PRA Group Reports Third Quarter 2017 Results

NORFOLK, Va., Nov. 08, 2017 (GLOBE NEWSWIRE) -- PRA Group (Nasdaq:PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the third quarter of 2017. The company reported net income of $15.6 million in the third quarter, compared with $34.3 million in the prior year period. Diluted earnings per share were $0.34versus $0.74 in the third quarter of 2016.

Third Quarter Business Highlights

Increased cash collections 3% compared with the third quarter of 2016.
• Europe Core cash collections increased 7%.
• Global Insolvency collections increased 2%, U.S. Insolvency collections increased 2% versus the prior year quarter and 14% sequentially.
• Americas Core cash collections increased 1%.
Investment in portfolios increased 31% versus the prior year quarter, with a year-to-date total of $734.4 million.
The total number of collectors remained constant with last quarter since the Company was at capacity in the current call centers. However, the Company has announced two new call centers in Henderson, Nevada and Burlington, North Carolina, as well as expansions at existing sites in Virginia. This will add capacity for almost 1,000 new collectors and will be utilized to service the growth in purchases of nonperforming loans the Company is expecting.

Third Quarter Financial Highlights

Investment in portfolios of $210.9 million versus $161.3 million in the prior year quarter.
Estimated remaining collections of $5.4 billion which increased $174 million from the prior year quarter and $100 million sequentially.
Cash collections of $381.8 million versus $371.7 million in the prior year quarter.
Net finance receivable revenue of $197.2 million versus $202.6 million in the prior year quarter.
Income from operations of $54.3 million versus $67.5 million in the prior year quarter.
Net income of $15.6 million versus $34.3 million in the prior year quarter.

“PRA continues to deliver from an operational perspective in both Europe and the Americas and cash collections increased 3% from the same period last year. In Europe, we have seen additional improvement in cash collections from operational enhancements including investment in the legal channel and improved scoring,” said Kevin Stevenson, president and chief executive officer of PRA Group, Inc. “In the U.S., we will be hosting training classes this month in our two new sites and remain optimistic about portfolio supply. We have been investing to prepare for anticipated growth especially in the U.S. and want to make sure we are in the best position possible to help sellers globally with their nonperforming loans.”

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	2017						2016
($ in thousands)	Q3		Q2		Q1		Q4		Q3
Americas-Core	$	212,756	$	217,020	$	226,906	$	193,360	$	210,524
Americas-Insolvency		60,436		53,163		49,813		52,988		60,429
Europe-Core		102,681		99,121		98,081		97,429		96,028
Europe-Insolvency		5,961		5,371		5,030		4,974		4,719
Total Cash Collections	$	381,834	$	374,675	$	379,830	$	348,751	$	371,700


Cash Collection Source -
Constant Currency Adjusted	2017								2016
($ in thousands)	Q3								Q3
Americas-Core	$	212,756							$	211,188
Americas-Insolvency		60,436								60,578
Europe-Core		102,681								99,125
Europe-Insolvency		5,961								4,840
Total Cash Collections	$	381,834							$	375,731

Cash collections in the quarter increased 3% versus the prior year quarter. This marks the first quarter in three and a half years that Americas Insolvency cash collections have grown year over year. U.S. call center cash collections increased 7% primarily due to hiring additional collectors and portfolio acquisitions.
Net finance receivable revenue was lower than the prior year quarter due in large part to the attrition of higher yielding Insolvency portfolios. This was partially offset by significant portfolio investment thus far in the year and yield increases on certain pools.
The reduction in fee income is primarily the result of the sale of two of three fee based subsidiaries earlier in the year.

Expenses

Operating expenses decreased from the previous year largely due to decreased legal collection expense and agency fees. The decline in legal collection expense resulted primarily from fewer accounts in the legal channel during the quarter. The decline in agency fees is primarily the result of the sale of PRA Location Services.
The Company recorded $5.3 million in pre-tax, noncash interest expense and amortization of issuance costs, a $1.0 million gain on interest rate swap agreements, and $1.0 million in amortization of intangible assets.
The year to date effective tax rate was 39.7% compared with 32.2% for the full year 2016. Changes in the effective tax rate were primarily driven by changes in the proportion of income recognized in the U.S. versus other countries.

Portfolio Acquisitions

PRA Group invested $210.9 million in new finance receivables in the third quarter.
The Company has in place forward flow commitments for the purchase of nonperforming loans over the next twelve months with a maximum purchase price of $413.6 million.


Portfolio Purchase Source	2017						2016
($ in thousands)	Q3		Q2		Q1		Q4		Q3
Americas-Core	$	115,572	$	144,871	$	115,166	$	91,800	$	95,452
Americas-Insolvency		73,497		100,040		67,123		20,929		16,760
Europe-Core		14,695		42,876		39,505		80,129		34,240
Europe-Insolvency		7,146		7,860		6,020		6,943		14,803
Total Portfolio Purchasing	$	210,910	$	295,647	$	227,814	$	199,801	$	161,255

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.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 2387408. To listen to a replay of the call until November 15, 2017, call 855-859-2056 in the U.S. or 404-537-3406 outside the U.S. and use conference ID 2387408.

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 more than 4,500 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.
Unaudited Consolidated Income Statements
(in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2017			2016			2017			2016

Revenues:
Income recognized on finance receivables, net	$	197,248		$	202,639		$	582,626		$	613,154
Fee income		2,671			17,597			18,873			56,210
Other revenue		1,091			1,748			6,401			5,958
Total revenues		201,010			221,984			607,900			675,322

Operating expenses:
Compensation and employee services		68,541			65,898			203,780			197,456
Legal collection expenses		27,626			33,447			90,556			97,476
Agency fees		7,599			12,034			27,653			34,227
Outside fees and services		15,631			14,731			46,977			46,415
Communication		8,713			7,814			25,104			26,119
Rent and occupancy		3,668			3,875			10,838			11,709
Depreciation and amortization		4,841			6,184			15,097			18,339
Other operating expenses		10,140			10,513			32,071			32,443
Total operating expenses		146,759			154,496			452,076			464,184
Income from operations		54,251			67,488			155,824			211,138

Other income and (expense):
Gain on sale of subsidiaries		307			-			48,474			-
Interest expense, net		(25,899	)		(19,310	)		(69,662	)		(59,838	)
Foreign exchange (loss)/gain		(1,084	)		5,004			(1,421	)		5,183
Income before income taxes		27,575			53,182			133,215			156,483

Provision for income taxes		10,682			16,664			52,857			50,244
Net income	$	16,893		$	36,518		$	80,358		$	106,239
Adjustment for net income attributable to noncontrolling interests		1,338			2,212			4,963			3,494
Net income attributable to PRA Group, Inc.	$	15,555		$	34,306		$	75,395		$	102,745

Net income per common share attributable to PRA Group, Inc.:
Basic	$	0.34		$	0.74		$	1.64		$	2.22
Diluted	$	0.34		$	0.74		$	1.64		$	2.21

Weighted average number of shares outstanding:
Basic		45,168			46,343			45,838			46,307
Diluted		45,286			46,434			45,991			46,403


PRA Group, Inc.
Consolidated Balance Sheets
(in thousands)
	(unaudited)
	September 30,			December 31,
ASSETS		2017			2016

Cash and cash equivalents	$	113,754		$	94,287
Investments		75,512			68,543
Finance receivables, net		2,577,831			2,307,969
Other receivables, net		10,919			11,650
Income taxes receivable		3,877			9,427
Net deferred tax asset		41,183			28,482
Property and equipment, net		36,428			38,744
Goodwill		538,337			499,911
Intangible assets, net		25,527			27,935
Other assets		37,409			33,808
Assets held for sale		-			43,243

Total assets	$	3,460,777		$	3,163,999

LIABILITIES AND EQUITY

Liabilities:
Accounts payable	$	3,605		$	2,459
Accrued expenses		82,445			82,699
Income taxes payable		4,069			19,631
Net deferred tax liability		237,044			258,344
Interest-bearing deposits		96,395			76,113
Borrowings		1,963,504			1,784,101
Other liabilities		1,213			10,821
Liabilities held for sale		-			4,220

Total liabilities		2,388,275			2,238,388

Redeemable noncontrolling interest		8,620			8,448

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, 45,169 shares
issued and outstanding at September 30, 2017; 100,000 shares authorized,
46,356 shares issued and outstanding at December 31, 2016		452			464
Additional paid-in capital		52,049			66,414
Retained earnings		1,124,762			1,049,367
Accumulated other comprehensive loss		(166,397	)		(251,944	)
Total stockholders' equity - PRA Group, Inc.		1,010,866			864,301
Noncontrolling interest		53,016			52,862
Total equity		1,063,882			917,163
Total liabilities and equity	$	3,460,777		$	3,163,999


Select Expenses (Income)
(in thousands)	Three Months Ended
	September 30, 2017			June 30, 2017			March 31, 2017		December 31, 2016			September 30, 2016			June 30, 2016		March 31, 2016
CFPB expenses including penalty and redress	$	-		$	-		$	-	$	-		$	20		$	21	$	52
Acquisition/divestiture-related expenses		-			-			2,100		458			216			557		1,034
Legal costs not associated with normal operations		218			2,615			1,024		3,741			1,511			1,623		435
Noncash interest expense - amortization of debt discount		2,796			1,809			1,155		1,136			1,127			1,109		1,100
Noncash interest expense - amortization of debt issuance costs		2,505			2,635			1,928		1,929			1,647			2,277		2,263
Interest rate swap agreements		(1,025	)		(1,578	)		158		(1,064	)		(669	)		1,399		1,557
Amortization of intangibles		1,037			869			1,410		929			1,661			1,808		1,775
Stock-based compensation expense		2,218			1,846			2,199		(3,330	)		3,332			2,699		3,437


Purchase Price Multiples
as of September 30, 2017
Amounts in thousands

Purchase Period	Purchase Price (1)(3)		Net Finance Receivables (4)		ERC- Historical Period Exchange Rates (5)		Total Estimated Collections (6)		ERC-Current Period Exchange Rates (7)		Current Estimated Purchase Price Multiple		Original Estimated Purchase Price Multiple (2)
Americas-Core
1996-2006	$	458,635	$	2,948	$	16,991	$	1,605,551	$	16,991	350	%	246	%
2007		179,826		4,862		20,426		442,487		20,426	246	%	227	%
2008		166,444		5,088		16,869		374,936		16,869	225	%	220	%
2009		125,156		1,089		35,328		461,678		35,328	369	%	252	%
2010		148,210		4,720		55,421		539,054		55,421	364	%	247	%
2011		209,654		14,337		77,717		723,855		77,717	345	%	245	%
2012		254,447		28,508		112,688		678,461		112,688	267	%	226	%
2013		391,612		82,257		244,721		971,832		244,721	248	%	211	%
2014		405,910		133,709		366,519		980,208		363,541	241	%	204	%
2015		445,198		209,558		460,239		951,890		463,015	214	%	205	%
2016		456,426		309,426		632,022		964,260		639,433	211	%	201	%
2017		377,203		356,961		668,675		728,881		668,889	193	%	193	%
Subtotal		3,618,721		1,153,463		2,707,616		9,423,093		2,715,039
Americas-Insolvency
1996-2006		54,396		—		404		91,147		404	168	%	145	%
2007		78,524		79		305		106,067		305	135	%	150	%
2008		108,578		469		979		168,971		979	156	%	163	%
2009		155,996		—		3,604		471,952		3,604	303	%	214	%
2010		208,963		—		5,017		548,234		5,017	262	%	184	%
2011		180,479		—		508		366,720		508	203	%	155	%
2012		251,471		—		4,504		386,491		4,504	154	%	136	%
2013		227,999		13,703		29,349		347,301		29,349	152	%	133	%
2014		148,769		33,306		49,021		210,471		48,975	141	%	124	%
2015		63,223		36,365		45,053		81,445		45,053	129	%	125	%
2016		92,486		57,870		69,697		112,436		70,216	122	%	123	%
2017		236,201		215,968		269,794		294,724		269,795	125	%	125	%
Subtotal		1,807,085		357,760		478,235		3,185,959		478,709
Total Americas		5,425,806		1,511,223		3,185,851		12,609,052		3,193,748
Europe-Core
2012		20,451		—		2,388		37,126		1,966	182	%	187	%
2013		20,365		668		1,596		22,933		1,290	113	%	119	%
2014		797,808		349,722		1,112,324		2,072,020		1,003,317	260	%	208	%
2015		423,412		255,365		497,625		720,188		468,229	170	%	160	%
2016		348,867		302,569		488,745		587,387		516,385	168	%	167	%
2017		97,295		94,865		140,656		150,084		147,488	154	%	154	%
Subtotal		1,708,198		1,003,189		2,243,334		3,589,738		2,138,675
Europe-Insolvency
2014		10,876		2,529		6,608		18,393		6,223	169	%	129	%
2015		19,418		8,994		16,654		28,872		15,044	149	%	139	%
2016		42,222		30,030		41,601		57,791		42,764	137	%	130	%
2017		21,402		21,866		26,793		27,142		27,643	127	%	127	%
Subtotal		93,918		63,419		91,656		132,198		91,674
Total Europe		1,802,116		1,066,608		2,334,990		3,721,936		2,230,349
Total PRA Group	$	7,227,922	$	2,577,831	$	5,520,841	$	16,330,988	$	5,424,097

(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) The Original Estimated Purchase Price Multiple represents the purchase price multiple at the end of the year of acquisition.
(3) 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.
(4) For our international amounts, Net Finance Receivables are presented at the September 30, 2017 exchange rate.
(5) For our international amounts, ERC-Historical Period Exchange Rates is presented at the period-end exchange rate for the respective quarter of purchase.
(6) For our international amounts, TEC is presented at the period-end exchange rate for the respective quarter of purchase.
(7) For our international amounts, ERC-Current Period Exchange Rates is presented at the September 30, 2017 exchange rate.


Portfolio Financial Information
Year-to-date as of September 30, 2017
Amounts in thousands

Purchase Period	Purchase Price (1)(3)		Cash Collections (2)		Gross Revenue (2)		Amortization (2)		Allowance (2)			Net Revenue (2)		Net Finance Receivables as of September 30, 2017 (4)
Americas-Core
1996-2006	$	458,635	$	6,116	$	4,608	$	1,508	$	—		$	4,608	$	2,948
2007		179,826		4,539		2,997		1,542		330			2,667		4,862
2008		166,444		4,757		2,647		2,110		145			2,502		5,088
2009		125,156		8,724		7,000		1,724		200			6,800		1,089
2010		148,210		12,546		8,813		3,733		—			8,813		4,720
2011		209,654		25,782		20,386		5,396		285			20,101		14,337
2012		254,447		31,838		20,292		11,546		—			20,292		28,508
2013		391,612		62,833		43,993		18,840		1,605			42,388		82,257
2014		405,910		90,971		61,881		29,090		1,114			60,767		133,709
2015		445,198		148,469		73,109		75,360		814			72,295		209,558
2016		456,426		199,942		107,138		92,804		288			106,850		309,426
2017		377,203		60,165		39,831		20,334		—			39,831		356,961
Subtotal		3,618,721		656,682		392,695		263,987		4,781			387,914		1,153,463
Americas-Insolvency
1996-2006		54,396		113		113		—		—			113		—
2007		78,524		148		77		71		—			77		79
2008		108,578		251		105		146		100			5		469
2009		155,996		1,284		1,284		—		—			1,284		—
2010		208,963		1,966		1,913		53		20			1,893		—
2011		180,479		3,135		3,135		—		—			3,135		—
2012		251,471		26,053		16,825		9,228		—			16,825		—
2013		227,999		37,763		10,210		27,553		—			10,210		13,703
2014		148,769		28,976		7,818		21,158		(12	)		7,830		33,306
2015		63,223		15,106		3,141		11,965		—			3,141		36,365
2016		92,486		23,686		4,679		19,007		1,030			3,649		57,870
2017		236,201		24,931		4,697		20,234		—			4,697		215,968
Subtotal		1,807,085		163,412		53,997		109,415		1,138			52,859		357,760
Total Americas		5,425,806		820,094		446,692		373,402		5,919			440,773		1,511,223
Europe-Core
2012		20,451		1,501		1,501		—		—			1,501		—
2013		20,365		911		627		284		62			565		668
2014		797,808		165,299		91,086		74,213		1,070			90,016		349,722
2015		423,412		64,096		24,264		39,832		1,387			22,877		255,365
2016		348,867		58,373		20,856		37,517		840			20,016		302,569
2017		97,295		9,703		2,877		6,826		—			2,877		94,865
Subtotal		1,708,198		299,883		141,211		158,672		3,359			137,852		1,003,189
Europe-Insolvency
2014		10,876		2,464		1,117		1,347		—			1,117		2,529
2015		19,418		3,875		1,014		2,861		134			880		8,994
2016		42,222		9,669		1,859		7,810		—			1,859		30,030
2017		21,402		354		145		209		—			145		21,866
Subtotal		93,918		16,362		4,135		12,227		134			4,001		63,419
Total Europe		1,802,116		316,245		145,346		170,899		3,493			141,853		1,066,608
Total PRA Group	$	7,227,922	$	1,136,339	$	592,038	$	544,301	$	9,412		$	582,626	$	2,577,831

(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, Cash Collections are presented using the average exchange rates during the current reporting period.
(3) 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.
(4) For our international amounts, Net Finance Receivables are presented at the September 30, 2017 exchange rate.

Cash Collections by Year, By Year of Purchase (2)
as of September 30, 2017
Amounts in thousands

Purchase Period	Purchase Price (1)(3)		Cash Collections
Purchase Period	Purchase Price (1)(3)		1996-2006			2007		2008		2009		2010		2011		2012		2013		2014		2015		2016		2017	Total
Americas-Core
1996-2006	$	458,635	$	861,003	$	195,738	$	135,589	$	99,674	$	77,459	$	64,555	$	49,820	$	35,711	$	25,488	$	18,293	$	11,862	$	6,116	$	1,581,308
2007		179,826		—		39,412		87,039		69,175		60,230		50,996		39,585		28,244		19,759		14,198		8,883		4,539		422,060
2008		166,444		—		—		47,253		72,080		62,363		53,654		42,850		31,307		21,027		13,786		8,989		4,757		358,066
2009		125,156		—		—		—		40,703		95,627		84,339		69,385		51,121		35,555		24,896		16,000		8,724		426,350
2010		148,210		—		—		—		—		47,076		113,554		109,873		82,014		55,946		38,110		24,515		12,546		483,634
2011		209,654		—		—		—		—		—		61,971		174,461		152,908		108,513		73,793		48,711		25,782		646,139
2012		254,447		—		—		—		—		—		—		56,901		173,589		146,198		97,267		59,981		31,838		565,774
2013		391,612		—		—		—		—		—		—		—		101,614		247,849		194,026		120,789		62,833		727,111
2014		405,910		—		—		—		—		—		—		—		—		92,660		253,448		170,311		90,971		607,390
2015		445,198		—		—		—		—		—		—		—		—		—		116,951		228,432		148,469		493,852
2016		456,426		—		—		—		—		—		—		—		—		—		—		138,723		199,942		338,665
2017		377,203		—		—		—		—		—		—		—		—		—		—		—		60,165		60,165
Subtotal		3,618,721		861,003		235,150		269,881		281,632		342,755		429,069		542,875		656,508		752,995		844,768		837,196		656,682		6,710,514
Americas-Insolvency
1996-2006		54,396		34,138		24,166		14,822		8,212		4,518		2,141		1,023		678		437		302		193		113		90,743
2007		78,524		—		2,850		27,972		25,630		22,829		16,093		7,551		1,206		714		500		270		148		105,763
2008		108,578		—		—		14,024		35,894		37,974		35,690		28,956		11,650		1,884		1,034		635		251		167,992
2009		155,996		—		—		—		16,635		81,780		102,780		107,888		95,725		53,945		5,781		2,531		1,284		468,349
2010		208,963		—		—		—		—		39,486		104,499		125,020		121,717		101,873		43,649		5,008		1,966		543,218
2011		180,479		—		—		—		—		—		15,218		66,379		82,752		85,816		76,915		35,996		3,135		366,211
2012		251,471		—		—		—		—		—		—		17,388		103,610		94,141		80,079		60,715		26,053		381,986
2013		227,999		—		—		—		—		—		—		—		52,528		82,596		81,679		63,386		37,763		317,952
2014		148,769		—		—		—		—		—		—		—		—		37,045		50,880		44,313		28,976		161,214
2015		63,223		—		—		—		—		—		—		—		—		—		3,395		17,892		15,106		36,393
2016		92,486		—		—		—		—		—		—		—		—		—		—		18,869		23,686		42,555
2017		236,201		—		—		—		—		—		—		—		—		—		—		—		24,931		24,931
Subtotal		1,807,085		34,138		27,016		56,818		86,371		186,587		276,421		354,205		469,866		458,451		344,214		249,808		163,412		2,707,307
Total Americas		5,425,806		895,141		262,166		326,699		368,003		529,342		705,490		897,080		1,126,374		1,211,446		1,188,982		1,087,004		820,094		9,417,821
Europe-Core
2012		20,451		—		—		—		—		—		—		11,604		8,995		5,641		3,175		2,198		1,501		33,114
2013		20,365		—		—		—		—		—		—		—		7,068		8,540		2,347		1,326		911		20,192
2014		797,808		—		—		—		—		—		—		—		—		153,180		291,980		246,365		165,299		856,824
2015		423,412		—		—		—		—		—		—		—		—		—		45,760		100,263		64,096		210,119
2016		348,867		—		—		—		—		—		—		—		—		—		—		40,368		58,373		98,741
2017		97,295		—		—		—		—		—		—		—		—		—		—		—		9,703		9,703
Subtotal		1,708,198		—		—		—		—		—		—		11,604		16,063		167,361		343,262		390,520		299,883		1,228,693
Europe-Insolvency
2014		10,876		—		—		—		—		—		—		—		—		5		4,297		3,921		2,464		10,687
2015		19,418		—		—		—		—		—		—		—		—		—		2,954		4,366		3,875		11,195
2016		42,222		—		—		—		—		—		—		—		—		—		—		6,175		9,669		15,844
2017		21,402		—		—		—		—		—		—		—		—		—		—		—		354		354
Subtotal		93,918		—		—		—		—		—		—		—		—		5		7,251		14,462		16,362		38,080
Total Europe		1,802,116		—		—		—		—		—		—		11,604		16,063		167,366		350,513		404,982		316,245		1,266,773
Total PRA Group	$	7,227,922	$	895,141	$	262,166	$	326,699	$	368,003	$	529,342	$	705,490	$	908,684	$	1,142,437	$	1,378,812	$	1,539,495	$	1,491,986	$	1,136,339	$	10,684,594

(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, Cash Collections are presented using the average exchange rates during the cash collection period.
(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
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

Source: PRA Group, Inc.