PRA Group
Aug 8, 2016

PRA Group Reports Second Quarter 2016 Results

NORFOLK, Va., Aug. 08, 2016 (GLOBE NEWSWIRE) -- PRA Group, Inc. (Nasdaq:PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the second quarter of 2016.  The company reported diluted earnings per share of $0.79 versus $1.06 in the second quarter of 2015 and non-GAAP diluted earnings per share of $0.83 for the second quarter of 2016 compared to $1.08 for the year-ago quarter. Non-GAAP financial results are presented in constant currency with the second quarter of 2015 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. 

Second Quarter Highlights

"Second quarter global investment was solid at $250 million helping to increase estimated remaining collections to $5.33 billion. Our fee-based businesses in the U.S. delivered a good quarter, as both revenue and net operating income increased substantially," said Steve Fredrickson, chairman and chief executive officer, PRA Group. "We are beginning to see signs that may indicate the credit cycle is turning which could ultimately increase the supply of nonperforming loans in the U.S. In Europe, we see a strong acquisition pipeline and strong cash collections in most markets. Global sellers are increasingly looking for buying partners that offer competitive pricing, a strong compliance system, and a reputation for treating customers respectfully.  Given this view, we believe PRA Group is competitively advantaged as a buyer of choice." 

REVENUES AND CASH COLLECTIONS

 
Cash Collection Source   2016   2015 
($ in thousands)  Q2Q1 Q4Q3Q2
Americas-Core  $213,741 $219,571  $195,834 $210,725 $218,838 
Americas-Insolvency   67,745  68,646   73,843  81,865  92,974 
Europe-Core   102,972  94,091   97,149  85,635  76,602 
Europe-Insolvency   2,744  2,025   2,545  2,528  1,210 
Total Cash Collections  $387,202 $384,333  $369,371 $380,753 $389,624 
         
Cash Collection Source -         
Constant Currency Adjusted   2016      2015 
($ in thousands)  Q2    Q2
Americas-Core  $216,074     $218,838 
Americas-Insolvency   67,808      92,974 
Europe-Core   104,605      76,602 
Europe-Insolvency   2,823      1,210 
Total Cash Collections  $391,310     $389,624 
         
 

EXPENSES AND OPERATING INCOME

NET INCOME AND EPS

PORTFOLIO ACQUISITIONS

   
Portfolio Purchase Source  2016   2015   
($ in thousands) Q2Q1 Q4Q3Q2  
Americas-Core $130,529 $136,057  $120,554 $90,912 $98,317   
Americas-Insolvency  33,723  22,952   20,589  9,300  19,111   
Europe-Core  68,835  171,038   79,735  240,385  88,499   
Europe-Insolvency  16,410  6,731   4,976  3,959  2,450   
Total Portfolio Purchasing $249,497 $336,778  $225,854 $344,556 $208,377   
          
   

BALANCE SHEET

Conference Call Information
PRA Group will hold a conference call today at 5:00 p.m. ET to discuss the company's second quarter results.  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 55478474.  To listen to a replay of the call until August 15, 2016, call 855-859-2056 in the U.S. or 404-537-3406 outside the U.S. and use conference ID 55478474.      

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. With almost 4,000 employees worldwide, 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. 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, beliefs, expectations, 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.
Unaudited Consolidated Income Statements
(in thousands, except per share amounts)
              
       Three Months Ended Six Months Ended
       June 30, June 30,
        2016   2015   2016   2015 
              
Revenues:       
 Income recognized on finance receivables, net$204,008   220,064  $410,515  $448,467 
 Fee income 22,347   13,878   38,613   26,931 
 Other revenue 2,101   3,255   4,210   7,005 
    Total revenues 228,456   237,197   453,338   482,403 
              
Operating expenses:       
 Compensation and employee services 64,793   68,320   131,558   133,591 
 Legal collection fees 15,098   14,114   28,048   27,805 
 Legal collection costs 18,799   19,556   35,981   40,410 
 Agency fees 11,309   7,784   22,193   16,045 
 Outside fees and services 15,876   12,466   31,684   25,263 
 Communication 8,423   8,073   18,305   18,491 
 Rent and occupancy 4,038   3,479   7,834   7,039 
 Depreciation and amortization 6,085   4,916   12,155   9,526 
 Other operating expenses 11,279   9,610   21,930   19,188 
    Total operating expenses 155,700   148,318   309,688   297,358 
    Income from operations 72,756   88,879   143,650   185,045 
              
Other income and (expense):       
 Interest expense (20,569)  (13,452)  (40,528)  (28,228)
 Foreign exchange gain 2,029   3,584   179   10,373 
    Income before income taxes 54,216   79,011   103,301   167,190 
              
    Provision for income taxes 17,348   27,586   33,580   57,630 
    Net income$36,868  $51,425  $69,721  $109,560 
     Adjustment for net income attributable to noncontrolling interest 412   -   1,282   - 
    Net income attributable to PRA Group, Inc.$36,456  $51,425  $68,439  $109,560 
              
Net income per common share attributable to PRA Group, Inc.:       
 Basic  $0.79  $1.06  $1.48  $2.26 
 Diluted $0.79  $1.06  $1.48  $2.25 
              
Weighted average number of shares outstanding:       
 Basic   46,333   48,325   46,288   48,525 
 Diluted  46,402   48,529   46,387   48,790 
              


PRA Group, Inc. 
Unaudited Consolidated Balance Sheets 
(in thousands) 
           
       June 30, December 31, 
ASSETS 2016   2015  
           
Cash and cash equivalents$117,071  $71,372  
Investments 66,560   73,799  
Finance receivables, net 2,399,949   2,202,113  
Other receivables, net 30,079   30,771  
Income taxes receivable 13,871   1,717  
Net deferred tax asset 15,713   13,068  
Property and equipment, net 46,852   45,394  
Goodwill   544,337   495,156  
Intangible assets, net 32,655   23,788  
Other assets 38,509   33,389  
           
     Total assets$3,305,596  $2,990,567  
           
LIABILITIES AND EQUITY    
           
Liabilities:     
 Accounts payable$3,719  $4,190  
 Accrued expenses 79,202   95,380  
 Income taxes payable 20,888   21,236  
 Net deferred tax liability 276,360   261,498  
 Interest-bearing deposits 58,041   46,991  
 Borrowings 1,912,283   1,717,129  
 Other liabilities 19,922   4,396  
           
     Total liabilities 2,370,415   2,150,820  
           
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, 46,341 at June 30, 2016; 100,000    
   authorized shares, 46,173 issued and outstanding shares at        
   December 31, 2015 463   462  
  Additional paid-in capital 66,838   64,622  
  Retained earnings 1,032,709   964,270  
  Accumulated other comprehensive loss (213,933)  (228,861) 
   Total stockholders' equity - PRA Group, Inc. 886,077   800,493  
    Noncontrolling interest 49,104   39,254  
    Total equity 935,181   839,747  
     Total liabilities and total equity$3,305,596  $2,990,567  
           

 

PRA Group, Inc.
FINANCIAL HIGHLIGHTS
  As of and for the  As of and for the 
  Three Months Ended June 30, Six Months Ended June 30,
   2016  2015 Change  2016  2015 Change
EARNINGS (in thousands)        
Income recognized on finance receivables, net $204,008 $220,064  -7% $410,515 $448,467  -8%
Fee income  22,347  13,878  61%  38,613  26,931  43%
Other revenue  2,101  3,255  -35%  4,210  7,005  -40%
Total revenues  228,456  237,197  -4%  453,338  482,403  -6%
Operating expenses  155,700  148,318  5%  309,688  297,358  4%
Income from operations  72,756  88,879  -18%  143,650  185,045  -22%
Net interest expense  20,569  13,452  53%  40,528  28,228  44%
Net income  36,868  51,425  -28%  69,721  109,560  -36%
Net income attributable to PRA Group, Inc.  36,456  51,425  -29%  68,439  109,560  -38%
         
PERIOD-END BALANCES (in thousands)        
Cash and cash equivalents $117,071 $56,811  106% $117,071 $56,811  106%
Finance receivables, net  2,399,949  2,012,552  19%  2,399,949  2,012,552  19%
Goodwill and intangible assets, net  576,992  512,451  13%  576,992  512,451  13%
Total assets  3,305,596  2,783,756  19%  3,305,596  2,783,756  19%
Borrowings  1,912,283  1,503,363  27%  1,912,283  1,503,363  27%
Total liabilities  2,370,415  1,885,880  26%  2,370,415  1,885,880  26%
Total equity - PRA Group, Inc.  886,077  897,876  -1%  886,077  897,876  -1%
         
FINANCE RECEIVABLE INCOME (dollars in thousands)        
Cash collections $387,202 $389,624  -1% $771,535 $789,371  -2%
Cash collections on fully amortized pools  8,124  15,162  -46%  17,400  32,167  -46%
Principal amortization without allowance (reversals)/charges  170,274  164,675  3%  338,202  334,389  1%
Allowance (reversal)/charge  12,920  4,885  164%  22,818  6,515  250%
Principal amortization with allowance (reversals)/charges  183,194  169,560  8%  361,020  340,904  6%
Principal amortization w/ allowance charges as % of cash collections:        
Including fully amortized pools  47.3% 43.5% 9%  46.8% 43.2% 8%
Excluding fully amortized pools  48.3% 45.3% 7%  47.9% 45.0% 6%
Allowance (reversal)/charge to period-end net finance receivables  0.5% 0.2% 122%  1.0% 0.3% 194%
         
PURCHASES OF FINANCE RECEIVABLES (dollars in thousands)        
Purchase price - Americas core $130,529 $98,317  33% $266,586 $236,815  13%
Purchase price - Americas insolvency  33,723  19,111  76%  56,675  35,548  59%
Purchase price - Europe core  68,835  88,499  -22%  239,873  110,078  118%
Purchase price - Europe insolvency  16,410  2,450  570%  23,141  10,960  111%
Purchase price - total  249,497  208,377  20%  586,275  393,401  49%
Number of portfolios - total  136  136  0%  275  275  0%
ESTIMATED REMAINING COLLECTIONS (in thousands)        
Estimated remaining collections - Americas core $2,705,781 $2,384,698  13% $2,705,781 $2,384,698  13%
Estimated remaining collections - Americas insolvency  396,667  529,892  -25%  396,667  529,892  -25%
Estimated remaining collections - Europe core  2,171,542  1,685,694  29%  2,171,542  1,685,694  29%
Estimated remaining collections - Europe insolvency  59,107  26,807  120%  59,107  26,807  120%
Estimated remaining collections - total  5,333,097  4,627,091  15%  5,333,097  4,627,091  15%
Adjusted estimated remaining collections (7)  5,430,192  4,747,552  14%  5,430,192  4,747,552  14%
         
SHARE DATA (share amounts in thousands)        
Net income per common share - diluted $0.79 $1.06  -26% $1.50 $2.25  -33%
Weighted average number of shares outstanding - diluted  46,402  48,529  -4%  46,387  48,790  -5%
Shares repurchased  -  -  0%  -  1,478  -100%
Average price paid per share repurchased (including acquisitions costs) $- $-  0% $-  52.65  -100%
Closing market price $24.14 $62.31  -61% $24.14 $62.31  -61%
         
RATIOS AND OTHER DATA (dollars in thousands)        
Return on average equity (1)  16.4% 23.5% -30%  15.9% 26.6% -40%
Return on revenue (2)  16.1% 21.7% -26%  15.4% 22.7% -32%
Return on average assets (3)  4.4% 7.4% -40%  4.2% 8.0% -48%
Operating margin (4)  31.8% 37.5% -15%  31.7% 38.4% -17%
Operating expense to cash receipts (5)  38.0% 36.8% 3%  38.2% 36.4% 5%
Debt to stockholders' equity (6)  215.8% 167.4% 29%  215.8% 167.4% 29%
Number of full-time equivalent collectors  2,023  2,317  -13%  2,023  2,317  -13%
Number of full-time equivalent employees  3,816  3,820  0%  3,816  3,820  0%
Cash receipts (5) $409,549 $403,502  1% $810,148 $816,302  -1%
Lines of credit - unused portion at period end  430,651  547,017  -21%  430,651  547,017  -21%
         
(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
  June 30March 31December 31September 30June 30
   2016  2016  2015  2015  2015 
EARNINGS (in thousands)      
Income recognized on finance receivables, net $204,008 $206,507 $208,471 $208,184 $220,064 
Fee income  22,347  16,266  19,649  17,803  13,878 
Other revenue  2,101  2,109  2,065  3,443  3,255 
Total revenues  228,456  224,882  230,185  229,430  237,197 
Operating expenses  155,700  153,988  159,013  175,303  148,318 
Income from operations  72,756  70,894  71,172  54,127  88,879 
Net interest expense  20,569  19,959  15,321  16,787  13,452 
Net income  36,868  32,853  40,988  17,583  51,425 
Net income attributable to PRA Group, Inc.  36,456  31,983  40,970  17,396  51,425 
       
PERIOD-END BALANCES (in thousands)      
Cash and cash equivalents $117,071 $79,442 $71,372 $69,111 $56,811 
Finance receivables, net  2,399,949  2,377,077  2,202,113  2,167,178  2,012,552 
Goodwill and intangible assets, net  576,992  557,024  518,944  526,841  512,451 
Total assets  3,305,596  3,268,833  2,990,567  2,984,550  2,783,756 
Borrowings  1,912,283  1,896,424  1,717,129  1,654,457  1,503,363 
Total liabilities  2,370,415  2,360,091  2,150,820  2,083,131  1,885,880 
Total equity - PRA Group, Inc.  886,077  864,868  800,493  863,517  897,876 
       
FINANCE RECEIVABLE COLLECTIONS (dollars in thousands)      
Cash collections $387,202 $384,333 $369,371 $380,753 $389,624 
Cash collections on fully amortized pools  8,124  9,276  8,280  11,453  15,162 
Principal amortization without allowance (reversals)/charges  170,274  167,928  149,381  161,234  164,675 
Allowance (reversal)/charge  12,920  9,898  11,519  11,335  4,885 
Principal amortization with allowance (reversals)/charges  183,194  177,826  160,900  172,569  169,560 
Principal amortization w/ allowance charges as % of cash collections:      
Including fully amortized pools  47.3% 46.3% 43.6% 45.3% 43.5%
Excluding fully amortized pools  48.3% 47.4% 44.6% 46.7% 45.3%
Allowance (reversal)/charge to period-end net finance receivables  0.5% 0.4% 0.5% 0.5% 0.2%
       
PURCHASES OF FINANCE RECEIVABLES (dollars in thousands)      
Purchase price - North America core $130,529 $136,057 $120,554 $90,912 $98,317 
Purchase price - North America insolvency  33,723  22,952  20,589  9,300  19,111 
Purchase price - Europe core  68,835  171,038  79,735  240,385  88,499 
Purchase price - Europe insolvency  16,410  6,731  4,976  3,959  2,450 
Purchase price - total  249,497  336,778  225,854  344,556  208,377 
Number of portfolios - total  136  139  139  128  136 
ESTIMATED REMAINING COLLECTIONS (in thousands)      
Estimated remaining collections - Americas core $2,705,781 $2,643,410 $2,558,529 $2,421,506 $2,384,698 
Estimated remaining collections - Americas insolvency  396,667  421,866  448,652  474,097  529,892 
Estimated remaining collections - Europe core  2,171,542  2,152,403  1,964,763  1,903,226  1,685,694 
Estimated remaining collections - Europe insolvency  59,107  40,938  34,878  30,081  26,807 
Estimated remaining collections - total  5,333,097  5,258,617  5,006,822  4,828,910  4,627,091 
Adjusted estimated remaining collections (7)  5,430,192  5,366,417  5,114,923  4,945,609  4,747,552 
       
SHARE DATA (share amounts in thousands)      
Net income per common share - diluted $0.79 $0.69 $0.86 $0.36 $1.06 
Weighted average number of shares outstanding - diluted  46,402  46,372  47,539  48,498  48,529 
Shares repurchased  -  -  2,072  133  - 
Average price paid per share repurchased (including acquisitions costs) $- $- $38.60 $58.08 $- 
Closing market price $24.14 $29.39 $34.69 $52.92 $62.31 
       
RATIOS AND OTHER DATA (dollars in thousands)      
Return on average equity (1)  16.4% 15.4% 19.8% 7.8% 23.5%
Return on revenue (2)  16.1% 14.6% 17.8% 7.7% 21.7%
Return on average assets (3)  4.4% 4.1% 5.5% 2.3% 7.4%
Operating margin (4)  31.8% 31.5% 30.9% 23.6% 37.5%
Operating expense to cash receipts (5)  38.0% 38.4% 40.9% 44.0% 36.8%
Debt to stockholders'equity (6)  215.8% 219.3% 214.5% 191.6% 167.4%
Number of collectors  2,023  2,103  2,173  2,159  2,317 
Number of full-time equivalent employees  3,816  3,748  3,799  3,715  3,820 
Cash receipts (5) $409,549 $400,599 $389,020 $398,556 $403,502 
Lines of credit - unused portion at period end  430,651  435,709  446,769  393,246  547,017 
       
(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 redress associated with the Consumer Financial Protection Bureau consent order, expenses associated with acquisitions, legal costs not associated with normal operations, and constant currency adjustments, improve comparability between current year results and prior periods and better reflect the company's operational performance.  Management uses non-GAAP measures internally to evaluate the company's performance and to set performance goals.  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 June 30, 2016
   Net Income   Average Equity   Return on Average
Equity, Annualized
 
 As Reported  $36,456  $887,656   16.4%
 Adjustments   1,872   624   0.9%
 As Adjusted   38,328   888,280   17.3%
       
Six Months Ended June 30, 2016
   Net Income   Average Equity   Return on Average
Equity, Annualized
 
 As Reported  $68,439  $859,479   15.9%
 Adjustments   9,387   1,564   2.2%
 As Adjusted   77,826   861,043   18.1%
       
Three Months Ended June 30, 2015
   Net Income   Average Equity   Return on Average
Equity, Annualized
 
 As Reported  $51,425  $876,426   23.5%
 Adjustments   810   270   0.3%
 As Adjusted   52,235   876,696   23.8%
       
Six Months Ended June 30, 2015
   Net Income   Average Equity   Return on Average
Equity, Annualized
 
 As Reported  $109,560  $824,381   26.6%
 Adjustments   2,612   435   0.6%
 As Adjusted   112,172   824,816   27.2%
       


Three Months Ended June 30, 2016 
  Total
Revenues
 Total
Operating
Expenses
 Income
from
Operations
 Net Income
attributable to
PRA Group, Inc.
 Diluted
EPS
 
As Reported $228,456  $155,700  $72,756  $36,456  $0.79  
Adjustments:           
CFPB expenses including penalty and redress  -   (21)  21   13   -  
Acquisition-related expenses  -   (557)  557   354   0.01  
Legal costs not associated with normal operations  -   (1,623)  1,623   1,031   0.02  
Constant currency adjustments  1,576   1,398   178   474   0.01  
Subtotal of adjustments  1,576   (803)  2,379   1,872   0.04  
As Adjusted  230,032   154,897   75,135   38,328   0.83  
           
Six Months Ended June 30, 2016 
  Total
Revenues
 Total
Operating
Expenses
 Income
from
Operations
 Net Income
attributable to
PRA Group, Inc.
 Diluted
EPS
 
As Reported $453,338  $309,688  $143,650  $68,439  $1.48  
Adjustments:           
CFPB expenses including penalty and redress  -   (73)  73   47   -  
Acquisition-related expenses  -   (1,591)  1,591   1,025   0.02  
Legal costs not associated with normal operations  -   (2,058)  2,058   1,326   0.03  
Constant currency adjustments  5,271   3,129   2,142   6,989   0.15  
Subtotal of adjustments  5,271   (593)  5,864   9,387   0.20  
As Adjusted  458,609   309,095   149,514   77,826   1.68  
            
Three Months Ended June 30, 2015 
  Total
Revenues
 Total
Operating
Expenses
 Income
from
Operations
 Net Income
attributable to
PRA Group, Inc.
 Diluted
EPS
 
As Reported $237,197  $148,318  $88,879  $51,425  $1.06  
Adjustments:           
Acquisition-related expenses  -   (943)  943   624   0.02  
Legal costs not associated with normal operations  -   (282)  282   186   -  
Subtotal of adjustments  -   (1,225)  1,225   810   0.02  
As Adjusted  237,197   147,093   90,104   52,235   1.08  
 
Six Months Ended June 30, 2015 
  Total
Revenues
 Total
Operating
Expenses
 Income
from
Operations
 Net Income
attributable to
PRA Group, Inc.
 Diluted
EPS
 
As Reported $482,403  $297,358  $185,045  $109,560  $2.25  
Adjustments:           
Acquisition-related expenses  -   (3,186)  3,186   2,316   0.05  
Legal costs not associated with normal operations  -   (407)  407   296   -  
Subtotal of adjustments  -   (3,593)  3,593   2,612   0.05  
As Adjusted  482,403   293,765   188,638   112,172   2.30  
 
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