PRA Group
Feb 25, 2016

PRA Group Reports Fourth Quarter and Full Year 2015 Results

Acquires Recovery Management Systems Corporation

NORFOLK, Va., Feb. 25, 2016 (GLOBE NEWSWIRE) -- PRA Group (Nasdaq:PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the fourth quarter and full year of 2015.  The company reported diluted earnings per share of $0.86 and non-GAAP diluted earnings per share of $1.03 for the fourth quarter of 2015. For the full year, the company reported diluted earnings per share of $3.47 and non-GAAP diluted earnings per share of $4.30.  Non-GAAP financial results are presented in constant currency with the third and fourth quarter of 2014 and exclude items unrelated to normal operations.  A reconciliation of all non-GAAP financial measures to the most directly comparable GAAP financial measure can be found at the end of this press release.

The company also announced the acquisition of certain assets of Recovery Management Systems Corporation (RMSC). The transaction also includes the hiring of most RMSC employees.  Mike Petit, president of PRA Insolvency Investment Services, said, "We are extremely impressed with RMSC's technology platform supporting its bankrupt account processing and recovery management business. This acquisition strengthens and broadens our ability to offer bankruptcy processing services to our clients and complements our existing Insolvency business."

Fourth Quarter Highlights

Full Year Highlights

"One thing remains evident for our future long term results, the industry consolidation in the U.S. Core market remains a critical positive for us," said Steve Fredrickson, chairman and chief executive officer, PRA Group.  "When any of the events decreasing supply in the U.S. change, PRA will be there to win our fair share and our results should begin to show the effects soon thereafter.  We feel confident that with our industry low leverage, we will be ready and able to purchase portfolios that are within our return profile both now and when volume inevitably picks up.  In the meantime, we are highly profitable, producing strong results for shareholders, while we grow rapidly in Europe and South America, and improve our operating effectiveness consistently."

REVENUES AND CASH COLLECTIONS

      
Cash Collection Source ($ in thousands)Q4-2015Q3-2015Q2-2015Q1-2015Q4-2014
Americas-Core$  195,834 $  210,725 $  218,838 $  219,371 $  185,921 
Americas-Insolvency   73,843    81,865    92,974    95,533    103,104 
Europe-Core   97,149    85,635    76,602    83,876    84,398 
Europe-Insolvency   2,545    2,528    1,210    967    5 
Total Cash Collections$  369,371 $  380,753 $  389,624 $  399,747 $  373,428 
      
Cash Collection Source - Constant Currency Adjusted
($ in thousands)
Q4-2015YTD-2015 Q4-2014YTD-2014
Americas-Core$  196,967 $  846,703  $  185,921 $  752,995 
Americas-Insolvency   73,843    344,215     103,104    458,451 
Europe-Core   106,899    363,557     84,398    167,361 
Europe-Insolvency   2,546    7,252     5    5 
Total Cash Collections$  380,255 $  1,561,727  $  373,428 $  1,378,812 
 

 

EXPENSES AND OPERATING INCOME

PORTFOLIO ACQUISITIONS

 
Portfolio Purchase Source
($ in thousands)
Q42015Q32015Q22015Q12015Q42014
Americas-Core$  120,554 $  90,912 $  98,317 $  138,498 $  119,714 
Americas-Insolvency   20,589    9,300    19,111    16,437    24,949 
Europe-Core (1)   79,735    240,385    88,499    21,579    123,194 
Europe-Insolvency   4,976    3,959    2,450    8,510    11,625 
Total Portfolio Purchasing$  225,854 $  344,556 $  208,377 $  185,024 $  279,482 
 
 
(1)  Excludes the $27.9 million and $34.7 million investment in the securitized fund in Poland during the three months ended March 31, 2015 and December 31, 2014, respectively.
      

BALANCE SHEET

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, visit http://ir.pragroup.com/events.cfm.  To listen by phone, call 888-695-7639 in the U.S. or 970-315-0482 outside the U.S.  The conference ID is 50970357.  A question-and-answer session on the call will be open only to analysts or investors.  To listen to a replay of the call until March 3, 2016, call 855-859-2056 in the U.S. or 404-537-3406 outside the U.S. and use conference ID 50970357.

About PRA Group
As a global leader in acquiring and collecting nonperforming loans, PRA Group (Nasdaq:PRAA) returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe. PRA Group companies collaborate with customers to help them resolve their debt and provide a broad range of additional revenue and recovery services to business and government clients.

PRA has been recognized as one of Fortune's 100 Fastest-Growing Companies for three years and one of Forbes' Best Small Companies in America for eight consecutive years since 2007. 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 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, filed with the Securities and Exchange Commission and available through PRA Group's website, which 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.
Unaudited Consolidated Income Statements
(in thousands, except per share amounts)
 
 
 Three Months EndedTwelve Months Ended
 December 31,December 31,
  2015  2014  2015  2014 
     
Revenues:    
Income recognized on finance receivables, net$  208,471 $  222,660 $  865,122 $  807,474 
Fee income 19,649  22,800  64,383  65,675 
Other revenue 2,065  5,271  12,513  7,820 
Total revenues 230,185  250,731  942,018  880,969 
     
Operating expenses:    
Compensation and employee services 68,670  65,448  268,345  234,531 
Legal collection fees 11,873  15,125  53,393  51,107 
Legal collection costs 16,774  15,725  76,063  88,054 
Agency fees 8,182  7,497  32,188  16,399 
Outside fees and services 27,309  15,707  65,155  55,821 
Communication 6,601  7,715  33,113  33,085 
Rent and occupancy 3,991  3,477  14,714  11,509 
Depreciation and amortization 4,935  5,307  19,874  18,414 
Other operating expenses 10,678  4,870  68,829  29,981 
Total operating expenses 159,013  140,871  631,674  538,901 
     
Income from operations 71,172  109,860  310,344  342,068 
     
Other income and (expense):    
Interest expense (15,321) (13,493) (60,336) (35,226)
Foreign exchange gain/(loss) 301  (2,898) 7,514  (5,829)
Income before income taxes 56,152  93,469  257,522  301,013 
     
Provision for income taxes 15,164  46,478  89,391  124,508 
Net income$  40,988 $  46,991 $  168,131 $  176,505 
Adjustment for net income attributable to noncontrolling interest 18  -  205  - 
Net income attributable to PRA Group, Inc.$  40,970 $  46,991 $  167,926 $  176,505 
     
Net income per common share attributable to PRA Group, Inc.:    
Basic$  0.87 $  0.94 $  3.49 $  3.53 
Diluted$  0.86 $  0.93 $  3.47 $  3.50 
     
Weighted average number of shares outstanding:    
Basic 47,197  49,892  48,128  49,990 
Diluted 47,539  50,444  48,405  50,421 
 

 

PRA Group, Inc.
Unaudited Consolidated Balance Sheets
(in thousands)
 
 December 31,
ASSETS 2015  2014 
   
Cash and cash equivalents$  71,372 $  39,661 
Investments 73,799  89,703 
Finance receivables, net 2,202,113  2,001,790 
Other receivables, net 30,771  12,959 
Income taxes receivable 1,717  - 
Net deferred tax asset 13,068  6,126 
Property and equipment, net 45,394  48,258 
Goodwill 495,156  527,445 
Intangible assets, net 23,788  10,933 
Other assets 39,528  41,876 
   
Total assets$2,996,706 $2,778,751 
   
LIABILITIES AND EQUITY  
   
Liabilities:  
Accounts payable$  4,190 $  4,446 
Accrued expenses 95,380  89,361 
Income taxes payable 21,236  11,020 
Net deferred tax liability 261,498  255,587 
Interest-bearing deposits 46,991  27,704 
Borrowings 1,723,268  1,482,456 
Other liabilities 4,396  5,962 
   
Total liabilities 2,156,959  1,876,536 
   
Equity:  
Preferred stock, par value $0.01, authorized shares, 2,000, issued and outstanding shares, 0 -  - 
Common stock, par value $0.01, authorized shares, 100,000, issued and outstanding shares, 46,173 at December 31, 2015; 100,000 authorized shares, 49,577 issued and outstanding shares at December 31, 2014 462  496 
Additional paid-in capital 64,622  111,659 
Retained earnings 964,270  906,010 
Accumulated other comprehensive loss (228,861) (115,950)
Total stockholders' equity - PRA Group, Inc. 800,493  902,215 
Noncontrolling interest 39,254  - 
Total equity 839,747  902,215 
Total liabilities and total equity$2,996,706 $2,778,751 
 


PRA Group, Inc.
FINANCIAL HIGHLIGHTS
 As of and for theAs of and for the
 Three Months Ended December 31,Twelve Months Ended December 31,
  2015  2014 Change 2015  2014 Change
EARNINGS (in thousands)      
Income recognized on finance receivables, net$  208,471 $  222,660  -6%$  865,122 $  807,474  7%
Fee income   19,649    22,800  -14%   64,383    65,675  -2%
Other revenue   2,065    5,271  -61%   12,513    7,820  60%
Total revenues   230,185    250,731  -8%   942,018    880,969  7%
Operating expenses   159,013    140,871  13%   631,674    538,901  17%
Income from operations   71,172    109,860  -35%   310,344    342,068  -9%
Net interest expense   15,321    13,493  14%   60,336    35,226  71%
Net income   40,988    46,991  -13%   168,131    176,505  -5%
Net income attributable to PRA Group, Inc.   40,970    46,991  -13%   167,926    176,505  -5%
       
PERIOD-END BALANCES (in thousands)      
Cash and cash equivalents$  71,372 $  39,661  80%$  71,372 $  39,661  80%
Finance receivables, net   2,202,113    2,001,790  10%   2,202,113    2,001,790  10%
Goodwill and intangible assets, net   518,944    538,378  -4%   518,944    538,378  -4%
Total assets   2,996,706    2,778,751  8%   2,996,706    2,778,751  8%
Borrowings   1,723,268    1,482,456  16%   1,723,268    1,482,456  16%
Total liabilities   2,156,959    1,876,536  15%   2,156,959    1,876,536  15%
Total equity - PRA Group, Inc.   800,493    902,215  -11%   800,493    902,215  -11%
       
FINANCE RECEIVABLE INCOME (dollars in thousands)      
Cash collections$  369,371 $  373,428  -1%$  1,539,495 $  1,378,812  12%
Cash collections on fully amortized pools   8,280    17,785  -53%   52,202    68,349  -24%
Principal amortization without allowance (reversals)/charges   149,381    149,753  0%   645,004    576,273  12%
Allowance (reversal)/charge   11,519    1,015  1035%   29,369    (4,935) -695%
Principal amortization with allowance (reversals)/charges   160,900    150,768  7%   674,373    571,338  18%
Principal amortization w/ allowance charges as % of cash collections:      
Including fully amortized pools 43.6% 40.4% 8% 43.8% 41.4% 6%
Excluding fully amortized pools 44.6% 42.4% 5% 45.3% 43.6% 4%
Allowance (reversal)/charge to period-end net finance receivables 0.5% 0.1% 932% 1.3% (0.2%) -641%
       
PURCHASES OF FINANCE RECEIVABLES (dollars in thousands)      
Purchase price - Americas core$  120,554 $  119,714  1%$  448,281 $  408,721  10%
Purchase price - Americas insolvency   20,589    24,949  -17%   65,437    151,674  -57%
Purchase price - Europe core   79,735    123,194  -35%   430,198    860,744  -50%
Purchase price - Europe insolvency   4,976    11,625  -57%   19,895    11,625  71%
Purchase price - total   225,854    279,482  -19%   963,811    1,432,764  -33%
Number of portfolios - total 139  142  -2% 542  456  19%
       
ESTIMATED REMAINING COLLECTIONS (in thousands)      
Estimated remaining collections - Americas core$  2,558,529 $  2,229,403  15%$  2,558,529 $  2,229,403  15%
Estimated remaining collections - Americas insolvency   448,652    642,552  -30%   448,652    642,552  -30%
Estimated remaining collections - Europe core   1,964,763    1,478,738  33%   1,964,763    1,478,738  33%
Estimated remaining collections - Europe insolvency   34,878    15,021  132%   34,878    15,021  132%
Estimated remaining collections - total   5,006,822    4,365,714  15%   5,006,822    4,365,714  15%
Adjusted estimated remaining collections (7)   5,114,923    4,437,264  15%   5,114,923    4,437,264  15%
       
SHARE DATA (share amounts in thousands)      
Net income per common share - diluted$  0.86 $  0.93  -7%$  3.47 $  3.50  -1%
Weighted average number of shares outstanding - diluted   47,539    50,444  -6%   48,405    50,421  -4%
Shares repurchased   2,072    574  261%   3,683    574  542%
Average price paid per share repurchased (including acquisitions costs)$  38.60 $  57.79  -33%$  44.94    57.79  -22%
Closing market price$  34.69 $  57.93  -40%$  34.69 $  57.93  -40%
       
RATIOS AND OTHER DATA (dollars in thousands)      
Return on average equity (1) 19.8% 20.2% -2% 19.9% 18.9% 5%
Return on revenue (2) 17.8% 18.7% -5% 17.8% 20.0% -11%
Return on average assets (3) 5.5% 6.9% -20% 5.9% 8.0% -26%
Operating margin (4) 30.9% 43.8% -29% 32.9% 38.8% -15%
Operating expense to cash receipts (5) 40.9% 35.6% 15% 39.4% 37.3% 6%
Debt to stockholders'equity (6) 215.3% 164.3% 31% 215.3% 164.3% 31%
Number of full-time equivalent collectors 2,173  2,457  -12% 2,173  2,457  -12%
Number of full-time equivalent employees 3,799  3,880  -2% 3,799  3,880  -2%
Cash receipts (5)$  389,020 $  396,228  -2%$  1,603,878 $  1,444,487  11%
Line of credit - unused portion at period end   446,769    352,926  27%   446,769    352,926  27%
       
(1)  Calculated as annualized net income divided by average equity for the period
(2)  Calculated as net income divided by total revenues
(3)  Calculated as annualized net income divided by average assets for the period
(4)  Calculated as income from operations divided by total revenues
(5)  "Cash receipts" is defined as cash collections plus fee income
(6)  For purposes of this ratio, "debt" equals borrowings
(7)  Equals total estimated remaining collections on our owned finance receivable portfolios plus the estimated remaining collections on certain of our other investments.
 


PRA Group, Inc.
FINANCIAL HIGHLIGHTS
 For the Quarter Ended
 December 31September 30June 30March 31December 31
  2015  2015  2015  2015  2014 
EARNINGS (in thousands)     
Income recognized on finance receivables, net$  208,471 $  208,184 $  220,064 $  228,403 $  222,660 
Fee income   19,649    17,803    13,878    13,053    22,800 
Other revenue   2,065    3,443    3,255    3,750    5,271 
Total revenues   230,185    229,430    237,197    245,206    250,731 
Operating expenses   159,013    175,303    148,318    149,040    140,871 
Income from operations   71,172    54,127    88,879    96,166    109,860 
Net interest expense   15,321    16,787    13,452    14,776    13,493 
Net income   40,988    17,583    51,425    58,135    46,991 
Net income attributable to PRA Group, Inc.   40,970    17,396    51,425    58,135    46,991 
      
PERIOD-END BALANCES (in thousands)     
Cash and cash equivalents$  71,372 $  69,111 $  56,811 $  40,542 $  39,661 
Finance receivables, net   2,202,113    2,167,178    2,012,552    1,954,772    2,001,790 
Goodwill and intangible assets, net   518,944    526,841    512,451    506,695    538,378 
Total assets   2,996,706    2,984,550    2,783,756    2,700,613    2,778,751 
Borrowings   1,723,268    1,654,457    1,503,363    1,479,262    1,482,456 
Total liabilities   2,156,959    2,083,131    1,885,880    1,883,295    1,876,536 
Total equity - PRA Group, Inc.   800,493    863,517    897,876    817,318    902,215 
      
FINANCE RECEIVABLE COLLECTIONS (dollars in thousands)     
Cash collections$  369,371 $  380,753 $  389,624 $  399,747 $  373,428 
Cash collections on fully amortized pools   8,280    11,453    15,162    17,307    17,785 
Principal amortization without allowance (reversals)/charges   149,381    161,234    164,675    169,714    149,753 
Allowance (reversal)/charge   11,519    11,335    4,885    1,630    1,015 
Principal amortization with allowance (reversals)/charges   160,900    172,569    169,560    171,344    150,768 
Principal amortization w/ allowance charges as % of cash collections:     
Including fully amortized pools 43.6% 45.3% 43.5% 42.9% 40.4%
Excluding fully amortized pools 44.6% 46.7% 45.3% 44.8% 42.4%
Allowance (reversal)/charge to period-end net finance receivables 0.5% 0.5% 0.2% 0.1% 0.1%
      
PURCHASES OF FINANCE RECEIVABLES (dollars in thousands)     
Purchase price - North America core$  120,554 $  90,912 $  98,317 $  138,498 $  119,714 
Purchase price - North America insolvency   20,589    9,300    19,111    16,437    24,949 
Purchase price - Europe core   79,735    240,385    88,499    21,579    123,194 
Purchase price - Europe insolvency   4,976    3,959    2,450    8,510    11,625 
Purchase price - total   225,854    344,556    208,377    185,024    279,482 
Number of portfolios - total 139  128  136  139  142 
      
ESTIMATED REMAINING COLLECTIONS (in thousands)     
Estimated remaining collections - Americas core$  2,558,529 $  2,421,506 $  2,384,698 $  2,370,086 $  2,229,403 
Estimated remaining collections - Americas insolvency   448,652    474,097    529,892    577,319    642,552 
Estimated remaining collections - Europe core   1,964,763    1,903,226    1,685,694    1,619,454    1,478,738 
Estimated remaining collections - Europe insolvency   34,878    30,081    26,807    24,838    15,021 
Estimated remaining collections - total   5,006,822    4,828,910    4,627,091    4,591,697    4,365,714 
Adjusted estimated remaining collections (7)   5,114,923    4,945,609    4,747,552    4,716,230    4,437,264 
      
SHARE DATA (share amounts in thousands)     
Net income per common share - diluted$  0.86 $  0.36 $  1.06 $  1.19 $  0.93 
Weighted average number of shares outstanding - diluted   47,539    48,498    48,529    49,052    50,444 
Shares repurchased   2,072    133    -    1,478    574 
Average price paid per share repurchased (including acquisitions costs)$  38.60 $  58.08 $  - $  52.65 $  57.79 
Closing market price$  34.69 $  52.92 $  62.31 $  54.32 $  57.93 
      
RATIOS AND OTHER DATA (dollars in thousands)     
Return on average equity (1) 19.8% 7.8% 23.5% 30.1% 20.2%
Return on revenue (2) 17.8% 7.7% 21.7% 23.7% 18.7%
Return on average assets (3) 5.5% 2.3% 7.4% 8.7% 6.9%
Operating margin (4) 30.9% 23.6% 37.5% 39.2% 43.8%
Operating expense to cash receipts (5) 40.9% 44.0% 36.8% 36.1% 35.6%
Debt to stockholders'equity (6) 215.3% 191.6% 167.4% 181.0% 164.3%
Number of collectors 2,173  2,159  2,317  2,395  2,457 
Number of full-time equivalent employees 3,799  3,715  3,820  3,847  3,880 
Cash receipts (5)$  389,020 $  398,556 $  403,502 $  412,800 $  396,228 
Line of credit - unused portion at period end   446,769    393,246    547,017    323,812    352,926 
      
(1)  Calculated as annualized net income divided by average equity for the period
(2)  Calculated as net income divided by total revenues
(3)  Calculated as annualized net income divided by average assets for the period
(4)  Calculated as income from operations divided by total revenues
(5)  "Cash receipts" is defined as cash collections plus fee income
(6)  For purposes of this ratio, "debt" equals borrowings
(7)  Equals total estimated remaining collections on our owned finance receivable portfolios plus the estimated remaining collections on certain of our other investments.
 

Use of Non-GAAP Financial Measures

PRA Group, Inc. reports financial results in accordance with U.S. generally accepted accounting principles (GAAP).  However, the Company believes certain non-GAAP performance measures and ratios which exclude penalty and fees associated with the CFPB consent order, expenses associated with acquisitions, one-time tax items, legal costs not associated with normal operations, and constant currency adjustments may provide additional meaningful comparisons between current year results and prior periods.  Reconciliations from non-GAAP to the most directly comparable GAAP financial measures are provided below.  These non-GAAP financial measures should be viewed in addition to, not as an alternative for reported GAAP results.

The constant currency results assume that foreign revenues and expenses are translated from foreign currencies to the U.S. Dollar at rates consistent with the prior year, and that any benefit or loss caused by foreign currency fluctuations would be consistent with the prior year.  To do this the company translates the current year's income statements into U.S. Dollars using the prior year's average exchange rates and then replaces the foreign exchange gain or loss for the current year with the balance from the prior year.  Finally, the company calculates the tax impact of the constant currency results to reflect the current effective tax rate of the reporting period.

Three Months Ended December 31, 2015
 Cash
Collections
AmortizationIncome
Recognized on
Finance
Receivables
Fee
Income
Other
Income
Total
Revenues
ExpensesIncome
from
Operations
Income
before
Taxes
Net
Income
Diluted
EPS
As Reported$  369,371 $  160,900 $  208,471 $  19,649 $  2,065 $  230,185 $  159,013 $  71,172 $  56,152 $  40,970 $  0.86 
Adjustments:           
CFPB expenses including penalty and redress   -     -     -     -     -     -     (111)   111    111    68    -  
Acquisition and other expenses   -     -     -     -     -     -     (1,639)   1,639    1,639    1,005    0.02 
Legal costs not associated with normal operations   -     -     -     -     -     -     (12,045)   12,045    12,045    7,383    0.16 
Constant currency adjustments   10,884    5,603    5,281    558    725    6,564    4,143    2,421    (596)   (439)   (0.01)
Subtotal of adjustments   10,884    5,603    5,281    558    725    6,564    (9,652)   16,216    13,199    8,016    0.17 
As Adjusted   380,255    166,503    213,752    20,207    2,790    236,749    149,361    87,388    69,351    48,986    1.03 
            
Twelve Months Ended December 31, 2015
 Cash
Collections
AmortizationIncome
Recognized on
Finance
Receivables
Fee
Income
Other
Income
Total
Revenues
ExpensesIncome
from
Operations
Income
before
Taxes
Net
Income
Diluted
EPS
As Reported$  1,539,495 $  674,373 $  865,122 $  64,383 $  12,513 $  942,018 $  631,674 $  310,344 $  257,522 $  167,926 $  3.47 
Adjustments:           
CFPB expenses including penalty and redress   -     -     -     -     -     -     (28,807)   28,807    28,807    19,641    0.41 
Acquisition and other expenses   -     -     -     -     -     -     (5,628)   5,628    5,628    3,837    0.08 
One-time tax items   -     -     -     -     -     -     -     -     -     2,026    0.04 
Legal costs not associated with normal operations   -     -     -     -     -     -     (13,824)   13,824    13,824    9,426    0.19 
Constant currency adjustments   22,232    10,984    11,248    759    424    12,431    8,038    4,393    7,323    5,078    0.10 
Subtotal of adjustments   22,232    10,984    11,248    759    424    12,431    (40,221)   52,652    55,582    40,008    0.83 
As Adjusted   1,561,727    685,357    876,370    65,142    12,937    954,449    591,453    362,996    313,104    207,934    4.30 
            
            
Three Months Ended December 31, 2014
 Cash
Collections
AmortizationIncome
Recognized on
Finance
Receivables
Fee
Income
Other
Income
Total
Revenues
ExpensesIncome
from
Operations
Income
before
Taxes
Net
Income
Diluted
EPS
As Reported$  373,428 $  150,768 $  222,660 $  22,800 $  5,271 $  250,731 $  140,871 $  109,860 $  93,469 $  46,991 $  0.93 
Adjustments:           
Acquisition and other expenses   -     -     -     -     -     -     (3,040)   3,040    3,040    2,049    0.04 
Legal costs not associated with normal operations   -     -     -     -     -     -     (15)   15    15    10    -  
Subtotal of adjustments   -     -     -     -     -     -     (3,055)   3,055    3,055    2,059    0.04 
As Adjusted   373,428    150,768    222,660    22,800    5,271    250,731    137,816    112,915    96,524    49,050    0.97 
            
Twelve Months Ended December 31, 2014
 Cash
Collections
AmortizationIncome
Recognized on
Finance
Receivables
Fee
Income
Other
Income
Total
Revenues
ExpensesIncome
from
Operations
Income
before
Taxes
Net
Income
Diluted
EPS
As Reported$  1,378,812 $  571,338 $  807,474 $  65,675 $  7,820 $  880,969 $  538,901 $  342,068 $  301,013 $  176,505 $  3.50 
Adjustments:           
Acquisition and other expenses   -     -     -     -     -     -     (17,905)   17,905    17,905    11,094    0.22 
One-time tax items   -     -     -     -     -     -     -     -     -     (1,232)   (0.02)
Loss on foreign currency exchange contracts   -     -     -     -     -     -     -     -     8,240    5,105    0.10 
Legal costs not associated with normal operations   -     -     -     -     -     -     (426)   426    426    264    0.01 
Subtotal of adjustments   -     -     -     -     -     -     (18,331)   18,331    26,571    15,231    0.30 
As Adjusted   1,378,812    571,338    807,474    65,675    7,820    880,969    520,570    360,399    327,584    191,736    3.80 
 


Investor Contact:
Darby Schoenfeld
Director of Investor Relations
(757) 431-7913
DCSchoenfeld@PRAGroup.com

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