UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

Form 8-K
_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): May 9, 2018  

PRA Group, Inc.
(Exact Name of Registrant as Specified in Charter)

Delaware000-5005875-3078675
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

 

120 Corporate Boulevard, Norfolk, Virginia 23502
(Address of Principal Executive Offices) (Zip Code)

888-772-7326
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 [   ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 [   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 [   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 [   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [   ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

 
 

Item 2.02. Results of Operations and Financial Condition.

On May 9, 2018, PRA Group, Inc. (the “Company”) issued a press release announcing its first quarter 2018 results.  A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated into this Item 2.02 by reference.

Item 7.01. Regulation FD Disclosure.

The slide presentation being used in connection with the Company’s previously announced May 9, 2018 webcast and conference call to discuss its first quarter 2018 results is available in the Investor Relations section of the Company’s website at http://ir.pragroup.com/events.cfm.

None of the information furnished in Item 2.02, Item 7.01 or Exhibit 99.1 of this Form 8-K shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section. Unless expressly set forth by specific reference in such filings, none of the information furnished in this Form 8-K shall be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1 Press release dated May 9, 2018


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 PRA Group, Inc.
   
  
Date: May 9, 2018By: /s/ Peter M. Graham        
  Peter M. Graham
  Executive Vice President and Chief Financial Officer
  


Exhibit Index

 

Exhibit No. Description
   
99.1 Press Release dated May 9, 2018

EdgarFiling

EXHIBIT 99.1

PRA Group Reports First Quarter 2018 Results

NORFOLK, Va., May 09, 2018 (GLOBE NEWSWIRE) -- PRA Group (Nasdaq:PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the first quarter of 2018.  The Company reported diluted earnings per share of $0.47 compared to $1.03 in the first quarter of 2017.  The first quarter of 2017 included a net, after-tax gain of approximately $27 million on the sale of the Government Services business. 

First Quarter Business Highlights

First Quarter Financial Highlights

“Since the middle of 2016, PRA has been hiring U.S. based collectors and has opened two new call centers to meet the needs of our existing portfolios and future purchases.  This quarter shows the results of those efforts with a 22% increase in cash collections in the U.S. call centers and a record quarter of global cash collections,” said Kevin Stevenson, president and chief executive officer of PRA Group.  “Hiring and operational improvements, together with record portfolio purchases in 2017, continue to drive increases in cash collections.  The hiring of additional collectors has done exactly what we communicated it would – allowed us to address our portfolios more appropriately, and that is reflected in our results.  I am impressed, but not surprised, that our team has been able to accommodate this growth.”

Cash Collections and Revenues

        
Cash Collection Source  2018  2017
($ in thousands) Q1 Q4Q3Q2Q1
Americas-Core $  246,237 $  204,245$  212,756$  217,020$  226,906
Americas-Insolvency    55,280    59,103   60,436   53,163   49,813
Europe-Core    118,109    107,124   102,681   99,121   98,081
Europe-Insolvency    6,954    5,794   5,961   5,371   5,030
Total Cash Collections $  426,580 $  376,266$  381,834$  374,675$  379,830
        
        
        
Cash Collection Source -        
Constant Currency Adjusted  2018     2017
($ in thousands) Q1    Q1
Americas-Core $  246,237    $  226,405
Americas-Insolvency    55,280       49,997
Europe-Core    118,109       111,143
Europe-Insolvency    6,954       5,699
Total Cash Collections $  426,580    $  393,244
        
        

Expenses

Portfolio Acquisitions

        
Portfolio Purchase Source  2018  2017
($ in thousands) Q1 Q4Q3Q2Q1
Americas-Core $  131,427 $  160,278$  115,572$  144,871$  115,166
Americas-Insolvency    13,436    44,195   73,497   100,040   67,123
Europe-Core    18,000    152,417   14,695   42,876   39,505
Europe-Insolvency    5,392    17,698   7,146   7,860   6,020
Total Portfolio Purchasing $  168,255 $  374,588$  210,910$  295,647$  227,814
        
        

Conference Call Information
PRA Group 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 http://ir.pragroup.com/events-and-presentations. To listen by phone, call 888-695-7639 in the U.S. or 970-315-0482 outside the U.S.  The conference ID is 5969585.  To listen to a replay of the call until May 16, 2018, call 855-859-2056 in the U.S. or 404-537-3406 outside the U.S. and use conference ID 5969585.                         

About PRA Group
As a global leader in acquiring and collecting nonperforming loans, PRA Group returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe. With over 5,600 employees worldwide, PRA Group 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’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’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. 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’s filings with the Securities and Exchange Commission including but not limited to PRA Group’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's website and contain a detailed discussion of PRA Group'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 assumes no obligation to publicly update or revise its forward-looking statements contained herein to reflect any change in PRA Group’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.  
Consolidated Income Statements  
For the three months ended March 31, 2018 and 2017  
(unaudited)  
(Amounts in thousands, except per share amounts)  
            
       Three Months Ended  
       March 31,  
        2018   2017   
            
Revenues:     
 Income recognized on finance receivables, net$217,699  $194,535   
 Fee income 5,327   9,858   
 Other revenue 157   2,165   
    Total revenues 223,183   206,558   
            
Operating expenses:     
 Compensation and employee services 81,237   68,468   
 Legal collection expenses 32,912   31,728   
 Agency fees 8,278   10,800   
 Outside fees and services 14,158   13,285   
 Communication 11,557   9,137   
 Rent and occupancy 4,314   3,783   
 Depreciation and amortization 4,929   5,215   
 Other operating expenses 12,184   10,885   
    Total operating expenses 169,569   153,301   
    Income from operations 53,614   53,257   
            
Other income and (expense):     
 Gain on sale of subsidiaries -   46,845   
 Interest expense, net (25,781)  (21,257)  
 Foreign exchange gain 1,293   2,179   
 Other   243   -   
    Income before income taxes 29,369   81,024   
            
    Income tax expense 6,137   31,409   
    Net income$  23,232  $  49,615   
     Adjustment for net income attributable to noncontrolling interests 2,126   1,448   
    Net income attributable to PRA Group, Inc.$  21,106  $  48,167   
            
Net income per common share attributable to PRA Group, Inc.:     
 Basic  $  0.47  $  1.04   
 Diluted $  0.47  $  1.03   
            
Weighted average number of shares outstanding:     
 Basic   45,231   46,406   
 Diluted  45,370   46,627   
            

 

  
PRA Group, Inc. 
Consolidated Balance Sheets 
March 31, 2018 and December 31, 2017 
(Amounts in thousands) 
       (unaudited)   
       March 31,
 December 31, 
ASSETS 2018   2017  
           
Cash and cash equivalents$  101,418  $  120,516  
Investments 87,764   78,290  
Finance receivables, net 2,767,131   2,771,921  
Other receivables, net 14,308   15,770  
Income taxes receivable 10,271   21,686  
Net deferred tax asset 60,446   57,529  
Property and equipment, net 53,788   49,311  
Goodwill   544,293   526,513  
Intangible assets, net 22,523   23,572  
Other assets 37,639   32,656  
           
     Total assets$  3,699,581  $  3,697,764  
           
LIABILITIES AND EQUITY    
           
Liabilities:     
 Accounts payable$  2,330  $  4,992  
 Accrued expenses 85,137   85,993  
 Income taxes payable 23,872   10,771  
 Net deferred tax liability 146,410   171,185  
 Interest-bearing deposits 90,769   98,580  
 Borrowings 2,150,873   2,170,182  
 Other liabilities 15,146   9,018  
           
     Total liabilities 2,514,537   2,550,721  
           
Redeemable noncontrolling interest 9,697   9,534  
           
Equity:      
  Preferred stock, par value $0.01, authorized shares, 2,000,    
   issued and outstanding shares, 0 -   -  
  Common stock, par value $0.01, 100,000 shares authorized, 45,275 shares    
   issued and outstanding at March 31, 2018; 100,000 shares authorized,    
   45,189 shares issued and outstanding at December 31, 2017 453   452  
  Additional paid-in capital 54,271   53,870  
  Retained earnings 1,228,808   1,211,632  
  Accumulated other comprehensive loss (155,687)  (178,607) 
   Total stockholders' equity - PRA Group, Inc. 1,127,845   1,087,347  
    Noncontrolling interest 47,502   50,162  
    Total equity 1,175,347   1,137,509  
     Total liabilities and equity$  3,699,581  $  3,697,764  
           


Select Expenses (Income)        
(in thousands)Three Months Ended
 March
31,
2018
December
31,
2017
September
30,
2017
June
30,
2017
March
31,
2017
December
31,
2016
September
30,
2016
June
30,
2016
CFPB expenses including penalty and redress  -    -   -    -    -   -    20   21
Acquisition/divestiture-related expenses  -    -   -    -    2,100  458   216   557
Legal costs not associated with normal operations  92   160  218   2,615   1,024  3,741   1,511   1,623
Noncash interest expense - amortization of debt discount  2,877   2,823  2,796   1,809   1,155  1,136   1,127   1,109
Noncash interest expense - amortization of debt issuance costs  2,553   2,501  2,505   2,635   1,928  1,929   1,647   2,277
Change in fair value on Interest rate swap agreements  (3,673)  420  (1,025)  (1,578)  158  (1,064)  (669)  1,399
Amortization of intangibles  1,222   1,016  1,037   869   1,410  929   1,661   1,808
Stock-based compensation expense  2,415   2,415  2,218   1,846   2,199  (3,330)  3,332   2,699
 


 
Purchase Price Multiples
as of March 31, 2018
Amounts in thousands
        
Purchase PeriodPurchase 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       
1996-2007$  638,460$  7,015$  30,278$  2,046,593$  30,278321%240%
2008   166,434   3,603   14,173   374,917   14,173225%220%
2009   125,155   865   27,803   458,854   27,803367%252%
2010   148,204   4,985   46,845   536,785   46,845362%247%
2011   209,625   12,606   66,779   725,666   66,779346%245%
2012   254,247   23,753   97,231   679,874   97,231267%226%
2013   391,247   70,571   220,876   980,948   220,876251%211%
2014   405,653   117,573   322,221   985,160   318,909243%204%
2015   444,516   173,302   399,613   967,727   401,173218%205%
2016   455,595   254,573   560,793   1,007,980   565,577221%201%
2017   536,130   466,780   880,523   1,060,591   879,773198%193%
2018   131,849   130,415   260,311   266,947   260,311202%202%
Subtotal   3,907,115   1,266,041   2,927,446   10,092,042   2,929,728  
Americas-Insolvency      
2004-2007   132,917  —    494   197,106   494148%148%
2008   108,549  —    517   168,662   517155%163%
2009   155,989  —    1,769   470,653   1,769302%214%
2010   208,947  —    3,215   547,333   3,215262%184%
2011   180,447  —    947   368,231   947204%155%
2012   251,433  —    1,375   388,349   1,375154%136%
2013   227,905   3,920   18,342   354,844   18,342156%133%
2014   148,720   20,772   33,630   211,087   33,583142%124%
2015   63,199   28,113   35,834   82,204   35,834130%125%
2016   92,290   46,194   55,800   111,922   55,887121%123%
2017   276,637   216,719   268,797   342,254   268,797124%125%
2018   13,588   13,587   17,012   17,100   17,012126%126%
Subtotal   1,860,621   329,305   437,732   3,259,745   437,772  
Total Americas   5,767,736   1,595,346   3,365,178   13,351,787   3,367,500  
Europe-Core       
2012   20,426  —    2,319   38,398   1,998188%187%
2013   20,358   442   1,477   23,682   1,248116%119%
2014   797,539   312,494   1,038,365   2,121,937   966,698266%208%
2015   422,595   238,428   474,480   743,376   465,341176%160%
2016   348,857   282,181   442,083   578,493   483,364166%167%
2017   250,089   239,234   331,287   363,123   351,038145%144%
2018   17,913   17,562   25,449   25,935   25,449145%145%
Subtotal   1,877,777   1,090,341   2,315,460   3,894,944   2,295,136  
Europe-Insolvency      
2014   10,876   1,765   4,880   18,234   4,786168%129%
2015   19,408   7,696   14,038   28,829   13,261149%139%
2016   42,215   27,141   38,073   60,340   40,977143%130%
2017   38,836   39,405   46,996   49,742   49,731128%128%
2018   5,454   5,437   6,521   6,546   6,521120%120%
Subtotal   116,789   81,444   110,508   163,691   115,276  
Total Europe   1,994,566   1,171,785   2,425,968   4,058,635   2,410,412  
Total PRA Group$  7,762,302$  2,767,131$  5,791,146$  17,410,422$  5,777,912  
               
(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 international 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 international amounts, Net Finance Receivables are presented at the March 31, 2018 exchange rate.
(4) For our international 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 international amounts, Total Estimated Collections is presented at the period-end exchange rate for the respective quarter of purchase.
(6) For our international amounts, ERC-Current Period Exchange Rates is presented at the March 31, 2018 exchange rate. 
(7) The Original Estimated Purchase Price Multiple represents the purchase price multiple at the end of the year of acquisition.
 


 
Portfolio Financial Information
Year-to-date as of March 31, 2018
Amounts in thousands
        
Purchase PeriodPurchase
Price (1)(2)
Cash
Collections (3)
Gross
Revenue (3)
Amortization (3)Allowance (3)Net Revenue (3)Net Finance
Receivables as of
March 31, 2018 (4)
Americas-Core       
1996-2007$  638,460$  2,922$  2,259$  663 $  (460)$  2,719$  7,015
2008   166,434   1,403   627   776   —     627   3,603
2009   125,155   2,431   2,361   70    125    2,236   865
2010   148,204   3,266   2,417   849    (2,325)   4,742   4,985
2011   209,625   6,539   5,388   1,151    (570)   5,958   12,606
2012   254,247   8,664   5,129   3,535    (2,000)   7,129   23,753
2013   391,247   16,915   12,005   4,910    1,945    10,060   70,571
2014   405,653   25,535   17,251   8,284    1,925    15,326   117,573
2015   444,516   39,516   20,877   18,639   —     20,877   173,302
2016   455,595   59,875   31,913   27,962    316    31,597   254,573
2017   536,130   72,534   41,712   30,822    380    41,332   466,780
2018   131,849   6,637   5,003   1,634   —     5,003   130,415
Subtotal   3,907,115   246,237   146,942   99,295    (664)   147,606   1,266,041
Americas-Insolvency      
1996-2007   132,917   48   48  —    —     48  — 
2008   108,549   72   72  —    —     72  — 
2009   155,989   238   238  —    —     238  — 
2010   208,947   441   441  —    —     441  — 
2011   180,447   482   482  —    —     482  — 
2012   251,433   1,704   1,704  —    —     1,704  — 
2013   227,905   8,532   4,833   3,699   —     4,833   3,920
2014   148,720   7,609   1,554   6,055   —     1,554   20,772
2015   63,199   4,941   830   4,111   —     830   28,113
2016   92,290   6,761   1,193   5,568    210    983   46,194
2017   276,637   24,364   4,335   20,029   —     4,335   216,719
2018   13,588   88   88  —    —     88   13,587
Subtotal   1,860,621   55,280   15,818   39,462    210    15,608   329,305
Total Americas   5,767,736   301,517   162,760   138,757    (454)   163,214   1,595,346
Europe-Core       
2012   20,426   583   585   (2)  —     585  — 
2013   20,358   385   251   134   —     251   442
2014   797,539   58,099   33,059   25,040    (140)   33,199   312,494
2015   422,595   23,130   9,130   14,000    (224)   9,354   238,428
2016   348,857   20,190   6,581   13,609    1,743    4,838   282,181
2017   250,089   15,236   3,550   11,686   —     3,550   239,234
2018   17,913   486   136   350   —     136   17,562
Subtotal   1,877,777   118,109   53,292   64,817    1,379    51,913   1,090,341
Europe-Insolvency      
2014   10,876   765   316   449   —     316   1,765
2015   19,408   1,228   396   832   —     396   7,696
2016   42,215   3,335   1,303   2,032   —     1,303   27,141
2017   38,836   1,600   548   1,052   —     548   39,405
2018   5,454   26   9   17   —     9   5,437
Subtotal   116,789   6,954   2,572   4,382   —     2,572   81,444
Total Europe   1,994,566   125,063   55,864   69,199    1,379    54,485   1,171,785
Total PRA Group$  7,762,302$  426,580$  218,624$  207,956 $  925 $  217,699$  2,767,131
        
(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 international 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 international amounts, amounts are presented using the average exchange rates during the current reporting period. 
(4) For our international amounts, Net Finance Receivables are presented at the March 31, 2018 exchange rate. 
 


 
Cash Collections by Year, By Year of Purchase (1)
as of March 31, 2018
Amounts in thousands
   
Purchase PeriodPurchase Price (2)(3)Cash Collections
1996-2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018Total
Americas-Core              
1996-2007$  638,460$  1,096,153$  222,628$  168,849$  137,689$  115,551$  89,405$  63,955$  45,247$  32,491$  20,745$  13,427$  2,922$  2,009,062
2008   166,434  —    47,253   72,080   62,363   53,654   42,850   31,307   21,027   13,786   8,989   6,031   1,403   360,743
2009   125,155  —   —    40,703   95,627   84,339   69,385   51,121   35,555   24,896   16,000   10,994   2,431   431,051
2010   148,204  —   —   —    47,076   113,554   109,873   82,014   55,946   38,110   24,515   15,587   3,266   489,941
2011   209,625  —   —   —   —    61,971   174,461   152,908   108,513   73,793   48,711   31,991   6,539   658,887
2012   254,247  —   —   —   —   —    56,901   173,589   146,198   97,267   59,981   40,042   8,664   582,642
2013   391,247  —   —   —   —   —   —    101,614   247,849   194,026   120,789   78,880   16,915   760,073
2014   405,653  —   —   —   —   —   —   —    92,660   253,448   170,311   114,219   25,535   656,173
2015   444,516  —   —   —   —   —   —   —   —    116,951   228,432   185,898   39,516   570,797
2016   455,595  —   —   —   —   —   —   —   —   —    138,723   256,531   59,875   455,129
2017   536,130  —   —   —   —   —   —   —   —   —   —    107,327   72,534   179,861
2018   131,849  —   —   —   —   —   —   —   —   —   —   —    6,637   6,637
Subtotal   3,907,115   1,096,153   269,881   281,632   342,755   429,069   542,875   656,508   752,995   844,768   837,196   860,927   246,237   7,160,996
Americas-Insolvency             
1996-2007   132,917   61,154   42,794   33,842   27,347   18,234   8,574   1,884   1,151   802   463   321   48   196,614
2008   108,549  —    14,024   35,894   37,974   35,690   28,956   11,650   1,884   1,034   635   332   72   168,145
2009   155,989  —   —    16,635   81,780   102,780   107,888   95,725   53,945   5,781   2,531   1,581   238   468,884
2010   208,947  —   —   —    39,486   104,499   125,020   121,717   101,873   43,649   5,008   2,425   441   544,118
2011   180,447  —   —   —   —    15,218   66,379   82,752   85,816   76,915   35,996   3,726   482   367,284
2012   251,433  —   —   —   —   —    17,388   103,610   94,141   80,079   60,715   29,337   1,704   386,974
2013   227,905  —   —   —   —   —   —    52,528   82,596   81,679   63,386   47,781   8,532   336,502
2014   148,720  —   —   —   —   —   —   —    37,045   50,880   44,313   37,350   7,609   177,197
2015   63,199  —   —   —   —   —   —   —   —    3,395   17,892   20,143   4,941   46,371
2016   92,290  —   —   —   —   —   —   —   —   —    18,869   30,426   6,761   56,056
2017   276,637  —   —   —   —   —   —   —   —   —   —    49,093   24,364   73,457
2018   13,588  —   —   —   —   —   —   —   —   —   —   —    88   88
Subtotal   1,860,621   61,154   56,818   86,371   186,587   276,421   354,205   469,866   458,451   344,214   249,808   222,515   55,280   2,821,690
Total Americas   5,767,736   1,157,307   326,699   368,003   529,342   705,490   897,080   1,126,374   1,211,446   1,188,982   1,087,004   1,083,442   301,517   9,982,686
Europe-Core              
2012   20,426  —   —   —   —   —    11,604   8,995   5,641   3,175   2,198   2,038   583   34,234
2013   20,358  —   —   —   —   —   —    7,068   8,540   2,347   1,326   1,239   385   20,905
2014   797,539  —   —   —   —   —   —   —    153,180   291,980   246,365   220,765   58,099   970,389
2015   422,595  —   —   —   —   —   —   —   —    45,760   100,263   86,156   23,130   255,309
2016   348,857  —   —   —   —   —   —   —   —   —    40,368   78,915   20,190   139,473
2017   250,089  —   —   —   —   —   —   —   —   —   —    17,894   15,236   33,130
2018   17,913  —   —   —   —   —   —   —   —   —   —   —    486   486
Subtotal   1,877,777  —   —   —   —   —    11,604   16,063   167,361   343,262   390,520   407,007   118,109   1,453,926
Europe-Insolvency             
2014   10,876  —   —   —   —   —   —   —    5   4,297   3,921   3,207   765   12,195
2015   19,408  —   —   —   —   —   —   —   —    2,954   4,366   5,013   1,228   13,561
2016   42,215  —   —   —   —   —   —   —   —   —    6,175   12,703   3,335   22,213
2017   38,836  —   —   —   —   —   —   —   —   —   —    1,233   1,600   2,833
2018   5,454  —   —   —   —   —   —   —   —   —   —   —    26   26
Subtotal   116,789  —   —   —   —   —   —   —    5   7,251   14,462   22,156   6,954   50,828
Total Europe   1,994,566  —   —   —   —   —    11,604   16,063   167,366   350,513   404,982   429,163   125,063   1,504,754
Total PRA Group$  7,762,302$  1,157,307$  326,699$  368,003$  529,342$  705,490$  908,684$  1,142,437$  1,378,812$  1,539,495$  1,491,986$  1,512,605$  426,580$  11,487,440
               
(1) For our international 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 international 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. 
 

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

News Media Contact:
Nancy Porter
Vice President, Corporate Marketing
(757) 431-7950
Nancy.Porter@PRAGroup.com