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PRA Group Reports Third Quarter 2019 Results

NORFOLK, Va., Nov. 7, 2019 /PRNewswire/ -- PRA Group, Inc. (PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the third quarter of 2019.  Net income attributable to PRA Group, Inc. was $25.0 million compared to $9.9 million in the third quarter of 2018. Diluted earnings per share were $0.55 compared to $0.22 in the third quarter of 2018.  For the nine months ended September 30, 2019, net income attributable to PRA Group, Inc. was $58.8 million, or diluted earnings per share of $1.29, compared to $50.6 million, or diluted earnings per share of $1.11, for the same period in 2018. 

Third Quarter Highlights

  • Global cash collections of $453.2 million increased 16%, or 18% on a currency adjusted basis, compared to the third quarter of 2018.
  • Estimated Remaining Collections (ERC) of $6.4 billion which increased $584.0 million, or 10% compared to the third quarter of 2018. 
  • Total investment for the quarter of $279.0 million, a 17% increase compared to the third quarter of 2018 driven primarily by an improving investment environment in Europe. 
  • Income recognized on finance receivables of $247.5 million, an 11% increase compared to the third quarter of 2018. 
  • Income from operations of $64.7 million, an increase of 47% compared to the third quarter of 2018. 
  • Cash efficiency ratio of 60.2% during the quarter, compared to 55.7% in the third quarter of 2018. 

"PRA continued to benefit from our long-term focus and disciplined approach to the business.  We were patient and waited for significant changes in pricing across Europe to occur and are now investing strongly in most geographies.  It has been our long-held philosophy that to be successful, we must be both an accurate and disciplined investor as well as an efficient and compliant collector," said Kevin Stevenson, president and chief executive officer.  "In the U.S., we are benefiting from the results of our past investments in the legal channel and increasing operating leverage through advancements in collection technologies and processes including the continued build out of digital capabilities.  In Europe, we had a similar operational focus that ensured we were prepared to efficiently capitalize on this improving market.  As a result, global cash collections, total revenues, and income from operations grew at double digit rates."      

Cash Collections and Revenues

  • 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)


Q3

Q2

Q1


Q4

Q3

Americas-Core


$  279,902

$  294,243

$  290,723


$  233,937

$  231,253

Americas-Insolvency


45,759

49,770

44,613


48,000

48,518

Europe-Core


118,917

117,635

116,858


113,154

102,780

Europe-Insolvency


8,639

8,626

8,977


7,618

6,731

Total Cash Collections


$  453,217

$  470,274

$  461,171


$  402,709

$  389,282

























Cash Collection Source








Constant Currency Adjusted


2019





2018

($ in thousands)


Q3





Q3

Americas-Core


$  279,902





$  231,010

Americas-Insolvency


45,759





48,506

Europe-Core


118,917





97,426

Europe-Insolvency


8,639





6,390

Total Cash Collections


$  453,217





$  383,333










  • Cash collections in the quarter increased $63.9 million compared to the third quarter of 2018.  The increase was primarily due to a 35% increase in U.S. legal collections, a 16% increase in Europe Core collections and a 9% increase in U.S. call center and other cash collections.  Investments in the legal collections channel and operational efficiencies continue to generate positive results driving cash collections in the U.S. higher.  Increased portfolio investment over the trailing twelve months, as the result of an improving investment environment, contributed to the increase in cash collections in Europe. For the nine months ended September 30, 2019, cash collections increased $162.2 million compared to the same period last year. 
  • For the quarter, cash collections on fully amortized pools were $11.3 million and cash collections on nonaccrual pools were $2.8 million.
  • Income recognized on finance receivables increased $24.2 million compared to the third quarter of 2018 primarily due to yield raises and increased portfolio investment.  For the nine months ended September 30, 2019, income recognized on finance receivables increased $74.7 million compared to the same period last year. 

Expenses

  • Operating expenses in the quarter increased $7.7 million compared to the third quarter of 2018 largely due to an increase in legal collection fees and agency fees, partially offset by a decrease in compensation and employee benefits in the U.S.  The increase in legal collection fees is directly related to the significant increase in external legal cash collections.  Agency fees increased primarily due to an increase in cash collections in areas where the Company utilizes third party collection firms. 
  • For the nine months ended September 30, 2019, operating expenses increased $53.2 million compared to the same period last year. 
  • Interest expense increased $5.2 million compared to the third quarter of 2018 mainly due to higher levels of average borrowings primarily from increased portfolio investment.
  • The effective tax rate for the nine months ended September 30, 2019 was 19.0%.

Portfolio Acquisitions

  • The Company invested $279.0 million in finance receivables in the third quarter.     
  • At the end of the third quarter, the Company had in place forward flow commitments of $725.1 million.

Portfolio Purchase Source

2019


2018

($ in thousands)

Q3

Q2

Q1


Q4

Q3

Americas-Core

$    168,185

$    121,996

$    169,189


$    172,511

$    170,426

Americas-Insolvency

26,311

26,092

48,243


52,871

17,151

Europe-Core

64,728

136,344

94,283


231,810

45,754

Europe-Insolvency

19,772

4,715

7,134


33,661

4,159

Total Portfolio Purchasing

$    278,996

$    289,147

$    318,849


$    490,853

$    237,490















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 November 14, 2019, call 877-344-7529 in the U.S. or 412-317-0088 outside the U.S. and use access code 10131995.                         

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 thousands of 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


Nine Months Ended








September 30,


September 30,








2019


2018


2019


2018















Revenues:









Income recognized on finance receivables

$ 247,471


$ 223,228


$ 735,526


$    660,870


Fee income

2,391


2,561


11,472


10,230


Other revenue

152


99


950


414





Total revenues

250,014


225,888


747,948


671,514















Net allowance charges

(4,136)


(8,285)


(11,427)


(12,044)















Operating expenses:









Compensation and employee services

75,317


78,350


234,770


240,277


Legal collection fees

14,083


10,428


41,439


31,440


Legal collection costs

31,395


30,769


99,745


71,707


Agency fees

12,788


8,350


39,833


24,766


Outside fees and services

16,733


15,701


48,274


44,424


Communication

10,310


10,240


34,335


32,579


Rent and occupancy

4,414


4,270


13,268


12,587


Depreciation and amortization

4,046


4,776


13,341


14,230


Other operating expenses

12,102


10,602


34,613


34,414





Total operating expenses

181,188


173,486


559,618


506,424





Income from operations

64,690


44,117


176,903


153,046















Other income and (expense):









Interest expense, net

(35,864)


(30,624)


(105,872)


(87,529)


Foreign exchange

5,406


626


11,359


3,609


Other



(19)


222


(123)


65





Income before income taxes

34,213


14,341


82,267


69,191



















Income tax expense

6,665


1,789


15,607


11,783





Net income

27,548


12,552


66,660


57,408






Adjustment for net income attributable to noncontrolling interests

2,577


2,625


7,843


6,787





Net income attributable to PRA Group, Inc.

$   24,971


$     9,927


$   58,817


$      50,621















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









Basic



$      0.55


$      0.22


$      1.30


$         1.12


Diluted


$      0.55


$      0.22


$      1.29


$         1.11















Weighted average number of shares outstanding:









Basic



45,410


45,302


45,378


45,272


Diluted


45,645


45,440


45,520


45,420


 

PRA Group, Inc.

Consolidated Balance Sheets

(in thousands, except per share amounts)

(Amounts in thousands)








(unaudited)









September 30,

December 31,


ASSETS

2019

2018










Cash and cash equivalents

$                 90,000

$                 98,695

Investments

55,204

45,173

Finance receivables, net

3,238,813

3,084,777

Other receivables, net

15,808

46,157

Income taxes receivable

23,479

16,809

Deferred tax asset, net

60,697

61,453

Property and equipment, net

56,847

54,136

Right-of-use assets

70,723

-

Goodwill



465,572

464,116

Intangible assets, net

4,757

5,522

Other assets

36,380

32,721















Total assets

$            4,118,280

$            3,909,559










LIABILITIES AND EQUITY












Liabilities:





Accounts payable

$                   3,469

$                   6,110


Accrued expenses

84,753

79,396


Income taxes payable

624

15,080


Net deferred tax liability

95,441

114,979


Interest-bearing deposits

112,024

82,666


Borrowings

2,567,086

2,473,656


Lease liabilities

74,428

-


Other liabilities

29,607

7,370















Total liabilities

2,967,432

2,779,257










Redeemable noncontrolling interest

4,535

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, 45,411 shares






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






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

454

453



Additional paid-in capital

64,631

60,303



Retained earnings

1,335,290

1,276,473



Accumulated other comprehensive loss

(305,956)

(242,109)




Total stockholders' equity - PRA Group, Inc.

1,094,419

1,095,120





Noncontrolling interests

51,894

28,849





Total equity

1,146,313

1,123,969






Total liabilities and equity

$            4,118,280

$            3,909,559


 

Select Expenses (Income)









(in thousands)

Three Months Ended


September 30,
2019

June 30,
2019

March 31,
2019

December 31,
2018

September 30,
2018

June 30,
2018

March 31,
2018

December 31,
2017

Acquisition/divestiture-related expenses

-

227

223

-

-

4

10

-

Legal costs not associated with normal operations

-

-

-

647

95

231

92

160

Noncash interest expense - amortization of debt discount

3,128

3,071

3,042

2,986

2,958

2,904

2,877

2,823

Noncash interest expense - amortization of debt issuance costs

2,649

2,655

2,636

2,723

2,524

2,532

2,553

2,501

Change in fair value on derivatives

1,126

1,645

349

673

(504)

972

(3,673)

420

Amortization of intangibles

400

418

347

907

994

1,133

1,222

1,016

Share-based compensation expense

2,974

2,620

2,314

1,600

2,361

2,146

2,415

2,415


 

Purchase Price Multiples

as of September 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

$              804,877

$             8,490

$           27,419

$      2,425,165

$           27,419

301%

236%

2009

125,151

639

18,247

460,461

18,247

368%

252%

2010

148,195

3,515

30,027

535,033

30,027

361%

247%

2011

209,603

7,961

50,087

737,214

50,087

352%

245%

2012

254,086

16,535

65,329

681,452

65,329

268%

226%

2013

390,869

38,399

109,324

938,672

109,324

240%

211%

2014

405,248

61,924

163,385

929,440

160,369

229%

204%

2015

443,848

102,848

243,713

966,657

243,407

218%

205%

2016

453,301

149,129

379,442

1,078,277

373,127

238%

201%

2017

533,807

265,095

567,649

1,161,384

564,334

218%

193%

2018

656,703

499,814

932,625

1,334,933

926,144

203%

202%

2019

459,598

435,407

860,881

937,092

860,064

204%

204%

Subtotal

4,885,286

1,589,756

3,448,128

12,185,780

3,427,878



Americas-Insolvency







2004-2008

241,465

-

448

365,605

448

151%

155%

2009

155,988

-

840

470,598

840

302%

214%

2010

208,942

-

1,454

547,009

1,454

262%

184%

2011

180,433

-

88

369,083

88

205%

155%

2012

251,396

-

17

391,089

17

156%

136%

2013

227,835

-

2,551

354,851

2,551

156%

133%

2014

148,691

1,406

5,964

218,549

5,940

147%

124%

2015

63,181

7,258

12,780

86,964

12,780

138%

125%

2016

92,279

19,671

27,305

117,446

27,285

127%

123%

2017

275,264

107,680

143,688

353,244

143,688

128%

125%

2018

97,931

79,038

99,611

126,652

99,611

129%

127%

2019

100,386

94,840

119,928

128,445

119,928

128%

128%

Subtotal

2,043,791

309,893

414,674

3,529,535

414,630



Total Americas

6,929,077

1,899,649

3,862,802

15,715,315

3,842,508



Europe-Core








2012

20,412

-

327

39,513

248

194%

187%

2013

20,335

-

195

24,498

145

120%

119%

2014

796,811

192,008

854,639

2,259,859

701,472

284%

208%

2015

419,914

159,131

360,300

745,775

310,369

178%

160%

2016

348,302

189,438

359,369

589,991

342,151

169%

167%

2017

246,788

155,676

242,515

349,804

225,806

142%

144%

2018 (8)

345,303

264,945

426,316

520,260

405,173

151%

148%

2019

291,383

266,870

437,734

462,958

423,899

159%

159%

Subtotal

2,489,248

1,228,068

2,681,395

4,992,658

2,409,263



Europe-Insolvency







2014

10,876

372

1,194

17,943

1,024

165%

129%

2015

19,236

3,213

6,809

29,121

5,607

151%

139%

2016

41,873

13,111

20,782

60,799

19,700

145%

130%

2017

38,424

25,256

32,504

48,592

30,255

126%

128%

2018

45,590

38,687

49,601

56,421

47,047

124%

123%

2019

31,569

30,457

40,980

41,961

40,300

133%

133%

Subtotal

187,568

111,096

151,870

254,837

143,933



Total Europe

2,676,816

1,339,164

2,833,265

5,247,495

2,553,196



Total PRA Group

$        9,605,893

$   3,238,813

$   6,696,067

$ 20,962,810

$   6,395,704











(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 September 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 September 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) Includes 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 September 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
September 30, 2019 (5)

Americas-Core








1996-2008

$      804,877

$                9,920

$           6,713

$              3,207

$            (2,595)

$               9,308

$                        8,490

2009

125,151

5,414

5,076

338

(325)

5,401

639

2010

148,195

7,193

6,193

1,000

125

6,068

3,515

2011

209,603

13,158

11,388

1,770

700

10,688

7,961

2012

254,086

14,348

10,740

3,608

(555)

11,295

16,535

2013

390,869

29,742

20,902

8,840

3,155

17,747

38,399

2014

405,248

45,039

29,808

15,231

3,838

25,970

61,924

2015

443,848

67,765

41,259

26,506

4,445

36,814

102,848

2016

453,301

113,199

68,750

44,449

1,625

67,125

149,129

2017

533,807

204,557

99,359

105,198

309

99,050

265,095

2018

656,703

278,330

151,021

127,309

-

151,021

499,814

2019

459,598

76,203

52,441

23,762

-

52,441

435,407

Subtotal

4,885,286

864,868

503,650

361,218

10,722

492,928

1,589,756

Americas-Insolvency







2004-2008

241,465

161

$              161

-

-

161

-

2009

155,988

364

364

-

-

364

-

2010

208,942

526

526

-

-

526

-

2011

180,433

609

609

-

-

609

-

2012

251,396

1,518

1,518

-

-

1,518

-

2013

227,835

2,382

2,382

-

-

2,382

-

2014

148,691

13,929

8,151

5,778

195

7,956

1,406

2015

63,181

12,985

4,013

8,972

-

4,013

7,258

2016

92,279

15,660

3,790

11,870

(935)

4,725

19,671

2017

275,264

63,150

15,250

47,900

-

15,250

107,680

2018

97,931

20,342

5,641

14,701

-

5,641

79,038

2019

100,386

8,516

2,972

5,544

-

2,972

94,840

Subtotal

2,043,791

140,142

45,377

94,765

(740)

46,117

309,893

Total Americas

6,929,077

1,005,010

549,027

455,983

9,982

539,045

1,899,649

Europe-Core








2012

20,412

1,068

1,068

-

-

1,068

-

2013

20,335

699

615

84

-

615

-

2014

796,811

130,935

91,212

39,723

(1,370)

92,582

192,008

2015

419,914

50,217

24,535

25,682

(2,448)

26,983

159,131

2016

348,302

43,859

21,328

22,531

3,116

18,212

189,438

2017

246,788

33,446

10,838

22,608

2,066

8,772

155,676

2018 (6)

345,303

68,399

19,988

48,411

215

19,773

264,945

2019

291,383

24,787

8,002

16,785

-

8,002

266,870

Subtotal

2,489,248

353,410

177,586

175,824

1,579

176,007

1,228,068

Europe-Insolvency







2014

10,876

1,243

651

592

-

651

372

2015

19,236

3,026

1,355

1,671

(72)

1,427

3,213

2016

41,873

8,233

3,103

5,130

(62)

3,165

13,111

2017

38,424

6,739

1,688

5,051

-

1,688

25,256

2018

45,590

6,046

1,730

4,316

-

1,730

38,687

2019

31,569

955

386

569

-

386

30,457

Subtotal

187,568

26,242

8,913

17,329

(134)

9,047

111,096

Total Europe

2,676,816

379,652

186,499

193,153

1,445

185,054

1,339,164

Total PRA Group

$   9,605,893

$         1,384,662

$       735,526

$          649,136

$            11,427

$           724,099

$                 3,238,813









(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 September 30, 2019 exchange rate. 


(6) Includes 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 September 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

$              804,877

$           1,366,034

$      240,929

$      200,052

$      169,205

$      132,255

$         95,262

$         66,274

$         46,277

$         29,734

$         19,458

$         15,092

$           9,920

$      2,390,492

2009

125,151

40,703

95,627

84,339

69,385

51,121

35,555

24,896

16,000

10,994

8,180

5,414

442,214

2010

148,195

47,076

113,554

109,873

82,014

55,946

38,110

24,515

15,587

11,140

7,193

505,008

2011

209,603

61,971

174,461

152,908

108,513

73,793

48,711

31,991

21,622

13,158

687,128

2012

254,086

56,901

173,589

146,198

97,267

59,981

40,042

27,797

14,348

616,123

2013

390,869

101,614

247,849

194,026

120,789

78,880

56,449

29,742

829,349

2014

405,248

92,660

253,448

170,311

114,219

82,244

45,039

757,921

2015

443,848

116,951

228,432

185,898

126,605

67,765

725,651

2016

453,301

138,723

256,531

194,605

113,199

703,058

2017

533,807

107,327

278,733

204,557

590,617

2018

656,703

122,712

278,330

401,042

2019

459,598

76,203

76,203

Subtotal

4,885,286

1,366,034

281,632

342,755

429,069

542,875

656,508

752,995

844,768

837,196

860,927

945,179

864,868

8,724,806

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

161

365,156

2009

155,988

16,635

81,780

102,780

107,888

95,725

53,945

5,781

2,531

1,581

747

364

469,757

2010

208,942

39,486

104,499

125,020

121,717

101,873

43,649

5,008

2,425

1,352

526

545,555

2011

180,433

15,218

66,379

82,752

85,816

76,915

35,996

3,726

1,584

609

368,995

2012

251,396

17,388

103,610

94,141

80,079

60,715

29,337

4,284

1,518

391,072

2013

227,835

52,528

82,596

81,679

63,386

47,781

21,948

2,382

352,300

2014

148,691

37,045

50,880

44,313

37,350

28,759

13,929

212,276

2015

63,181

3,395

17,892

20,143

19,769

12,985

74,184

2016

92,279

18,869

30,426

25,047

15,660

90,002

2017

275,264

49,093

97,315

63,150

209,558

2018

97,931

6,700

20,342

27,042

2019

100,386

8,516

8,516

Subtotal

2,043,791

117,972

86,371

186,587

276,421

354,205

469,866

458,451

344,214

249,808

222,515

207,861

140,142

3,114,413

Total Americas

6,929,077

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

1,005,010

11,839,219

Europe-Core















2012

20,412

11,604

8,995

5,641

3,175

2,198

2,038

1,996

1,068

36,715

2013

20,335

7,068

8,540

2,347

1,326

1,239

1,331

699

22,550

2014

796,811

153,180

291,980

246,365

220,765

206,255

130,935

1,249,480

2015

419,914

45,760

100,263

86,156

80,858

50,217

363,254

2016

348,302

40,368

78,915

72,603

43,859

235,745

2017

246,788

17,894

56,033

33,446

107,373

2018 (4)

345,303

24,326

68,399

92,725

2019

291,383

24,787

24,787

Subtotal

2,489,248

-

-

-

-

11,604

16,063

167,361

343,262

390,520

407,007

443,402

353,410

2,132,629

Europe-Insolvency














2014

10,876

5

4,297

3,921

3,207

2,620

1,243

15,293

2015

19,236

2,954

4,366

5,013

4,783

3,026

20,142

2016

41,873

6,175

12,703

12,856

8,233

39,967

2017

38,424

1,233

7,862

6,739

15,834

2018

45,590

642

6,046

6,688

2019

31,569

955

955

Subtotal

187,568

-

-

-

-

-

-

5

7,251

14,462

22,156

28,763

26,242

98,879

Total Europe

2,676,816

-

-

-

-

11,604

16,063

167,366

350,513

404,982

429,163

472,165

379,652

2,231,508

Total PRA Group

$        9,605,893

$        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

$ 1,384,662

$ 14,070,727
















(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) Includes 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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