0 0 0 rg BT 347.41 742.10 Td (Any inef) Tj ET Q q 0 0 0 rg BT 382.50 742.10 Td (fective portion of the changes in fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (of these cash flow hedges is recorded in earnings. In the event the hedged cash flow does not occur) Tj ET Q q 0 0 0 rg BT 445.85 730.10 Td (, or it becomes probable that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (it will not occur) Tj ET Q q 0 0 0 rg BT 113.20 718.10 Td (, the Company would reclassify the amount of any gain or loss on the related cash flow hedge to income or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (expense at that time. See Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.57 706.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.57 706.10 Td (, Derivatives and Hedging Instruments for further discussion.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (Redeemable Noncontrolling Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 668.10 Td (Some minority shareholders in certain subsidiaries of the Company have the right, at certain times, to require the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (Company to acquire their ownership interest in those entities at fair value, and in some cases, to force a sale of the subsidiary if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (the Company chooses not to purchase their interests at fair value. ) Tj ET Q q 0 0 0 rg BT 313.08 644.10 Td (The noncontrolling interest subject to these arrangements is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (included in temporary equity as redeemable noncontrolling interest, and is adjusted to its estimated redemption amount each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (reporting period with a corresponding adjustment to additional paid-in capital.Future reductions in the carrying amount are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (subject to a floor amount that is equal to the fair value of the redeemable noncontrolling interest at the time it was originally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.10 Td (recorded.) Tj ET Q q 0 0 0 rg BT 89.79 596.10 Td (The recorded value of the redeemable noncontrolling interest cannot go below the floor level.) Tj ET Q q 0 0 0 rg BT 466.42 596.10 Td (These adjustments do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.10 Td (not af) Tj ET Q q 0 0 0 rg BT 72.87 584.10 Td (fect the calculation of earnings per share.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (Earnings Per Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 546.10 Td (Basic earnings per share is calculated by dividing net earnings attributable to Encore by the weighted average number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (shares of common stock outstanding during the period. Diluted earnings per share is calculated on the basis of the weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (average number of shares of common stock plus the ef) Tj ET Q q 0 0 0 rg BT 268.36 522.10 Td (fect of dilutive potential common shares outstanding during the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (using the treasury stock method. Dilutive potential common shares include outstanding stock options, restricted stock, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (dilutive ef) Tj ET Q q 0 0 0 rg BT 90.64 498.10 Td (fect of the convertible senior notes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 477.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 477.10 Td (April 24, 2014, the Company) Tj ET Q q 0 0 0 rg BT 208.16 477.10 Td (s Board of Directors approved a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.67 477.10 Td ($50.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.56 477.10 Td ( share repurchase program. In May 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (the Company repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.91 465.10 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.41 465.10 Td ( shares of its common stock for approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.70 465.10 Td ($16.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.59 465.10 Td (. In May 2015, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.81 453.10 Td (839,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.31 453.10 Td ( shares of common stock for approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 453.10 Td ($33.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.54 453.10 Td (, which represented the remaining amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 Td (allowed under this share repurchase program. ) Tj ET Q q 0 0 0 rg BT 234.47 441.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 294.18 441.10 Td (s practice is to retire the shares repurchased.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 420.10 Td ( On ) Tj ET Q q 0 0 0 rg BT 90.67 420.10 Td (August 12, 2015, the Company) Tj ET Q q 0 0 0 rg BT 218.44 420.10 Td (s Board of Directors approved a new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.12 420.10 Td ($50.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.01 420.10 Td ( share repurchase program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (Repurchases under this program are expected to be made with cash on hand and may be made from time to time, subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (market conditions and other factors, in the open market, through private transactions, block transactions, or other methods as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (determined by the Company) Tj ET Q q 0 0 0 rg BT 166.36 384.10 Td (s management and Board of Directors, and in accordance with market conditions, other corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (considerations, and applicable regulatory requirements. ) Tj ET Q q 0 0 0 rg BT 273.91 372.10 Td (The program does not obligate the Company to acquire any particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (amount of common stock, and it may be modified or suspended at any time at the Company) Tj ET Q q 0 0 0 rg BT 420.20 360.10 Td (s discretion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 339.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 339.10 Td ( reconciliation of shares used in calculating earnings per basic and diluted shares follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 438.34 339.10 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.84 339.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 293.60 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 293.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 293.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 293.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 293.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 293.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 263.60 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 263.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 263.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 263.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 263.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 263.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 233.60 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 233.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 233.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 233.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 233.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 233.60 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 306.6 m 406.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 306.6 m 410.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 306.6 m 484.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 306.6 m 488.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 306.6 m 562.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 293.6 m 406.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 293.6 m 484.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 293.6 m 562.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 233.60000000000002 m 406.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 233.60000000000002 m 484.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 233.60000000000002 m 562.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 219.60000000000002 m 406.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 217.60000000000002 m 406.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 219.60000000000002 m 484.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 217.60000000000002 m 484.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 219.60000000000002 m 562.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 217.60000000000002 m 562.5 217.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 310.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.20 310.83 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 297.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.50 297.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 297.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 297.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 284.17 Td (Weighted average common shares outstandingbasic) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 376.50 283.16 Td (25,713) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 454.50 283.16 Td (25,722) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 532.50 283.16 Td (25,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 269.17 Td (Dilutive effect of stock-based awards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 268.27 Td (196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 268.27 Td (253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 268.27 Td (556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 254.17 Td (Dilutive effect of convertible senior notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 253.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 253.27 Td (672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 253.27 Td (1,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 239.17 Td (Dilutive effect of warrants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 238.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 238.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 238.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 224.17 Td (Weighted average common shares outstandingdiluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 223.27 Td (25,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 223.27 Td (26,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 223.27 Td (27,495) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 198.10 Td (Anti-dilutive employee stock options outstanding were zero or negligible during the periods presented above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 177.10 Td (The Company has the following convertible senior notes outstanding: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.34 177.10 Td ($1) Tj ET Q q 0 0 0 rg BT 364.97 177.10 Td (15.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.86 177.10 Td ( convertible senior notes due 2017 at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (a conversion price equivalent to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.49 165.10 Td ($31.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.99 165.10 Td ( per share of the Company) Tj ET Q q 0 0 0 rg BT 376.57 165.10 Td (s common stock \(the 2017 Convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.10 Td (Notes\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.10 153.10 Td ($172.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.99 153.10 Td ( convertible senior notes due 2020 at a conversion price equivalent to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.16 153.10 Td ($45.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.66 153.10 Td ( per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td (of the Company) Tj ET Q q 0 0 0 rg BT 117.21 141.10 Td (s common stock \(the 2020 Convertible Notes\), and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.44 141.10 Td ($161.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.33 141.10 Td ( convertible senior notes due 2021 at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (conversion price equivalent to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.55 129.10 Td ($59.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.05 129.10 Td ( per share of the Company) Tj ET Q q 0 0 0 rg BT 369.63 129.10 Td (s common stock \(the 2021 Convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.10 Td (Notes\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 96.10 Td (In the event of conversion, the 2017 Convertible Notes are convertible into cash up to the aggregate principal amount and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (permit the excess conversion premium to be settled in cash or shares of the Company) Tj ET Q q 0 0 0 rg BT 393.80 84.10 Td (s common stock. For the 2020 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (Convertible Notes and 2021 Convertible Notes, the Company has the option to pay cash, issue shares of common stock or any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (combination thereof for the aggregate amount due upon conversion. ) Tj ET Q q 0 0 0 rg BT 324.17 60.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 383.89 60.10 Td (s intent is to settle the principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (the 2020 and 2021 Convertible Notes in cash upon conversion. ) Tj ET Q q 0 0 0 rg BT 303.57 48.10 Td (As a result, upon conversion of all the convertible senior notes, ) Tj ET Q endstream endobj 209 0 obj <> endobj 210 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (only the amounts payable in excess of the principal amounts are considered in diluted earnings per share under the treasury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (stock method. Diluted earnings per share during the periods presented above included the ef) Tj ET Q q 0 0 0 rg BT 418.04 730.10 Td (fect of the common shares issuable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (upon conversion of certain of the convertible senior notes because the average stock price exceeded the conversion price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (these notes. However) Tj ET Q q 0 0 0 rg BT 135.41 706.10 Td (, as described in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.27 706.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.27 706.10 Td (, Debt-Encore Convertible Notes, the Company entered into certain hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (transactions that have the ef) Tj ET Q q 0 0 0 rg BT 161.44 694.10 Td (fect of increasing the ef) Tj ET Q q 0 0 0 rg BT 255.65 694.10 Td (fective conversion price of the 2017 Convertible Notes to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.09 694.10 Td ($60.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.59 694.10 Td (, the 2020 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Convertible Notes to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.82 682.10 Td ($61.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.32 682.10 Td (, and the 2021 Convertible Notes to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.30 682.10 Td ($83.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.80 682.10 Td (. On January2, 2014 the 2017 Convertible Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (became convertible as certain conditions for conversion were met in the immediately preceding calendar quarter as defined in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (the applicable indenture. However) Tj ET Q q 0 0 0 rg BT 187.32 658.10 Td (, none of the 2017 Convertible Notes have been converted.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 628.10 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.49 628.10 Td (: Discontinued Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 607.10 Td (On March 31, 2016, the Company completed its previously announced divestitureof its membership interests in Propel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (Acquisition LLC \(Propel\) pursuant to the Securities Purchase ) Tj ET Q q 0 0 0 rg BT 306.61 595.10 Td (Agreement \(the Purchase ) Tj ET Q q 0 0 0 rg BT 414.07 595.10 Td (Agreement\), dated February 19, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (2016, among the Company and certain funds af) Tj ET Q q 0 0 0 rg BT 239.77 583.10 Td (filiated with Prophet Capital ) Tj ET Q q 0 0 0 rg BT 355.31 583.10 Td (Asset Management LP) Tj ET Q q 0 0 0 rg BT 445.29 583.10 Td (. Pursuant to the Purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (Agreement, the application of the purchase price formula resulted in cash consideration paid to the Company at closing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td ($144.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 559.10 Td ( \(net proceeds were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.40 559.10 Td ($106.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.30 559.10 Td ( after divestiture of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 559.10 Td ($38.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.04 559.10 Td ( in cash\), subject to customary post-closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 102.59 547.10 Td (The purchase price was finalized in January 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 526.10 Td (During the three months ended March 31, 2016, the Company recognized a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.25 526.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.14 526.10 Td ( related to the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Propel, this loss was reduced to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.59 514.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.49 514.10 Td ( based on the true-up adjustments recorded in the fourth quarter of 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (subsequent to the sale. Propel represented the Company) Tj ET Q q 0 0 0 rg BT 276.05 502.10 Td (s entire tax lien business reportable segment. Propel) Tj ET Q q 0 0 0 rg BT 486.56 502.10 Td (s operations are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (presented as discontinued operations in the Company) Tj ET Q q 0 0 0 rg BT 266.06 490.10 Td (s consolidated statements of income. Certain immaterial costs that may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (be eliminated as a result of the sale remained in continuing operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 457.10 Td (The following table presents the results of the discontinued operations during the periods presented \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 476.68 457.10 Td (in thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.52 457.10 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 411.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 411.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 411.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 411.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 411.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 411.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 381.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 381.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 381.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 381.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 381.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 381.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 351.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 351.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 351.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 321.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 321.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 321.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 321.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 291.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 291.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 291.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 291.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 261.60 354.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 261.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 261.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 261.60 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 424.6 m 454.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 424.6 m 458.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 424.6 m 508.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 424.6 m 512.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 424.6 m 562.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 411.6 m 454.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 411.6 m 508.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 411.6 m 562.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 411.6 m 454.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 411.6 m 508.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 411.6 m 562.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 321.6 m 454.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 321.6 m 508.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 321.6 m 562.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 291.6 m 454.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 291.6 m 508.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 291.6 m 562.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 261.6 m 454.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 247.60000000000002 m 454.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 245.60000000000002 m 454.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 261.6 m 508.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 247.60000000000002 m 508.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 245.60000000000002 m 508.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 261.6 m 562.5 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 247.60000000000002 m 562.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 245.60000000000002 m 562.5 245.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 428.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.70 428.83 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 415.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.00 415.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.00 415.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.00 415.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 402.17 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 401.27 Td (4,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 401.27 Td (31,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 401.27 Td (29,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 387.17 Td (Salaries and employee benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 386.32 Td (\(3,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 386.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 386.32 Td (\(8,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 386.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 386.32 Td (\(7,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 386.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 372.17 Td (Other operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 371.32 Td (\(1,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 371.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 371.32 Td (\(4,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 371.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 371.32 Td (\(3,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 371.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 357.17 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 356.32 Td (\(1,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 356.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 356.32 Td (\(5,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 356.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 356.32 Td (\(9,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 356.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 342.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.30 341.32 Td (\(127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 341.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.30 341.32 Td (\(785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 341.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 341.32 Td (\(849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 341.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 327.17 Td (Impairment charge for goodwill and identifiable intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 326.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 326.32 Td (\(49,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 326.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 326.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 312.17 Td (\(Loss\) income from discontinued operations, before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 311.32 Td (\(1,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 311.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 311.32 Td (\(36,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 311.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 311.27 Td (8,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 297.17 Td (Loss on sale of discontinued operations, before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 296.32 Td (\(1,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 296.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 296.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 296.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 282.17 Td (Total \(loss\) income on discontinued operations, before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 281.32 Td (\(2,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 281.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 281.32 Td (\(36,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 281.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 281.27 Td (8,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 267.17 Td (Income tax benefit \(provision\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 266.27 Td (494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 266.27 Td (13,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 266.32 Td (\(3,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 266.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 252.17 Td (Total \(loss\) income from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 251.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 251.32 Td (\(2,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 251.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 251.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 251.32 Td (\(23,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 251.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 251.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 251.27 Td (5,205) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 217.10 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.49 217.10 Td (: Business Combinations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (dlc ) Tj ET Q q 0 0 0 rg BT 64.35 196.10 Td (Acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 175.10 Td (On June 1, 2015, Encore) Tj ET Q q 0 0 0 rg BT 174.15 175.10 Td (s U.K.-based subsidiary) Tj ET Q q 0 0 0 rg BT 269.04 175.10 Td (, Cabot Credit Management Limited and its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 544.71 175.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (Cabot\) acquired Hillesden Securities Ltd and its subsidiaries \(dlc\), a U.K.-based acquirer and collector of non-performing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (unsecured consumer debt for approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.55 151.10 Td (180.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.44 151.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.53 151.10 Td ($274.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.42 151.10 Td (\), \(the dlc ) Tj ET Q q 0 0 0 rg BT 457.40 151.10 Td (Acquisition\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 130.10 Td (The dlc ) Tj ET Q q 0 0 0 rg BT 106.21 130.10 Td (Acquisition was accounted for using the acquisition method of accounting and, accordingly) Tj ET Q q 0 0 0 rg BT 471.58 130.10 Td (, the tangible and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (intangible assets acquired and liabilities assumed were recorded at their estimated fair values as of the date of the acquisition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Fair value measurements have been applied based on assumptions that market participants would use in the pricing of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (respective assets and liabilities. ) Tj ET Q endstream endobj 211 0 obj <> endobj 212 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (The components of the purchase price allocation for the dlc ) Tj ET Q q 0 0 0 rg BT 312.41 742.10 Td (Acquisition were as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 426.84 742.10 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.34 742.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 722.60 419.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 722.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 693.60 419.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 693.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 665.60 419.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 665.60 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 637.60 419.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 637.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 607.60 419.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 607.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 577.60 419.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 577.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 547.60 419.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 547.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 517.60 419.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 517.60 93.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 679.6 m 561.5 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 666.6 m 561.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 664.6 m 561.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 517.6 m 561.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 517.6 m 561.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 503.6 m 561.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 501.6 m 561.5 501.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 713.33 Td (Purchase price:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 699.17 Td (Cash paid at acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 698.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 698.27 Td (268,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 684.17 Td (Deferred consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 684.17 Td (6,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 670.17 Td (Total purchase price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 670.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 670.17 Td (274,697) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 642.33 Td (Allocation of purchase price:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 628.17 Td (Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 627.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 627.27 Td (30,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 613.17 Td (Investment in receivable portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 612.27 Td (215,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 598.17 Td (Deferred court costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 597.27 Td (760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 583.17 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 582.27 Td (1,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 568.17 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 567.27 Td (2,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 553.17 Td (Liabilities assumed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 552.32 Td (\(46,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 552.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 538.17 Td (Identifiable intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 537.27 Td (3,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 523.17 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 522.27 Td (66,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 508.17 Td (Total net assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 507.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 507.27 Td (274,697) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 482.10 Td (The goodwill recognized is primarily attributable to syner) Tj ET Q q 0 0 0 rg BT 303.64 482.10 Td (gies that are expected to be achieved by combining dlc and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (Cabot's existing contingent collections operations. ) Tj ET Q q 0 0 0 rg BT 253.25 470.10 Td (The entire goodwill of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.45 470.10 Td ($66.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.34 470.10 Td ( related to the dlc ) Tj ET Q q 0 0 0 rg BT 470.70 470.10 Td (Acquisition is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.04 470.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.04 470.10 Td (t ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (deductible for income tax purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 437.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 437.10 Td (otal acquisition and integration costs related to the dlc ) Tj ET Q q 0 0 0 rg BT 297.41 437.10 Td (Acquisition were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.76 437.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 437.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.10 Td (December31, 2015, and have been expensed in the accompanying consolidated statements of income within general and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (administrative expenses. ) Tj ET Q q 0 0 0 rg BT 150.63 413.10 Td (The amount of revenue and net income attributable to Encore included in the Company) Tj ET Q q 0 0 0 rg BT 502.46 413.10 Td (s consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (statement of income for the year ended December31, 2015 related to dlc was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.38 401.10 Td ($27.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.27 401.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.71 401.10 Td ($6.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.60 401.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 537.26 401.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 380.10 Td (Pro forma financial information for the dlc ) Tj ET Q q 0 0 0 rg BT 247.00 380.10 Td (Acquisition has not been included as the computation of such information is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (impracticable and too onerous due to the complexities of a hypothetical calculation because dlc) Tj ET Q q 0 0 0 rg BT 434.03 368.10 Td (s revenue recognition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (methodology prior to the dlc ) Tj ET Q q 0 0 0 rg BT 166.37 356.10 Td (Acquisition was significantly dif) Tj ET Q q 0 0 0 rg BT 297.01 356.10 Td (ferent from GAAP) Tj ET Q q 0 0 0 rg BT 370.88 356.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 76.02 335.10 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 318.10 Td (In addition to the dlc ) Tj ET Q q 0 0 0 rg BT 159.26 318.10 Td (Acquisition discussed above, the Company) Tj ET Q q 0 0 0 rg BT 331.09 318.10 Td (, through its subsidiaries, completed certain other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (acquisitions in 2016 and 2015. ) Tj ET Q q 0 0 0 rg BT 174.81 306.10 Td (These acquisitions were immaterial to the Company) Tj ET Q q 0 0 0 rg BT 385.86 306.10 Td (s financial statements individually and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (the aggregate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 264.10 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.49 264.10 Td (: Fair) Tj ET Q q 0 0 0 rg BT 101.46 264.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.78 264.10 Td (V) Tj ET Q q 0 0 0 rg BT 110.09 264.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 162.95 264.10 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 243.10 Td (The authoritative guidance for fair value measurements defines fair value as the price that would be received upon sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.10 Td (an asset or the price paid to transfer a liability) Tj ET Q q 0 0 0 rg BT 232.34 231.10 Td (, in an orderly transaction between market participants at the measurement date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.10 Td (\() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.33 219.10 Td (i.e.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.05 219.10 Td ( the exit price\). ) Tj ET Q q 0 0 0 rg BT 139.77 219.10 Td (The guidance utilizes a fair value hierarchy that prioritizes the inputs used in valuation techniques to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.10 Td (measure fair value into three broad levels. ) Tj ET Q q 0 0 0 rg BT 220.30 207.10 Td (The following is a brief description of each level:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 186.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 186.10 Td (Level 1: Observable inputs such as quoted prices \(unadjusted\) in active markets for identical assets or liabilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 171.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 171.10 Td (Level 2:Inputs other than quoted prices that are observable for the asset or liability) Tj ET Q q 0 0 0 rg BT 412.47 171.10 Td (, either directly or indirectly) Tj ET Q q 0 0 0 rg BT 524.28 171.10 Td (. ) Tj ET Q q 0 0 0 rg BT 529.10 171.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 159.10 Td (include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 147.10 Td (liabilities in markets that are not active.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 132.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 132.10 Td (Level 3:Unobservable inputs, including inputs that reflect the reporting entity) Tj ET Q q 0 0 0 rg BT 395.65 132.10 Td (s own assumptions.) Tj ET Q endstream endobj 213 0 obj <> endobj 214 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-15) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Financial Instruments Required T) Tj ET Q q 0 0 0 rg BT 191.06 742.25 Td (o Be Carried ) Tj ET Q q 0 0 0 rg BT 245.97 742.25 Td (At Fair V) Tj ET Q q 0 0 0 rg BT 284.32 742.25 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (Financial assets and liabilities measured at fair value on a recurring basis are summarized below \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 464.69 725.25 Td (in thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.53 725.25 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 671.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 671.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 671.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 671.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 671.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 671.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 671.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 671.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 642.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 642.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 642.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 642.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 642.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 613.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 613.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 613.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 613.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 613.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 613.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 613.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 585.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 585.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 585.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 585.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 585.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 585.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 585.75 66.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 684.75 m 352.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 684.75 m 356.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 684.75 m 422.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 684.75 m 426.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 684.75 m 492.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 684.75 m 496.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 684.75 m 562.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 671.75 m 352.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 671.75 m 422.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 671.75 m 492.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 671.75 m 562.5 671.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 689.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.25 696.98 Td (Fair Value Measurements as of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.75 688.98 Td (December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 676.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.65 675.98 Td (Level1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.65 675.98 Td (Level2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.65 675.98 Td (Level3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.25 675.98 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 662.48 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 648.32 Td (Foreign currency exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 647.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 647.42 Td (1,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 647.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 647.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 647.42 Td (1,122) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 633.48 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 619.32 Td (Foreign currency exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 618.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.80 618.47 Td (\(1,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 618.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 618.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 618.47 Td (\(1,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 618.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 604.32 Td (Interest rate swap agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 604.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.30 604.37 Td (\(131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 604.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 604.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 604.37 Td (\(131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 604.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 590.32 Td (Contingent consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 590.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 590.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.80 590.37 Td (\(2,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 590.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 590.37 Td (\(2,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 590.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 576.48 Td (Temporary Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 562.32 Td (Redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 561.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 561.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 561.47 Td (\(45,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 561.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 561.47 Td (\(45,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 561.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 501.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 501.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 501.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 501.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 501.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 473.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 473.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 473.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 473.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 473.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 473.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 473.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 445.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 445.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 445.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 445.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 445.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 445.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 445.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 445.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 417.75 236.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 417.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 417.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 417.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 417.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 417.75 66.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 516.75 m 352.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 516.75 m 356.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 516.75 m 422.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 516.75 m 426.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 516.75 m 492.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 516.75 m 496.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 516.75 m 562.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 501.75 m 352.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 501.75 m 422.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 501.75 m 492.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 501.75 m 562.5 501.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 521.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.25 528.98 Td (Fair Value Measurements as of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.75 520.98 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.42 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 55.50 506.42 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.65 505.98 Td (Level1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.65 505.98 Td (Level2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.65 505.98 Td (Level3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.25 505.98 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 492.48 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 478.32 Td (Foreign currency exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.00 478.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 478.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 478.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 478.32 Td (718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 478.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 478.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 478.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 478.32 Td (718) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 464.48 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 450.32 Td (Foreign currency exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 450.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.30 450.37 Td (\(601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 450.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 450.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 450.37 Td (\(601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 450.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 436.32 Td (Interest rate swap agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 436.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.30 436.37 Td (\(352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.65 436.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 436.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 436.37 Td (\(352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 436.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 422.32 Td (Contingent consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 422.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 422.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 422.37 Td (\(10,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 422.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 422.37 Td (\(10,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 422.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 408.48 Td (Temporary Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 394.32 Td (Redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 394.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 394.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 394.37 Td (\(38,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 394.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 394.37 Td (\(38,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 394.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 369.25 Td (Derivative Contracts:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 352.25 Td (The Company uses derivative instruments to manage its exposure to fluctuations in interest rates and foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (exchange rates. Fair values of these derivative instruments are estimated using industry standard valuation models. ) Tj ET Q q 0 0 0 rg BT 511.08 340.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (models project future cash flows and discount the future amounts to a present value using market-based observable inputs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (including interest rate curves, foreign currency exchange rates, and forward and spot prices for currencies.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (Contingent consideration:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 278.25 Td (In October 2015, the Company) Tj ET Q q 0 0 0 rg BT 195.99 278.25 Td (, through its subsidiaries, acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.69 278.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.69 278.25 Td ( debt solution service providers in Europe. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.25 Td (According to the terms of the purchase agreements, the sellers could earn additional earn-out payments in cash based on each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 Td (acquired entities) Tj ET Q q 0 0 0 rg BT 118.39 254.25 Td ( respective subsequent operating performance. ) Tj ET Q q 0 0 0 rg BT 306.47 254.25 Td (The Company recorded the acquisition-date fair values of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 Td (contingent liabilities, based on the likelihood of contingent earn-out payments, as part of the consideration transferred. ) Tj ET Q q 0 0 0 rg BT 526.07 242.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (earn-out payments are subsequently remeasured to fair value at each reporting date. During the review of the earn-out analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (in the fourth quarter of 2016, the Company determined that, based on the actual and forecasted operating performance at one of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (the acquired entities, there would be no future earn-out payment to the sellers, as a result, the entire liability for the contingent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (consideration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.20 194.25 Td ($8.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.09 194.25 Td ( relating to the acquisition of this entity was reversed during the year ended December 31, 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (As of December 31, 2016, the fair value of the contingent consideration for the other acquired entity was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.34 182.25 Td ($2.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 170.25 Td (.) Tj ET Q endstream endobj 215 0 obj <> endobj 216 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (The following table provides a roll-forward of the fair value of contingent consideration for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (December31, 2016 and 2015 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 170.52 730.10 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.02 730.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 695.60 419.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 695.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 665.60 419.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 665.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.60 419.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 635.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 605.60 419.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 605.60 91.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 695.6 m 560.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 695.6 m 560.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 635.6 m 560.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 590.6 m 560.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 576.6 m 560.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 574.6 m 560.5 574.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.45 699.83 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 686.17 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 685.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 685.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 671.17 Td (Issuance of contingent consideration in connection with acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 670.27 Td (10,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 656.17 Td (Change in fair value of contingent consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 655.27 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 641.17 Td (Effect of foreign currency translation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 640.32 Td (\(316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 640.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.17 Td (Balance at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 625.27 Td (10,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 611.17 Td (Change in fair value of contingent consideration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.80 610.32 Td (\(7,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 610.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 596.17 Td (Effect of foreign currency translation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 595.32 Td (\(270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 595.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 581.17 Td (Balance at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.00 580.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 580.27 Td (2,531) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 555.10 Td (Redeemable Noncontrolling Interest:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 538.10 Td (Some minority shareholders in certain subsidiaries of the Company have the right, at certain times, to require the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Company to acquire their ownership interest in those entities at fair value and, in some cases, to force a sale of the subsidiary if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (the Company chooses not to purchase their interests at fair value. ) Tj ET Q q 0 0 0 rg BT 313.08 514.10 Td (The noncontrolling interest subject to these arrangements is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (included in temporary equity as redeemable noncontrolling interest, and is adjusted to its estimated redemption amount each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (reporting period with a corresponding adjustment to additional paid-in capital. Future reductions in the carrying amount are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (subject to a floor amount that is equal to the fair value of the redeemable noncontrolling interest at the time it was originally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (recorded. ) Tj ET Q q 0 0 0 rg BT 89.79 466.10 Td (The recorded value of the redeemable noncontrolling interest cannot go below the floor level. ) Tj ET Q q 0 0 0 rg BT 466.04 466.10 Td (Adjustments to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (carrying amount of redeemable noncontrolling interest are char) Tj ET Q q 0 0 0 rg BT 302.77 454.10 Td (ged to retained earnings \(or to additional paid-in capital if there ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (are no retained earnings\) and do not af) Tj ET Q q 0 0 0 rg BT 203.92 442.10 Td (fect net income or comprehensive income in the consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 421.10 Td (The components of the change in the redeemable noncontrolling interest for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.98 421.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.56 421.10 Td (, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (and 2014 are presented in the following table ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 233.28 409.10 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.78 409.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 376.60 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 376.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 346.60 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 346.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 316.60 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 316.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 286.60 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 286.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 256.60 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 256.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 226.60 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 226.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 196.60 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 196.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 166.60 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 166.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 136.60 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 136.60 91.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 376.6 m 562.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 376.6 m 562.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 301.6 m 562.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 301.6 m 562.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 226.60000000000002 m 562.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 136.60000000000002 m 562.5 136.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 122.60000000000002 m 562.5 122.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 120.60000000000002 m 562.5 120.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 380.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.45 380.83 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 367.17 Td (Balance at December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 366.27 Td (26,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 352.17 Td (Addition to redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 351.27 Td (4,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 337.17 Td (Net loss attributable to redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 336.32 Td (\(4,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 336.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 322.17 Td (Adjustment of the redeemable noncontrolling interest to fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 321.27 Td (5,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 307.17 Td (Effect of foreign currency translation attributable to redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 306.32 Td (\(3,893) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 306.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 292.17 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 291.27 Td (28,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 277.17 Td (Addition to redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 276.27 Td (9,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 262.17 Td (Net income attributable to redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 261.27 Td (1,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 247.17 Td (Adjustment of the redeemable noncontrolling interest to fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 246.27 Td (2,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 232.17 Td (Effect of foreign currency translation attributable to redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 231.32 Td (\(3,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 231.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 217.17 Td (Balance at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 216.27 Td (38,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 202.17 Td (Addition to redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 201.27 Td (826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 187.17 Td (Redemption of redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 186.32 Td (\(3,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 186.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 172.17 Td (Net loss attributable to redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 171.32 Td (\(47,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 171.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 157.17 Td (Adjustment of the redeemable noncontrolling interest to fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 156.27 Td (74,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 142.17 Td (Effect of foreign currency translation attributable to redeemable noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 141.32 Td (\(16,496) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 141.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 127.17 Td (Balance at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 126.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 126.27 Td (45,755) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (Financial Instruments Not Required T) Tj ET Q q 0 0 0 rg BT 208.56 101.10 Td (o Be Carried ) Tj ET Q q 0 0 0 rg BT 263.47 101.10 Td (At Fair V) Tj ET Q q 0 0 0 rg BT 301.82 101.10 Td (alue) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (Investment in Receivable Portfolios:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 63.10 Td (The Company records its investment in receivable portfolios at cost, which represents a significant discount from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.10 Td (contractual receivable balances due. ) Tj ET Q q 0 0 0 rg BT 196.68 51.10 Td (The Company computes the fair value of its investment in receivable portfolios using ) Tj ET Q endstream endobj 217 0 obj <> endobj 218 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Level 3 inputs by discounting the estimated future cash flows generated by its proprietary forecasting models. ) Tj ET Q q 0 0 0 rg BT 491.65 742.10 Td (The key inputs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (include the estimated future gross cash flow) Tj ET Q q 0 0 0 rg BT 225.41 730.10 Td (, average cost to collect, and discount rate. In accordance with authoritative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (guidance related to fair value measurements, the Company estimates the average cost to collect and discount rates based on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (estimate of what a market participant might use in valuing these portfolios. ) Tj ET Q q 0 0 0 rg BT 352.24 706.10 Td (The determination of such inputs requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (significant judgment, including assessing the assumed market participant) Tj ET Q q 0 0 0 rg BT 344.94 694.10 Td (s cost structure, its determination of whether to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (include fixed costs in its valuation, its collection strategies, and determining the appropriate weighted average cost of capital. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (The Company evaluates the use of these key inputs on an ongoing basis and refines the data as it continues to obtain better ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (information from market participants in the debt recovery and purchasing business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 637.10 Td (In the Company) Tj ET Q q 0 0 0 rg BT 141.21 637.10 Td (s current analysis, the estimated blended market participant cost to collect and discount rate is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 625.10 Td (50.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.09 625.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.53 625.10 Td (10.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.36 625.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 234.02 625.10 Td (, for U.S. portfolios, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.61 625.10 Td (29.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.44 625.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.88 625.10 Td (12.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.71 625.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 501.37 625.10 Td (, for Europe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (portfolios and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.58 613.10 Td (32.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.41 613.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.85 613.10 Td (1) Tj ET Q q 0 0 0 rg BT 218.48 613.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.31 613.10 Td (, respectively for other geographies. Using this method, the fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (investment in receivable portfolios was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.94 601.10 Td ($2,446.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.33 601.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.77 601.10 Td ($2,473.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.16 601.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.32 601.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.90 601.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 589.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.66 589.10 Td (, as compared to the carrying value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.21 589.10 Td ($2,382.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.60 589.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.04 589.10 Td ($2,440.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.43 589.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.59 589.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.18 589.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 577.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.66 577.10 Td (. ) Tj ET Q q 0 0 0 rg BT 127.11 577.10 Td (A) Tj ET Q q 0 0 0 rg BT 133.78 577.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.28 577.10 Td (100 basis point) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.84 577.10 Td ( fluctuation in the cost to collect and discount rate used would result in an increase or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (decrease in the fair value of U.S., European and other geographies portfolios by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.82 565.10 Td ($43.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.71 565.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.71 565.10 Td ($52.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.60 565.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td ($6.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 553.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 151.55 553.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.21 553.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.80 553.10 Td (. ) Tj ET Q q 0 0 0 rg BT 261.62 553.10 Td (This fair value calculation does not represent, and should not be construed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (to represent, the underlying value of the Company or the amount which could be realized if its investment in receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (portfolios were sold.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (Deferred Court Costs:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 491.10 Td (The Company capitalizes deferred court costs and provides a reserve for those costs that it believes will ultimately be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (uncollectible. ) Tj ET Q q 0 0 0 rg BT 106.46 479.10 Td (The carrying value of net deferred court costs approximates fair value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (Debt:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 441.10 Td (The majority of Encore and its subsidiaries) Tj ET Q q 0 0 0 rg BT 248.77 441.10 Td ( borrowings are carried at historical amounts, adjusted for additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (borrowings less principal repayments, which approximate fair value. ) Tj ET Q q 0 0 0 rg BT 326.96 429.10 Td (These borrowings include Encore) Tj ET Q q 0 0 0 rg BT 464.41 429.10 Td (s senior secured notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (and borrowings under its revolving credit and term loan facilities, Cabot) Tj ET Q q 0 0 0 rg BT 341.87 417.10 Td (s senior secured notes and borrowings under its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (revolving credit facility) Tj ET Q q 0 0 0 rg BT 143.76 405.10 Td (, and other borrowing under revolving credit facilities at certain of the Company) Tj ET Q q 0 0 0 rg BT 467.82 405.10 Td (s other subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 384.10 Td (Encore) Tj ET Q q 0 0 0 rg BT 105.09 384.10 Td (s convertible senior notes are carried at historical cost, adjusted for the debt discount. ) Tj ET Q q 0 0 0 rg BT 448.14 384.10 Td (The carrying value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (convertible senior notes was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.08 372.10 Td ($416.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.97 372.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.41 372.10 Td ($406.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.30 372.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.96 372.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.54 372.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.98 372.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.98 372.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 500.64 372.10 Td (. ) Tj ET Q q 0 0 0 rg BT 505.46 372.10 Td (The fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (estimate for these convertible senior notes, which incorporates quoted market prices using Level 2 inputs, was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td ($431.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 348.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.33 348.10 Td ($372.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.22 348.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.38 348.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.97 348.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.40 348.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.40 348.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 382.07 348.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 327.10 Td (Cabot) Tj ET Q q 0 0 0 rg BT 100.67 327.10 Td (s senior secured notes are carried at historical cost, adjusted for debt discount and debt premium. ) Tj ET Q q 0 0 0 rg BT 489.81 327.10 Td (The carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.10 Td (value of Cabot) Tj ET Q q 0 0 0 rg BT 111.65 315.10 Td (s senior secured notes was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.68 315.10 Td ($1,295.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.07 315.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.51 315.10 Td ($1,144.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.90 315.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.56 315.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.14 315.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.58 315.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.58 315.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 303.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.48 303.10 Td (The fair value estimate for these senior notes, which incorporates quoted market prices using Level 2 inputs, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.10 Td ($1,312.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.39 291.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.83 291.10 Td ($1,403.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.22 291.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.38 291.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.97 291.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.40 291.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.40 291.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 397.07 291.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 270.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 270.10 Td (s preferred equity certificates are legal obligations to the noncontrolling shareholders of certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (subsidiaries. ) Tj ET Q q 0 0 0 rg BT 102.04 258.10 Td (They are carried at the face amount, plus any accrued interest. ) Tj ET Q q 0 0 0 rg BT 352.56 258.10 Td (The Company determined that the carrying value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (these preferred equity certificates approximated fair value as of December 31, 2016 and 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 216.10 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.49 216.10 Td (: Derivatives and Hedging Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 195.10 Td (The Company may periodically enter into derivative financial instruments to manage risks related to interest rates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (foreign currency) Tj ET Q q 0 0 0 rg BT 115.70 183.10 Td (. Certain of the Company) Tj ET Q q 0 0 0 rg BT 219.85 183.10 Td (s derivative financial instruments qualify for hedge accounting treatment under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (authoritative guidance for derivatives and hedging. ) Tj ET Q endstream endobj 219 0 obj <> endobj 220 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following table summarizes the fair value of derivative instruments as recorded in the Company) Tj ET Q q 0 0 0 rg BT 478.32 742.10 Td (s consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (statements of financial condition ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 183.30 730.10 Td (\(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 676.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 676.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 676.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 676.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 676.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 646.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 646.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 646.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 646.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 646.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 616.60 201.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 616.60 74.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 616.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 616.60 73.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 616.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 616.60 74.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 616.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 616.60 74.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 576.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 576.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 576.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 576.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 576.60 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 697.6 m 325.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 697.6 m 329.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 697.6 m 402.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 697.6 m 480.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 697.6 m 484.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 697.6 m 558.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 676.6 m 325.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 676.6 m 402.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 676.6 m 480.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 676.6 m 558.5 676.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 680.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.25 701.83 Td (December 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.75 701.83 Td (December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.10 688.83 Td (BalanceSheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 272.85 680.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.65 680.83 Td (FairValue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.10 688.83 Td (BalanceSheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.85 680.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.15 680.83 Td (FairValue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 667.17 Td (Derivatives designated as hedging instruments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 652.17 Td (Foreign currency exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.40 651.27 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 651.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 651.27 Td (707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.40 651.27 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 651.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 651.27 Td (718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 637.17 Td (Foreign currency exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 636.27 Td (Otherliabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 636.32 Td (\(51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 636.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.50 636.27 Td (Otherliabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 636.32 Td (\(601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 636.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 622.17 Td (Interest rate swap agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 621.27 Td (Otherliabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 621.32 Td (\(131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 621.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.50 621.27 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 621.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 607.17 Td (Derivatives not designated as hedging) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 597.17 Td (instruments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 582.17 Td (Foreign currency exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.40 581.27 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 581.27 Td (415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.40 581.27 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 581.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 567.17 Td (Foreign currency exchange contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 566.27 Td (Otherliabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.80 566.32 Td (\(1,309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 566.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.50 566.27 Td (Otherliabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 566.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 552.17 Td (Interest rate swap agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.50 551.27 Td (Otherliabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 551.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.50 551.27 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.30 551.32 Td (\(352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 551.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 520.70 Td (Derivatives Designated as Hedging Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 503.70 Td (The Company has operations in foreign countries, which expose the Company to foreign currency exchange rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.70 Td (fluctuations due to transactions denominated in foreign currencies.) Tj ET Q q 0 0 0 rg BT 318.90 491.70 Td (T) Tj ET Q q 0 0 0 rg BT 324.31 491.70 Td (o mitigate a portion of this risk, the Company enters into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.70 Td (derivative financial instruments, principally foreign currency forward contracts with financial counterparties. ) Tj ET Q q 0 0 0 rg BT 488.26 479.70 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.70 Td (adjusts the level and use of derivatives as soon as practicable after learning that an exposure has changed and reviews all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.70 Td (exposures and derivative positions on an ongoing basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 434.70 Td (Certain of the foreign currency forward contracts are designated as cash flow hedging instruments and qualify for hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.70 Td (accounting treatment. Gains and losses arising from the ef) Tj ET Q q 0 0 0 rg BT 282.25 422.70 Td (fective portion of such contracts are recorded as a component of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.70 Td (accumulated other comprehensive income \(OCI\) as gains and losseson derivative instruments, net of income taxes. ) Tj ET Q q 0 0 0 rg BT 523.56 410.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.70 Td (hedging gains and losses in OCI are subsequently reclassified into earnings in the same period in which the underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.70 Td (transactions af) Tj ET Q q 0 0 0 rg BT 107.85 386.70 Td (fect the Company) Tj ET Q q 0 0 0 rg BT 181.72 386.70 Td (s earnings. If all or a portion of the forecasted transaction is cancelled, this would render all or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.70 Td (a portion of the cash flow hedge inef) Tj ET Q q 0 0 0 rg BT 196.71 374.70 Td (fective and the Company would reclassify the inef) Tj ET Q q 0 0 0 rg BT 397.86 374.70 Td (fective portion of the hedge into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.70 Td (earnings. ) Tj ET Q q 0 0 0 rg BT 88.70 362.70 Td (The Company generally does not experience inef) Tj ET Q q 0 0 0 rg BT 285.11 362.70 Td (fectiveness of the hedge relationship and the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.70 Td (consolidated financial statements do not include any such gains or losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 329.70 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 329.70 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.03 329.70 Td (, the total notional amount of the forward contracts that are designated as cash flow hedging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.70 Td (instruments was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.22 317.70 Td ($29.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.11 317.70 Td (. ) Tj ET Q q 0 0 0 rg BT 175.56 317.70 Td (All of these outstanding contracts qualified for hedge accounting treatment. ) Tj ET Q q 0 0 0 rg BT 480.00 317.70 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.70 Td (estimates that approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.47 305.70 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.36 305.70 Td ( of net derivative gain included in OCI will be reclassified into earnings within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.70 Td (next 12 months. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.67 293.70 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.89 293.70 Td ( gains or losses were reclassified from OCI into earnings as a result of forecasted transactions that failed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.70 Td (occur during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.01 281.70 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.59 281.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.59 281.70 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.59 281.70 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.42 281.70 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.42 281.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 260.70 Td (The Company may periodically enter into interest rate swap agreements, to reduce its exposure to fluctuations in interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.70 Td (rates on variable interest rate debt and their impact on earnings and cash flows. ) Tj ET Q q 0 0 0 rg BT 367.94 248.70 Td (As of December 31, 2016, Baycorp had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.29 248.70 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.73 248.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.70 Td (interest rate swap agreement outstanding with a total notional amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.87 236.70 Td ($17.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.76 236.70 Td ( ) Tj ET Q q 0 0 0 rg BT 397.71 236.70 Td (Australian dollars \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.17 236.70 Td ($12.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 224.70 Td ( U.S. dollars\). ) Tj ET Q q 0 0 0 rg BT 137.04 224.70 Td (The interest rate swap instrument is designated as cash flow hedge and accounted for using hedge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.70 Td (accounting.) Tj ET Q endstream endobj 221 0 obj <> endobj 222 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following table summarizes the ef) Tj ET Q q 0 0 0 rg BT 227.94 742.10 Td (fects of derivatives in cash flow hedging relationships designated as hedging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (instruments on the Company) Tj ET Q q 0 0 0 rg BT 168.05 730.10 Td (s consolidated statements of income for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.81 730.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.39 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.83 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.83 730.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 514.33 730.10 Td (\(in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 608.60 74.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 608.60 43.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.50 608.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 608.60 43.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 608.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 608.60 74.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 608.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 608.60 43.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 608.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 608.60 47.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 608.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 608.60 74.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 608.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 608.60 43.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 608.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 608.60 43.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 518.60 74.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 518.60 43.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.50 518.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 518.60 43.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 518.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 518.60 74.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 518.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 518.60 43.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 518.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 518.60 47.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 518.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 518.60 74.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 518.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 518.60 43.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 518.60 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 518.60 43.00 -45.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124.5 621.6 m 167.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167.5 621.6 m 171.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 621.6 m 214.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 621.6 m 292.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 621.6 m 339.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 621.6 m 343.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 621.6 m 390.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 621.6 m 468.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 621.6 m 515.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 621.6 m 519.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 621.6 m 562.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124.5 608.6 m 167.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 608.6 m 214.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 608.6 m 339.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 608.6 m 390.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 608.6 m 515.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 608.6 m 562.5 608.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 625.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 144.40 641.83 Td (Gain or) Tj ET Q q 0 0 0 rg BT 170.70 641.83 Td ( \(Loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 135.20 633.83 Td (RecognizedinOCI-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 140.00 625.83 Td (Effective Portion) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.10 665.83 Td (Location of Gain) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 239.85 657.83 Td (or) Tj ET Q q 0 0 0 rg BT 247.26 657.83 Td ( \(Loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.40 649.83 Td (Reclassified fr) Tj ET Q q 0 0 0 rg BT 273.91 649.83 Td (om) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 239.75 641.83 Td (OCI into) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 223.90 633.83 Td (Income - Effective) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.10 625.83 Td (Portion) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.40 657.83 Td (Gain or) Tj ET Q q 0 0 0 rg BT 344.70 657.83 Td ( \(Loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.75 649.83 Td (Reclassified) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.40 641.83 Td (fr) Tj ET Q q 0 0 0 rg BT 324.47 641.83 Td (om OCI into) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.90 633.83 Td (Income- Effective) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.10 625.83 Td (Portion) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.55 689.83 Td (Location of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.40 681.83 Td (Gainor) Tj ET Q q 0 0 0 rg BT 432.70 681.83 Td ( \(Loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.10 673.83 Td (Recognized -) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.00 665.83 Td (Ineffective) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.65 657.83 Td (Portionand) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.95 649.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.60 641.83 Td (Excludedfr) Tj ET Q q 0 0 0 rg BT 445.68 641.83 Td (om) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.75 633.83 Td (Effectiveness) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.65 625.83 Td (T) Tj ET Q q 0 0 0 rg BT 423.25 625.83 Td (esting) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.65 689.83 Td (Amount of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.40 681.83 Td (Gainor) Tj ET Q q 0 0 0 rg BT 518.70 681.83 Td (\(Loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.10 673.83 Td (Recognized-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 665.83 Td (Ineffective) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.65 657.83 Td (Portionand) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.95 649.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.60 641.83 Td (Excludedfr) Tj ET Q q 0 0 0 rg BT 531.68 641.83 Td (om) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.75 633.83 Td (Effectiveness) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.65 625.83 Td (T) Tj ET Q q 0 0 0 rg BT 509.25 625.83 Td (esting) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 612.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 137.50 612.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 184.50 612.83 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.00 612.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.50 612.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 612.83 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.00 612.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.50 612.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.50 612.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 598.27 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.27 Td (currency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 578.27 Td (exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 568.27 Td (contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.10 568.27 Td (1,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.30 568.27 Td (\(248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 588.27 Td (Salaries and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 578.27 Td (employee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 568.27 Td (benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 568.27 Td (755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.30 568.32 Td (\(472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 568.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 578.27 Td (Other\(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 568.27 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 568.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 568.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.27 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 543.27 Td (currency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 533.27 Td (exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.27 Td (contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.30 523.27 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.65 523.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.65 523.27 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 543.27 Td (General and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 533.27 Td (administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 523.27 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 523.27 Td (105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 523.32 Td (\(74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 523.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 533.27 Td (Other\(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 523.27 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 523.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 523.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 498.27 Td (Interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.27 Td (swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 478.27 Td (agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.30 478.27 Td (\(131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.65 478.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.65 478.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 478.27 Td (Interestexpense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 478.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 478.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 488.27 Td (Other\(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.00 478.27 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 478.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 478.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (Derivatives Not Designated as Hedging Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 436.10 Td (In 2016, Encore and its Cabot subsidiary collectively began entering into currency exchange forward contracts to reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (the ef) Tj ET Q q 0 0 0 rg BT 72.30 424.10 Td (fects of currency exchange rate fluctuations between the British Pound and Euro. ) Tj ET Q q 0 0 0 rg BT 398.96 424.10 Td (These derivative contracts generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (mature within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.32 412.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.76 412.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.54 412.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.52 412.10 Td ( months and are not designated as hedge instruments for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 469.43 412.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (continues to monitor the level of exposure of the foreign currency exchange risk and may enter into additional short-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (forward contracts on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 207.28 388.10 Td (The gains or losses on these derivative contracts are recognized in other income or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (expense based on the changes in fair value. Before the ef) Tj ET Q q 0 0 0 rg BT 277.22 376.10 Td (fect of income tax and noncontrolling interest, the net gain on these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (derivative contracts recognized in the Company) Tj ET Q q 0 0 0 rg BT 244.10 364.10 Td (s consolidated statements of income was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.06 364.10 Td ($8.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.95 364.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.39 364.10 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.59 364.10 Td ( during the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (ended December 31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 247.06 352.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 331.10 Td (The following table summarizes the ef) Tj ET Q q 0 0 0 rg BT 226.44 331.10 Td (fects of derivatives in cash flow hedging relationships not designated as hedging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (instruments on the Company) Tj ET Q q 0 0 0 rg BT 168.05 319.10 Td (s consolidated statements of income for the years ended December 31, 2016 and 2015 ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 514.33 319.10 Td (\(in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.89 307.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 245.60 206.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 245.60 156.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 245.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 245.60 69.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 258.6 m 416.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 258.6 m 489.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 258.6 m 493.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 258.6 m 562.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 245.60000000000002 m 256.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 245.60000000000002 m 416.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 258.6 m 489.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 245.60000000000002 m 489.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 258.6 m 493.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 258.6 m 562.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 245.60000000000002 m 562.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 245.60000000000002 m 416.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 245.60000000000002 m 489.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 245.60000000000002 m 562.5 245.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 249.83 Td (Derivatives Not Designated as Hedging Instruments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.05 270.83 Td (Location of Gain or \(Loss\) Recognized in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.75 262.83 Td (income on Derivative) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.50 270.83 Td (Amount of Gain or \(Loss\) Recognized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.00 262.83 Td (in Income on Derivative) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.50 249.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.50 249.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 235.27 Td (Foreign currency exchange contracts) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 200.43 239.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.90 235.27 Td (Otherincome \(expense\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 235.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 235.27 Td (8,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 235.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 235.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 220.27 Td (Interest rate swap agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.30 220.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 220.27 Td (144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 220.27 Td (92) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 191.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 191.50 Td (After the ef) Tj ET Q q 0 0 0 rg BT 112.07 191.50 Td (fect of income tax and noncontrolling interest, the net impact of the derivative contracts to consolidated net income from continuing income ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 181.90 Td (attributable to Encore was a gain of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.08 181.90 Td ($1.3 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 230.20 181.90 Td ( and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.75 181.90 Td (zero) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.51 181.90 Td ( during the years ended December 31, 2016 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 472.70 181.90 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 160.90 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 160.90 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.49 160.90 Td (: Investment in Receivable Portfolios, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 139.90 Td (In accordance with the authoritative guidance for loans and debt securities acquired with deteriorated credit quality) Tj ET Q q 0 0 0 rg BT 533.44 139.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.90 Td (discrete receivable portfolio purchases during the same fiscal quarter are aggregated into pools based on common risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.90 Td (characteristics. Common risk characteristics include risk ratings \(e.g. FICO or similar scores\), financial asset type, collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.90 Td (type, size, interest rate, date of origination, term, and geographic location. ) Tj ET Q q 0 0 0 rg BT 347.77 103.90 Td (The Company) Tj ET Q q 0 0 0 rg BT 407.48 103.90 Td (s static pools are typically grouped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.90 Td (into credit card, purchased consumer bankruptcy) Tj ET Q q 0 0 0 rg BT 244.28 91.90 Td (, and mortgage portfolios. ) Tj ET Q q 0 0 0 rg BT 350.19 91.90 Td (The Company further groups these static pools by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.90 Td (geographic region or location. Portfolios acquired in business combinations are also grouped into these pools. During any fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.90 Td (quarter in which the Company has an acquisition of an entity that has portfolio, the entire historical portfolio of the acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.90 Td (company is aggregated into the pool groups for that quarter) Tj ET Q q 0 0 0 rg BT 287.03 55.90 Td (, based on common characteristics, resulting in pools for that quarter ) Tj ET Q endstream endobj 223 0 obj <> endobj 224 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (that may consist of several dif) Tj ET Q q 0 0 0 rg BT 170.06 742.10 Td (ferent vintages of portfolio. Once a static pool is established, the portfolios are permanently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (assigned to the pool. ) Tj ET Q q 0 0 0 rg BT 134.53 730.10 Td (The discount \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 192.29 730.10 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.51 730.10 Td (, the dif) Tj ET Q q 0 0 0 rg BT 235.16 730.10 Td (ference between the cost of each static pool and the related aggregate contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (receivable balance\) is not recorded because the Company expects to collect a relatively small percentage of each static pool) Tj ET Q q 0 0 0 rg BT 547.00 718.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (contractual receivable balance. ) Tj ET Q q 0 0 0 rg BT 175.48 706.10 Td (As a result, receivable portfolios are recorded at cost at the time of acquisition. ) Tj ET Q q 0 0 0 rg BT 492.96 706.10 Td (The purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (cost of the portfolios includes certain fees paid to third parties incurred in connection with the direct acquisition of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (receivable portfolios.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 661.10 Td (In compliance with the authoritative guidance, the Company accounts for its investments in receivable portfolios using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (either the interest method or the cost recovery method. ) Tj ET Q q 0 0 0 rg BT 270.85 649.10 Td (The interest method applies an IRR to the cost basis of the pool, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (remains unchanged throughout the life of the pool, unless there is an increase in subsequent expected cash flows. Subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (increases in expected cash flows are recognized prospectively through an upward adjustment of the pool) Tj ET Q q 0 0 0 rg BT 470.41 625.10 Td (s IRR over its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (remaining life. Subsequent decreases in expected cash flows do not change the IRR, but are recognized as an allowance to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (cost basis of the pool, and are reflected in the consolidated statements of income as a reduction in revenue, with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (corresponding valuation allowance, of) Tj ET Q q 0 0 0 rg BT 203.10 589.10 Td (fsetting the investment in receivable portfolios in the consolidated statements of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 92.59 577.10 Td (W) Tj ET Q q 0 0 0 rg BT 101.63 577.10 Td (ith gross collections being discounted at monthly IRRs, when collections are lower in the near term, even if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (substantially higher collections are expected later in the collection curve, an allowance char) Tj ET Q q 0 0 0 rg BT 416.05 565.10 Td (ge could result.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 544.10 Td (The Company utilizes its proprietary forecasting models to continuously evaluate the economic life of each pool. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (the quarter ended September 30, 2016, the Company revised the forecasting methodology it uses to value and calculate IRRs on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (certain portfolios in Europe by extending the collection forecast from) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.91 520.10 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.91 520.10 Td (months to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.63 520.10 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.63 520.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 441.40 520.10 Td (This change was made as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (result of \(1\) the Company having observed that older portfolios in Europe have consistently experienced cash collections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (beyond ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.94 496.10 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.94 496.10 Td ( months, \(2\) an expectation that regulatory changes in the United Kingdom resulting in a reduction in the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (highly discounted near term one-time settlements, an increase in the number of payment plans, and an increase in the length of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (existing payment plans will cause a lengthening of the collections curve, \(3\) an expectation that, as a result of a higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (percentage of semi-performing account purchases in the United Kingdom in recent years, newer vintages will have a lar) Tj ET Q q 0 0 0 rg BT 529.64 460.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (percentage of collections after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.27 448.10 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.27 448.10 Td ( months and \(4\) the Company) Tj ET Q q 0 0 0 rg BT 310.20 448.10 Td (s increased confidence in its ability to forecast future cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (collections to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.10 436.10 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.10 436.10 Td (months.) Tj ET Q q 0 0 0 rg BT 157.87 436.10 Td (The increase in the collection forecast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.24 436.10 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.24 436.10 Td ( months to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.96 436.10 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.96 436.10 Td ( months was applied ef) Tj ET Q q 0 0 0 rg BT 478.98 436.10 Td (fective July1, 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (to certain portfolios in Europe for which the Company could accurately forecast through such term. In addition, during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (three months ended September 30, 2016, the Company recorded allowance char) Tj ET Q q 0 0 0 rg BT 369.71 412.10 Td (ges of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.63 412.10 Td ($94.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.52 412.10 Td ( resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (from delays or shortfalls in near term collections against the forecasts for certain pools in Europe. ) Tj ET Q q 0 0 0 rg BT 442.75 400.10 Td (These changes in forecasted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (future cash flows resulted in an increase in the aggregate total estimated remaining collections for the receivable portfolios of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 376.10 Td ($296.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.15 376.10 Td ( as of September30, 2016. ) Tj ET Q q 0 0 0 rg BT 278.39 376.10 Td (The increase in the collection forecast from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.70 376.10 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.70 376.10 Td ( months to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.43 376.10 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.43 376.10 Td ( months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (had the ef) Tj ET Q q 0 0 0 rg BT 89.24 364.10 Td (fect of reducing the allowance char) Tj ET Q q 0 0 0 rg BT 229.82 364.10 Td (ges by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.41 364.10 Td ($13.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.30 364.10 Td (. For portfolios in Europe that were not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (extended to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.87 352.10 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.87 352.10 Td ( months, the Company will continue to include collection forecasts to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.37 352.10 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.37 352.10 Td (months in calculating accretion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (revenue and in its estimated remaining collection disclosures. In the United States, the Company will continue to include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (collection forecasts to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.24 328.10 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.24 328.10 Td (months in calculating accretion revenue. Expected collections beyond the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 328.10 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 328.10 Td ( month collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (forecast in the United States are included in its estimated remaining collection disclosures but are not included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (calculation of accretion revenue. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 283.10 Td (The Company accounts for each static pool as a unit for the economic life of the pool \(similar to one loan\) for recognition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (of revenue from receivable portfolios, for collections applied to the cost basis of receivable portfolios, and for provision for loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (or allowance. Revenue from receivable portfolios is accrued based on each pool) Tj ET Q q 0 0 0 rg BT 372.65 259.10 Td (s IRR applied to each pool) Tj ET Q q 0 0 0 rg BT 481.79 259.10 Td (s adjusted cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 74.82 247.10 Td (The cost basis of each pool is increased by revenue earned and portfolio allowance reversals and decreased by gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (collections and portfolio allowances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 214.10 Td (If the amount and timing of future cash collections on a pool of receivables are not reasonably estimable, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (accounts for such portfolios on the cost recovery method as Cost Recovery Portfolios. ) Tj ET Q q 0 0 0 rg BT 396.41 202.10 Td (The accounts in these portfolios have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 190.10 Td (ferent risk characteristics than those included in other portfolios acquired during the same quarter) Tj ET Q q 0 0 0 rg BT 450.11 190.10 Td (, or the necessary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (information was not available to estimate future cash flows and, accordingly) Tj ET Q q 0 0 0 rg BT 355.09 178.10 Td (, they were not aggregated with other portfolios. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Under the cost recovery method of accounting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.49 166.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.49 166.10 Td ( revenue is recognized until the carrying value of a Cost Recovery Portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (has been fully recovered.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 133.10 Td (Accretable yield represents the amount of revenue the Company expects to generate over the remaining life of its existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (investment in receivable portfolios based on estimated future cash flows. ) Tj ET Q q 0 0 0 rg BT 343.90 121.10 Td (T) Tj ET Q q 0 0 0 rg BT 349.31 121.10 Td (otal accretable yield is the dif) Tj ET Q q 0 0 0 rg BT 467.13 121.10 Td (ference between future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (estimated collections and the current carrying value of a portfolio. ) Tj ET Q q 0 0 0 rg BT 316.29 109.10 Td (All estimated cash flows on portfolios where the cost basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (has been fully recovered are classified as zero basis cash flows.) Tj ET Q endstream endobj 225 0 obj <> endobj 226 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following table summarizes the Company) Tj ET Q q 0 0 0 rg BT 262.01 742.10 Td (s accretable yield and an estimate of zero basis future cash flows at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (beginning and end of the period presented ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 220.78 730.10 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.28 730.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 681.60 273.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 681.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 681.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 681.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 681.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 681.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 651.60 273.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 651.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 651.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 651.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 621.60 273.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 621.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 621.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 621.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 621.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 621.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 591.60 273.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 591.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 591.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 591.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 591.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 591.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 561.60 273.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 561.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 561.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 561.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 561.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 561.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 531.60 273.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 531.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 531.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 531.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 531.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 531.60 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 681.6 m 400.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 681.6 m 481.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 681.6 m 562.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 681.6 m 400.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 681.6 m 481.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 681.6 m 562.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 606.6 m 400.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 606.6 m 481.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 606.6 m 562.5 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 531.6 m 400.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 517.6 m 400.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 515.6 m 400.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 531.6 m 481.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 517.6 m 481.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 515.6 m 481.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 531.6 m 562.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 517.6 m 562.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 515.6 m 562.5 515.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.10 693.83 Td (Accr) Tj ET Q q 0 0 0 rg BT 359.39 693.83 Td (etable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.50 685.83 Td (Y) Tj ET Q q 0 0 0 rg BT 357.98 685.83 Td (ield) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.05 701.83 Td (Estimateof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.45 693.83 Td (Zer) Tj ET Q q 0 0 0 rg BT 436.74 693.83 Td (o Basis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.80 685.83 Td (CashFlows) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.75 685.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 672.17 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 671.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 671.27 Td (2,993,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 671.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 671.27 Td (66,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 671.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 671.27 Td (3,059,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 657.17 Td (Revenue recognized, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 656.32 Td (\(964,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 656.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 656.32 Td (\(108,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 656.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.30 656.32 Td (\(1,072,436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 656.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 641.27 Td (Net additions on existing portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 641.27 Td (263,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 641.27 Td (266,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 641.27 Td (529,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 626.27 Td (Additions for current purchases, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 626.27 Td (846,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 626.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 626.27 Td (846,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 611.27 Td (Effect of foreign currency translation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.80 611.32 Td (\(91,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 611.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 611.32 Td (\(1,402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 611.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 611.32 Td (\(93,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 611.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 597.17 Td (Balance at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 596.27 Td (3,047,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 596.27 Td (223,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 596.27 Td (3,270,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 582.17 Td (Revenue recognized, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 581.32 Td (\(801,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 581.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 581.32 Td (\(144,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 581.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 581.32 Td (\(946,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 581.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 566.27 Td (Net additions on existing portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 566.27 Td (441,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 566.27 Td (287,116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 566.27 Td (728,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 551.27 Td (Additions for current purchases, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 551.27 Td (861,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 551.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 551.27 Td (861,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 536.27 Td (Effect of foreign currency translation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 536.32 Td (\(457,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 536.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 536.27 Td (236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 536.32 Td (\(456,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 536.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.17 Td (Balance at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 521.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 521.27 Td (3,092,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 521.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 521.27 Td (365,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 521.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 521.27 Td (3,457,508) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 496.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 496.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 496.10 Td (, the Company purchased receivable portfolios with a face value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.67 496.10 Td ($9.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.78 496.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.16 484.10 Td ($0.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.27 484.10 Td (, or a purchase cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.52 484.10 Td (9.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.35 484.10 Td ( of face value. ) Tj ET Q q 0 0 0 rg BT 280.30 484.10 Td (The estimated future collections at acquisition for all portfolios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (purchased during the year amounted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.28 472.10 Td ($1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.39 472.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 451.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 451.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 451.10 Td (, the Company purchased receivable portfolios with a face value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.67 451.10 Td ($12.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.11 439.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.77 439.10 Td ($1.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.89 439.10 Td (, or a purchase cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.13 439.10 Td (8.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.96 439.10 Td ( of face value. Purchases of char) Tj ET Q q 0 0 0 rg BT 379.44 439.10 Td (ged-of) Tj ET Q q 0 0 0 rg BT 405.36 439.10 Td (f credit card portfolios include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.48 439.10 Td ($216.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 427.10 Td ( of receivables acquired in connection with the dlc ) Tj ET Q q 0 0 0 rg BT 282.43 427.10 Td (Acquisition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.53 427.10 Td ($60.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.42 427.10 Td ( acquired in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (acquisition of Baycorp. ) Tj ET Q q 0 0 0 rg BT 145.91 415.10 Td (The estimated future collections at acquisition for all portfolios purchased during the year amounted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td ($1.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.11 403.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 382.10 Td (All collections realized after the net book value of a portfolio has been fully recovered \(Zero Basis Portfolios\) are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (recorded as revenue \(Zero Basis Revenue\). During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.04 370.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.63 370.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.63 370.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.63 370.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.57 370.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.57 370.10 Td (, Zero Basis Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.31 358.10 Td ($138.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.20 358.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.20 358.10 Td ($96.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.09 358.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.03 358.10 Td ($22.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.92 358.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 374.58 358.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 337.10 Td (The following tables summarize the changes in the balance of the investment in receivable portfolios during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (following periods \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 126.66 325.10 Td (in thousands, except per) Tj ET Q q 0 0 0 rg BT 223.49 325.10 Td (centages) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.47 325.10 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 271.60 215.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 271.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 271.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 271.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 271.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 271.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 271.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 271.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 241.60 215.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 241.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 241.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 241.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 241.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 211.60 215.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 211.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 211.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 211.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 211.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 181.60 215.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 181.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 181.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 181.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 181.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 151.60 215.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 151.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 151.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 151.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 151.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 151.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 151.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 151.60 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 292.6 m 336.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 292.6 m 340.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 292.6 m 411.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 292.6 m 415.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 292.6 m 486.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 292.6 m 490.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 292.6 m 562.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 271.6 m 336.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 271.6 m 411.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 271.6 m 486.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 271.6 m 562.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 271.6 m 336.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 271.6 m 411.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 271.6 m 486.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 271.6 m 562.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 151.60000000000002 m 336.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 137.60000000000002 m 336.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 135.60000000000002 m 336.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 151.60000000000002 m 411.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 137.60000000000002 m 411.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 135.60000000000002 m 411.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 151.60000000000002 m 486.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 137.60000000000002 m 486.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 135.60000000000002 m 486.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 151.60000000000002 m 562.5 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 137.60000000000002 m 562.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 135.60000000000002 m 562.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 122.60000000000002 m 336.5 122.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 120.60000000000002 m 336.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 122.60000000000002 m 411.5 122.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 120.60000000000002 m 411.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 122.60000000000002 m 486.5 122.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 120.60000000000002 m 486.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 122.60000000000002 m 562.5 122.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 120.60000000000002 m 562.5 120.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 296.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.20 296.83 Td (Year Ended December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 275.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.05 283.83 Td (AccrualBasis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.80 275.83 Td (Portfolios) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.70 283.83 Td (CostRecovery) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 275.83 Td (Portfolios) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.45 283.83 Td (Zer) Tj ET Q q 0 0 0 rg BT 444.74 283.83 Td (oBasis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 275.83 Td (Portfolios) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 275.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 262.17 Td (Balance, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 261.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 261.27 Td (2,436,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.00 261.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 261.27 Td (4,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 261.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 261.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 261.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 261.27 Td (2,440,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 246.27 Td (Purchases of receivable portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 246.27 Td (906,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 246.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 246.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 246.27 Td (906,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 232.17 Td (Transfer of portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.80 231.32 Td (\(13,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 231.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 231.27 Td (13,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 231.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 231.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 216.27 Td (Gross collections) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 140.16 220.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.30 216.32 Td (\(1,538,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 216.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 216.32 Td (\(2,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 216.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 216.32 Td (\(144,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 216.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.30 216.32 Td (\(1,685,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 216.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 202.17 Td (Put-backs and Recalls) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 159.31 206.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.80 201.32 Td (\(27,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 201.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 201.32 Td (\(1,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 201.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 201.32 Td (\(33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 201.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 201.32 Td (\(28,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 201.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 187.17 Td (Foreign currency adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.80 186.32 Td (\(196,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 186.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.30 186.32 Td (\(127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 186.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 186.32 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 186.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.80 186.32 Td (\(196,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 186.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 172.17 Td (Revenue recognized) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 171.27 Td (892,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 171.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 171.27 Td (138,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 171.27 Td (1,030,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 157.17 Td (Portfolio \(allowance\) reversals, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.80 156.32 Td (\(90,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 156.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 156.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 156.27 Td (6,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 156.32 Td (\(84,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 156.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 142.17 Td (Balance, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 141.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 141.27 Td (2,368,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.00 141.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 141.27 Td (14,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 141.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 141.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 141.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 141.27 Td (2,382,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 126.27 Td (Revenue as a percentage of collections) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 208.21 130.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 126.27 Td (58.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 126.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 126.27 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 126.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 126.27 Td (95.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 126.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 126.27 Td (61.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 126.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 97.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 97.50 Td (Does not include amounts collected on behalf of others.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 84.90 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 84.90 Td (Put-backs represent accounts that are returned to the seller in accordance with the respective purchase agreement \(Put-Backs\). Recalls represent ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 75.30 Td (accounts that are recalled by the seller in accordance with the respective purchase agreement \(Recalls\).) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 62.70 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 62.70 Td (Revenue as a percentage of collections excludes the ef) Tj ET Q q 0 0 0 rg BT 249.35 62.70 Td (fects of net portfolio allowances or net portfolio allowance reversals.) Tj ET Q endstream endobj 227 0 obj <> endobj 228 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-22) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 714.50 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 714.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 714.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 714.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 714.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 714.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 714.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 714.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 684.50 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 684.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 684.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 684.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 684.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 684.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 684.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 684.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 654.50 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 654.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 654.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 654.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 654.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 654.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 654.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 654.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 624.50 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 624.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 624.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 624.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 624.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 624.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 624.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 624.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 594.50 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 594.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 594.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 594.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 594.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 594.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 594.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 594.50 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 735.5 m 334.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 735.5 m 338.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 735.5 m 409.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 735.5 m 413.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 735.5 m 484.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 735.5 m 488.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 735.5 m 560.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 714.5 m 334.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 714.5 m 409.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 714.5 m 484.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 714.5 m 560.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 714.5 m 560.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 609.5 m 334.5 609.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 609.5 m 484.5 609.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 609.5 m 560.5 609.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 595.5 m 334.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 593.5 m 334.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 609.5 m 409.5 609.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 595.5 m 409.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 593.5 m 409.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 595.5 m 484.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 593.5 m 484.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 595.5 m 560.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 593.5 m 560.5 593.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 580.5 m 334.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 578.5 m 334.5 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 580.5 m 409.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 578.5 m 409.5 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 580.5 m 484.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 578.5 m 484.5 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 580.5 m 560.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 578.5 m 560.5 578.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.70 739.73 Td (Year Ended December 31, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 718.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 275.55 726.73 Td (AccrualBasis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.30 718.73 Td (Portfolios) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.70 726.73 Td (CostRecovery) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.80 718.73 Td (Portfolios) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.45 726.73 Td (ZeroBasis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.80 718.73 Td (Portfolios) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.25 718.73 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 705.07 Td (Balance, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 704.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 704.17 Td (2,131,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 704.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 704.17 Td (12,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 704.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 704.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 704.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 704.17 Td (2,143,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 690.07 Td (Purchases of receivable portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 689.17 Td (1,023,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 689.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 689.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 689.17 Td (1,023,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 675.07 Td (Gross collections) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 140.16 679.60 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.30 674.22 Td (\(1,587,525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 674.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 674.22 Td (\(5,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 674.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.80 674.22 Td (\(107,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 674.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.30 674.22 Td (\(1,700,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 674.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 660.07 Td (Put-backs and Recalls) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 159.31 664.60 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.80 659.22 Td (\(13,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 659.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.30 659.22 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 659.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 659.22 Td (\(268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 659.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.80 659.22 Td (\(13,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 659.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 645.07 Td (Foreign currency adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.80 644.22 Td (\(82,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 644.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 644.22 Td (\(2,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 644.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 644.17 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.80 644.22 Td (\(85,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 644.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 630.07 Td (Revenue recognized) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 629.17 Td (969,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 629.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 629.17 Td (96,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 629.17 Td (1,065,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 615.07 Td (Portfolio \(allowance\) reversals, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.80 614.22 Td (\(5,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 614.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 614.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 614.17 Td (11,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 614.17 Td (6,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.07 Td (Balance, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 599.17 Td (2,436,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 599.17 Td (4,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 599.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 599.17 Td (2,440,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 584.17 Td (Revenue as a percentage of collections) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 208.21 588.70 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 584.17 Td (61.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 584.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 584.17 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 584.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 584.17 Td (89.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 584.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 584.17 Td (62.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 584.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 530.50 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 530.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 530.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 530.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 530.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 530.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 530.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 530.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 500.50 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 500.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 500.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 500.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 500.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 500.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 500.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 500.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 470.50 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 470.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 470.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 470.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 470.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 470.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 470.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 470.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 440.50 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 440.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 440.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 440.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 440.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 440.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 440.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 440.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 410.50 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 410.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 410.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 410.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 410.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 410.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 410.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 410.50 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 551.5 m 334.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 551.5 m 338.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 551.5 m 409.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 551.5 m 413.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 551.5 m 484.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 551.5 m 488.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 551.5 m 560.5 551.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 530.5 m 334.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 530.5 m 409.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 530.5 m 484.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 530.5 m 560.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 530.5 m 560.5 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 410.5 m 334.5 410.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 410.5 m 484.5 410.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 410.5 m 560.5 410.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 396.5 m 334.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 394.5 m 334.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 410.5 m 409.5 410.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 396.5 m 409.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 394.5 m 409.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 396.5 m 484.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 394.5 m 484.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 396.5 m 560.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 394.5 m 560.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 381.5 m 334.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 379.5 m 334.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 381.5 m 409.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 379.5 m 409.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 381.5 m 484.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 379.5 m 484.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 381.5 m 560.5 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 379.5 m 560.5 379.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 555.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.70 555.73 Td (Year Ended December 31, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 534.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 275.55 542.73 Td (AccrualBasis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.30 534.73 Td (Portfolios) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.70 542.73 Td (CostRecovery) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.80 534.73 Td (Portfolios) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.45 542.73 Td (ZeroBasis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.80 534.73 Td (Portfolios) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.25 534.73 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 521.07 Td (Balance, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 520.17 Td (1,585,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 520.17 Td (4,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 520.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 520.17 Td (1,590,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 505.17 Td (Purchases of receivable portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 505.17 Td (1,249,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 505.17 Td (1,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 505.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 505.17 Td (1,251,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 491.07 Td (Transfer of portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.80 490.22 Td (\(18,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 490.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 490.17 Td (18,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 490.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 490.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 475.17 Td (Gross collections) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 140.16 479.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.30 475.22 Td (\(1,563,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 475.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 475.22 Td (\(9,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 475.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.80 475.22 Td (\(34,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 475.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.30 475.22 Td (\(1,607,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 475.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 461.07 Td (Put-backs and Recalls) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 159.31 465.60 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.80 460.22 Td (\(15,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 460.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.30 460.22 Td (\(536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 460.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 460.22 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 460.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.80 460.22 Td (\(15,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 460.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 446.07 Td (Foreign currency adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.80 445.22 Td (\(64,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 445.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.80 445.22 Td (\(3,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 445.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 445.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.80 445.22 Td (\(67,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 445.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 431.07 Td (Revenue recognized) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 430.17 Td (953,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 430.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 430.17 Td (22,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 430.17 Td (975,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 416.07 Td (Portfolio allowance reversals, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 415.17 Td (5,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 415.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 415.17 Td (12,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 415.17 Td (17,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 401.07 Td (Balance, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.00 400.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 400.17 Td (2,131,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 400.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 400.17 Td (12,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 400.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 400.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 400.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 400.17 Td (2,143,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 385.17 Td (Revenue as a percentage of collections) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 208.21 389.70 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 385.17 Td (60.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 385.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 385.17 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 385.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 385.17 Td (64.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 385.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 385.17 Td (60.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 385.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.00 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 356.40 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 356.40 Td (Does not include amounts collected on behalf of others.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 343.80 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 343.80 Td (Put-backs represent accounts that are returned to the seller in accordance with the respective purchase agreement \(Put-Backs\). Recalls represent ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 334.20 Td (accounts that are recalled by the seller in accordance with the respective purchase agreement \(Recalls\).) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 321.60 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 321.60 Td (Revenue as a percentage of collections excludes the ef) Tj ET Q q 0 0 0 rg BT 249.35 321.60 Td (fects of net portfolio allowances or net portfolio allowance reversals.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 300.60 Td (The following table summarizes the change in the valuation allowance for investment in receivable portfolios during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.60 Td (periods presented \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 126.08 288.60 Td (in thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.92 288.60 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 249.10 420.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 249.10 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 221.10 420.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 221.10 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 193.10 420.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 193.10 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 165.10 420.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 165.10 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 137.10 420.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 137.10 92.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 249.10000000000002 m 562.5 249.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 221.10000000000002 m 562.5 221.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 165.10000000000002 m 562.5 165.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 165.10000000000002 m 562.5 165.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 123.10000000000002 m 562.5 123.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 110.10000000000002 m 562.5 110.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 108.10000000000002 m 562.5 108.10000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 253.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.45 261.18 Td (V) Tj ET Q q 0 0 0 rg BT 504.49 261.18 Td (aluation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.20 253.18 Td (Allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 239.67 Td (Balance at December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 239.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 239.67 Td (93,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 225.67 Td (Reversal of prior allowances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 225.72 Td (\(17,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 225.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 211.67 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 211.67 Td (75,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 197.67 Td (Provision for portfolio allowances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 197.67 Td (8,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 183.67 Td (Reversal of prior allowances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 183.72 Td (\(15,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 183.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 169.67 Td (Allowance charged off to investment in receivable portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 169.72 Td (\(8,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 169.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 155.67 Td (Balance at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 155.67 Td (60,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 141.67 Td (Provision for portfolio allowances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 141.67 Td (94,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 127.67 Td (Reversal of prior allowances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 127.72 Td (\(9,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 127.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 113.67 Td (Balance at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 113.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 113.67 Td (144,765) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 79.60 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 79.60 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.49 79.60 Td (: Deferr) Tj ET Q q 0 0 0 rg BT 111.45 79.60 Td (ed Court Costs, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 58.60 Td (The Company pursues legal collections using a network of attorneys that specialize in collection matters and through its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.60 Td (internal legal channel. ) Tj ET Q q 0 0 0 rg BT 140.89 46.60 Td (The Company generally pursues collections through legal means only when it believes a consumer has ) Tj ET Q endstream endobj 229 0 obj <> endobj 230 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 742.10 Td (ficient assets to repay their indebtedness but has, to date, been unwilling to pay) Tj ET Q q 0 0 0 rg BT 377.70 742.10 Td (. In order to pursue legal collections the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Company is required to pay certain upfront costs to the applicable courts that are recoverable from the consumer \(Deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Court Costs\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 697.10 Td (The Company capitalizes Deferred Court Costs in its consolidated financial statements and provides a reserve for those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (costs that it believes will ultimately be uncollectible. ) Tj ET Q q 0 0 0 rg BT 262.82 685.10 Td (The Company determines the reserve based on an estimated court cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (recovery rate established based on its analysis of historical court costs recovery data. Based on recent trends of historical court ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (costs recovery data, the Company noted a decrease in the estimated court cost recovery rate in the United Kingdom. Based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (the revised estimated court cost recovery rate, the Company recorded an additional court costs reserve of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.04 649.10 Td ($1) Tj ET Q q 0 0 0 rg BT 541.67 649.10 Td (1.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 637.10 Td ( during the three months ended September 30, 2016. ) Tj ET Q q 0 0 0 rg BT 290.61 637.10 Td (The Company estimates deferral periods for Deferred Court Costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (based on jurisdiction and nature of litigation and writes of) Tj ET Q q 0 0 0 rg BT 281.71 625.10 Td (f any Deferred Court Costs not recovered within the respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (deferral period. Collections received from debtors are first applied against related court costs with the balance applied to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (debtors) Tj ET Q q 0 0 0 rg BT 82.03 601.10 Td ( account balance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 580.10 Td (Deferred Court Costs for the deferral period consist of the following as of the dates presented \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 453.33 580.10 Td (in thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.17 580.10 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 539.60 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 539.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 539.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 509.60 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 509.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 509.60 87.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 539.6 m 471.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 539.6 m 562.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 539.6 m 471.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 539.6 m 562.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 494.6 m 471.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 494.6 m 562.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 480.6 m 471.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 478.6 m 471.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 480.6 m 562.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 478.6 m 562.5 478.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.25 551.83 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 543.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.25 551.83 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 543.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 530.17 Td (Court costs advanced) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 529.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 529.27 Td (654,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 529.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 529.27 Td (636,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 515.17 Td (Court costs recovered) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.80 514.32 Td (\(261,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 514.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 514.32 Td (\(242,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 514.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 500.17 Td (Court costs reserve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.80 499.32 Td (\(327,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 499.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 499.32 Td (\(318,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 499.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 485.17 Td (Deferred court costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 484.27 Td (65,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 484.27 Td (75,239) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 459.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 459.10 Td ( roll forward of the Company) Tj ET Q q 0 0 0 rg BT 200.92 459.10 Td (s court cost reserve is as follows \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 336.16 459.10 Td (in thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 459.10 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 418.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 418.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 418.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 418.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 418.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 418.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 388.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 388.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 388.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 388.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 388.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 358.60 260.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 358.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 358.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 358.60 82.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 418.6 m 391.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 418.6 m 476.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 418.6 m 562.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 418.6 m 391.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 418.6 m 476.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 418.6 m 562.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 358.6 m 391.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 358.6 m 476.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 358.6 m 562.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 344.6 m 391.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 342.6 m 391.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 344.6 m 476.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 342.6 m 476.5 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 344.6 m 562.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 342.6 m 562.5 342.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.25 430.83 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.50 422.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.25 430.83 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.50 422.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.75 430.83 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.00 422.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 409.17 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 408.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.80 408.32 Td (\(318,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 408.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.00 408.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.80 408.32 Td (\(279,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 408.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 408.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 408.32 Td (\(210,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 408.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 394.17 Td (Provision for court costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.80 393.32 Td (\(67,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 393.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 393.32 Td (\(82,593) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 393.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 393.32 Td (\(69,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 393.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 379.17 Td (Net down of reserve after deferral period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 378.27 Td (53,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 378.27 Td (42,745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 378.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 364.17 Td (Effect of foreign currency translation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 363.27 Td (5,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 363.27 Td (636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 363.27 Td (379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.17 Td (Balance at end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 348.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.80 348.32 Td (\(327,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 348.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.00 348.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.80 348.32 Td (\(318,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 348.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 348.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 348.32 Td (\(279,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 348.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 314.10 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.49 314.10 Td (: Pr) Tj ET Q q 0 0 0 rg BT 93.69 314.10 Td (operty and Equipment, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 293.10 Td (Property and equipment consist of the following, as of the dates presented \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 375.87 293.10 Td (in thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.71 293.10 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 253.60 334.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 253.60 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 253.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 253.60 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 225.60 334.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 225.60 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 225.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 225.60 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 197.60 334.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 197.60 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 197.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 197.60 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 169.60 334.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 169.60 87.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 169.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 169.60 87.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 253.60000000000002 m 471.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 253.60000000000002 m 562.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 253.60000000000002 m 471.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 253.60000000000002 m 562.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 183.60000000000002 m 471.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 183.60000000000002 m 562.5 183.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 155.60000000000002 m 471.5 155.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 155.60000000000002 m 562.5 155.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 142.60000000000002 m 471.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 140.60000000000002 m 471.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 142.60000000000002 m 562.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 140.60000000000002 m 562.5 140.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.25 265.68 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 257.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.25 265.68 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 257.68 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 244.17 Td (Furniture, fixtures and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 244.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 244.17 Td (19,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 244.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 244.17 Td (21,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 230.17 Td (Computer equipment and software) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 230.17 Td (138,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 230.17 Td (125,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 216.17 Td (Telecommunications equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 216.17 Td (4,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 216.17 Td (4,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 202.17 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 202.17 Td (17,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 202.17 Td (19,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 188.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 188.17 Td (1,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 188.17 Td (1,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 174.17 Td (181,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 174.17 Td (172,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 160.17 Td (Less: accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.80 160.22 Td (\(109,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 160.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 160.22 Td (\(99,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 160.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 146.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 146.17 Td (72,257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 146.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 146.17 Td (72,546) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 121.10 Td (Depreciation and amortization expense for continuing operations was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.46 121.10 Td ($27.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.36 121.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.36 121.10 Td ($28.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.25 121.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.19 121.10 Td ($23.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.08 121.10 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.69 109.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.28 109.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.28 109.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.28 109.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.21 109.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.21 109.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 312.88 109.10 Td (.) Tj ET Q endstream endobj 231 0 obj <> endobj 232 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 742.25 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.49 742.25 Td (: Other) Tj ET Q q 0 0 0 rg BT 108.69 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.63 742.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (Other assets consist of the following \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 225.64 721.25 Td (in thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.48 721.25 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 680.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 680.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 680.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 680.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 650.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 650.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 650.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 650.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 620.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 620.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 620.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 620.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 590.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 590.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 590.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 560.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 560.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 560.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 530.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 530.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 530.75 87.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 680.75 m 471.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 680.75 m 562.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 680.75 m 471.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 680.75 m 562.5 680.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 515.75 m 471.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 515.75 m 562.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 501.75 m 471.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 499.75 m 471.5 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 501.75 m 562.5 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 499.75 m 562.5 499.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.25 692.98 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 684.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.25 692.98 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 684.98 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 671.32 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 670.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 670.42 Td (51,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 670.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 670.42 Td (12,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 656.32 Td (Identifiable intangible assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 655.42 Td (28,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 655.42 Td (15,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 641.32 Td (Assets held for sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 640.42 Td (21,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 640.42 Td (911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.32 Td (Other financial receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 625.42 Td (18,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 625.42 Td (11,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 611.32 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 610.42 Td (18,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 610.42 Td (21,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 596.32 Td (Service fee receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 595.42 Td (15,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 595.42 Td (13,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 581.32 Td (Receivable from seller) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 580.42 Td (5,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 580.42 Td (8,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 566.32 Td (Security deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 565.42 Td (2,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 565.42 Td (2,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 551.32 Td (Derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 550.42 Td (1,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 550.42 Td (718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 536.32 Td (Prepaid income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 535.42 Td (649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 535.42 Td (25,839) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 521.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 520.42 Td (53,116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 520.42 Td (35,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 505.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 505.42 Td (215,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 505.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 505.42 Td (148,762) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 471.25 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 471.25 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.49 471.25 Td (: Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 450.25 Td (The Company is in compliance with all covenants under its financing arrangements. ) Tj ET Q q 0 0 0 rg BT 411.39 450.25 Td (The components of the Company) Tj ET Q q 0 0 0 rg BT 547.48 450.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.25 Td (consolidated debt and capital lease obligations were as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 303.54 438.25 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.04 438.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 397.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 397.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 397.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 397.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 367.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 367.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 367.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 367.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 337.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 337.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 337.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 337.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 307.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 307.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 307.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 307.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 277.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 277.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 277.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 277.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 247.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 247.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 247.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 247.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 217.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 217.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 217.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 217.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 187.75 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 187.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 187.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 187.75 87.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 397.75 m 471.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 397.75 m 562.5 397.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 202.75 m 471.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 202.75 m 562.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 172.75 m 471.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 158.75 m 471.5 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 156.75 m 471.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 172.75 m 562.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 158.75 m 562.5 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 156.75 m 562.5 156.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.25 409.98 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 401.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.25 409.98 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 401.98 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 388.32 Td (Encore revolving credit facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 387.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 387.42 Td (578,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 387.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 387.42 Td (627,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 373.32 Td (Encore term loan facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 372.42 Td (164,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 372.42 Td (143,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 358.32 Td (Encore senior secured notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 357.42 Td (11,320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 357.42 Td (28,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 343.32 Td (Encore convertible notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 342.42 Td (448,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 342.42 Td (448,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 328.32 Td (Less: Debt discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.80 327.47 Td (\(31,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 327.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 327.47 Td (\(41,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 327.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 313.32 Td (Cabot senior secured notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 312.42 Td (1,280,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 312.42 Td (1,360,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 298.32 Td (Add: Debt premium) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 297.42 Td (17,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 297.42 Td (53,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 283.32 Td (Less: Debt discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 282.47 Td (\(2,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 282.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 282.47 Td (\(3,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 282.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 268.32 Td (Cabot senior revolving credit facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 267.42 Td (33,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 267.42 Td (54,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 253.32 Td (Preferred equity certificates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 252.42 Td (205,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 252.42 Td (221,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 238.32 Td (Other credit facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 237.42 Td (74,551) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 237.42 Td (49,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 223.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 222.42 Td (62,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 222.42 Td (33,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 208.32 Td (Capital lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 207.42 Td (5,091) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 207.42 Td (11,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 192.42 Td (2,847,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 192.42 Td (2,985,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 178.32 Td (Less: debt issuance costs, net of amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.80 177.47 Td (\(41,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 177.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 177.47 Td (\(41,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 177.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 163.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 162.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 162.42 Td (2,805,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 162.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 162.42 Td (2,944,063) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 233 0 obj <> endobj 234 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-25) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Encore Revolving Credit Facility and T) Tj ET Q q 0 0 0 rg BT 211.57 742.25 Td (erm Loan Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (On December 20, 2016, the Company amended its revolving credit facility and term loan facility pursuant to a ) Tj ET Q q 0 0 0 rg BT 518.14 725.25 Td (Third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (Amended and Restated Credit ) Tj ET Q q 0 0 0 rg BT 172.19 713.25 Td (Agreement \(the Restated Credit ) Tj ET Q q 0 0 0 rg BT 305.48 713.25 Td (Agreement\). ) Tj ET Q q 0 0 0 rg BT 362.49 713.25 Td (The Restated Credit ) Tj ET Q q 0 0 0 rg BT 444.41 713.25 Td (Agreement includes a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (revolving credit facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.74 701.25 Td ($781.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.63 701.25 Td ( \(the Revolving Credit Facility\), a term loan facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.73 701.25 Td ($166.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.62 701.25 Td ( \(the T) Tj ET Q q 0 0 0 rg BT 535.01 701.25 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (Loan Facility, and together with the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 301.80 689.25 Td (, the Senior Secured Credit Facilities\), and an accordion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (feature that allows the Company to increase the Senior Secured Credit Facilities by an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.61 677.25 Td ($250.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.50 677.25 Td (. Including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (accordion feature, the maximum amount that can be borrowed under the Restated Credit ) Tj ET Q q 0 0 0 rg BT 405.43 665.25 Td (Agreement is approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.79 665.25 Td ($1.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.11 653.25 Td (. ) Tj ET Q q 0 0 0 rg BT 80.93 653.25 Td (The Senior Secured Credit Facilities have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.27 653.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.81 653.25 Td ( year maturity expiring in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 653.25 Td (December 2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.09 653.25 Td (, except with respect to \(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.25 Td (revolving commitments under the Revolving Credit Facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.29 641.25 Td ($32.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.18 641.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.62 641.25 Td ($207.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.51 641.25 Td ( expiring in November 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.25 Td (and February 2019, respectively) Tj ET Q q 0 0 0 rg BT 178.20 629.25 Td (, and \(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.30 629.25 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.28 629.25 Td ( subtranches of the ) Tj ET Q q 0 0 0 rg BT 311.86 629.25 Td (T) Tj ET Q q 0 0 0 rg BT 317.27 629.25 Td (erm Loan Facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.24 629.25 Td ($50.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.13 629.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.13 629.25 Td ($4.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.02 629.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.46 629.25 Td ($22.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 617.25 Td (, expiring in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 617.25 Td (February 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.59 617.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.59 617.25 Td (November 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.30 617.25 Td ( and February 2019, respectively) Tj ET Q q 0 0 0 rg BT 389.00 617.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 596.25 Td (Provisions of the Restated Credit ) Tj ET Q q 0 0 0 rg BT 208.16 596.25 Td (Agreement include, but are not limited to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 575.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 575.25 Td (Revolving Credit Facility commitments of \(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.64 575.25 Td ($541.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.53 575.25 Td ( that expire in December 2021, \(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.04 575.25 Td ($207.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.93 575.25 Td ( that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 563.25 Td (expire in February 2019 and \(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.96 563.25 Td ($32.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.85 563.25 Td ( that expire in November 2017, in each case with interest at a floating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 551.25 Td (rate equal to, at the Company) Tj ET Q q 0 0 0 rg BT 215.52 551.25 Td (s option, either: \(a\)reserve adjusted London Interbank Of) Tj ET Q q 0 0 0 rg BT 446.09 551.25 Td (fered Rate \(LIBOR\), plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 539.25 Td (a spread that ranges from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.57 539.25 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.57 539.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.35 539.25 Td (300 basis points) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.80 539.25 Td ( depending on the cash flow leverage ratio of Encore and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 527.25 Td (restricted subsidiaries; or \(b\)alternate base rate, plus a spread that ranges from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.10 527.25 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.10 527.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.88 527.25 Td (200 basis points) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.33 527.25 Td (, depending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 515.25 Td (on the cash flow leverage ratio of Encore and its restricted subsidiaries. Alternate base rate, as defined in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 503.25 Td (Restated Credit ) Tj ET Q q 0 0 0 rg BT 158.88 503.25 Td (Agreement, means the highest of \(i\)the per annum rate which the administrative agent publicly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 491.25 Td (announces from time to time as its prime lending rate, \(ii\)the federal funds ef) Tj ET Q q 0 0 0 rg BT 405.55 491.25 Td (fective rate from time to time, plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 479.25 Td (0.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.83 479.25 Td (per annum, \(iii\)reserved adjusted LIBOR determined on a daily basis for a one month interest period, plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 467.25 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.83 467.25 Td (per annum and \(iv\) zero;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 446.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 446.25 Td (An ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.22 446.25 Td ($88.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.11 446.25 Td ( term loan maturing in December 2021, with interest at a floating rate equal to, at the Company) Tj ET Q q 0 0 0 rg BT 542.61 446.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 434.25 Td (option, either: \(1\)reserve adjusted LIBOR, plus a spread that ranges from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.69 434.25 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.69 434.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.47 434.25 Td (300 basis points) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.92 434.25 Td (, depending on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 422.25 Td (cash flow leverage ratio of Encore and its restricted subsidiaries; or \(2\)alternate base rate, plus a spread that ranges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 410.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 410.25 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.94 410.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.72 410.25 Td (200 basis points) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.17 410.25 Td (, depending on the cash flow leverage ratio of Encore and its restricted subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 398.25 Td (Principal amortizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.98 398.25 Td ($4.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.87 398.25 Td ( in each of 2017 and 2018, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.73 398.25 Td ($6.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.62 398.25 Td ( in each of 2019 and 2020, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.42 398.25 Td ($8.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.31 398.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 386.25 Td (in 2021 with the remaining principal due at the end of the term;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 365.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 365.25 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 365.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.17 365.25 Td ($22.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.06 365.25 Td ( term loan maturing in February 2019, with interest at a floating rate equal to, at the Company) Tj ET Q q 0 0 0 rg BT 536.57 365.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 353.25 Td (option, either: \(1\)reserve adjusted LIBOR, plus a spread that ranges from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.69 353.25 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.69 353.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.47 353.25 Td (300 basis points) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.92 353.25 Td (, depending on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 341.25 Td (cash flow leverage ratio of Encore and its restricted subsidiaries; or \(2\)alternate base rate, plus a spread that ranges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 329.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 329.25 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.94 329.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.72 329.25 Td (200 basis points) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.17 329.25 Td (, depending on the cash flow leverage ratio of Encore and its restricted subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 317.25 Td (Principal amortizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.98 317.25 Td ($4.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.87 317.25 Td ( in each of 2017 and 2018 with the remaining principal due at the end of the term;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 296.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 296.25 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 296.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.17 296.25 Td ($4.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.06 296.25 Td ( term loan maturing in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.99 296.25 Td (November2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.69 296.25 Td (, with interest at a floating rate equal to, at the Company) Tj ET Q q 0 0 0 rg BT 537.68 296.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 284.25 Td (option, either: \(1\)reserve adjusted LIBOR, plus a spread that ranges from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.69 284.25 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.69 284.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.47 284.25 Td (300 basis points) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.92 284.25 Td (, depending on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 272.25 Td (cash flow leverage ratio of Encore and its restricted subsidiaries; or \(2\)alternate base rate, plus a spread that ranges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 260.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 260.25 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.94 260.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.72 260.25 Td (200 basis points) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.17 260.25 Td (, depending on the cash flow leverage ratio of Encore and its restricted subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 248.25 Td (Principal amortizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.98 248.25 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.87 248.25 Td ( in 2017 with the remaining principal due at the end of the term; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 227.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 227.25 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 227.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.17 227.25 Td ($50.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.06 227.25 Td ( term loan maturing in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.99 227.25 Td (February 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.58 227.25 Td (, with interest at a floating rate equal to, at the Company) Tj ET Q q 0 0 0 rg BT 536.57 227.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 215.25 Td (option, either: \(1\)reserve adjusted LIBOR, plus a spread that ranges from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.69 215.25 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.69 215.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.47 215.25 Td (250 basis points) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.92 215.25 Td (, depending on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 203.25 Td (cash flow leverage ratio of Encore and its restricted subsidiaries; or \(2\)alternate base rate, plus a spread that ranges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 191.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 191.25 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.94 191.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.72 191.25 Td (150 basis points) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.17 191.25 Td (, depending on the cash flow leverage ratio of Encore and its restricted subsidiaries; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 170.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 170.25 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 170.25 Td ( borrowing base under the Revolving Credit Facility equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.73 170.25 Td (35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.06 170.25 Td ( of all eligible non-bankruptcy estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 158.25 Td (remaining collections plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.03 158.25 Td (55%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.36 158.25 Td ( of eligible estimated remaining collections for consumer receivables subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 146.25 Td (bankruptcy;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 125.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 125.25 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 125.25 Td ( maximum cash flow leverage ratio permitted of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.16 125.25 Td (3.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.66 125.25 Td (:1.00;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 104.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 104.25 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 104.25 Td ( maximum cash flow first-lien leverage ratio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.27 104.25 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.77 104.25 Td (:1.00;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 83.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 83.25 Td (The allowance of indebtedness in the form of senior secured notes not to exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.22 83.25 Td ($150.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.11 83.25 Td (;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 62.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 62.25 Td (The allowance of additional unsecured or subordinated indebtedness not to exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.39 62.25 Td ($1.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.50 62.25 Td (, including junior lien ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 50.25 Td (indebtedness not to exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.97 50.25 Td ($400.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.86 50.25 Td (;) Tj ET Q endstream endobj 235 0 obj <> endobj 236 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 742.10 Td (Restrictions and covenants, which limit the payment of dividends and the incurrence of additional indebtedness and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 730.10 Td (liens, among other limitations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 709.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 709.10 Td (Repurchases of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.65 709.10 Td ($150.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.54 709.10 Td ( of Encore) Tj ET Q q 0 0 0 rg BT 284.96 709.10 Td (s common stock after July 9, 2015, subject to compliance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 697.10 Td (certain covenants and available borrowing capacity;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 676.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 676.10 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 676.10 Td ( change of control definition, that excludes acquisitions of stock by Red Mountain Capital Partners LLC, JCF FPK ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 664.10 Td (I, LP) Tj ET Q q 0 0 0 rg BT 114.63 664.10 Td ( and their respective af) Tj ET Q q 0 0 0 rg BT 205.51 664.10 Td (filiates of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.83 664.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.16 664.10 Td ( of the outstanding shares of Encore) Tj ET Q q 0 0 0 rg BT 433.79 664.10 Td (s voting stock;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 643.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 643.10 Td (Events of default which, upon occurrence, may permit the lenders to terminate the facility and declare all amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 631.10 Td (outstanding to be immediately due and payable;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 610.10 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 610.10 Td ( pre-approved acquisition limit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.58 610.10 Td ($225.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.47 610.10 Td ( per fiscal year;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 589.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 589.10 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 589.10 Td ( basket to allow for investments not to exceed the greater of \(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.42 589.10 Td (200%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.75 589.10 Td ( of the consolidated net worth of Encore and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 577.10 Td (its restricted subsidiaries; and \(2\) an unlimited amount such that after giving ef) Tj ET Q q 0 0 0 rg BT 410.29 577.10 Td (fect to the making of any investment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 565.10 Td (the cash flow leverage ratio is less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.39 565.10 Td (1.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.89 565.10 Td (:1:00;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 547.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 547.10 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 547.10 Td ( basket to allow for investments in persons or) Tj ET Q q 0 0 0 rg BT 283.13 547.10 Td (ganized under the laws of Canada in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.17 547.10 Td ($50.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.06 547.10 Td (;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 529.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 529.10 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 529.10 Td ( requirement that Encore and its restricted subsidiaries, for the four) Tj ET Q q 0 0 0 rg BT 369.43 529.10 Td (-month period ending February 2019, have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 517.10 Td (suf) Tj ET Q q 0 0 0 rg BT 107.04 517.10 Td (ficient cash or availability under the Revolving Credit Facility \(excluding availability under revolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 505.10 Td (commitments expiring in February 2019\) to satisfy any amounts due under the revolving commitments that expire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 493.10 Td (in February 2019 and the sub-tranche of the ) Tj ET Q q 0 0 0 rg BT 272.54 493.10 Td (T) Tj ET Q q 0 0 0 rg BT 277.95 493.10 Td (erm Loan Facility that expires in February 2019;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 475.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 475.10 Td (Collateralization by all assets of the Company) Tj ET Q q 0 0 0 rg BT 278.75 475.10 Td (, other than the assets of certain foreign subsidiaries and all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 463.10 Td (unrestricted subsidiaries as defined in the Restated Credit ) Tj ET Q q 0 0 0 rg BT 326.61 463.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 442.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 442.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.08 442.10 Td (, the outstanding balance under the Restated Credit ) Tj ET Q q 0 0 0 rg BT 370.86 442.10 Td (Agreement was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.84 442.10 Td ($742.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.73 442.10 Td (, which bore a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.99 430.10 Td (3.56%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.82 430.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.26 430.10 Td (3.17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.09 430.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.44 430.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.02 430.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.46 430.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.46 430.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 506.12 430.10 Td (. ) Tj ET Q q 0 0 0 rg BT 510.57 430.10 Td (A) Tj ET Q q 0 0 0 rg BT 517.05 430.10 Td (vailable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (capacity under the Restated Credit ) Tj ET Q q 0 0 0 rg BT 189.67 418.10 Td (Agreement, subject to borrowing base and applicable debt covenants, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.91 418.10 Td ($203.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 418.10 Td ( as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 406.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.41 406.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (Encore Senior Secured Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 368.10 Td (In 2010 and 201) Tj ET Q q 0 0 0 rg BT 138.90 368.10 Td (1 Encore entered into an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.32 368.10 Td ($75.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.22 368.10 Td ( in senior secured notes with certain af) Tj ET Q q 0 0 0 rg BT 499.15 368.10 Td (filiates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (Prudential Capital Group \(the Senior Secured Notes\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.94 356.10 Td ($25.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.83 356.10 Td ( of the Senior Secured Notes bear an annual interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 344.10 Td (7.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.66 344.10 Td (, mature in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.20 344.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.20 344.10 Td ( and require quarterly principal payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.75 344.10 Td ($1.25 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.64 344.10 Td (. Prior to May 2013, these notes required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (quarterly payments of interest only) Tj ET Q q 0 0 0 rg BT 189.31 332.10 Td (. ) Tj ET Q q 0 0 0 rg BT 194.13 332.10 Td (The remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.22 332.10 Td ($50.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.11 332.10 Td ( of Senior Secured Notes bear an annual interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.64 332.10 Td (7.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.47 332.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (mature in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.54 320.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.54 320.10 Td ( and require quarterly principal payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.09 320.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.98 320.10 Td (. Prior to December 2012 these notes required quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (interest only payments. ) Tj ET Q q 0 0 0 rg BT 144.99 308.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.43 308.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.01 308.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.01 308.10 Td ($5.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.90 308.10 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.95 308.10 Td (7.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.78 308.10 Td ( Senior Secured Notes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.37 308.10 Td ($6.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.26 308.10 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (7.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 296.10 Td ( Senior Secured Notes, for an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.27 296.10 Td ($1) Tj ET Q q 0 0 0 rg BT 257.90 296.10 Td (1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.79 296.10 Td (, remained outstanding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 275.10 Td (The Senior Secured Notes are guaranteed in full by certain of Encore) Tj ET Q q 0 0 0 rg BT 351.55 275.10 Td (s subsidiaries. ) Tj ET Q q 0 0 0 rg BT 409.98 275.10 Td (The Senior Secured Notes are ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 531.88 275.10 Td (pari ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (passu) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.78 263.10 Td ( with, and are collateralized by the same collateral as the Senior Secured Credit Facilities.) Tj ET Q q 0 0 0 rg BT 433.86 263.10 Td (The Senior Secured Notes may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (be accelerated and become automatically and immediately due and payable upon certain events of default, including certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (events related to insolvency) Tj ET Q q 0 0 0 rg BT 160.70 239.10 Td (, bankruptcy) Tj ET Q q 0 0 0 rg BT 210.04 239.10 Td (, or liquidation.) Tj ET Q q 0 0 0 rg BT 273.65 239.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 323.55 239.10 Td (, the Senior Secured Notes may be accelerated at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (election of the holder or holders of a majority in principal amount of the Senior Secured Notes upon certain events of default by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (Encore, including the breach of af) Tj ET Q q 0 0 0 rg BT 185.87 215.10 Td (firmative covenants regarding guarantors, collateral, most favored lender treatment, minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (revolving credit facility commitment or the breach of any negative covenant. If Encore prepays the Senior Secured Notes at any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (time for any reason, payment will be at the higher of par or the present value of the remaining scheduled payments of principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (and interest on the portion being prepaid. ) Tj ET Q q 0 0 0 rg BT 217.00 179.10 Td (The discount rate used to determine the present value is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.92 179.10 Td (50 basis points) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.37 179.10 Td ( over the then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (current ) Tj ET Q q 0 0 0 rg BT 80.63 167.10 Td (T) Tj ET Q q 0 0 0 rg BT 86.39 167.10 Td (reasury Rate corresponding to the remaining average life of the Senior Secured Notes. ) Tj ET Q q 0 0 0 rg BT 433.31 167.10 Td (The covenants are substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (similar to those in the Restated Credit ) Tj ET Q q 0 0 0 rg BT 203.03 155.10 Td (Agreement. Prudential Capital Group and the administrative agent for the lenders of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (Restated Credit ) Tj ET Q q 0 0 0 rg BT 113.88 143.10 Td (Agreement have an intercreditor agreement related to their pro rata rights to the collateral, actionable default, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (powers and duties and remedies, among other topics. ) Tj ET Q q 0 0 0 rg BT 264.21 131.10 Td (The terms of the purchase agreement for the Senior Secured Notes have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (been amended in connection with amendments to the Restated Credit ) Tj ET Q q 0 0 0 rg BT 328.81 119.10 Td (Agreement in order to align certain provisions between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.72 107.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.72 107.10 Td ( agreements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (Encore Convertible Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 65.10 Td (In November and December 2012, Encore sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.54 65.10 Td ($1) Tj ET Q q 0 0 0 rg BT 273.17 65.10 Td (15.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.07 65.10 Td ( aggregate principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.29 65.10 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.13 65.10 Td ( 2017 Convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.10 Td (Notes that mature on November 27, 2017 in private placement transactions. In June and July 2013, Encore sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.94 53.10 Td ($172.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.84 53.10 Td ( ) Tj ET Q endstream endobj 237 0 obj <> endobj 238 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (aggregate principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.73 742.10 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.56 742.10 Td ( 2020 Convertible Notes that mature on July 1, 2020 in private placement transactions. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (March 2014, Encore sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.58 730.10 Td ($161.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.48 730.10 Td ( aggregate principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.71 730.10 Td (2.875%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.54 730.10 Td ( 2021 Convertible Notes that mature on March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (15, 2021 in private placement transactions. ) Tj ET Q q 0 0 0 rg BT 224.21 718.10 Td (The interest on these unsecured convertible senior notes \(collectively) Tj ET Q q 0 0 0 rg BT 500.13 718.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Convertible Notes\), is payable semi-annually) Tj ET Q q 0 0 0 rg BT 239.01 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 685.10 Td (Prior to the close of business on the business day immediately preceding their respective conversion date \(listed below\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (holders may convert their Convertible Notes under certain circumstances set forth in the applicable Convertible Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (indentures. On or after their respective conversion dates until the close of business on the scheduled trading day immediately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (preceding their respective maturity date, holders may convert their Convertible Notes at any time. Certain key terms related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (the convertible features for each of the Convertible Notes as of year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 637.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.74 637.10 Td ( are listed below) Tj ET Q q 0 0 0 rg BT 493.90 637.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 602.60 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 602.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.00 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 602.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 602.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 572.60 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 572.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.00 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 572.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 572.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 542.60 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 542.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.00 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.00 542.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 542.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 542.60 95.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 602.6 m 365 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369 602.6 m 460 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 602.6 m 559 602.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.20 606.83 Td (2017 Convertible Notes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.20 606.83 Td (2020 Convertible Notes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.20 606.83 Td (2021 Convertible Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 592.27 Td (Initial conversion price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.50 592.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 592.27 Td (31.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.50 592.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 592.27 Td (45.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.50 592.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 592.27 Td (59.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 577.27 Td (Closing stock price at date of issuance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.50 577.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 577.27 Td (25.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.50 577.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 577.27 Td (33.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.50 577.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 577.27 Td (47.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 562.27 Td (Closing stock price date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.75 562.27 Td (November 27, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 562.27 Td (June 24, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.90 562.27 Td (March 5, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 547.27 Td (Conversion rate \(shares per $1,000 principal amount\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 547.27 Td (31.6832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 547.27 Td (21.8718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.65 547.27 Td (16.8386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 532.27 Td (Conversion date) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 119.76 536.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 532.27 Td (May 27, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.90 532.27 Td (January 1, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.20 532.27 Td (September 15, 2020) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (_______________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 501.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 501.50 Td (The 2017 Convertible Notes became convertible on January 2, 2014, as certain early conversion events were satisfied. Refer to Conversion and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 491.90 Td (Earnings Per Share Impact section below for further details.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 470.90 Td (In the event of conversion, the 2017 Convertible Notes are convertible into cash up to the aggregate principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.90 Td (the notes. ) Tj ET Q q 0 0 0 rg BT 90.64 458.90 Td (The excess conversion premium may be settled in cash or shares of the Company) Tj ET Q q 0 0 0 rg BT 418.61 458.90 Td (s common stock at the discretion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.90 Td (the Company) Tj ET Q q 0 0 0 rg BT 102.95 446.90 Td (. In the event of conversion, holders of the Company) Tj ET Q q 0 0 0 rg BT 316.51 446.90 Td (s 2020 and 2021 Convertible Notes will receive cash, shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.90 Td (of the Company) Tj ET Q q 0 0 0 rg BT 117.21 434.90 Td (s common stock or a combination of cash and shares of the Company) Tj ET Q q 0 0 0 rg BT 397.71 434.90 Td (s common stock, at the Company) Tj ET Q q 0 0 0 rg BT 533.80 434.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.90 Td (election. ) Tj ET Q q 0 0 0 rg BT 86.47 422.90 Td (The Company) Tj ET Q q 0 0 0 rg BT 146.18 422.90 Td (s current intent is to settle conversions through combination settlement \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 435.01 422.90 Td (i.e.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.73 422.90 Td ( convertible into cash up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.90 Td (the aggregate principal amount, and shares of the Company) Tj ET Q q 0 0 0 rg BT 290.76 410.90 Td (s common stock or a combination of cash and shares of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.90 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 398.90 Td (s common stock, at the Company) Tj ET Q q 0 0 0 rg BT 227.76 398.90 Td (s election, for the remainder\). ) Tj ET Q q 0 0 0 rg BT 347.99 398.90 Td (As a result, and in accordance with authoritative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.90 Td (guidance related to derivatives and hedging and earnings per share, only the conversion spread is included in the diluted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.90 Td (earnings per share calculation, if dilutive. Under such method, the settlement of the conversion spread has a dilutive ef) Tj ET Q q 0 0 0 rg BT 523.83 374.90 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.90 Td (when, during any quarter) Tj ET Q q 0 0 0 rg BT 150.12 362.90 Td (, the average share price of the Company) Tj ET Q q 0 0 0 rg BT 316.72 362.90 Td (s common stock exceedsthe initial conversion prices listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.90 Td (in the above table.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 329.90 Td (Authoritative guidance related to debt with conversion and other options requires that issuers of convertible debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.90 Td (instruments that, upon conversion, may be settled fully or partially in cash, must separately account for the liability and equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.90 Td (components in a manner that will reflect the entity) Tj ET Q q 0 0 0 rg BT 254.38 305.90 Td (s nonconvertible debt borrowing rate when interest cost is recognized in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.90 Td (subsequent periods. ) Tj ET Q q 0 0 0 rg BT 130.83 293.90 Td (Additionally) Tj ET Q q 0 0 0 rg BT 180.73 293.90 Td (, debt issuance costs are required to be allocated in proportion to the allocation of the liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.90 Td (and equity components and accounted for as debt issuance costs and equity issuance costs, respectively) Tj ET Q q 0 0 0 rg BT 462.29 281.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 260.90 Td (The debt and equity components, the issuance costs related to the equity component, the stated interest rate, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.90 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 248.90 Td (fective interest rate for each of the Convertible Notes are listed below ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 338.58 248.90 Td (\(in thousands, except per) Tj ET Q q 0 0 0 rg BT 438.75 248.90 Td (centages\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.06 248.90 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 56.50 214.40 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 214.40 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 214.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 214.40 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 214.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 214.40 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 56.50 184.40 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 184.40 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 184.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 184.40 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 184.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 184.40 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 56.50 154.40 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 154.40 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 154.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 154.40 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 154.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 154.40 86.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 214.39999999999998 m 369.5 214.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 214.39999999999998 m 464.5 214.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 214.39999999999998 m 554.5 214.39999999999998 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.70 218.63 Td (2017 Convertible Notes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.70 218.63 Td (2020 Convertible Notes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.20 218.63 Td (2021 Convertible Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 204.07 Td (Debt component) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.00 204.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 204.07 Td (100,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 204.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 204.07 Td (140,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 204.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 204.07 Td (143,645) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 189.07 Td (Equity component) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.00 189.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 189.07 Td (14,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 189.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 189.07 Td (32,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 189.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 189.07 Td (17,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 174.07 Td (Equity issuance cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.00 174.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 174.07 Td (788) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 174.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 174.07 Td (1,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 174.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 174.07 Td (581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 159.07 Td (Stated interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 159.07 Td (3.000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 159.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 159.07 Td (3.000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 159.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 159.07 Td (2.875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 159.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 144.07 Td (Effective interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 144.07 Td (6.000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 144.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 144.07 Td (6.350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 144.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 144.07 Td (4.700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 144.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 239 0 obj <> endobj 240 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (The balances of the liability and equity components of all of the Convertible Notes outstanding were as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 520.72 742.10 Td (\(in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.89 730.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 689.60 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 689.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 689.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 689.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 659.60 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 659.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 659.60 87.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 689.6 m 471.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 689.6 m 562.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 689.6 m 471.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 689.6 m 562.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 659.6 m 471.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 659.6 m 562.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 645.6 m 471.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 643.6 m 471.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 645.6 m 562.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 643.6 m 562.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 630.6 m 471.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 628.6 m 471.5 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 630.6 m 562.5 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 628.6 m 562.5 628.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.25 701.83 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 693.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.25 701.83 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 693.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 680.17 Td (Liability componentprincipal amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 679.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 679.27 Td (448,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 679.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 679.27 Td (448,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 665.17 Td (Unamortized debt discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.80 664.32 Td (\(31,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 664.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 664.32 Td (\(41,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 664.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 650.17 Td (Liability componentnet carrying amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 649.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 649.27 Td (416,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 649.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 649.27 Td (406,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 635.17 Td (Equity component) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 634.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 634.27 Td (61,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 634.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 634.27 Td (58,184) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 609.10 Td (The debt discount is being amortized into interest expense over the remaining life of the convertible notes using the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 597.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 597.10 Td (fective interest rates. Interest expense related to the convertible notes was as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 397.46 597.10 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.96 597.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 551.60 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 551.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 551.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 551.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 521.60 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 521.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 521.60 87.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 564.6 m 471.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 564.6 m 562.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 551.6 m 471.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 551.6 m 562.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 521.6 m 471.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 521.6 m 562.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 507.6 m 471.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 505.6 m 471.5 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 507.6 m 562.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 505.6 m 562.5 505.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.60 568.83 Td (Year ended December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 555.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 555.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 542.17 Td (Interest expensestated coupon rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 541.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 541.27 Td (13,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 541.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 541.27 Td (13,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 527.17 Td (Interest expenseamortization of debt discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 526.27 Td (9,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 526.27 Td (9,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 512.17 Td (Total interest expenseconvertible notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 511.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 511.27 Td (23,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 511.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 511.27 Td (22,580) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 484.7669921875 m 205.2685546875 484.7669921875 l s q 0 0 0 rg BT 50.00 486.10 Td (Convertible Notes Hedge T) Tj ET Q q 0 0 0 rg BT 158.60 486.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 465.10 Td (In order to reduce the risk related to the potential dilution and/or the potential cash payments the Company may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (required to make in the event that the market price of the Company) Tj ET Q q 0 0 0 rg BT 321.57 453.10 Td (s common stock becomes greater than the conversion prices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 Td (of the Convertible Notes, the Company maintains a hedge program that increases the ef) Tj ET Q q 0 0 0 rg BT 399.71 441.10 Td (fective conversion price for each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (Convertible Notes. ) Tj ET Q q 0 0 0 rg BT 127.49 429.10 Td (All of the hedge instruments related to the Convertible Notes have been determined to be indexed to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 417.10 Td (s own stock and meet the criteria for equity classification. In accordance with authoritative guidance, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (recorded the cost of the hedge instruments as a reduction in additional paid-in capital, and will not recognize subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (changes in fair value of these financial instruments in its consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 372.10 Td (The details of the hedge program for each of the Convertible Notes are listed below ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 409.33 372.10 Td (\(in thousands, except conversion ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (price\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.88 360.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 56.50 325.60 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 325.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 325.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 325.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 56.50 295.60 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 295.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 295.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 295.60 86.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 325.6 m 369.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 325.6 m 464.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 325.6 m 554.5 325.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.70 329.83 Td (2017 Convertible Notes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.70 329.83 Td (2020 Convertible Notes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.20 329.83 Td (2021 Convertible Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 315.27 Td (Cost of the hedge transaction\(s\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.00 315.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 315.27 Td (50,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 315.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 315.27 Td (18,113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 315.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.15 315.27 Td (19,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 300.27 Td (Initial conversion price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.15 300.27 Td (31.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 300.27 Td (45.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.15 300.27 Td (59.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 285.27 Td (Effective conversion price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.15 285.27 Td (60.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 285.27 Td (61.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.15 285.27 Td (83.14) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 258.7669921875 m 225.4443359375 258.7669921875 l s q 0 0 0 rg BT 50.00 260.10 Td (Conversion and Earnings Per Shar) Tj ET Q q 0 0 0 rg BT 190.74 260.10 Td (e Impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 239.10 Td (During the quarter ending December31, 2013, the closing price of the Company) Tj ET Q q 0 0 0 rg BT 397.96 239.10 Td (s common stock exceeded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.15 239.10 Td (130%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.48 239.10 Td (of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (conversion price of the 2017 Convertible Notes for more than) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.38 227.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.38 227.10 Td (trading days during a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.08 227.10 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.08 227.10 Td ( consecutive trading day period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (thereby satisfying one of the early conversion events. ) Tj ET Q q 0 0 0 rg BT 265.21 215.10 Td (As a result, the 2017 Convertible Notes became convertible on demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 203.10 Td (fective January 2, 2014, and the holders were notified that they could elect to submit their 2017 Convertible Notes for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (conversion. ) Tj ET Q q 0 0 0 rg BT 98.70 191.10 Td (The carrying value of the 2017 Convertible Notes continues to be reported as debt as the Company intends to draw ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (on the Revolving Credit Facility or use cash on hand to settle the principal amount of any such conversions in cash. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.35 179.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.57 179.10 Td ( gain or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (loss was recognized when the debt became convertible. ) Tj ET Q q 0 0 0 rg BT 273.90 167.10 Td (The estimated fair value of the 2017 Convertible Notes was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 155.10 Td ($127.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.15 155.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.31 155.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.89 155.10 Td (. In addition, upon becoming convertible, a portion of the equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (component that was recorded at the time of the issuance of the 2017 Convertible Notes was considered redeemable and that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (portion of the equity was reclassified to temporary equity in the Company) Tj ET Q q 0 0 0 rg BT 348.54 131.10 Td (s consolidated statements of financial condition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (Such amount was determined based on the cash consideration to be paid upon conversion and the carrying amount of the debt. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (Upon conversion, the holders of the 2017 Convertible Notes will be paid in cash for the principal amount. ) Tj ET Q q 0 0 0 rg BT 475.83 107.10 Td (The excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (conversion premium may be settled in cash or shares of the Company) Tj ET Q q 0 0 0 rg BT 331.32 95.10 Td (s common stock at the discretion of the Company) Tj ET Q q 0 0 0 rg BT 528.96 95.10 Td (. ) Tj ET Q q 0 0 0 rg BT 533.41 95.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (result, the Company reclassified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.35 83.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.24 83.10 Td ( of the equity component to temporary equity as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.75 83.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.33 83.10 Td (. If a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (conversion event takes place, this temporary equity balance will be recalculated based on the dif) Tj ET Q q 0 0 0 rg BT 434.95 71.10 Td (ference between the 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (Convertible Notes principal and the debt carrying value. If the 2017 Convertible Notes are settled, an amount equal to the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.10 Td (value of the liability component, immediately prior to the settlement, will be deducted from the fair value of the total settlement ) Tj ET Q endstream endobj 241 0 obj <> endobj 242 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (consideration transferred and allocated to the liability component. ) Tj ET Q q 0 0 0 rg BT 315.19 742.10 Td (Any dif) Tj ET Q q 0 0 0 rg BT 345.84 742.10 Td (ference between the amount allocated to the liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and the net carrying amount of the 2017 Convertible Notes \(including any unamortized debt issue costs and discount\) will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (recognized in earnings as a gain or loss on debt extinguishment. ) Tj ET Q q 0 0 0 rg BT 307.72 718.10 Td (Any remaining consideration is allocated to the reacquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of the equity component and will be recognized as a reduction in stockholders) Tj ET Q q 0 0 0 rg BT 364.72 706.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 391.56 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 685.10 Td (None) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.16 685.10 Td ( of the 2017 Convertible Notes have been converted since they became convertible.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (Cabot Senior Secured Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 647.10 Td (On September20, 2012, Cabot Financial \(Luxembour) Tj ET Q q 0 0 0 rg BT 289.89 647.10 Td (g\) S.A. \(Cabot Financial\), an indirect subsidiary of Encore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 635.10 Td (265.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.39 635.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.48 635.10 Td ($438.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.37 635.10 Td (\) in aggregate principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.21 635.10 Td (10.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.04 635.10 Td ( Senior Secured Notes due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 623.10 Td ( \(the Cabot 2019 Notes\). Interest on the Cabot 2019 Notes is payable semi-annually) Tj ET Q q 0 0 0 rg BT 413.15 623.10 Td (, in arrears, on ) Tj ET Q q 0 0 0 rg BT 472.58 623.10 Td (April1 and October1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (of each year) Tj ET Q q 0 0 0 rg BT 98.30 611.10 Td (. On October 6, 2016, the Cabot 2019 Notes were redeemed in full using the proceeds from the issuance of Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (Secured Notes due 2023 \(the Cabot 2023 Notes\) as discussed below) Tj ET Q q 0 0 0 rg BT 330.40 599.10 Td (. ) Tj ET Q q 0 0 0 rg BT 334.84 599.10 Td (A) Tj ET Q q 0 0 0 rg BT 341.51 599.10 Td ( call premium of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.38 599.10 Td (13.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.27 599.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.36 599.10 Td ($17.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 587.10 Td (\) was paid in connection with the redemption of the Cabot 2019 Notes. Since the Cabot 2019 Notes carried a premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.09 575.10 Td (15.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.98 575.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.07 575.10 Td ($19.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.96 575.10 Td (\) at the time of redemption, Cabot recognized a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 563.10 Td (1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 563.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.24 563.10 Td ($1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.13 563.10 Td (\) on this transaction. ) Tj ET Q q 0 0 0 rg BT 358.10 563.10 Td (The gain is included in other income in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 551.10 Td (s consolidated statements of income for the year ended December 31, 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 530.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 530.10 Td (August2, 2013, Cabot Financial issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.16 530.10 Td (100 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.55 530.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.64 530.10 Td ($151.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.53 530.10 Td (\) in aggregate principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (8.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.83 518.10 Td ( Senior Secured Notes due 2020 \(the Cabot 2020 Notes\). Interest on the Cabot 2020 Notes is payable semi-annually) Tj ET Q q 0 0 0 rg BT 552.57 518.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (in arrears, on February1 and ) Tj ET Q q 0 0 0 rg BT 167.46 506.10 Td (August1 of each year) Tj ET Q q 0 0 0 rg BT 254.65 506.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 485.10 Td (On March 27, 2014, Cabot Financial issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.92 485.10 Td (175.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.81 485.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.90 485.10 Td ($291.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.79 485.10 Td (\) in aggregate principal amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 473.10 Td (6.500%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.66 473.10 Td ( Senior Secured Notes due 2021 \(the Cabot 2021 Notes\). Interest on the Cabot 2021 Notes is payable semi-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (annually) Tj ET Q q 0 0 0 rg BT 83.78 461.10 Td (, in arrears, on ) Tj ET Q q 0 0 0 rg BT 143.21 461.10 Td (April1 and October1 of each year) Tj ET Q q 0 0 0 rg BT 281.76 461.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 440.10 Td (On October 6, 2016, Cabot Financial issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.53 440.10 Td (350.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.42 440.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.51 440.10 Td ($442.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.40 440.10 Td (\) in aggregate principal amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 428.10 Td (7.500%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.66 428.10 Td ( Cabot 2023 Notes \(together with the Cabot 2019 Notes, the Cabot 2020 Notes and the Cabot 2021 Notes, the Cabot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (Notes\). Interest on the Cabot 2023 Notes is payable semi-annually) Tj ET Q q 0 0 0 rg BT 319.28 416.10 Td (, in arrears, on ) Tj ET Q q 0 0 0 rg BT 378.71 416.10 Td (April 1 and October 1 of each year) Tj ET Q q 0 0 0 rg BT 517.26 416.10 Td (. ) Tj ET Q q 0 0 0 rg BT 522.08 416.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (Cabot 2023 Notes were issued at a price equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.72 404.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.05 404.10 Td ( of their face value. ) Tj ET Q q 0 0 0 rg BT 350.83 404.10 Td (The proceeds from the of) Tj ET Q q 0 0 0 rg BT 451.71 404.10 Td (fering were used to \(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (redeem in full the Cabot 2019 Notes plus a call premium of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 392.10 Td (13.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.39 392.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.48 392.10 Td ($17.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.37 392.10 Td (\), \(2\) partially repay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (amounts outstanding under Cabot) Tj ET Q q 0 0 0 rg BT 187.49 380.10 Td (s revolving credit facility) Tj ET Q q 0 0 0 rg BT 287.64 380.10 Td (, \(3\) pay accrued interest on the Cabot 2019 Notes, and \(4\) pay fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (and expenses in relation to the of) Tj ET Q q 0 0 0 rg BT 182.00 368.10 Td (fering of the Cabot 2023 Notes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 347.10 Td (The Cabot Notes are fully and unconditionally guaranteed on a senior secured basis by the following indirect subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (of the Company: Cabot Credit Management Limited \(CCM\), Cabot Financial Limited, and all material subsidiaries of Cabot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (Financial Limited \(other than Cabot Financial and Marlin Intermediate Holdings plc\). ) Tj ET Q q 0 0 0 rg BT 395.28 323.10 Td (The Cabot Notes are secured by a first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (ranking security interest in all the outstanding shares of Cabot Financial and the guarantors \(other than CCM and Marlin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (Midway Limited\) and substantially all the assets of Cabot Financial and the guarantors \(other than CCM\). Subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (Intercreditor ) Tj ET Q q 0 0 0 rg BT 101.92 287.10 Td (Agreement described below under Cabot Senior Revolving Credit Facility, the guarantees provided in respect of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (the Cabot Notes are ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 131.64 275.10 Td (pari passu) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.59 275.10 Td ( with each such guarantee given in respect of the Cabot Floating Rate Notes, Marlin Bonds and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (the Cabot Credit Facility described below) Tj ET Q q 0 0 0 rg BT 216.25 263.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 242.10 Td (On November 1) Tj ET Q q 0 0 0 rg BT 138.06 242.10 Td (1, 2015, Cabot Financial \(Luxembour) Tj ET Q q 0 0 0 rg BT 288.96 242.10 Td (g\) II S.A. \(Cabot Financial II\), an indirect subsidiary of Encore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 230.10 Td (310.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.39 230.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.48 230.10 Td ($332.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.37 230.10 Td (\) in aggregate principal amount of Senior Secured Floating Rate Notes due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (2021 \(the Cabot Floating Rate Notes\). ) Tj ET Q q 0 0 0 rg BT 213.95 218.10 Td (The Cabot Floating Rate Notes were issued at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.96 218.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.29 218.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.12 218.10 Td (3.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.01 218.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 206.10 Td (\), original issue discount, which is being amortized over the life of the notes and included as interest expense in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 194.10 Td (s consolidated statements of income. ) Tj ET Q q 0 0 0 rg BT 240.89 194.10 Td (The Cabot Floating Rate Notes bear interest at a rate equal to three-month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (EURIBOR plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.56 182.10 Td (5.875%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.39 182.10 Td ( per annum, reset quarterly) Tj ET Q q 0 0 0 rg BT 253.20 182.10 Td (. Interest on the Cabot Floating Rate Notes is payable quarterly in arrears on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (February 15, May 15, ) Tj ET Q q 0 0 0 rg BT 138.88 170.10 Td (August 15 and November 15 of each year) Tj ET Q q 0 0 0 rg BT 305.37 170.10 Td (, beginning on February 15, 2016. ) Tj ET Q q 0 0 0 rg BT 443.78 170.10 Td (The Cabot Floating Rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (Notes will mature on November 15, 2021. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 137.10 Td (The Cabot Floating Rate Notes are fully and unconditionally guaranteed on a senior secured basis by the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (indirect subsidiaries of the Company: CCM, Cabot Financial Limited and all material subsidiaries of Cabot Financial Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (\(other than Cabot Financial II and Marlin Intermediate Holdings plc\). ) Tj ET Q q 0 0 0 rg BT 330.57 113.10 Td (The Cabot Floating Rate Notes are secured by a first-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (ranking security interest in all the outstanding shares of Cabot Financial II and the guarantors \(other than CCM and Marlin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (Midway Limited\) and substantially all the assets of Cabot Financial II and the guarantors \(other than CCM\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 68.10 Td (On July 25, 2013, Marlin Intermediate Holdings plc \(Marlin\), an indirect, a subsidiary of Marlin, issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.85 68.10 Td (150.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.74 68.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.10 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.59 56.10 Td ($246.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.48 56.10 Td (\) in aggregate principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.32 56.10 Td (10.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 56.10 Td ( Senior Secured Notes due 2020 \(the Marlin Bonds\). ) Tj ET Q endstream endobj 243 0 obj <> endobj 244 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Interest on the Marlin Bonds is payable semi-annually) Tj ET Q q 0 0 0 rg BT 266.25 742.10 Td (, in arrears, on February 1 and ) Tj ET Q q 0 0 0 rg BT 388.71 742.10 Td (August 1 of each year) Tj ET Q q 0 0 0 rg BT 475.90 742.10 Td (. Cabot assumed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Marlin Bonds as a result of the ) Tj ET Q q 0 0 0 rg BT 175.26 730.10 Td (Acquisition of Marlin. ) Tj ET Q q 0 0 0 rg BT 267.29 730.10 Td (The carrying value of the Marlin Bonds was adjusted to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td ($284.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 718.10 Td ( to reflect the fair value of the Marlin Bonds at the time of acquisition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 697.10 Td (The Marlin Bonds are fully and unconditionally guaranteed on a senior secured basis by Cabot Financial Limited and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (each of Cabot Financial Limited) Tj ET Q q 0 0 0 rg BT 182.18 685.10 Td (s material subsidiaries other than Marlin Intermediate Holdings plc, each of which is an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (indirect subsidiary of the Company) Tj ET Q q 0 0 0 rg BT 190.43 673.10 Td (. Subject to the Intercreditor ) Tj ET Q q 0 0 0 rg BT 304.84 673.10 Td (Agreement described below under -Cabot Senior Revolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (Credit Facility, the guarantees provided in respect of the Marlin Bonds are ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 354.63 661.10 Td (pari passu) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.58 661.10 Td ( with each such guarantee given in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (respect of the Cabot Notes, the Cabot Floating Rate Notes and the Cabot Credit Facility) Tj ET Q q 0 0 0 rg BT 400.11 649.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 623.10 Td (Interest expense related to the Cabot Notes, Cabot Floating Rate Notes, and Marlin Bonds was as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 498.08 623.10 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.58 623.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 577.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 577.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 577.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 547.60 369.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 547.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 547.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 590.6 m 488.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 590.6 m 492.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 590.6 m 562.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 577.6 m 488.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 577.6 m 562.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 577.6 m 562.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 532.6 m 488.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 532.6 m 562.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 518.6 m 488.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 516.6 m 488.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 518.6 m 562.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 516.6 m 562.5 516.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.10 594.83 Td (Year ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 581.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.50 581.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.00 581.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 568.17 Td (Interest expensestated coupon rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 567.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 567.27 Td (105,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 567.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 567.27 Td (98,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.17 Td (Interest incomeaccretion of debt premium) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 552.32 Td (\(8,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 552.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 552.32 Td (\(10,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 552.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.17 Td (Interest expenseamortization of debt discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 537.27 Td (620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 537.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.17 Td (Total interest expenseCabot senior secured notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 522.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 522.27 Td (97,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 522.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 522.27 Td (88,316) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 497.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.00 497.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.58 497.10 Td (, the outstanding balance on the Cabot Notes, Cabot Floating Rate Notes, and Marlin Bonds was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td ($1.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.11 485.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (Cabot Senior Revolving Credit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 447.10 Td (On September20, 2012, Cabot Financial \(UK\) Limited \(Cabot Financial UK\) entered into an agreement for a senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (committed revolving credit facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.01 435.10 Td (50.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.90 435.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.99 435.10 Td ($82.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.88 435.10 Td (\) \(the Cabot Credit ) Tj ET Q q 0 0 0 rg BT 458.53 435.10 Td (Agreement\). Since such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.10 Td (date there have been a number of amendments made, including, but not limited to, increases in the lenders) Tj ET Q q 0 0 0 rg BT 477.45 423.10 Td ( total commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (thereunder) Tj ET Q q 0 0 0 rg BT 92.20 411.10 Td (. On October 6, 2016, Cabot Financial UK amended and restated its existing senior secured revolving credit facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (agreement to, among other things, increase the total committed amount of the facility to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.78 399.10 Td (250.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.68 399.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.76 399.10 Td ($316.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 387.10 Td (\), extend the termination date to September 24, 2019 and decrease the interest rate from LIBOR \(or EURIBOR for any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.10 Td (loan drawn in euro\) plus) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.25 375.10 Td (3.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.08 375.10 Td ( to LIBOR \(or EURIBOR for any loan drawn in euro\) plus) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.27 375.10 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.10 375.10 Td ( \(as amended and restated, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.10 Td (Cabot Credit Facility\). ) Tj ET Q q 0 0 0 rg BT 151.46 363.10 Td (The Cabot Credit Facility also includes an uncommitted accordion provision which will allow the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (facility to be increased by an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.22 351.10 Td (50.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.11 351.10 Td (, subject to obtaining the requisite commitments and compliance with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 339.10 Td (terms of Cabot Financial UK) Tj ET Q q 0 0 0 rg BT 168.87 339.10 Td (s other indebtedness, among other conditions precedent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 318.10 Td (The Cabot Credit Facility expires in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.64 318.10 Td (September 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.90 318.10 Td (, and includes the following key provisions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 297.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 297.10 Td (Interest at LIBOR \(or EURIBOR for any loan drawn in euro\) plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.61 297.10 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.44 297.10 Td (;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 276.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 276.10 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 276.10 Td ( restrictive covenant that limits the loan to value ratio to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.99 276.10 Td (0.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.49 276.10 Td ( in the event that the Cabot Credit Facility is more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 264.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.72 264.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.05 264.10 Td ( utilized;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 243.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 243.10 Td (A) Tj ET Q q 0 0 0 rg BT 101.67 243.10 Td ( restrictive covenant that limits the super senior loan \(i.e. the Cabot Credit Facility and any super priority hedging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 231.10 Td (liabilities\) to value ratio to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.58 231.10 Td (0.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.08 231.10 Td ( in the event that the Cabot Credit Facility is more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.81 231.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.14 231.10 Td ( utilized;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 210.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 210.10 Td (Additional restrictions and covenants which limit, among other things, the payment of dividends and the incurrence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 198.10 Td (of additional indebtedness and liens; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 177.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 177.10 Td (Events of default which, upon occurrence, may permit the lenders to terminate the Cabot Credit Facility and declare ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 165.10 Td (all amounts outstanding to be immediately due and payable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 144.10 Td (The Cabot Credit Facility is unconditionally guaranteed by the following indirect subsidiaries of the Company: CCM, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (Cabot Financial Limited, and all material subsidiaries of Cabot Financial Limited. ) Tj ET Q q 0 0 0 rg BT 380.58 132.10 Td (The Cabot Credit Facility is secured by first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (ranking security interests in all the outstanding shares of Cabot Financial UK and the guarantors \(other than CCM\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (substantially all the assets of Cabot Financial UK and the guarantors \(other than CCM\). Pursuant to the terms of intercreditor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (agreements entered into with respect to the relative positions of the Cabot Notes, the Cabot Floating Rate Notes, the Marlin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (Bonds and the Cabot Credit Facility) Tj ET Q q 0 0 0 rg BT 193.50 84.10 Td (, any liabilities in respect of obligations under the Cabot Credit Facility that are secured by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (assets that also secure the Cabot Notes, the Cabot Floating Rate Notes and the Marlin Bonds will receive priority with respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (to any proceeds received upon any enforcement action over any such assets.) Tj ET Q endstream endobj 245 0 obj <> endobj 246 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 742.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.08 742.10 Td (, the outstanding borrowings under the Cabot Credit Facility were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.12 742.10 Td ($33.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.02 742.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (The weighted average interest rate was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.26 730.10 Td (3.95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.09 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.53 730.10 Td (3.86%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.36 730.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.71 730.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.29 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.73 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.73 730.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 531.39 730.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (Preferred Equity Certificates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 688.10 Td (On July1, 2013, the Company) Tj ET Q q 0 0 0 rg BT 194.35 688.10 Td (, through its wholly owned subsidiary Encore Europe Holdings, S.a.r) Tj ET Q q 0 0 0 rg BT 469.59 688.10 Td (.l. \(Encore Europe\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (completed the acquisition of Cabot \(the Cabot ) Tj ET Q q 0 0 0 rg BT 240.79 676.10 Td (Acquisition\) by acquiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.48 676.10 Td (50.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.31 676.10 Td ( of the equity interest in Janus Holdings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (S.a.r) Tj ET Q q 0 0 0 rg BT 67.78 664.10 Td (.l. \(Janus Holdings\). Encore Europe purchased from J.C. Flowers & Co. LLC \(J.C. Flowers\): \(i\)E Bridge preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (equity certificates issued by Janus Holdings, with a face value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.59 652.10 Td (10,218,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.59 652.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.68 652.10 Td ($15.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.57 652.10 Td (\) \(and any accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (interest thereof\) \(the E Bridge PECs\), \(ii\)E preferred equity certificates issued by Janus Holdings with a face value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (96,729,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 628.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.09 628.10 Td ($147.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.98 628.10 Td (\) \(and any accrued interest thereof\) \(the E PECs\), \(iii\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.27 628.10 Td (3,498,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.27 628.10 Td ( E shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (Janus Holdings \(the E Shares\), and \(iv\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.29 616.10 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.29 616.10 Td ( ) Tj ET Q q 0 0 0 rg BT 235.24 616.10 Td (A) Tj ET Q q 0 0 0 rg BT 241.91 616.10 Td ( shares of Cabot Holdings S.a.r) Tj ET Q q 0 0 0 rg BT 366.06 616.10 Td (.l. \(Cabot Holdings\), the direct subsidiary of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (Janus Holdings, for an aggregate purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.46 604.10 Td (1) Tj ET Q q 0 0 0 rg BT 325.09 604.10 Td (15.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.98 604.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.07 604.10 Td ($175.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.96 604.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 507.11 604.10 Td (The E Bridge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (PECs, E PECs, and E Shares represent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.92 592.10 Td (50.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.75 592.10 Td ( of all of the issued and outstanding equity and debt securities of Janus Holdings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (The remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.09 580.10 Td (49.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.92 580.10 Td ( of Janus Holdings) Tj ET Q q 0 0 0 rg BT 214.23 580.10 Td ( equity and debt securities are owned by J.C. Flowers and include: \(a\)J Bridge PECs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (with a face value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.35 568.10 Td (10,177,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.35 568.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.44 568.10 Td ($15.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.33 568.10 Td (\), \(b\)J preferred equity certificates with a face value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (96,343,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 556.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.09 556.10 Td ($146.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.98 556.10 Td (\) \(the J PECs\), \(c\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.29 556.10 Td (3,484,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.29 556.10 Td ( J shares of Janus Holdings \(the J Shares\), and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.16 544.10 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.16 544.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.11 544.10 Td (A) Tj ET Q q 0 0 0 rg BT 87.78 544.10 Td ( shares of Cabot Holdings. ) Tj ET Q q 0 0 0 rg BT 196.10 544.10 Td (All of the PECs accrue interest at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.89 544.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.22 544.10 Td (per annum. Since PECs are legal form debt, the J ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (Bridge PECs, J PECs and any accrued interests thereof are classified as liabilities and are included in debt in the Company) Tj ET Q q 0 0 0 rg BT 542.92 532.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (accompanying consolidated statements of financial condition. In addition, certain other minority owners hold PECs at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (Cabot Holdings level \(the Management PECs\). ) Tj ET Q q 0 0 0 rg BT 249.50 508.10 Td (These PECs are also included in debt in the Company) Tj ET Q q 0 0 0 rg BT 467.51 508.10 Td (s accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (consolidated statements of financial condition. ) Tj ET Q q 0 0 0 rg BT 238.66 496.10 Td (The E Bridge PECs and E PECs held by the Company) Tj ET Q q 0 0 0 rg BT 455.21 496.10 Td (, and their related interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (eliminate in consolidation and therefore are not included in debt in the Company) Tj ET Q q 0 0 0 rg BT 375.46 484.10 Td (s consolidated statements of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 92.59 472.10 Td (The J Bridge PECs, J PECs, and the Management PECs do not require the payment of cash interest expense as they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (have characteristics similar to equity with a preferred return. ) Tj ET Q q 0 0 0 rg BT 294.16 460.10 Td (The ultimate payment of the accumulated interest would be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (satisfied only in connection with the disposition of the noncontrolling interest of J.C. Flowers and management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 427.10 Td (On June 20, 2014, Encore Europe converted all of its E Bridge PECs into E Shares and E PECs, and J.C. Flowers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (converted all of its J Bridge PECs into J Shares and J PECs, in proportion to the number of E Shares and E PECs, or J Shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (and J PECs, as applicable, outstanding on the closing date of the Cabot ) Tj ET Q q 0 0 0 rg BT 335.79 403.10 Td (Acquisition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 382.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 382.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.03 382.10 Td (, the outstanding balance of the PECs, including accrued interest, was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.32 382.10 Td ($206.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 370.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (Capital Lease Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 332.10 Td (The Company has capital lease obligations primarily for computer equipment. ) Tj ET Q q 0 0 0 rg BT 388.64 332.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.08 332.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.67 332.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 553.05 332.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (combined obligations for capital leases were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 320.10 Td ($5.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.64 320.10 Td (. ) Tj ET Q q 0 0 0 rg BT 344.46 320.10 Td (These capital lease obligations require monthly) Tj ET Q q 0 0 0 rg BT 532.92 320.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (quarterly or annual payments through 2020 and have implicit interest rates that range from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.89 308.10 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.09 308.10 Td ( to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.13 308.10 Td (1) Tj ET Q q 0 0 0 rg BT 509.76 308.10 Td (1.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.59 308.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (Maturity Schedule) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 270.10 Td (The aggregate amounts of the Company) Tj ET Q q 0 0 0 rg BT 237.01 270.10 Td (s debt, including PECs, accrued interests on PECs, and capital lease obligations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (maturing in each of the next five years and thereafter are as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 322.38 258.10 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.88 258.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 238.60 418.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 238.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 208.60 418.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 208.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 178.60 418.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 178.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 148.60 418.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 148.60 94.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 148.60000000000002 m 562.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 148.60000000000002 m 562.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 134.60000000000002 m 562.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 132.60000000000002 m 562.5 132.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 229.17 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 228.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 228.27 Td (224,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 214.17 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 213.27 Td (18,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 199.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 198.27 Td (306,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 184.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 183.27 Td (887,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 169.17 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 168.27 Td (775,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 154.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 153.27 Td (652,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 138.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 138.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 138.27 Td (2,864,119) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 104.10 Td (1) Tj ET Q q 0 0 0 rg BT 76.94 104.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.94 104.10 Td (: ) Tj ET Q q 0 0 0 rg BT 87.59 104.10 Td (V) Tj ET Q q 0 0 0 rg BT 93.89 104.10 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 147.87 104.10 Td (est Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 83.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 83.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.99 83.10 Td (VIE is defined as a legal entity whose equity owners do not have suf) Tj ET Q q 0 0 0 rg BT 356.91 83.10 Td (ficient equity at risk, or) Tj ET Q q 0 0 0 rg BT 450.09 83.10 Td (, as a group, the holders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (the equity investment at risk lack any of the following three characteristics: decision-making rights, the obligation to absorb ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (losses, or the right to receive the expected residual returns of the entity) Tj ET Q q 0 0 0 rg BT 332.31 59.10 Td (. ) Tj ET Q q 0 0 0 rg BT 337.13 59.10 Td (The primary beneficiary is identified as the variable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.10 Td (interest holder that has both the power to direct the activities of the ) Tj ET Q q 0 0 0 rg BT 320.01 47.10 Td (VIE that most significantly af) Tj ET Q q 0 0 0 rg BT 438.70 47.10 Td (fect the entity) Tj ET Q q 0 0 0 rg BT 496.45 47.10 Td (s economic ) Tj ET Q endstream endobj 247 0 obj <> endobj 248 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (performance and the obligation to absorb expected losses or the right to receive benefits from the entity that could potentially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (be significant to the ) Tj ET Q q 0 0 0 rg BT 131.46 730.10 Td (VIE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 709.10 Td (s ) Tj ET Q q 0 0 0 rg BT 139.92 709.10 Td (VIEs include its subsidiary Janus Holdings and other immaterial special purpose entities that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (created to purchase receivable portfolios in certain geographies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 676.10 Td (Prior to March 31, 2016, the Company) Tj ET Q q 0 0 0 rg BT 231.76 676.10 Td (s ) Tj ET Q q 0 0 0 rg BT 237.97 676.10 Td (VIEs included its subsidiary Janus Holdings and its special purpose entity used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (for the Propel securitization. On March 31, 2016, the Company completed the divestiture of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.19 664.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.52 664.10 Td ( of its membership interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (in Propel. Since Propel is the primary beneficiary of the ) Tj ET Q q 0 0 0 rg BT 275.59 652.10 Td (VIE used for securitization, subsequent to the sale of Propel, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (Company no longer consolidates this ) Tj ET Q q 0 0 0 rg BT 200.63 640.10 Td (VIE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 619.10 Td (Janus Holdings is the indirect parent company of Cabot. ) Tj ET Q q 0 0 0 rg BT 301.00 619.10 Td (The Company has determined that Janus Holdings is a ) Tj ET Q q 0 0 0 rg BT 521.06 619.10 Td (VIE and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (the Company is the primary beneficiary of the ) Tj ET Q q 0 0 0 rg BT 236.98 607.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 258.46 607.10 Td (The key activities that af) Tj ET Q q 0 0 0 rg BT 357.13 607.10 Td (fect Cabot) Tj ET Q q 0 0 0 rg BT 401.28 607.10 Td (s economic performance include, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (are not limited to, operational budgets and purchasing decisions. ) Tj ET Q q 0 0 0 rg BT 310.03 595.10 Td (Through its control of the board of directors of Janus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (Holdings, the Company controls the key operating activities at Cabot. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 562.10 Td (Assets recognized as a result of consolidating these ) Tj ET Q q 0 0 0 rg BT 281.54 562.10 Td (VIEs do not represent additional assets that could be used to satisfy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (claims against the Company) Tj ET Q q 0 0 0 rg BT 165.81 550.10 Td (s general assets. Conversely) Tj ET Q q 0 0 0 rg BT 277.35 550.10 Td (, liabilities recognized as a result of consolidating these ) Tj ET Q q 0 0 0 rg BT 501.00 550.10 Td (VIEs do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (represent additional claims on the Company) Tj ET Q q 0 0 0 rg BT 229.12 538.10 Td (s general assets; rather) Tj ET Q q 0 0 0 rg BT 318.96 538.10 Td (, they represent claims against the specific assets of the ) Tj ET Q q 0 0 0 rg BT 541.76 538.10 Td (VIE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 517.10 Td (The Company evaluates its relationships with its ) Tj ET Q q 0 0 0 rg BT 270.73 517.10 Td (VIE on an ongoing basis to ensure that it continues to be the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 94.32 505.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 475.10 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.49 475.10 Td (: Stock-Based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 454.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.78 454.10 Td (April 2013, Encore) Tj ET Q q 0 0 0 rg BT 162.48 454.10 Td (s Board of Directors \(the Board\) approved the Encore Capital Group, Inc. 2013 Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Compensation Plan \(as amended, the 2013 Plan\), which was then approved by the Company) Tj ET Q q 0 0 0 rg BT 431.30 442.10 Td (s stockholders on June 5, 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (The 2013 Plan superseded the Company) Tj ET Q q 0 0 0 rg BT 214.14 430.10 Td (s 2005 Stock Incentive Plan \(2005 Plan\). Board members, employees, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (consultants of Encore and its subsidiaries and af) Tj ET Q q 0 0 0 rg BT 242.27 418.10 Td (filiates are eligible to receive awards under the 2013 Plan. Subject to certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (adjustments, the Company may grant awards for an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.75 406.10 Td (2,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.75 406.10 Td ( shares of the Company) Tj ET Q q 0 0 0 rg BT 447.95 406.10 Td (s common stock under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (2013 Plan. ) Tj ET Q q 0 0 0 rg BT 94.73 394.10 Td (Any shares subject to awards made under the 2013 Plan that terminate by expiration, forfeiture, cancellation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (payment of exercise price, payment of withholding tax obligation or otherwise without the issuance of such shares shall again ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (be available for issuance or payment of awards under the 2013 Plan.) Tj ET Q q 0 0 0 rg BT 325.56 370.10 Td (The 2013 Plan provides for the grant of incentive stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (cash awards, performance-based awards and any other types of awards not inconsistent with the 2013 Plan. ) Tj ET Q q 0 0 0 rg BT 481.36 346.10 Td (The awards under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (the 2013 Plan consist of compensation subject to authoritative guidance for stock-based compensation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 313.10 Td (In accordance with authoritative guidance for stock-based compensation, compensation expense is recognized only for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (those shares expected to vest, based on the Company) Tj ET Q q 0 0 0 rg BT 264.67 301.10 Td (s historical experience and future expectations. ) Tj ET Q q 0 0 0 rg BT 454.69 301.10 Td (T) Tj ET Q q 0 0 0 rg BT 460.10 301.10 Td (otal compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (expense during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.01 289.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.59 289.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.59 289.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.59 289.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.53 289.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.53 289.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.08 289.10 Td ($12.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.97 289.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.97 289.10 Td ($22.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.87 289.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 289.10 Td ($17.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.70 289.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 277.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 251.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 251.10 Td (s stock-based compensation arrangements are described below:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (Stock Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 213.10 Td (The 2013 Plan permits the granting of stock options. No options have been awarded under the 2013 Plan. Under the 2005 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (Plan, option awards were generally granted with an exercise price equal to the market price of the Company) Tj ET Q q 0 0 0 rg BT 484.84 201.10 Td (s stock at the date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (of issuance. ) Tj ET Q q 0 0 0 rg BT 99.53 189.10 Td (They generally vest over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.15 189.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.14 189.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.92 189.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.46 189.10 Td ( years of continuous service, and have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.41 189.10 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.63 189.10 Td (-year contractual terms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 168.10 Td (The Company uses the Black-Scholes option-pricing model to determine the fair) Tj ET Q q 0 0 0 rg BT 396.50 168.10 Td (-value of stock-based awards. ) Tj ET Q q 0 0 0 rg BT 517.29 168.10 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (options are amortized ratably over the requisite service periods of the awards, which are generally the vesting periods.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 135.10 Td (The fair value for options granted is estimated at the date of grant using a Black-Scholes option-pricing model. ) Tj ET Q q 0 0 0 rg BT 519.53 135.10 Td (There ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.10 Td (were no options granted during the years ended December31, 2016, 2015, or 2014. ) Tj ET Q q 0 0 0 rg BT 386.03 123.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.47 123.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.05 123.10 Td (, all outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.10 Td (stock options have been fully vested and all related compensation expenses have been fully recognized. ) Tj ET Q endstream endobj 249 0 obj <> endobj 250 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 742.10 Td ( summary of the Company) Tj ET Q q 0 0 0 rg BT 190.10 742.10 Td (s stock option activity as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.31 742.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.89 742.10 Td (, and changes during the year then ended, is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (presented below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 673.60 205.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 673.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 673.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 673.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 673.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 673.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.60 205.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 643.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 643.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 643.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 643.60 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 673.6 m 329.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 673.6 m 406.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 673.6 m 484.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 673.6 m 562.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 673.6 m 329.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 673.6 m 406.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 673.6 m 484.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 673.6 m 562.5 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 643.6 m 329.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 643.6 m 406.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 643.6 m 484.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 629.6 m 329.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 627.6 m 329.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 629.6 m 406.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 627.6 m 406.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 629.6 m 484.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 627.6 m 484.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 614.6 m 329.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 612.6 m 329.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 614.6 m 406.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 612.6 m 406.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 614.6 m 484.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 612.6 m 484.5 612.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.50 685.83 Td (Number) Tj ET Q q 0 0 0 rg BT 301.80 685.83 Td (of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.50 677.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 296.80 677.83 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.60 685.83 Td (OptionPrice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.65 677.83 Td (Per) Tj ET Q q 0 0 0 rg BT 364.49 677.83 Td ( Shar) Tj ET Q q 0 0 0 rg BT 382.80 677.83 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.05 685.83 Td (W) Tj ET Q q 0 0 0 rg BT 423.61 685.83 Td (eighted) Tj ET Q q 0 0 0 rg BT 450.05 685.83 Td (A) Tj ET Q q 0 0 0 rg BT 455.24 685.83 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.75 677.83 Td (Exer) Tj ET Q q 0 0 0 rg BT 439.04 677.83 Td (cise Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.50 701.83 Td (Aggr) Tj ET Q q 0 0 0 rg BT 524.68 701.83 Td (egate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.30 693.83 Td (Intrinsic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.35 685.83 Td (V) Tj ET Q q 0 0 0 rg BT 520.39 685.83 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.10 677.83 Td (\(inthousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.17 Td (Outstanding at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 663.27 Td (118,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.50 663.27 Td ($2.89$24.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 663.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 663.27 Td (16.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 649.17 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.80 648.32 Td (\(15,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 648.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.50 648.27 Td (22.1724.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 648.27 Td (22.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.17 Td (Outstanding at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 633.27 Td (103,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.50 633.27 Td ($2.89$22.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 633.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 633.27 Td (15.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 633.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 633.27 Td (1,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.17 Td (Exercisable at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 618.27 Td (103,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.50 618.27 Td ($2.89$22.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 618.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 618.27 Td (15.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 618.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 618.27 Td (1,388) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 593.10 Td (The total intrinsic value of options exercised during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.19 593.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.77 593.10 Td ( was negligible. ) Tj ET Q q 0 0 0 rg BT 488.14 593.10 Td (The total intrinsic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (value of options exercised during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.49 581.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.07 581.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.51 581.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.51 581.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.06 581.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.95 581.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.39 581.10 Td ($29.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.28 581.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 569.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.11 569.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.55 569.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.14 569.10 Td (, the weighted-average remaining contractual life of options outstanding and options ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (exercisable was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.52 557.10 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.02 557.10 Td ( years.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (Non-V) Tj ET Q q 0 0 0 rg BT 76.67 536.10 Td (ested Shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 519.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 519.10 Td (s 2013 Plan \(and previously) Tj ET Q q 0 0 0 rg BT 244.72 519.10 Td (, the 2005 Plan\), permits restricted stock units, restricted stock awards, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.10 Td (performance share awards. ) Tj ET Q q 0 0 0 rg BT 159.76 507.10 Td (The fair value of non-vested shares with service condition and/or performance condition that af) Tj ET Q q 0 0 0 rg BT 540.83 507.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.10 Td (vesting is equal to the closing sale price of the Company) Tj ET Q q 0 0 0 rg BT 278.84 495.10 Td (s common stock on the date of issuance. Compensation cost is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.10 Td (recognized only for the awards that ultimately vest. ) Tj ET Q q 0 0 0 rg BT 257.81 483.10 Td (The Company has certain share awards that include market conditions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 471.10 Td (fect vesting, the fair value of these shares is estimated using a lattice model. Compensation cost is not adjusted if the market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.10 Td (condition is not met, as long as the requisite service is provided. For the majority of non-vested shares, shares are issued on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (vesting dates net of the amount of shares needed to satisfy minimal statutory tax withholding requirements. ) Tj ET Q q 0 0 0 rg BT 481.11 447.10 Td (The tax obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (are then paid by the Company on behalf of the employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 414.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 414.10 Td ( summary of the status of the Company) Tj ET Q q 0 0 0 rg BT 240.92 414.10 Td (s restricted stock units and restricted stock awards as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 414.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.89 414.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (and changes during the year then ended, is presented below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 353.60 337.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 353.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 353.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 353.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 323.60 337.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 323.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 323.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 323.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 293.60 337.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 293.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 293.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 293.60 86.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 353.6 m 472.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 353.6 m 562.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 353.6 m 472.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 353.6 m 562.5 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 293.6 m 472.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 279.6 m 472.5 279.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 277.6 m 472.5 277.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.85 365.83 Td (Non-V) Tj ET Q q 0 0 0 rg BT 431.78 365.83 Td (ested) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.00 357.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 434.30 357.83 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.05 373.83 Td (W) Tj ET Q q 0 0 0 rg BT 495.61 373.83 Td (eighted) Tj ET Q q 0 0 0 rg BT 522.05 373.83 Td (A) Tj ET Q q 0 0 0 rg BT 527.24 373.83 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.55 365.83 Td (GrantDate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.15 357.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 515.67 357.83 Td () Tj ET Q q 0 0 0 rg BT 517.52 357.83 Td (V) Tj ET Q q 0 0 0 rg BT 522.56 357.83 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 344.17 Td (Non-vested at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 343.27 Td (1,304,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 343.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 343.27 Td (38.71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 329.17 Td (Awarded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 328.27 Td (712,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 328.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 328.27 Td (27.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 314.17 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.80 313.32 Td (\(513,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 313.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 313.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 313.27 Td (39.93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 299.17 Td (Cancelled/forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.80 298.32 Td (\(163,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 298.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 298.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 298.27 Td (38.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 284.17 Td (Non-vested at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 283.27 Td (1,340,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 283.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 283.27 Td (32.11) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 258.10 Td (Unrecognized compensation cost related to non-vested shares as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.74 258.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.33 258.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.38 258.10 Td ($14.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.27 258.10 Td (. ) Tj ET Q q 0 0 0 rg BT 505.09 258.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (weighted-average remaining expense period, based on the unamortized value of these outstanding non-vested shares, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 234.10 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.76 234.10 Td ( years. ) Tj ET Q q 0 0 0 rg BT 151.18 234.10 Td (The fair value of restricted stock units and restricted stock awards vested for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 222.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 222.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.58 222.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.52 222.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.52 222.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.07 222.10 Td ($12.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.97 222.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.97 222.10 Td ($16.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.86 222.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.80 222.10 Td ($20.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.69 222.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 457.35 222.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 192.10 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.49 192.10 Td (: Income ) Tj ET Q q 0 0 0 rg BT 122.30 192.10 Td (T) Tj ET Q q 0 0 0 rg BT 128.05 192.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 171.10 Td (The Company recorded income tax provisions for continuing operations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 171.10 Td ($38.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.04 171.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.04 171.10 Td ($27.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.93 171.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.87 171.10 Td ($48.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 159.10 Td (, during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.19 159.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.78 159.10 Td (, 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 372.88 159.10 Td (.) Tj ET Q endstream endobj 251 0 obj <> endobj 252 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 99.63 742.10 Td (fective tax rates for the respective periods are shown below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 696.60 274.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 696.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 696.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 696.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 696.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 696.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 666.60 274.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 666.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 666.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 666.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 666.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 666.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 636.60 274.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 636.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 636.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 636.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 636.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 636.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 606.60 274.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 606.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 606.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 606.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 606.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 606.60 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 709.6 m 401.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 709.6 m 405.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 709.6 m 481.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 709.6 m 485.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 709.6 m 562.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 696.6 m 401.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 696.6 m 481.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 709.6 m 562.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 696.6 m 562.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 696.6 m 401.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 696.6 m 481.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 696.6 m 562.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 591.6 m 401.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 591.6 m 481.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 591.6 m 562.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 577.6 m 401.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 575.6 m 401.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 577.6 m 481.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 575.6 m 481.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 577.6 m 562.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 575.6 m 562.5 575.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 713.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.70 713.83 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 700.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.50 700.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 700.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.50 700.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 687.17 Td (Federal provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.80 686.27 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 686.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 686.27 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 686.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 686.27 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 686.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 672.17 Td (State provision) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 113.27 676.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 671.27 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 671.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 671.27 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 671.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 671.27 Td (8.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 671.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 656.27 Td (International benefit) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 134.35 660.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.45 656.27 Td (\(3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.30 656.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.45 656.27 Td (\(7.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 656.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 656.27 Td (\(3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 656.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 641.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 641.27 Td (ax reserves) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 103.11 645.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.45 641.27 Td (\(3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.30 641.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.45 641.27 Td (\(2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 641.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 641.27 Td (\(3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 641.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.27 Td (Permanent items) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 119.93 630.80 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.80 626.27 Td (14.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 626.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 626.27 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 626.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 626.27 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 626.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 612.17 Td (Increase \(decrease\) in valuation allowance) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 222.90 616.70 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.80 611.27 Td (20.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 611.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.45 611.27 Td (\(5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 611.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 611.27 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 611.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 597.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 75.77 601.70 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 596.27 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 596.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 596.27 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 596.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 596.27 Td (\(6.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 596.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 582.17 Td (Effective rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.80 581.27 Td (66.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 581.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 581.27 Td (27.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 581.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 581.27 Td (34.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 581.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 552.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 552.50 Td (Change from 2014 to 2015 relates primarily to a beneficial settlement with a state tax authority) Tj ET Q q 0 0 0 rg BT 378.96 552.50 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 539.90 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 539.90 Td (Relates primarily to the lower tax rate on the income attributable to international operations.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 527.30 Td (\(3\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 527.30 Td (Represent release of reserves taken for certain tax positions.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 514.70 Td (\(4\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 514.70 Td (Represents a provision for nondeductible items, including overall foreign loss in 2016 and a settlement with the Consumer Finance Protection Bureau ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 505.10 Td (\(CFPB\) in 2015. ) Tj ET Q q 0 0 0 rg BT 137.43 505.10 Td (The Company incurred a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.18 505.10 Td ($10.0 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.29 505.10 Td ( civil monetary penalty related to a settlement with the CFPB during the year ended ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 495.50 Td (December 31, 2015, which is not deductible for income tax purposes.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 482.90 Td (\(5\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 482.90 Td (V) Tj ET Q q 0 0 0 rg BT 80.24 482.90 Td (aluation allowance increased in 2016 due to a foreign subsidiary) Tj ET Q q 0 0 0 rg BT 288.40 482.90 Td (s cumulative operating loss.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 470.30 Td (\(6\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 470.30 Td (Includes the ef) Tj ET Q q 0 0 0 rg BT 122.30 470.30 Td (fect of discrete items, primarily relates to the recognition of tax benefit as a result of a favorable tax settlement with taxing authorities as ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 460.70 Td (discussed below) Tj ET Q q 0 0 0 rg BT 127.05 460.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 443.70 Td (The pretax income \(loss\) from continuing operations consisted of the following ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 394.21 443.70 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.71 443.70 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 407.20 274.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 407.20 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 407.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 407.20 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 407.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 407.20 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 377.20 274.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 377.20 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 377.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 377.20 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 377.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 377.20 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 420.2 m 401.5 420.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 420.2 m 405.5 420.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 420.2 m 481.5 420.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 420.2 m 485.5 420.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 420.2 m 562.5 420.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 407.2 m 401.5 407.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 407.2 m 481.5 407.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 407.2 m 562.5 407.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 377.2 m 401.5 377.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 377.2 m 481.5 377.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 377.2 m 562.5 377.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 363.2 m 401.5 363.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 361.2 m 401.5 361.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 363.2 m 481.5 363.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 361.2 m 481.5 361.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 363.2 m 562.5 363.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 361.2 m 562.5 361.2 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 424.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.70 424.43 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 411.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.50 411.43 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 411.43 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.50 411.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 397.77 Td (Domestic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 396.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 396.87 Td (112,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 396.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 396.87 Td (59,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 396.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 396.87 Td (120,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 382.77 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.80 381.92 Td (\(55,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 381.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 381.87 Td (38,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 381.87 Td (21,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 366.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 366.87 Td (57,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.00 366.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 366.87 Td (97,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 366.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 366.87 Td (141,642) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 341.70 Td (The income tax provisions for continuing operations consisted of the following ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 393.11 341.70 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.61 341.70 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 298.20 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 298.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 298.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 298.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 298.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 298.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 270.20 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 270.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 270.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 270.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 270.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 270.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 242.20 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 242.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 242.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 242.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 242.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 242.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 214.20 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 214.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 214.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 214.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 214.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 214.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 186.20 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 186.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 186.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 186.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 186.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 186.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 158.20 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 158.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 158.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 158.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 158.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 158.20 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 310.20000000000005 m 402.5 310.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 310.20000000000005 m 406.5 310.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 310.20000000000005 m 482.5 310.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 310.20000000000005 m 486.5 310.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 310.20000000000005 m 562.5 310.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 298.20000000000005 m 402.5 298.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 298.20000000000005 m 482.5 298.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 298.20000000000005 m 562.5 298.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 242.20000000000005 m 402.5 242.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 242.20000000000005 m 482.5 242.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 242.20000000000005 m 562.5 242.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 172.20000000000005 m 402.5 172.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 172.20000000000005 m 482.5 172.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 172.20000000000005 m 562.5 172.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 158.20000000000005 m 402.5 158.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 158.20000000000005 m 482.5 158.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 158.20000000000005 m 562.5 158.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 145.20000000000005 m 402.5 145.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 143.20000000000005 m 402.5 143.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 145.20000000000005 m 482.5 145.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 143.20000000000005 m 482.5 143.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 145.20000000000005 m 562.5 145.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 143.20000000000005 m 562.5 143.20000000000005 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 314.15 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.70 314.28 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 302.15 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.00 302.28 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.00 302.28 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 302.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 288.77 Td (Current expense:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 274.77 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 274.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 274.77 Td (58,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 274.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 274.77 Td (38,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 274.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 274.77 Td (68,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 260.77 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 260.77 Td (1,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 260.77 Td (363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 260.77 Td (7,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 246.77 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 246.77 Td (10,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 246.77 Td (7,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 246.77 Td (3,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 232.77 Td (70,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 232.77 Td (46,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 232.77 Td (79,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 218.77 Td (Deferred \(benefit\) expense:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 204.77 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 204.82 Td (\(22,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 204.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 204.82 Td (\(18,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 204.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 204.82 Td (\(34,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 204.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 190.77 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 190.77 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 190.82 Td (\(610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 190.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 190.77 Td (2,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 176.77 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.80 176.82 Td (\(9,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 176.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 176.77 Td (209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 176.77 Td (918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.80 162.82 Td (\(32,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 162.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 162.82 Td (\(19,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 162.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 162.82 Td (\(30,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 162.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 148.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 148.77 Td (38,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 148.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 148.77 Td (27,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 148.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 148.77 Td (48,569) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 253 0 obj <> endobj 254 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The dif) Tj ET Q q 0 0 0 rg BT 102.97 742.10 Td (ferences between the total income tax expense and the income tax expense computed using the applicable federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (income tax rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.97 730.10 Td (35.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.80 730.10 Td (per annum were as follows \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 266.87 730.10 Td (in thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.71 730.10 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 684.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 684.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 684.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 684.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 684.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 684.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 654.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 654.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 654.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 654.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 654.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 654.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 624.60 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 624.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 624.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 624.60 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 697.6 m 402.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 697.6 m 406.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 697.6 m 482.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 697.6 m 486.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 697.6 m 562.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 684.6 m 402.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 684.6 m 482.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 684.6 m 562.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 609.6 m 402.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 609.6 m 482.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 609.6 m 562.5 609.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 595.6 m 402.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 593.6 m 402.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 595.6 m 482.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 593.6 m 482.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 595.6 m 562.5 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 593.6 m 562.5 593.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 701.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.70 701.83 Td (Year Ended December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 688.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.00 688.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.00 688.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 688.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 675.17 Td (Computed expected Federal income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 674.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 674.27 Td (20,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 674.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 674.27 Td (34,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 674.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 674.27 Td (49,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 660.17 Td (\(Decrease\) increase in income taxes resulting from:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 645.17 Td (State income taxes, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 644.27 Td (1,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 644.27 Td (637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 644.27 Td (7,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 630.17 Td (Foreign non-taxed income, rate differential) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.80 629.32 Td (\(2,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 629.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.80 629.32 Td (\(7,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 629.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 629.32 Td (\(5,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 629.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 615.17 Td (Other adjustments, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 614.27 Td (18,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 614.32 Td (\(143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 614.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 614.32 Td (\(3,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 614.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 599.27 Td (38,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 599.27 Td (27,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 599.27 Td (48,569) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 574.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 574.10 Td (s subsidiary in Costa Rica is operating under a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.73 574.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.06 574.10 Td ( tax holiday through December31, 2018 and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.35 574.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.68 574.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (tax holiday for the subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.03 562.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.69 562.10 Td ( years.) Tj ET Q q 0 0 0 rg BT 218.11 562.10 Td (The impact of the tax holiday in Costa Rica for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.97 562.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.55 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (was immaterial.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 529.10 Td (The Company has not provided for U.S. income taxes or foreign withholding taxes on the undistributed earnings from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (continuing operations of its subsidiaries operating outside of the United States. Undistributed net income of these subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.66 505.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.24 505.10 Td (, were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.43 505.10 Td ($86.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.32 505.10 Td (. Such undistributed earnings are considered permanently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (reinvested. ) Tj ET Q q 0 0 0 rg BT 95.91 493.10 Td (The Company does not provide deferred taxes on translation adjustments on unremitted earnings under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (indefinite reversal exception. Determination of the amount of unrecognized deferred tax liability related to these earnings is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (practicable due the complexities of a hypothetical calculation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 448.10 Td (The components of deferred tax assets and liabilities consisted of the following ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 393.36 448.10 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.86 448.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 407.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 407.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 407.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 407.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 377.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 377.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 377.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 347.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 347.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 347.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 347.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 317.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 317.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 317.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 317.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 287.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 287.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 287.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 287.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 257.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 257.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 257.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 257.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 227.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 227.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 227.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 227.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 197.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 197.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 197.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 197.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 167.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 167.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 167.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 167.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 137.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 137.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 137.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 137.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 107.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 107.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 107.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 107.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 77.60 333.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 77.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 77.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 77.60 88.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 407.6 m 470.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 407.6 m 562.5 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 227.60000000000002 m 470.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 227.60000000000002 m 562.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 212.60000000000002 m 470.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 212.60000000000002 m 562.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 92.60000000000002 m 470.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 92.60000000000002 m 562.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 77.60000000000002 m 470.5 77.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 77.60000000000002 m 562.5 77.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 63.60000000000002 m 470.5 63.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 61.60000000000002 m 470.5 61.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 63.60000000000002 m 562.5 63.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 61.60000000000002 m 562.5 61.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.25 419.83 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.50 411.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.75 419.83 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.00 411.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 398.17 Td (Deferred tax assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 383.17 Td (Stock-based compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 382.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 382.27 Td (7,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 382.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 382.27 Td (1,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 368.17 Td (Accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 367.27 Td (19,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 367.27 Td (7,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 353.17 Td (Differences in income recognition related to receivable portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 352.27 Td (45,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 352.27 Td (33,652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 338.17 Td (State and international operating losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 337.27 Td (26,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 337.27 Td (15,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 323.17 Td (Difference in basis of depreciable assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 322.27 Td (3,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 322.27 Td (3,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 308.17 Td (Capitalized legal feesinternational) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 307.27 Td (171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 307.27 Td (4,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 293.17 Td (Cumulative translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 292.27 Td (715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 292.27 Td (958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 278.17 Td (Tax benefit of uncertain tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.65 277.27 Td (677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 277.27 Td (1,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 263.17 Td (Difference in basis of bond and loan costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 262.27 Td (3,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 262.27 Td (9,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 248.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 247.27 Td (1,077) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 247.27 Td (2,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 233.17 Td (Valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 232.32 Td (\(18,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 232.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 232.32 Td (\(4,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 232.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 217.27 Td (89,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 217.27 Td (74,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 203.17 Td (Deferred tax liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 188.17 Td (State taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 187.32 Td (\(377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 187.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 187.32 Td (\(707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 187.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 173.17 Td (Deferred court costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 172.32 Td (\(19,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 172.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 172.32 Td (\(25,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 172.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 158.17 Td (Difference in basis of amortizable assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 157.32 Td (\(16,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 157.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 157.32 Td (\(11,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 157.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 143.17 Td (Difference in basis of depreciable assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.80 142.32 Td (\(7,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 142.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 142.32 Td (\(8,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 142.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 128.17 Td (Differences in income recognition related to receivable portfolios) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 127.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 127.32 Td (\(17,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 127.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 113.17 Td (Deferred debt cancellation income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.80 112.32 Td (\(1,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 112.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 112.32 Td (\(1,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 112.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 98.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 97.32 Td (\(242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 97.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 97.32 Td (\(46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 97.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 82.32 Td (\(45,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 82.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 82.32 Td (\(65,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 82.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 68.17 Td (Net deferred tax asset) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 139.90 72.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 67.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 67.27 Td (43,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.00 67.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 67.27 Td (8,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.10 Td (________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.00 51.10 Td () Tj ET Q endstream endobj 255 0 obj <> endobj 256 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 743.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 743.50 Td (The Company operates in multiple jurisdictions. In accordance with authoritative guidance relating to income taxes, deferred tax assets and liabilities ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 733.90 Td (are netted for each tax-paying component of the Company within a particular tax jurisdiction, and presented as a single amount in the statement of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 724.30 Td (financial condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 703.30 Td (Certain of the Company) Tj ET Q q 0 0 0 rg BT 173.15 703.30 Td (s foreign subsidiaries have net operating loss carry forwards in the amount of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 691.30 Td ($87.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 691.30 Td (, which can be carried forward indefinitely) Tj ET Q q 0 0 0 rg BT 274.00 691.30 Td (. One of the Company) Tj ET Q q 0 0 0 rg BT 365.37 691.30 Td (s domestic subsidiaries has a net operating loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 679.30 Td (carry forward in the approximate amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.99 679.30 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.88 679.30 Td ( which will begin to expire in 2024 unless previously utilized. Certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 667.30 Td (of the Company) Tj ET Q q 0 0 0 rg BT 117.21 667.30 Td (s domestic subsidiaries have state net operating loss carry forwards in the amount of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.83 667.30 Td ($8.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 655.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 655.30 Td (, which will generally begin to expire in 2026.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 634.30 Td (V) Tj ET Q q 0 0 0 rg BT 80.11 634.30 Td (aluation allowances are recognized on deferred tax assets if the Company believes that it is more likely than not that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.30 Td (some or all of the deferred tax assets will not be realized. ) Tj ET Q q 0 0 0 rg BT 280.57 622.30 Td (The Company believes the majority of the deferred tax assets will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.30 Td (realized due to the reversal of certain significant temporary dif) Tj ET Q q 0 0 0 rg BT 299.99 610.30 Td (ferences and anticipated future taxable income from operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.30 Td (As of December 31, 2016, valuation allowance increased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.30 598.30 Td ($18.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.20 598.30 Td (, as compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.23 598.30 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.12 598.30 Td ( as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.30 Td (2015. ) Tj ET Q q 0 0 0 rg BT 74.82 586.30 Td (The increase in the valuation allowance was primarily related to the recording of a valuation allowance at one of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.30 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 574.30 Td (s foreign subsidiaries that has incurred cumulative operating loss during the year ended December 31, 2016. ) Tj ET Q q 0 0 0 rg BT 526.36 574.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.30 Td (Company believes that it is more likely than not that the net operating loss carryforwards will not be realized at this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.30 Td (jurisdiction, therefore, the Company has recorded a valuation allowance against the previously established deferred tax assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 529.30 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 529.30 Td ( reconciliation of the beginning and ending amount of the Company) Tj ET Q q 0 0 0 rg BT 355.05 529.30 Td (s unrecognized tax benefit is as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 515.28 529.30 Td (\(in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 517.30 Td (thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.89 517.30 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 484.80 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 484.80 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 454.80 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 454.80 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.80 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 424.80 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 394.80 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 394.80 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 364.80 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 364.80 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 334.80 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 334.80 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 304.80 421.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 304.80 91.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 484.8 m 562.5 484.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 439.8 m 562.5 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 379.8 m 562.5 379.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 304.8 m 562.5 304.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 290.8 m 562.5 290.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 288.8 m 562.5 288.8 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.45 489.03 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 475.37 Td (Balance at December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 474.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 474.47 Td (71,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 460.37 Td (Increases related to current and prior year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 459.47 Td (34,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 445.37 Td (Decreases related to settlements with taxing authorities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 444.52 Td (\(67,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 444.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 430.37 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 429.47 Td (38,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 415.37 Td (Increases related to prior year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 414.47 Td (5,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 400.37 Td (Increases related to current year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 399.47 Td (11,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 385.37 Td (Decreases related to prior year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 384.52 Td (\(8,193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 384.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 370.37 Td (Balance at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 369.47 Td (47,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 355.37 Td (Increases related to prior year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 354.47 Td (2,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 340.37 Td (Increases related to current year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 339.47 Td (1,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 325.37 Td (Decreases related to settlements with taxing authorities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 324.52 Td (\(31,111) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 324.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 310.37 Td (Decreases related to prior year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 309.52 Td (\(1,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 309.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 295.37 Td (Balance at December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 294.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 294.47 Td (18,945) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 269.30 Td (The Company had gross unrecognized tax benefits, inclusive of penalties and interest, of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.40 269.30 Td ($21.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.29 269.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.29 269.30 Td ($58.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.18 269.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.30 Td ($44.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 257.30 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.11 257.30 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.69 257.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.69 257.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.69 257.30 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.63 257.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.63 257.30 Td ( respectively) Tj ET Q q 0 0 0 rg BT 311.79 257.30 Td (. ) Tj ET Q q 0 0 0 rg BT 316.24 257.30 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.74 257.30 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.32 257.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.32 257.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.32 257.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.76 257.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.76 257.30 Td (, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.18 257.30 Td ($7.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 245.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 245.30 Td ($14.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.78 245.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.22 245.30 Td ($12.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.11 245.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 263.77 245.30 Td (, of unrecognized tax benefits that if recognized, would result in a net tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.30 Td (benefit. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.39 233.30 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.98 233.30 Td (, the decrease in the Company) Tj ET Q q 0 0 0 rg BT 376.27 233.30 Td (s gross unrecognized tax benefit was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.30 Td (primarily related to the settlement with tax authorities for unrecognized tax benefits associated with amortization of receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.30 Td (portfolios. During the year ended December31, 2015, the increase in the Company) Tj ET Q q 0 0 0 rg BT 385.73 209.30 Td (s gross unrecognized tax benefit was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.30 Td (primarily associated with certain business combinations. During the year ended December 31, 2014, the decrease in total gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.30 Td (unrecognized tax benefits was due to a favorable tax settlement in November 2014 with taxing authorities related to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.30 Td (previously uncertain tax position. ) Tj ET Q q 0 0 0 rg BT 186.18 173.30 Td (The result of the settlement was a reduction in the unrecognized tax benefit of) Tj ET Q q 0 0 0 rg BT 497.83 173.30 Td (fset by an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.30 Td (increase in current taxes payable and deferred tax liabilities. ) Tj ET Q q 0 0 0 rg BT 292.11 161.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 342.02 161.30 Td (, the Company recorded a net tax benefit as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.30 Td (the settlement of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.40 149.30 Td ($7.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.30 149.30 Td (. ) Tj ET Q q 0 0 0 rg BT 233.12 149.30 Td (The uncertain tax benefit is included in Other liabilities in the Company) Tj ET Q q 0 0 0 rg BT 532.75 149.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.30 Td (consolidated statements of financial condition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 116.30 Td (The Company believes that an adequate provision has been made for any adjustments that may result from tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.30 Td (examinations. However) Tj ET Q q 0 0 0 rg BT 144.57 104.30 Td (, it is reasonably possible that certain changes may occur within the next 12 months, which could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.30 Td (significantly increase or decrease the balance of the Company) Tj ET Q q 0 0 0 rg BT 300.45 92.30 Td (s gross unrecognized tax benefits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 71.30 Td (The Company recognizes interest and penalties related to unrecognized tax benefits in its tax expense. ) Tj ET Q q 0 0 0 rg BT 484.79 71.30 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.30 Td (recognized expense of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.16 59.30 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.05 59.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.05 59.30 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.94 59.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.38 59.30 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.27 59.30 Td ( in interest and penalties during the years ) Tj ET Q endstream endobj 257 0 obj <> endobj 258 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (ended December 31, 2016, 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 272.06 742.10 Td (. Interest and penalties accrued as of December 31, 2016 and 2015 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.33 730.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.22 730.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 219.88 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (The Company files U.S. federal, state, and foreign income tax returns in jurisdictions with varying statutes of limitations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (The 2013 through 2016 tax years remain subject to examination by federal taxing authorities, 2012 through 2016 tax years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (generally remain subject to examination by state tax authorities, and the 2013 through 2016 tax years remain subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (examination by foreign tax authorities. ) Tj ET Q q 0 0 0 rg BT 207.55 673.10 Td (T) Tj ET Q q 0 0 0 rg BT 212.96 673.10 Td (ax years from 2008 forward remain open at certain of the Company) Tj ET Q q 0 0 0 rg BT 485.92 673.10 Td (s subsidiaries for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (adjustment for federal and state tax purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 631.10 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 631.10 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.49 631.10 Td (: Commitments and Contingencies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Litigation and Regulatory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 593.10 Td (The Company is involved in disputes, legal actions, regulatory investigations, inquiries, and other actions from time to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (time in the ordinary course of business. ) Tj ET Q q 0 0 0 rg BT 209.79 581.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 266.07 581.10 Td (, along with others in its industry) Tj ET Q q 0 0 0 rg BT 397.36 581.10 Td (, is routinely subject to legal actions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (based on the Fair Debt Collection Practices ) Tj ET Q q 0 0 0 rg BT 225.23 569.10 Td (Act \(FDCP) Tj ET Q q 0 0 0 rg BT 274.04 569.10 Td (A\), comparable state statutes, the ) Tj ET Q q 0 0 0 rg BT 413.53 569.10 Td (T) Tj ET Q q 0 0 0 rg BT 418.94 569.10 Td (elephone Consumer Protection ) Tj ET Q q 0 0 0 rg BT 544.19 569.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (\(TCP) Tj ET Q q 0 0 0 rg BT 75.19 557.10 Td (A\), state and federal unfair competition statutes, and common law causes of action. ) Tj ET Q q 0 0 0 rg BT 414.89 557.10 Td (The violations of law investigated or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (alleged in these actions often include claims that the Company lacks specified licenses to conduct its business, attempts to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (collect debts on which the statute of limitations has run, has made inaccurate or unsupported assertions of fact in support of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (collection actions and/or has acted improperly in connection with its ef) Tj ET Q q 0 0 0 rg BT 333.62 521.10 Td (forts to contact consumers. Such litigation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (regulatory actions could involve potential compensatory or punitive damage claims, fines, sanctions, injunctive relief, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (changes in business practices. Many continue on for some length of time and involve substantial investigation, litigation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (negotiation, and other expense and ef) Tj ET Q q 0 0 0 rg BT 199.21 485.10 Td (fort before a result is achieved, and during the process the Company often cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (determine the substance or timing of any eventual outcome.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 452.10 Td (On May19, 2008, an action captionedBrent v) Tj ET Q q 0 0 0 rg BT 257.36 452.10 Td (. Midland Credit Management, Inc. et. alwas filed in the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (District Court for the Northern District of Ohio ) Tj ET Q q 0 0 0 rg BT 240.89 440.10 Td (W) Tj ET Q q 0 0 0 rg BT 249.53 440.10 Td (estern Division, in which the plaintif) Tj ET Q q 0 0 0 rg BT 395.99 440.10 Td (f filed a class action counter) Tj ET Q q 0 0 0 rg BT 508.24 440.10 Td (-claim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.83 428.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.83 428.10 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 165.54 428.10 Td (s subsidiaries \(the Midland Defendants\). ) Tj ET Q q 0 0 0 rg BT 338.64 428.10 Td (The complaint alleged that the Midland Defendants) Tj ET Q q 0 0 0 rg BT 547.28 428.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (business practices violated consumers) Tj ET Q q 0 0 0 rg BT 204.49 416.10 Td ( rights under the FDCP) Tj ET Q q 0 0 0 rg BT 296.35 416.10 Td (A) Tj ET Q q 0 0 0 rg BT 303.02 416.10 Td ( and the Ohio Consumer Sales Practices ) Tj ET Q q 0 0 0 rg BT 464.94 416.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 484.19 416.10 Td (The Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (vigorously denied the claims asserted against it in these matters, but has agreed to a proposed settlement to avoid the burden ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (and expense of continued litigation. Subject to court approval, settlement awards to eligible class members, as well as fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (costs, will be paid from a settlement fund of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.11 380.10 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 380.10 Td (, which has already been paid by the Company and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (insurer) Tj ET Q q 0 0 0 rg BT 77.22 368.10 Td (. If the number of class members who make claims exceeds a certain level, the total settlement could increase to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (amount not to exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.31 356.10 Td ($5.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.20 356.10 Td (. On October 14, 2014, the district court issued an order granting final approval of the parties) Tj ET Q q 0 0 0 rg BT 561.63 356.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (revised agreed upon settlement of this lawsuit. ) Tj ET Q q 0 0 0 rg BT 238.11 344.10 Td (That order was appealed by an objector to the settlement and on July 7, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (the United States Court of ) Tj ET Q q 0 0 0 rg BT 156.38 332.10 Td (Appeals for the Sixth Circuit af) Tj ET Q q 0 0 0 rg BT 282.00 332.10 Td (firmed the district court) Tj ET Q q 0 0 0 rg BT 379.47 332.10 Td (s October 14, 2014 ruling.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 311.10 Td (On November2, 2010 and December17, 2010, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.95 311.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.95 311.10 Td ( national class actions entitled Robinson v) Tj ET Q q 0 0 0 rg BT 447.61 311.10 Td (. Midland Funding LLC and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 299.10 Td (ovar v) Tj ET Q q 0 0 0 rg BT 80.03 299.10 Td (. Midland Credit Management, respectively) Tj ET Q q 0 0 0 rg BT 253.77 299.10 Td (, were filed in the United States District Court for the Southern District of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (California. ) Tj ET Q q 0 0 0 rg BT 95.36 287.10 Td (The complaints allege that certain of the Company) Tj ET Q q 0 0 0 rg BT 300.57 287.10 Td (s subsidiaries violated the ) Tj ET Q q 0 0 0 rg BT 405.93 287.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 423.35 287.10 Td (A) Tj ET Q q 0 0 0 rg BT 430.02 287.10 Td ( by calling consumers) Tj ET Q q 0 0 0 rg BT 520.09 287.10 Td ( cellular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (phones without their prior express consent. ) Tj ET Q q 0 0 0 rg BT 224.51 275.10 Td (The complaints seek monetary damages under the ) Tj ET Q q 0 0 0 rg BT 426.76 275.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 444.18 275.10 Td (A, injunctive relief, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (other relief, including attorney fees. On May10, 201) Tj ET Q q 0 0 0 rg BT 260.96 263.10 Td (1 and May1) Tj ET Q q 0 0 0 rg BT 310.85 263.10 Td (1, 201) Tj ET Q q 0 0 0 rg BT 335.48 263.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.98 263.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.98 263.10 Td ( class actions entitled Scardina v) Tj ET Q q 0 0 0 rg BT 487.57 263.10 Td (. Midland Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (Management, Inc., Midland Funding LLC and Encore Capital Group, Inc. and Martin v) Tj ET Q q 0 0 0 rg BT 399.55 251.10 Td (. Midland Funding, LLC, respectively) Tj ET Q q 0 0 0 rg BT 550.82 251.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (were filed in the United States District Court for the Northern District of Illinois. ) Tj ET Q q 0 0 0 rg BT 375.58 239.10 Td (The complaints allege on behalf of a putative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (class of Illinois consumers that certain of the Company) Tj ET Q q 0 0 0 rg BT 273.28 227.10 Td (s subsidiaries violated the ) Tj ET Q q 0 0 0 rg BT 378.64 227.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 396.06 227.10 Td (A) Tj ET Q q 0 0 0 rg BT 402.73 227.10 Td ( by calling consumers) Tj ET Q q 0 0 0 rg BT 492.80 227.10 Td ( cellular phones ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (without their prior express consent. ) Tj ET Q q 0 0 0 rg BT 193.68 215.10 Td (The complaints seek monetary damages under the ) Tj ET Q q 0 0 0 rg BT 395.93 215.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 413.35 215.10 Td (A, injunctive relief, and other relief, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (including attorney fees. On July28, 201) Tj ET Q q 0 0 0 rg BT 210.16 203.10 Td (1, the Company filed a motion to transfer the Scardina and Martin cases to the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (States District Court for the Southern District of California to be consolidated with the ) Tj ET Q q 0 0 0 rg BT 398.09 191.10 Td (T) Tj ET Q q 0 0 0 rg BT 403.50 191.10 Td (ovar and Robinson cases. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (October1) Tj ET Q q 0 0 0 rg BT 89.34 179.10 Td (1, 201) Tj ET Q q 0 0 0 rg BT 113.96 179.10 Td (1, the United States Judicial Panel on Multidistrict Litigation granted the Company) Tj ET Q q 0 0 0 rg BT 448.91 179.10 Td (s motion to transfer) Tj ET Q q 0 0 0 rg BT 526.40 179.10 Td (. ) Tj ET Q q 0 0 0 rg BT 530.85 179.10 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.66 167.10 Td ( of these cases, along with a number of additional cases brought against the Company that allege violations of the ) Tj ET Q q 0 0 0 rg BT 522.75 167.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 540.17 167.10 Td (A, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (are now pending in the United States District Court for the Southern District of California in a multidistrict litigation titled In re ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (Midland Credit Management Inc. ) Tj ET Q q 0 0 0 rg BT 186.17 143.10 Td (T) Tj ET Q q 0 0 0 rg BT 191.58 143.10 Td (elephone Consumer Protection ) Tj ET Q q 0 0 0 rg BT 316.84 143.10 Td (Act Litigation. ) Tj ET Q q 0 0 0 rg BT 378.03 143.10 Td (The lead plaintif) Tj ET Q q 0 0 0 rg BT 443.94 143.10 Td (fs filed an amended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (consolidated complaint on July1) Tj ET Q q 0 0 0 rg BT 181.83 131.10 Td (1, 2012. ) Tj ET Q q 0 0 0 rg BT 216.65 131.10 Td (The Company has vigorously denied the claims asserted against it in these matters, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (but has agreed to a proposed class settlement to avoid the burden and expense of continued litigation. ) Tj ET Q q 0 0 0 rg BT 457.49 119.10 Td (The proposed class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (settlement is intended to resolve all cases involved in multi-district litigation, and all claims against the Company for alleged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (violations of the ) Tj ET Q q 0 0 0 rg BT 117.31 95.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 134.73 95.10 Td (A) Tj ET Q q 0 0 0 rg BT 141.40 95.10 Td ( that occurred before ) Tj ET Q q 0 0 0 rg BT 226.36 95.10 Td (August 31, 2014, other than those of persons who exclude themselves from class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (settlement. ) Tj ET Q q 0 0 0 rg BT 95.92 83.10 Td (The settlement agreement requires the Company to contribute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.83 83.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.73 83.10 Td (to a settlement fund, to be disbursed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (among eligible class members, and to set aside) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.67 71.10 Td ($13.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.56 71.10 Td (in debt for) Tj ET Q q 0 0 0 rg BT 337.54 71.10 Td (giveness to be allocated among eligible class members. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (In addition, the settlement agreement provides that the Company will pay plaintif) Tj ET Q q 0 0 0 rg BT 375.29 59.10 Td (fs) Tj ET Q q 0 0 0 rg BT 385.10 59.10 Td ( attorney fees in an amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.01 59.10 Td ($2.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.90 59.10 Td (, ) Tj ET Q endstream endobj 259 0 obj <> endobj 260 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and for the costs associated with administering the class relief. On November 30, 2016, the court granted final approval of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (settlement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 709.10 Td (On September 9, 2015, the Company entered into a consent order \(the Consent Order\) with the CFPB in which it settled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (allegations arising from its practices between 201) Tj ET Q q 0 0 0 rg BT 247.90 697.10 Td (1 and 2015. ) Tj ET Q q 0 0 0 rg BT 297.16 697.10 Td (The Consent Order includes obligations on the Company to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (among other things: \(1\) follow certain specified operational requirements, substantially all of which are already part of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 673.10 Td (s current operations; \(2\) submit to the CFPB for review a comprehensive plan designed to ensure that its debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (collection practices comply with all applicable federal consumer financial laws and the terms of the Consent Order; \(3\) pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (redress to certain specified groups of consumers; and \(4\) pay a civil monetary penalty) Tj ET Q q 0 0 0 rg BT 392.29 649.10 Td (. ) Tj ET Q q 0 0 0 rg BT 397.11 649.10 Td (The Company will continue to cooperate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (and engage with the CFPB and work to ensure compliance with the Consent Order) Tj ET Q q 0 0 0 rg BT 380.21 637.10 Td (. In addition, the Company is subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (ancillary state attorney general investigations related to similar debt collection practices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 604.10 Td (The Company incurred a one-time, after) Tj ET Q q 0 0 0 rg BT 233.34 604.10 Td (-tax char) Tj ET Q q 0 0 0 rg BT 268.42 604.10 Td (ge of approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.45 604.10 Td ($43 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.84 604.10 Td (in the third quarter of 2015. ) Tj ET Q q 0 0 0 rg BT 513.18 604.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (Company believes this char) Tj ET Q q 0 0 0 rg BT 160.63 592.10 Td (ge will cover all related impacts of the Consent Order) Tj ET Q q 0 0 0 rg BT 374.87 592.10 Td (, including civil monetary penalties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (restitution, any such ancillary state regulatory matters, legal expenses and portfolio allowance char) Tj ET Q q 0 0 0 rg BT 444.68 580.10 Td (ges on several pool groups ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (due to the impact on the Company) Tj ET Q q 0 0 0 rg BT 190.53 568.10 Td (s current estimated remaining collections related to its existing receivable portfolios. ) Tj ET Q q 0 0 0 rg BT 530.80 568.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (Company anticipates that after this one-time char) Tj ET Q q 0 0 0 rg BT 246.97 556.10 Td (ge, any future earnings impact will be immaterial.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 535.10 Td (In certain legal proceedings, the Company may have recourse to insurance or third party contractual indemnities to cover ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (all or portions of its litigation expenses, judgments, or settlements. In accordance with authoritative guidance, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (records loss contingencies in its financial statements only for matters in which losses are probable and can be reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 93.14 499.10 Td (Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (minimum estimated liability) Tj ET Q q 0 0 0 rg BT 162.67 487.10 Td (. ) Tj ET Q q 0 0 0 rg BT 167.49 487.10 Td (The Company continuously assesses the potential liability related to its pending litigation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (regulatory matters and revises its estimates when additional information becomes available. ) Tj ET Q q 0 0 0 rg BT 418.78 475.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.22 475.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.81 475.10 Td (, other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (than reserves related to the CFPB Consent Order) Tj ET Q q 0 0 0 rg BT 244.83 463.10 Td (, ancillary state regulatory matters and the ) Tj ET Q q 0 0 0 rg BT 415.14 463.10 Td (TCP) Tj ET Q q 0 0 0 rg BT 432.56 463.10 Td (A) Tj ET Q q 0 0 0 rg BT 439.23 463.10 Td ( settlement fund discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (above, the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.81 451.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.81 451.10 Td ( material reserves for legal matters. ) Tj ET Q q 0 0 0 rg BT 303.80 451.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 353.71 451.10 Td (, based on the current status of litigation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (regulatory matters, either the estimate of exposure is immaterial to the Company) Tj ET Q q 0 0 0 rg BT 374.90 439.10 Td (s financial statements or an estimate cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (yet be determined. ) Tj ET Q q 0 0 0 rg BT 126.46 427.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 186.17 427.10 Td (s legal costs are recorded to expense as incurred.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 389.10 Td (The Company leases of) Tj ET Q q 0 0 0 rg BT 167.96 389.10 Td (fice facilities in the United States, Europe, and other geographies. ) Tj ET Q q 0 0 0 rg BT 432.97 389.10 Td (The leases are structured as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (operating leases, and the Company incurred related rent expense in the amounts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.67 377.10 Td ($20.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.56 377.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.56 377.10 Td ($19.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.45 377.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.39 377.10 Td ($23.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 365.10 Td ( during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.69 365.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.28 365.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.28 365.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.28 365.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.21 365.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.21 365.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 372.88 365.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 344.10 Td (The Company has capital lease obligations primarily for certain computer equipment. Refer to Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.82 344.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.82 344.10 Td (, DebtCapital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (Lease Obligations for additional information on the Company) Tj ET Q q 0 0 0 rg BT 304.66 332.10 Td (s capital leases. ) Tj ET Q q 0 0 0 rg BT 368.53 332.10 Td (Amortization of assets under capital leases is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (included in depreciation and amortization expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 299.10 Td (Future minimum lease payments under lease obligations consist of the following for the years ending December31, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 540.00 299.10 Td (\(in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.89 287.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 247.60 270.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 247.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 247.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 247.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 247.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 219.60 270.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 219.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 219.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 219.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 191.60 270.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 191.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 191.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 191.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 191.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 191.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 163.60 270.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 163.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 163.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 163.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 163.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 163.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 135.60 270.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 135.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 135.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 135.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 135.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 135.60 77.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 247.60000000000002 m 397.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 247.60000000000002 m 477.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 247.60000000000002 m 558.5 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 163.60000000000002 m 397.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 163.60000000000002 m 477.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 163.60000000000002 m 558.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 163.60000000000002 m 477.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 150.60000000000002 m 477.5 150.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 148.60000000000002 m 477.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 150.60000000000002 m 558.5 150.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 148.60000000000002 m 558.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 135.60000000000002 m 397.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 122.60000000000002 m 397.5 122.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 120.60000000000002 m 397.5 120.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.80 259.68 Td (Capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.15 251.68 Td (Leases) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.40 259.68 Td (Operating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.65 251.68 Td (Leases) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.75 251.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 238.17 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 238.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 238.17 Td (3,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 238.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 238.17 Td (17,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 238.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 238.17 Td (20,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 224.17 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 224.17 Td (1,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 224.17 Td (13,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 224.17 Td (14,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 210.17 Td (478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 210.17 Td (8,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 210.17 Td (8,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 196.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 196.17 Td (270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 196.17 Td (6,361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 196.17 Td (6,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 182.17 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 182.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 182.17 Td (5,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 182.17 Td (5,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 168.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 168.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 168.17 Td (11,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 168.17 Td (11,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 154.17 Td (Total minimal leases payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 154.17 Td (5,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 154.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 154.17 Td (61,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 154.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 154.17 Td (67,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 140.17 Td (Less: Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.30 140.22 Td (\(354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 140.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 126.17 Td (Present value of minimal lease payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 126.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 126.17 Td (5,091) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (Purchase Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 84.10 Td (In the normal course of business, the Company enters into forward flow purchase agreements and other purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (commitment agreements. ) Tj ET Q q 0 0 0 rg BT 153.03 72.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.47 72.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.05 72.10 Td (, the Company has entered into agreements to purchase receivable portfolios ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (with a face value of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.61 60.10 Td ($1.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.72 60.10 Td ( for a purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.93 60.10 Td ($262.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.82 60.10 Td (. Most purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (commitments do not extend past one year) Tj ET Q q 0 0 0 rg BT 216.07 48.10 Td (.) Tj ET Q endstream endobj 261 0 obj <> endobj 262 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-39) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (Encore) Tj ET Q q 0 0 0 rg BT 105.09 725.25 Td (s Certificate of Incorporation and indemnification agreements between the Company and its of) Tj ET Q q 0 0 0 rg BT 483.68 725.25 Td (ficers and directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (provide that the Company will indemnify and hold harmless its of) Tj ET Q q 0 0 0 rg BT 313.67 713.25 Td (ficers and directors for certain events or occurrences arising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (as a result of the of) Tj ET Q q 0 0 0 rg BT 126.18 701.25 Td (ficer or director serving in such capacity) Tj ET Q q 0 0 0 rg BT 287.13 701.25 Td (. ) Tj ET Q q 0 0 0 rg BT 291.95 701.25 Td (The Company has also agreed to indemnify certain third parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (under certain circumstances pursuant to the terms of certain underwriting agreements, registration rights agreements, credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (facilities, portfolio purchase and sale agreements, and other agreements entered into by the Company in the ordinary course of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.71 665.25 Td (The maximum potential amount of future payments the Company could be required to make under these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (indemnification agreements is unlimited. ) Tj ET Q q 0 0 0 rg BT 216.17 653.25 Td (The Company believes the estimated fair value of these indemnification agreements is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.25 Td (minimal and, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.93 641.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.51 641.25 Td (, has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.34 641.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.34 641.25 Td ( liabilities recorded for these agreements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 611.25 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.49 611.25 Td (: Segment Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 590.25 Td (The Company conducts business through several operating segments that meet the aggregation criteria under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.25 Td (authoritative guidance related to segment reporting. ) Tj ET Q q 0 0 0 rg BT 258.91 578.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 318.62 578.25 Td (s management relies on internal management reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.25 Td (processes that provide segment revenue, segment operating income, and segment asset information in order to make financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.25 Td (decisions and allocate resources. Prior to the first quarter 2016 the Company had determined that it had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.43 554.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.43 554.25 Td ( reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.25 Td (segments: portfolio purchasing and recovery and tax lien business. ) Tj ET Q q 0 0 0 rg BT 318.27 542.25 Td (As discussed in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.93 542.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.93 542.25 Td (, Discontinued Operations, on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (March 31, 2016, the Company completed the divestiture of its membership interests in Propel, which comprised the entire tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (lien business segment. Propel) Tj ET Q q 0 0 0 rg BT 171.10 518.25 Td (s operations are presented as discontinued operations in the Company) Tj ET Q q 0 0 0 rg BT 452.42 518.25 Td (s consolidated statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (of income. Beginning in the first quarter 2016, the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.78 506.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.22 506.25 Td ( reportable segment, portfolio purchasing and recovery) Tj ET Q q 0 0 0 rg BT 544.21 506.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 485.25 Td (The following tables present information about geographic areas in which the Company operates ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 462.66 485.25 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.16 485.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 441.75 273.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 441.75 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 441.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 441.75 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 441.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 441.75 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 413.75 273.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 413.75 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 413.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 413.75 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 413.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 413.75 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 385.75 273.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 385.75 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 385.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 385.75 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 385.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 385.75 77.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 453.75 m 400.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 453.75 m 404.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 453.75 m 481.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 453.75 m 485.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 453.75 m 562.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 441.75 m 400.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 441.75 m 481.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 453.75 m 562.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 441.75 m 562.5 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 371.75 m 400.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 371.75 m 481.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 371.75 m 562.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 371.75 m 400.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 358.75 m 400.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 356.75 m 400.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 371.75 m 481.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 358.75 m 481.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 356.75 m 481.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 371.75 m 562.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 358.75 m 562.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 356.75 m 562.5 356.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 457.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.20 457.83 Td (Year Ended December31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 445.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.50 445.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.50 445.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.50 445.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 432.32 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 91.88 436.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.45 432.32 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 418.32 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 418.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 418.32 Td (669,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 418.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 418.32 Td (709,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 418.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 418.32 Td (723,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 404.32 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 390.32 Td (Europe) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 111.88 394.85 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 390.32 Td (270,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 390.32 Td (376,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 390.32 Td (295,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 376.32 Td (Other geographies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 376.32 Td (89,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 376.32 Td (44,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 376.32 Td (25,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 362.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 362.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 362.32 Td (1,029,258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 362.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 362.32 Td (1,129,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 362.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 362.32 Td (1,043,429) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.00 346.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 333.65 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 333.65 Td (Revenues are attributed to countries based on location of customer) Tj ET Q q 0 0 0 rg BT 287.95 333.65 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 321.05 Td (\(2\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 321.05 Td (Based on the financial information that is used to produce the general-purpose financial statements, providing further geographic information is ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 311.45 Td (impracticable.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 274.95 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 274.95 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 274.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 274.95 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 244.95 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 244.95 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 244.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 244.95 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 214.95 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 214.95 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 214.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 214.95 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 184.95 334.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 184.95 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 184.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 184.95 87.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 274.95000000000005 m 471.5 274.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 274.95000000000005 m 562.5 274.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 199.95000000000005 m 471.5 199.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 199.95000000000005 m 562.5 199.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 199.95000000000005 m 471.5 199.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 184.95000000000005 m 471.5 184.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 199.95000000000005 m 562.5 199.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 184.95000000000005 m 562.5 184.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 184.95000000000005 m 471.5 184.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 170.95000000000005 m 471.5 170.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 168.95000000000005 m 471.5 168.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 184.95000000000005 m 562.5 184.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 170.95000000000005 m 562.5 170.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 168.95000000000005 m 562.5 168.95000000000005 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 279.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.25 287.18 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 279.18 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.25 287.18 Td (December 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 279.18 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 265.52 Td (Long-lived assets) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 123.26 270.05 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.84 265.52 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 250.52 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 249.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 249.62 Td (39,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 249.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 249.62 Td (38,921) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 235.52 Td (International) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 220.52 Td (United Kingdom) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 219.62 Td (20,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 219.62 Td (20,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 205.52 Td (Other foreign countries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 204.62 Td (12,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 204.62 Td (12,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 189.62 Td (33,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 189.62 Td (33,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 175.52 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.00 174.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 174.62 Td (72,257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.00 174.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 174.62 Td (72,546) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.45 Td (________________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 145.85 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 145.85 Td (Long-lived assets consists of property and equipment, net.) Tj ET Q endstream endobj 263 0 obj <> endobj 264 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 742.25 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.49 742.25 Td (: Goodwill and Identifiable Intangible ) Tj ET Q q 0 0 0 rg BT 246.14 742.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (In accordance with authoritative guidance, goodwill is tested for impairment at the reporting unit level annually and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (interim periods if certain events occur that indicate that the fair value of a reporting unit may be below its carrying value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (Determining the number of reporting units and the fair value of a reporting unit requires the Company to make judgments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (involves the use of significant estimates and assumptions.) Tj ET Q q 0 0 0 rg BT 283.39 685.25 Td (The Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.66 685.25 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.20 685.25 Td ( reporting units for goodwill impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (testing purposes. ) Tj ET Q q 0 0 0 rg BT 119.54 673.25 Td (The annual goodwill testing date for these reporting units is October 1st.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 652.25 Td (The Company first assesses qualitative factors to determine whether it is necessary to perform the two-step quantitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (goodwill impairment test. ) Tj ET Q q 0 0 0 rg BT 155.36 640.25 Td (The qualitative factors include economic environment, business climate, market capitalization, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (operating performance, competition, and other factors. ) Tj ET Q q 0 0 0 rg BT 270.57 628.25 Td (The Company may proceed directly to the two-step quantitative test ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (without performing the qualitative test. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 595.25 Td (The first step involves measuring the recoverability of goodwill at the reporting unit level by comparing the estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.25 Td (fair value of the reporting unit in which the goodwill resides to its carrying value. ) Tj ET Q q 0 0 0 rg BT 378.07 583.25 Td (The second step, if necessary) Tj ET Q q 0 0 0 rg BT 494.32 583.25 Td (, measures the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (amount of impairment, if any) Tj ET Q q 0 0 0 rg BT 166.82 571.25 Td (, by comparing the implied fair value of goodwill to its carrying value.) Tj ET Q q 0 0 0 rg BT 451.29 571.25 Td (The Company applies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (various valuation techniques to measure the fair value of each reporting unit, including the income approach and the market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (approach. For goodwill impairment analyses conducted at most of the reporting units, the Company uses the income approach ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (in determining fair value, specifically the discounted cash flow method, or DCF) Tj ET Q q 0 0 0 rg BT 368.84 535.25 Td (. In applying the DCF method, an identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (level of future cash flow is estimated. ) Tj ET Q q 0 0 0 rg BT 202.18 523.25 Td (Annual estimated cash flows and a terminal value are then discounted to their present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (value at an appropriate discount rate to obtain an indication of fair value. ) Tj ET Q q 0 0 0 rg BT 343.60 511.25 Td (The discount rate utilized reflects estimates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (required rates of return for investments that are seen as similar to an investment in the reporting unit. DCF analyses are based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (on management) Tj ET Q q 0 0 0 rg BT 116.37 487.25 Td (s long-term financial projections and require significant judgments, therefore, for most of the Company) Tj ET Q q 0 0 0 rg BT 532.64 487.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (reporting units where the Company has access to reliable market participant data, the market approach is conducted in addition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (to the income approach in determining the fair value. ) Tj ET Q q 0 0 0 rg BT 264.74 463.25 Td (The Company uses a guideline company method under the market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (approach to estimate the fair value of equity and the market value of invested capital \(MVIC\). ) Tj ET Q q 0 0 0 rg BT 437.17 451.25 Td (The guideline company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td (approach relies on estimated remaining collections data or the earnings before interest, tax, depreciation and amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.25 Td (\(EBITDA\) for each of the selected guideline companies, which enables a direct comparison between the reporting unit and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.25 Td (the selected peer group. ) Tj ET Q q 0 0 0 rg BT 147.28 415.25 Td (The Company believes that the current methodology used in determining the fair value at its reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.25 Td (units represent its best estimates. In addition, the Company compares the aggregate fair value of the reporting units to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.25 Td (overall market capitalization. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 370.25 Td (Due to the lar) Tj ET Q q 0 0 0 rg BT 128.52 370.25 Td (ge allowance char) Tj ET Q q 0 0 0 rg BT 200.52 370.25 Td (ge recorded during the third quarter of 2016, the carrying value at the Company) Tj ET Q q 0 0 0 rg BT 522.08 370.25 Td (s Cabot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (reporting unit became negative at October 1, 2016. ) Tj ET Q q 0 0 0 rg BT 255.49 358.25 Td (According to authoritative guidance, if the carrying amount of a reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (unit is zero or negative, the traditional step two of the impairment test should be performed to measure the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (impairment loss, if any) Tj ET Q q 0 0 0 rg BT 141.56 334.25 Td (, when it is more likely than not that a goodwill impairment exists. In considering whether it is more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (likely than not that a goodwill impairment exists, an entity can perform a step zero qualitative analysis. ) Tj ET Q q 0 0 0 rg BT 464.43 322.25 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (conducted a qualitative analysis and concluded that there was no indication that a goodwill impairment existed at this reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (unit. For the Company) Tj ET Q q 0 0 0 rg BT 143.33 298.25 Td (s annual goodwill impairment tests performed at October 1, 2016 for the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.80 298.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.46 298.25 Td ( reporting units, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (the estimated fair value of each of these reporting units exceeded its respective carrying value. ) Tj ET Q q 0 0 0 rg BT 429.29 286.25 Td (As a result, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.06 286.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.06 286.25 Td ( impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (existed at any of these reporting units. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 253.25 Td (Management continues to evaluate and monitor all key factors impacting the carrying value of the Company) Tj ET Q q 0 0 0 rg BT 510.25 253.25 Td (s recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (goodwill and long-lived assets. Further adverse changes in the Company) Tj ET Q q 0 0 0 rg BT 343.27 241.25 Td (s actual or expected operating results, market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (capitalization, business climate, economic factors or other negative events that may be outside the control of management could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (result in a material non-cash impairment char) Tj ET Q q 0 0 0 rg BT 231.42 217.25 Td (ge in the future.) Tj ET Q endstream endobj 265 0 obj <> endobj 266 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 772.60 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 742.10 Td (s goodwill is attributable to reporting units included in its portfolio purchasing and recovery segment. ) Tj ET Q q 0 0 0 rg BT 542.34 742.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (following table summarizes the activity in the Company) Tj ET Q q 0 0 0 rg BT 277.45 730.10 Td (s goodwill balance, as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 400.76 730.10 Td (\(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 681.60 433.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 681.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 651.60 433.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 651.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 621.60 433.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 621.60 79.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 681.6 m 562.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 681.6 m 562.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 621.6 m 562.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 621.6 m 562.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 607.6 m 562.5 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 605.6 m 562.5 605.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.75 685.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 672.17 Td (Balance, December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 671.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 671.27 Td (924,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 657.17 Td (Goodwill acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 656.27 Td (623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 642.17 Td (Goodwill adjustment) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 137.16 646.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 641.32 Td (\(20,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 641.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 627.17 Td (Effect of foreign currency translation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 626.32 Td (\(119,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 626.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 612.17 Td (Balance, December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 611.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 611.27 Td (785,032) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (______________________) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.35 582.50 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 582.50 Td (Represent adjustments made to preliminary purchase price allocations as a result of obtaining fair value of intangible assets acquired and finalizing ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 75.35 572.90 Td (certain established deferred income tax associated with prior year business combinations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 551.90 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 551.90 Td (s acquired intangible assets are summarized as follows ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 354.76 551.90 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.26 551.90 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 490.40 137.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 490.40 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 490.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 490.40 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 490.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 490.40 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 490.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 490.40 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 490.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 490.40 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 490.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 490.40 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 460.40 137.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 460.40 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 460.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 460.40 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 460.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 460.40 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 460.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 460.40 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 460.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 460.40 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 460.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 460.40 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 519.4 m 246.5 519.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 519.4 m 250.5 519.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 519.4 m 309.5 519.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 519.4 m 313.5 519.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 519.4 m 372.5 519.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 519.4 m 435.5 519.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 519.4 m 439.5 519.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 519.4 m 498.5 519.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 519.4 m 502.5 519.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 519.4 m 562.5 519.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 490.4 m 246.5 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 490.4 m 309.5 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 490.4 m 372.5 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 490.4 m 435.5 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 490.4 m 498.5 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 490.4 m 562.5 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 490.4 m 246.5 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 490.4 m 309.5 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 490.4 m 372.5 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 490.4 m 435.5 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 490.4 m 498.5 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 490.4 m 562.5 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 445.4 m 246.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 431.4 m 246.5 431.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 429.4 m 246.5 429.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 445.4 m 309.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 431.4 m 309.5 431.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 429.4 m 309.5 429.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 445.4 m 372.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 431.4 m 372.5 431.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 429.4 m 372.5 429.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 445.4 m 435.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 431.4 m 435.5 431.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 429.4 m 435.5 429.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 445.4 m 498.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 431.4 m 498.5 431.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 429.4 m 498.5 429.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 445.4 m 562.5 445.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 431.4 m 562.5 431.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 429.4 m 562.5 429.4 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.45 523.63 Td (As of December 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.95 523.63 Td (As of December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 206.55 510.63 Td (Gr) Tj ET Q q 0 0 0 rg BT 216.18 510.63 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.70 502.63 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.45 494.63 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.80 502.63 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.60 494.63 Td (Amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.50 510.63 Td (Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.70 502.63 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.45 494.63 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.55 510.63 Td (Gr) Tj ET Q q 0 0 0 rg BT 405.18 510.63 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.70 502.63 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.45 494.63 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.80 502.63 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 494.63 Td (Amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.00 510.63 Td (Net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.20 502.63 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.95 494.63 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 480.97 Td (Customer relationships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.00 480.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.15 480.07 Td (21,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 480.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.80 480.07 Td (\(3,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 480.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 480.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 480.07 Td (17,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 480.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 480.07 Td (5,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 480.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 480.12 Td (\(903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 480.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 480.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 480.07 Td (4,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 465.97 Td (Developed technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.15 465.07 Td (6,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.80 465.07 Td (\(3,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 465.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 465.07 Td (2,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.15 465.07 Td (8,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 465.12 Td (\(3,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 465.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 465.07 Td (4,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.97 Td (Trade name and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.15 450.07 Td (12,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.80 450.07 Td (\(4,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 450.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 450.07 Td (7,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 450.07 Td (10,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 450.12 Td (\(3,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 450.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 450.07 Td (6,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.97 Td (Total intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.00 435.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.15 435.07 Td (40,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 435.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.80 435.07 Td (\(12,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 435.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 435.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 435.07 Td (28,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 435.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 435.07 Td (23,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.00 435.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 435.12 Td (\(8,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 435.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 435.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 435.07 Td (15,712) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 409.90 Td (The weighted-average useful lives of intangible assets at the time of acquisition were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 354.40 415.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 354.40 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 324.40 415.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 324.40 97.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 354.4 m 562.5 354.4 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.00 366.63 Td (W) Tj ET Q q 0 0 0 rg BT 489.56 366.63 Td (eighted-A) Tj ET Q q 0 0 0 rg BT 522.29 366.63 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.50 358.63 Td (Useful Lives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 344.97 Td (Customer relationships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 344.07 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 329.97 Td (Developed technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 329.07 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 314.97 Td (Trade name and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 314.07 Td (8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 288.90 Td (The amortization expense for intangible assets that are subject to amortization was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.67 288.90 Td ($7.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.56 288.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.56 288.90 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.45 288.90 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.39 288.90 Td ($3.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 276.90 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.24 276.90 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.83 276.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.83 276.90 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.83 276.90 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.77 276.90 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.77 276.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 358.43 276.90 Td (. Estimated future amortization expense related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.90 Td (finite-lived intangible assets at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.97 264.90 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.55 264.90 Td ( is as follows \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 311.88 264.90 Td (in thousands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.72 264.90 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 245.40 418.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 245.40 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 215.40 418.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 215.40 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 185.40 418.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 185.40 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 155.40 418.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 155.40 94.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 155.39999999999998 m 562.5 155.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 141.39999999999998 m 562.5 141.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 139.39999999999998 m 562.5 139.39999999999998 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 235.97 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 235.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 235.07 Td (5,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 220.97 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 220.07 Td (4,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 205.97 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 205.07 Td (3,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 190.97 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 190.07 Td (2,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 175.97 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 175.07 Td (2,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 160.97 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 160.07 Td (9,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 145.97 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 145.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 145.07 Td (28,243) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 267 0 obj <> endobj 268 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 31.60 Td (F-42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.49 742.25 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.49 742.25 Td (: Quarterly Information \(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (The following table summarizes quarterly financial data for the periods presented \() Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 405.82 721.25 Td (in thousands, except per shar) Tj ET Q q 0 0 0 rg BT 522.94 721.25 Td (e ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (amounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 709.25 Td (\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 663.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 663.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 663.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 663.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 663.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 663.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 663.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 663.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 635.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 635.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 635.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 635.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 635.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 635.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 635.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 607.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 607.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 607.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 607.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 607.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 579.75 221.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 579.75 70.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 579.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 579.75 69.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 579.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 579.75 70.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 579.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 579.75 70.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 541.75 221.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 541.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 541.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 541.75 69.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 541.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 541.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 541.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 541.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 492.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 492.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 492.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 492.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 492.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 492.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 492.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 492.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 464.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 464.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 464.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 464.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 464.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 464.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 464.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 464.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 436.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 436.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 436.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 436.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 436.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 436.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 436.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 436.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 408.75 221.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 408.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 408.75 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 408.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 408.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 379.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 379.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 379.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 379.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 379.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 379.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 379.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 379.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 349.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 349.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 349.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 349.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 349.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 349.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 349.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 349.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 319.75 221.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 319.75 70.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 319.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 319.75 69.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 319.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 319.75 70.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 319.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 319.75 70.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 280.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 280.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 280.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 280.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 280.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 280.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 280.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 280.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 241.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 241.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 241.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 241.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 241.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 241.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 241.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 241.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 211.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 211.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 211.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 211.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 211.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 211.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 211.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 211.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 181.75 221.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 181.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 181.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 181.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 181.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 181.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 181.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 181.75 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 676.75 m 341.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 676.75 m 345.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 676.75 m 414.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 676.75 m 418.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 676.75 m 488.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 676.75 m 492.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 676.75 m 562.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 663.75 m 341.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 663.75 m 414.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 663.75 m 488.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 663.75 m 562.5 663.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 681.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.10 680.98 Td (Three Months Ended) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 668.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.50 667.98 Td (March31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.25 667.98 Td (June30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.60 667.98 Td (September30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.75 667.98 Td (December31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 654.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.32 Td (Gross collections) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 640.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 640.32 Td (447,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 640.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 640.32 Td (434,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 640.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 640.32 Td (406,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 640.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 640.32 Td (396,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.32 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 626.32 Td (289,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 626.32 Td (289,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 626.32 Td (179,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 626.32 Td (271,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 612.32 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 612.32 Td (205,513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 612.32 Td (197,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 612.32 Td (200,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 612.32 Td (183,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 598.32 Td (Income \(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 598.32 Td (29,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 598.32 Td (30,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 598.37 Td (\(51,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 598.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 598.32 Td (10,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 584.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 584.32 Td (26,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 584.32 Td (30,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 584.37 Td (\(51,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 584.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 584.32 Td (11,323) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 570.48 Td (Amounts attributable to Encore Capital Group,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 560.48 Td (Inc.:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 546.32 Td (Income from \(loss\) continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 546.32 Td (28,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 546.32 Td (29,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 546.37 Td (\(1,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 546.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 546.32 Td (21,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.32 Td (Net income \(loss\) attributable to Encore Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 522.32 Td (Group, Inc. stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 521.42 Td (25,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 521.42 Td (29,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 521.47 Td (\(1,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 521.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 521.42 Td (22,812) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 507.48 Td (Earnings \(loss\) per share attributable to Encore) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 497.48 Td (Capital Group, Inc.:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 483.32 Td (From continuing operations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 469.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 469.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 469.32 Td (1.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 469.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 469.32 Td (1.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 469.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 469.37 Td (\(0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 469.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 469.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 469.32 Td (0.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 455.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 455.32 Td (1.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 455.32 Td (1.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 455.37 Td (\(0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 455.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 455.32 Td (0.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 441.32 Td (From net income:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 427.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 427.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 427.32 Td (1.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 427.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 427.32 Td (1.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 427.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 427.37 Td (\(0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 427.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 427.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 427.32 Td (0.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 413.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 413.32 Td (0.99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 413.32 Td (1.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 413.37 Td (\(0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 413.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 413.32 Td (0.88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 399.48 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 385.32 Td (Gross collections) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 384.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 384.42 Td (425,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 384.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 384.42 Td (437,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 384.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 384.42 Td (421,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 384.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 384.42 Td (416,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 370.32 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 369.42 Td (277,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 369.42 Td (282,662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 369.42 Td (278,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 369.42 Td (290,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 355.32 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 354.42 Td (194,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 354.42 Td (198,362) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 354.42 Td (248,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 354.42 Td (206,271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 340.32 Td (Income \(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 339.42 Td (28,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 339.42 Td (23,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 339.47 Td (\(11,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 339.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 339.42 Td (30,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 325.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 324.42 Td (29,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 324.42 Td (25,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 324.47 Td (\(9,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 324.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 324.42 Td (1,596) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 310.48 Td (Amounts attributable to Encore Capital Group,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 300.48 Td (Inc.:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 286.32 Td (Income \(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 285.42 Td (27,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 285.42 Td (25,996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 285.47 Td (\(13,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 285.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 285.42 Td (28,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 271.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.15 270.42 Td (1,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 270.42 Td (1,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 270.42 Td (2,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 270.47 Td (\(29,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 270.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 256.48 Td (Earnings \(loss\) per share attributable to Encore) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 246.48 Td (Capital Group, Inc.:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 232.32 Td (From continuing operations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 217.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 216.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 216.42 Td (1.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 216.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 216.42 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 216.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 216.47 Td (\(0.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 216.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 216.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 216.42 Td (1.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 202.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 201.42 Td (1.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 201.42 Td (0.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 201.47 Td (\(0.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 201.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 201.42 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 187.32 Td (From net income:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 172.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 171.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 171.42 Td (1.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.00 171.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 171.42 Td (1.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 171.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 171.47 Td (\(0.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 171.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 171.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 171.47 Td (\(0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 171.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 157.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.15 156.42 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 156.42 Td (1.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 156.47 Td (\(0.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 156.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 156.47 Td (\(0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 156.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 269 0 obj <> /View <>>>>> endobj 270 0 obj <> /View <>>>>> endobj 271 0 obj <> endobj 272 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;