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PRA Group Reports Second Quarter 2019 Results

NORFOLK, Va., Aug. 8, 2019 /PRNewswire/ -- PRA Group, Inc. (PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the second quarter of 2019.  Net income attributable to PRA Group, Inc. was $18.6 million compared to $19.6 million in the second quarter of 2018. Diluted earnings per share were $0.41 compared to $0.43 in the second quarter of 2018.  For the six months ended June 30, 2019, net income attributable to PRA Group, Inc. was $33.8 million, or diluted earnings per share of $0.74, compared to $40.7 million, or diluted earnings per share of $0.90, during the same period in 2018. 

Second Quarter Highlights

  • Record global cash collections of $470.3 million increased 16%, or 18% on a currency adjusted basis, compared to the second quarter of 2018. This growth was primarily driven by a 39% increase in U.S. legal cash collections and a 12% increase in U.S. call center and other cash collections.
  • Record Estimated Remaining Collections (ERC) of $6.4 billion which increased $146.6 million from the first quarter of 2019.
  • Total investment for the quarter of $289.1 million, a 31% increase compared to the second quarter of 2018 driven largely by investment in Europe.
  • Record income recognized on finance receivables of $249.2 million compared to $219.0 million in the second quarter of 2018, contributing to record total revenues of $252.1 million.
  • Net operating income of $63.4 million, an increase of 15% compared to the second quarter of 2018.

"Dedication to our founding principles and investing for the long term continues to generate record results for PRA Group.  U.S. legal channel cash collections increased nearly 40% from the second quarter of 2018 and the investments we have made over the last year are delivering returns in line with our historical experience but with significantly higher volumes.  Our Core businesses globally are benefitting from operational improvements that are both technology-based, such as the digital channel, and personnel based, with productivity improvements," said Kevin Stevenson, president and chief executive officer.  "Our patient and rational approach to the European market is paying off as the pricing environment appears to have shifted in certain geographies.  We have invested significant amounts in the European market in the last two quarters but have not deviated from our long-standing approach and required returns.  All of these efforts drove a record quarter of cash collections, strong investments globally and record estimated remaining collections."      

Cash Collections, Revenues, and Net Allowance Charges

  • The following table presents cash collections by quarter and by source on an as reported and currency-adjusted basis:

 









Cash Collection Source


2019


2018

($ in thousands)


Q2

Q1


Q4

Q3

Q2

Americas-Core


$  294,243

$  290,723


$  233,937

$  231,253

$  233,752

Americas-Insolvency


49,770

44,613


48,000

48,518

56,063

Europe-Core


117,635

116,858


113,154

102,780

109,359

Europe-Insolvency


8,626

8,977


7,618

6,731

7,460

Total Cash Collections


$  470,274

$  461,171


$  402,709

$  389,282

$  406,634

























Cash Collection Source - 








Constant Currency Adjusted


2019





2018

($ in thousands)


Q2





Q2

Americas-Core


$  294,243





$  232,461

Americas-Insolvency


49,770





55,993

Europe-Core


117,635





102,861

Europe-Insolvency


8,626





7,041

Total Cash Collections


$  470,274





$  398,356









 

  • Cash collections in the quarter increased $63.6 million compared to the second quarter of 2018.  The increase was primarily due to a 39% increase in U.S. legal collections and a 12% increase in U.S. call center and other cash collections as a result of past and continued investments in these channels, as well as record investment levels in Americas Core in 2017 and 2018.  This was partially offset by an 8% decrease in Global Insolvency cash collections mainly due to investment in the U.S. not offsetting the wind down of older vintages.  For the six months ended June 30, 2019, cash collections increased $98.2 million compared to the same period last year. 
  • For the quarter, cash collections on fully amortized pools were $13.3 million and cash collections on nonaccrual pools were $3.8 million.
  • Income recognized on finance receivables increased $30.2 million compared to the second quarter of 2018 primarily due to record purchases in Americas Core during 2018, significant purchases in Europe Core, and yield raises in Core globally.  For the six months ended June 30, 2019, income recognized on finance receivables increased $50.4 million compared to the same period last year. 

Expenses

  • Operating expenses in the quarter increased $24.1 million compared to the second quarter of 2018 largely due to increased legal collection costs and fees as well as an increase in agency fees. 
  • For the six months ended June 30, 2019, operating expenses increased $45.5 million compared to the same period last year. 
  • Interest expense increased 16% compared to the second quarter of 2018 mainly due to higher levels of average borrowings primarily from increased portfolio investment in both the Americas and Europe and higher average interest rates mainly in the U.S.
  • The effective tax rate for the first half of the year was 18.6%.

Portfolio Acquisitions

  • The Company invested $289.1 million in finance receivables in the second quarter.     
  • At the end of the second quarter, the Company had in place forward flow commitments of $713.4 million.

 








Portfolio Purchase Source

2019


2018

($ in thousands)

Q2

Q1


Q4

Q3

Q2

Americas-Core

$    121,996

$    169,189


$    172,511

$    170,426

$    182,768

Americas-Insolvency

26,092

48,243


52,871

17,151

16,651

Europe-Core

136,344

94,283


231,810

45,754

19,403

Europe-Insolvency

4,715

7,134


33,661

4,159

2,577

Total Portfolio Purchasing

$    289,147

$    318,849


$    490,853

$    237,490

$    221,399















 

Conference Call Information
PRA Group, Inc. will hold a conference call today at 5:00 p.m. ET to discuss results with institutional investors and stock analysts.  To listen to a webcast of the call and view the accompanying slides, visit https://ir.pragroup.com/events-and-presentations. To listen by phone, call 844-835-9982 in the U.S. or 412-317-5267 outside the U.S. and ask for the PRA Group conference call.  To listen to a replay of the call until August 15, 2019, call 877-344-7529 in the U.S. or 412-317-0088 outside the U.S. and use access code 10130092.                         

About PRA Group, Inc.
As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe. With approximately 5,000 employees worldwide, PRA Group, Inc. companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.

About Forward-Looking Statements
Statements made herein which are not historical in nature, including PRA Group, Inc.'s or its management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

The forward-looking statements in this press release are based upon management's current beliefs, estimates, assumptions and expectations of PRA Group, Inc.'s future operations and financial and economic performance, taking into account currently available information. These statements are not statements of historical fact or guarantees of future performance, and there can be no assurance that anticipated events will transpire or that our expectations will prove to be correct. Forward-looking statements involve risks and uncertainties, some of which are not currently known to PRA Group, Inc.  Actual events or results may differ materially from those expressed or implied in any such forward-looking statements as a result of various factors, including risk factors and other risks that are described from time to time in PRA Group, Inc.'s filings with the Securities and Exchange Commission including but not limited to PRA Group, Inc.'s annual reports on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K, which are available through PRA Group, Inc.'s website and contain a detailed discussion of PRA Group, Inc.'s business, including risks and uncertainties that may affect future results.

Due to such uncertainties and risks, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of today. Information in this press release may be superseded by recent information or statements, which may be disclosed in later press releases, subsequent filings with the Securities and Exchange Commission or otherwise. Except as required by law, PRA Group, Inc. assumes no obligation to publicly update or revise its forward-looking statements contained herein to reflect any change in PRA Group, Inc.'s expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.

 

 

PRA Group, Inc.

Unaudited Consolidated Income Statements

(in thousands, except per share amounts)






















Three Months Ended


Six Months Ended








June 30,


June 30,








2019


2018


2019


2018















Revenues:









Income recognized on finance receivables

$ 249,219


$ 219,018


$ 488,055


$    437,642


Fee income

2,707


2,342


9,081


7,669


Other revenue

131


158


798


315




Total revenues

252,057


221,518


497,934


445,626















Net allowance charges

(1,196)


(2,834)


(7,291)


(3,759)















Operating expenses:









Compensation and employee services

79,808


80,690


159,453


161,927


Legal collection fees

14,297


10,343


27,356


21,012


Legal collection costs

33,121


18,695


68,350


40,938


Agency fees

13,013


8,138


27,045


16,416


Outside fees and services

16,293


14,565


31,541


28,723


Communication

10,824


10,782


24,025


22,339


Rent and occupancy

4,491


4,003


8,854


8,317


Depreciation and amortization

4,723


4,525


9,295


9,454


Other operating expenses

10,926


11,628


22,511


23,812




Total operating expenses

187,496


163,369


378,430


332,938




Income from operations

63,365


55,315


112,213


108,929















Other income and (expense):









Interest expense, net

(36,027)


(31,124)


(70,008)


(56,905)


Foreign exchange

(311)


1,690


5,953


2,983


Other



248


(400)


(104)


(157)




Income before income taxes

27,275


25,481


48,054


54,850


















Income tax expense

5,075


3,857


8,942


9,994




Net income

22,200


21,624


39,112


44,856






   Adjustment for net income attributable to noncontrolling interests

3,581


2,036


5,266


4,162




Net income attributable to PRA Group, Inc.

$   18,619


$   19,588


$   33,846


$      40,694















Net income per common share attributable to PRA Group, Inc.:









Basic



$      0.41


$      0.43


$      0.75


$         0.90


Diluted


$      0.41


$      0.43


$      0.74


$         0.90















Weighted average number of shares outstanding:









Basic



45,387


45,283


45,363


45,257


Diluted


45,495


45,449


45,457


45,410

 

 

PRA Group, Inc.

Consolidated Balance Sheets

June 30, 2019 and December 31, 2018

(Amounts in thousands)








(unaudited)










June 30,


December 31,

ASSETS

2019


2018











Cash and cash equivalents

$               105,496


$                 98,695

Investments

85,911


45,173

Finance receivables, net

3,230,949


3,084,777

Other receivables, net

13,770


46,157

Income taxes receivable

11,323


16,809

Net deferred tax asset

66,401


61,453

Property and equipment, net

51,484


54,136

Right-of-use assets

72,817


-

Goodwill



489,293


464,116

Intangible assets, net

5,219


5,522

Other assets

32,751


32,721














Total assets

$            4,165,414


$            3,909,559











LIABILITIES AND EQUITY














Liabilities:






Accounts payable

$                   3,279


$                   6,110


Accrued expenses

74,950


79,396


Income taxes payable

372


15,080


Net deferred tax liability

100,742


114,979


Interest-bearing deposits

107,840


82,666


Borrowings

2,618,382


2,473,656


Lease liabilities

76,750


-


Other liabilities

27,307


7,370














Total liabilities

3,009,622


2,779,257











Redeemable noncontrolling interest

4,935


6,333











Equity:








Preferred stock, par value $0.01, authorized shares, 2,000,







   issued and outstanding shares, 0

-


-



Common stock, par value $0.01, 100,000 shares authorized, 45,409 shares







   issued and outstanding at June 30, 2019; 100,000 shares authorized,







   45,304 shares issued and outstanding at December 31, 2018

454


453



Additional paid-in capital

61,705


60,303



Retained earnings

1,310,319


1,276,473



Accumulated other comprehensive loss

(252,124)


(242,109)




   Total stockholders' equity - PRA Group, Inc.

1,120,354


1,095,120




      Noncontrolling interests

30,503


28,849




      Total equity

1,150,857


1,123,969




         Total liabilities and equity

$            4,165,414


$            3,909,559











 

 

 

Select Expenses (Income)









(in thousands)

Three Months Ended


June 30,
2019

March 31,
2019

December 31,
2018

September 30,
2018

June 30,
2018

March 31,
2018

December 31,
2017

September 30,
2017

Acquisition/divestiture-related expenses

227

223

-

-

4

10

-

-

Legal costs not associated with normal operations

-

-

647

95

231

92

160

218

Noncash interest expense - amortization of debt discount

3,071

3,042

2,986

2,958

2,904

2,877

2,823

2,796

Noncash interest expense - amortization of debt issuance costs

2,655

2,636

2,723

2,524

2,532

2,553

2,501

2,505

Change in fair value on derivatives

1,645

349

673

(504)

972

(3,673)

420

(1,025)

Amortization of intangibles

418

347

907

994

1,133

1,222

1,016

1,037

Share-based compensation expense

2,620

2,314

1,600

2,361

2,146

2,415

2,415

2,218










 

 

Purchase Price Multiples

as of June 30, 2019

Amounts in thousands









Purchase Period

Purchase Price
(1)(2)

Net Finance
Receivables
Balance(3)

ERC-Historical
Period
Exchange
Rates (4)

Total Estimated
Collections (5)

ERC-Current
Period
Exchange
Rates (6)

Current
Estimated
Purchase Price
Multiple

Original
Estimated
Purchase Price
Multiple (7)

Americas-Core








1996-2008

$              804,880

$             9,023

$           30,183

$      2,425,080

$           30,183

301%

236%

2009

125,153

592

19,372

459,958

19,372

368%

252%

2010

148,197

3,869

31,740

534,372

31,740

361%

247%

2011

209,604

8,495

53,784

736,862

53,784

352%

245%

2012

254,102

17,454

69,474

681,368

69,474

268%

226%

2013

390,932

40,974

117,423

937,824

117,423

240%

211%

2014

405,349

68,007

177,944

931,071

175,125

230%

204%

2015

443,921

113,111

269,177

972,745

269,155

219%

205%

2016

453,434

161,101

410,953

1,076,072

406,806

237%

201%

2017

534,011

295,918

619,313

1,151,049

616,550

216%

193%

2018

655,984

543,703

1,013,915

1,324,959

1,012,544

202%

202%

2019

291,953

280,247

561,762

599,565

563,686

205%

205%

Subtotal

4,717,520

1,542,494

3,375,040

11,830,925

3,365,842



Americas-Insolvency







2004-2008

241,465

-

511

365,619

511

151%

155%

2009

155,988

-

953

470,606

953

302%

214%

2010

208,942

-

1,672

547,054

1,672

262%

184%

2011

180,433

-

152

368,974

152

204%

155%

2012

251,396

-

60

390,710

60

155%

136%

2013

227,893

-

3,219

354,953

3,219

156%

133%

2014

148,582

3,125

8,781

217,747

8,755

147%

124%

2015

63,181

9,683

15,310

85,357

15,310

135%

125%

2016

92,281

22,403

30,785

116,044

30,785

126%

123%

2017

275,265

122,728

158,858

348,246

158,857

127%

125%

2018

97,938

84,493

106,266

125,770

106,265

128%

127%

2019

74,178

71,225

89,542

94,112

89,542

127%

127%

Subtotal

2,017,542

313,657

416,109

3,485,192

416,081



Total Americas

6,735,062

1,856,151

3,791,149

15,316,117

3,781,923



Europe-Core








2012

20,422

-

666

39,431

520

193%

187%

2013

20,343

-

392

24,420

300

120%

119%

2014

796,839

212,142

869,372

2,225,481

743,280

279%

208%

2015

420,323

171,854

376,344

744,300

336,012

177%

160%

2016

348,306

206,864

370,582

587,157

371,454

169%

167%

2017

246,995

170,165

254,850

350,879

246,807

142%

144%

2018 (8)

345,357

289,637

444,774

516,865

438,880

150%

148%

2019

228,941

223,685

353,718

361,966

353,682

158%

158%

Subtotal

2,427,526

1,274,347

2,670,698

4,850,499

2,490,935



Europe-Insolvency







2014

10,876

527

1,574

17,964

1,403

165%

129%

2015

19,278

3,839

7,960

29,172

6,775

151%

139%

2016

41,909

15,197

23,729

61,118

23,239

146%

130%

2017

38,474

27,883

36,056

49,792

34,704

129%

128%

2018

45,625

41,527

51,262

55,937

50,297

123%

123%

2019

11,816

11,478

14,937

15,259

14,704

129%

129%

Subtotal

167,978

100,451

135,518

229,242

131,122



Total Europe

2,595,504

1,374,798

2,806,216

5,079,741

2,622,057



Total PRA Group

$        9,330,566

$   3,230,949

$   6,597,365

$ 20,395,858

$   6,403,980











(1) The amount reflected in the Purchase Price also includes the acquisition date finance receivables portfolios that were acquired through our various
business acquisitions.

(2) For our non-U.S. amounts, Purchase Price is presented at the exchange rate at the end of the quarter in which the pool was purchased. In addition, any
purchase price adjustments that occur throughout the life of the pool are presented at the period-end exchange rate for the respective quarter of purchase.

(3) For our non-U.S. amounts, Net Finance Receivables are presented at the June 30, 2019 exchange rate.

(4) For our non-U.S. amounts, Estimated Remaining Collections ("ERC")-Historical Period Exchange Rates is presented at the period-end exchange rate

 for the respective quarter of purchase.







(5) For our non-U.S. amounts, Total Estimated Collections is presented at the period-end exchange rate for the respective quarter of purchase.

(6) For our non-U.S. amounts, ERC-Current Period Exchange Rates is presented at the June 30, 2019 exchange rate.


(7) The Original Estimated Purchase Price Multiple represents the purchase price multiple at the end of the year of acquisition.

(8) The Europe-Core purchases include a $34.9 million finance receivables portfolio addition in the third quarter of 2018 relating to the consolidation of a 

Polish investment fund.







 

 

Portfolio Financial Information

Year-to-date as of June 30, 2019

Amounts in thousands









Purchase Period

Purchase
Price (1)(2)

Cash Collections
(3)

Gross
Revenue(3)

Amortization (3)

Net Allowance
Charges/
(Reversals)(3)

Net Revenue (3)(4)

Net Finance
Receivables as of
June 30, 2019 (5)

Americas-Core








1996-2008

$      804,880

$                7,070

$           4,713

$              2,357

$            (2,275)

$               6,988

$                      9,023

2009

125,153

3,785

3,524

261

(200)

3,724

592

2010

148,197

4,819

4,231

588

185

4,046

3,869

2011

209,604

9,109

7,873

1,236

700

7,173

8,495

2012

254,102

10,119

7,390

2,729

(580)

7,970

17,454

2013

390,932

20,795

14,467

6,328

3,155

11,312

40,974

2014

405,349

32,308

20,832

11,476

1,658

19,174

68,007

2015

443,921

48,410

28,726

19,684

1,135

27,591

113,111

2016

453,434

80,201

47,248

32,953

1,353

45,895

161,101

2017

534,011

143,043

68,014

75,029

136

67,878

295,918

2018

655,984

187,516

102,720

84,796

-

102,720

543,703

2019

291,953

37,791

25,180

12,611

-

25,180

280,247

Subtotal

4,717,520

584,966

334,918

250,048

5,267

329,651

1,542,494

Americas-Insolvency







2004-2008

241,465

113

113

-

-

113

-

2009

155,988

260

260

-

-

260

-

2010

208,942

352

352

-

-

352

-

2011

180,433

436

436

-

-

436

-

2012

251,396

1,096

1,096

-

-

1,096

-

2013

227,893

1,815

1,815


-

1,815

-

2014

148,582

10,317

6,115

4,202

-

6,115

3,125

2015

63,181

8,848

2,300

6,548

-

2,300

9,683

2016

92,281

10,787

2,381

8,406

(200)

2,581

22,403

2017

275,265

42,983

10,128

32,855

-

10,128

122,728

2018

97,938

12,806

3,552

9,254

-

3,552

84,493

2019

74,178

4,570

1,618

2,952

-

1,618

71,225

Subtotal

2,017,542

94,383

30,166

64,217

(200)

30,366

313,657

Total Americas

6,735,062

679,349

365,084

314,265

5,067

360,017

1,856,151

Europe-Core








2012

20,422

750

750

-

-

750

-

2013

20,343

494

396

98

-

396

-

2014

796,839

89,876

61,888

27,988

(820)

62,708

212,142

2015

420,323

34,730

16,703

18,027

(1,347)

18,050

171,854

2016

348,306

30,112

14,575

15,537

2,977

11,598

206,864

2017

246,995

22,852

7,033

15,819

1,549

5,484

170,165

2018 (6)

345,357

47,447

13,271

34,176

-

13,271

289,637

2019

228,941

8,232

2,373

5,859

-

2,373

223,685

Subtotal

2,427,526

234,493

116,989

117,504

2,359

114,630

1,274,347

Europe-Insolvency







2014

10,876

931

477

454

-

477

527

2015

19,278

2,106

909

1,197

(73)

982

3,839

2016

41,909

5,716

2,155

3,561

(62)

2,217

15,197

2017

38,474

4,535

1,169

3,366

-

1,169

27,883

2018

45,625

3,997

1,111

2,886

-

1,111

41,527

2019

11,816

318

161

157

-

161

11,478

Subtotal

167,978

17,603

5,982

11,621

(135)

6,117

100,451

Total Europe

2,595,504

252,096

122,971

129,125

2,224

120,747

1,374,798

Total PRA Group

$   9,330,566

$            931,445

$       488,055

$          443,390

$              7,291

$           480,764

$               3,230,949









(1) The amount reflected in the Purchase Price also includes the acquisition date finance receivables portfolios that were acquired through our various business
acquisitions.

(2) For our non-U.S. amounts, Purchase Price is presented at the exchange rate at the end of the quarter in which the pool was purchased. In addition, any
purchase price adjustments that occur throughout the life of the pool are presented at the period-end exchange rate for the respective quarter of purchase. 

(3) For our non-U.S. amounts, amounts are presented using the average exchange rates during the current reporting period.


(4) Net Revenue refers to income recognized on finance receivables, net of allowance charges/(reversals). 



(5) For our non-U.S. amounts, Net Finance Receivables are presented at the June 30, 2019 exchange rate. 



(6) The Europe-Core purchases include a $34.9 million finance receivables portfolio addition in the third quarter of 2018 relating to the consolidation of a 

Polish investment fund.








 

Cash Collections by Year, By Year of Purchase(1)

as of June 30, 2019

Amounts in thousands




Purchase Period

Purchase Price
(2)(3)

Cash Collections

1996-2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Total

Americas-Core















1996-2008

$              804,880

$           1,366,034

$      240,929

$      200,052

$      169,205

$      132,255

$         95,262

$         66,274

$         46,277

$         29,734

$         19,458

$         15,092

$           7,070

$      2,387,642

2009

125,153

40,703

95,627

84,339

69,385

51,121

35,555

24,896

16,000

10,994

8,180

3,785

440,585

2010

148,197

47,076

113,554

109,873

82,014

55,946

38,110

24,515

15,587

11,140

4,819

502,634

2011

209,604

61,971

174,461

152,908

108,513

73,793

48,711

31,991

21,622

9,109

683,079

2012

254,102

56,901

173,589

146,198

97,267

59,981

40,042

27,797

10,119

611,894

2013

390,932

101,614

247,849

194,026

120,789

78,880

56,449

20,795

820,402

2014

405,349

92,660

253,448

170,311

114,219

82,244

32,308

745,190

2015

443,921

116,951

228,432

185,898

126,605

48,410

706,296

2016

453,434

138,723

256,531

194,605

80,201

670,060

2017

534,011

107,327

278,733

143,043

529,103

2018

655,984

122,712

187,516

310,228

2019

291,953

37,791

37,791

Subtotal

4,717,520

1,366,034

281,632

342,755

429,069

542,875

656,508

752,995

844,768

837,196

860,927

945,179

584,966

8,444,904

Americas-Insolvency














2004-2008

241,465

117,972

69,736

65,321

53,924

37,530

13,534

3,035

1,836

1,098

653

356

113

365,108

2009

155,988

16,635

81,780

102,780

107,888

95,725

53,945

5,781

2,531

1,581

747

260

469,653

2010

208,942

39,486

104,499

125,020

121,717

101,873

43,649

5,008

2,425

1,352

352

545,381

2011

180,433

15,218

66,379

82,752

85,816

76,915

35,996

3,726

1,584

436

368,822

2012

251,396

17,388

103,610

94,141

80,079

60,715

29,337

4,284

1,096

390,650

2013

227,893

52,528

82,596

81,679

63,386

47,781

21,948

1,815

351,733

2014

148,582

37,045

50,880

44,313

37,350

28,759

10,317

208,664

2015

63,181

3,395

17,892

20,143

19,769

8,848

70,047

2016

92,281

18,869

30,426

25,047

10,787

85,129

2017

275,265

49,093

97,315

42,983

189,391

2018

97,938

6,700

12,806

19,506

2019

74,178

4,570

4,570

Subtotal

2,017,542

117,972

86,371

186,587

276,421

354,205

469,866

458,451

344,214

249,808

222,515

207,861

94,383

3,068,654

Total Americas

6,735,062

1,484,006

368,003

529,342

705,490

897,080

1,126,374

1,211,446

1,188,982

1,087,004

1,083,442

1,153,040

679,349

11,513,558

Europe-Core















2012

20,422

11,604

8,995

5,641

3,175

2,198

2,038

1,996

750

36,397

2013

20,343

7,068

8,540

2,347

1,326

1,239

1,331

494

22,345

2014

796,839

153,180

291,980

246,365

220,765

206,255

89,876

1,208,421

2015

420,323

45,760

100,263

86,156

80,858

34,730

347,767

2016

348,306

40,368

78,915

72,603

30,112

221,998

2017

246,995

17,894

56,033

22,852

96,779

2018 (4)

345,357

24,326

47,447

71,773

2019

228,941

8,232

8,232

Subtotal

2,427,526

-

-

-

-

11,604

16,063

167,361

343,262

390,520

407,007

443,402

234,493

2,013,712

Europe-Insolvency














2014

10,876

5

4,297

3,921

3,207

2,620

931

14,981

2015

19,278

2,954

4,366

5,013

4,783

2,106

19,222

2016

41,909

6,175

12,703

12,856

5,716

37,450

2017

38,474

1,233

7,862

4,535

13,630

2018

45,625

642

3,997

4,639

2019

11,816

318

318

Subtotal

167,978

-

-

-

-

-

-

5

7,251

14,462

22,156

28,763

17,603

90,240

Total Europe

2,595,504

-

-

-

-

11,604

16,063

167,366

350,513

404,982

429,163

472,165

252,096

2,103,952

Total PRA Group

$        9,330,566

$        1,484,006

$   368,003

$   529,342

$   705,490

$   908,684

$ 1,142,437

$ 1,378,812

$ 1,539,495

$ 1,491,986

$ 1,512,605

$ 1,625,205

$    931,445

$ 13,617,510
















(1) For our non-U.S. amounts, Cash Collections are presented using the average exchange rates during the cash collection period. 









(2) The amount reflected in the Purchase Price also includes the acquisition date finance receivables portfolios that were acquired through our various business acquisitions. 






(3) For our non-U.S. amounts, Purchase Price is presented at the exchange rate at the end of the quarter in which the portfolio was purchased. In addition, any purchase price adjustments that occur throughout the life of the pool are presented at the period end exchange
rate for the respective quarter of purchase. 

(4) The Europe-Core purchases include a $34.9 million finance receivables portfolio addition in the third quarter of 2018 relating to the consolidation of a Polish investment fund.







Investor Contact:
Darby Schoenfeld, CPA
Vice President, Investor Relations
(757) 431-7913
Darby.Schoenfeld@PRAGroup.com

News Media Contact:
Elizabeth Kersey
Vice President, Communications and Public Policy
(757) 431-3398
Elizabeth.Kersey@PRAGroup.com

 

Cision

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