PRA Group Reports Fourth Quarter and Full Year 2017 Results

NORFOLK, Va.Feb. 27, 2018 -- 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 2017.  The company reported net income of $86.9 million in the fourth quarter, compared with a net loss of $17.6 million in the prior year period.  Diluted earnings per share were $1.92 versus a loss of $0.38 in the fourth quarter of 2016.  For the full year of 2017 net income was $162.3 million, or $3.54 per diluted share, versus $85.1 million or $1.83 per diluted share in the prior year.  Financial performance in the quarter was impacted by certain special items including a one-time, net after-tax benefit of $73.2 million due to the Tax Cuts and Jobs Act, pre-tax expense of $1.7 million from the impairment of a legacy PRA Group Europe passive investment, and after-tax expense of $2.0 million related to redeemable noncontrolling interest in a Polish securitization fund. 

“PRA Group had a productive fourth quarter increasing cash collections 8%, investing significant capital with a record quarter in Americas Core, increasing estimated remaining collections (ERC) to $5.70 billion and increasing the number of net new full-time U.S. based collectors to over 2,725,” said Kevin Stevenson, president and chief executive officer.  “In 2017, we raised capital to prepare for additional portfolio investment, invested record amounts in Americas Core and Americas Insolvency, announced the opening of two new call centers in the U.S., added over 1,100 net new full-time U.S. based collectors, and collected more cash than ever in Europe Core.  I am extremely pleased by what we have accomplished this year.”   

Fourth Quarter Highlights

  • Cash collections of $376.3 million, an increase of 8% versus the fourth quarter of 2016.
    • Americas Insolvency collections increased 12% versus the prior year quarter.  
    • Europe Core cash collections increased 10%.
    • Americas Core cash collections increased 6% with U.S. call center cash collections increasing 16%.    
  • Investment in portfolios was $374.6 million, an increase of 87% versus the prior year quarter.  
  • Over 2,725 full-time U.S. based collectors, an increase of 70% versus the fourth quarter of 2016.
  • ERC of $5.70 billion, an increase of 5% versus the third quarter of 2017. 

Full Year Highlights

  • Raised capital in anticipation of increased investment opportunity in the U.S.
  • Set a record level of total investment of $1.11 billion, excluding business acquisitions, as well as set records in both Americas Core and Americas Insolvency.
  • Opened two new call centers in the U.S. to accommodate increased portfolio investment.
  • Added over 1,100 net new full-time U.S. based collectors.
  • Collected more cash than ever before in Europe Core.
  • Made significant operational improvements in Europe.
  • Cash collections of $1.51 billion, an increase of 1% versus 2016 driven largely by a 6% increase in U.S. call center cash collections.
  • ERC increased $656 million, or 13%, from the end of 2016. 

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)   Q4 Q3 Q2 Q1   Q4
  Americas-Core   $   204,245 $   212,756 $   217,020 $   226,906   $   193,360
  Americas-Insolvency       59,103     60,436     53,163     49,813       52,988
  Europe-Core       107,124     102,681     99,121     98,081       97,429
  Europe-Insolvency       5,794     5,961     5,371     5,030       4,974
  Total Cash Collections   $   376,266 $   381,834 $   374,675 $   379,830   $   348,751
                 
                 
                 
  Cash Collection Source -              
  Constant Currency Adjusted    2017          2016
  ($ in thousands)   Q4         Q4
  Americas-Core   $   204,245         $   193,867
  Americas-Insolvency       59,103             53,170
  Europe-Core       107,124             104,892
  Europe-Insolvency       5,794             5,354
  Total Cash Collections   $   376,266         $   357,283
                 
                 
  • Cash collections in the quarter increased 8% versus the prior year quarter.  U.S. call center cash collections increased 16% primarily from hiring additional collectors and portfolio acquisitions.  Americas Insolvency cash collections increased 12% primarily as a result of increased portfolio purchases in 2017.  This was partially offset by a decrease of 5% in U.S. legal cash collections.  Full year cash collections increased 1% driven primarily by growth in U.S. call center cash collections. 
  • Net finance receivable revenue increased 50% versus the prior year quarter due to an outsized allowance charge in the fourth quarter of 2016.  Additionally, net finance receivable revenue was increased by significant portfolio investment and yield increases on certain pools.  For the full year, net finance receivable revenue increased 5%. 
  • Fee income declined 71% primarily as a result of the sale of two fee-based subsidiaries earlier in the year.  For the full year, fee income declined 68%. 

Expenses

  • Operating expenses in the quarter increased from the previous year largely due to increases in compensation and employee services expense.  This is due to the increase in the number of U.S. based collectors as the Company accommodates growth in supply of nonperforming loans domestically.  This was partially offset by lower legal collection expenses due to fewer accounts qualifying for the legal collections channel and lower agency fees due to the sale of subsidiaries earlier in the year.  For the full year, operating expenses decreased 2%. 
  • During the quarter, the Company recorded $5.3 million in pre-tax, noncash interest expense and amortization of debt issuance costs, a $0.4 million expense on interest rate swap agreements, and $1.0 million in amortization of intangible assets.
  • The full year effective tax rate was negative due to a revaluation of deferred tax assets and liabilities as a result of the Tax Cuts and Jobs Act.  The revaluation resulted in a provisional decrease to net deferred tax liabilities.  The net, after-tax impact related to the revaluation of the deferred tax liability was $73.2 million

Portfolio Acquisitions

  • PRA Group invested $374.6 million in new finance receivables in the fourth quarter.     
  • The Company had in place forward flow commitments as of the end of 2017 for the purchase of nonperforming loans during 2018 with a maximum purchase price of $203.2 million
                 
  Portfolio Purchase Source    2017    2016
  ($ in thousands)   Q4 Q3 Q2 Q1   Q4
  Americas-Core   $   160,278 $   115,572 $   144,871 $   115,166   $   91,800
  Americas-Insolvency       44,195     73,497     100,040     67,123       20,929
  Europe-Core       152,417     14,695     42,876     39,505       80,129
  Europe-Insolvency       17,698     7,146     7,860     6,020       6,943
  Total Portfolio Purchasing   $   374,588 $   210,910 $   295,647 $   227,814   $   199,801
                 
                 

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 4276657.  To listen to a replay of the call until March 6, 2018, call 855-859-2056 in the U.S. or 404-537-3406 outside the U.S. and use conference ID 4276657.                         

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 nearly 5,100 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   Twelve Months Ended
              December 31,   December 31,
                2017       2016       2017       2016  
                           
Revenues:              
  Income recognized on finance receivables, net $ 198,177     $ 131,965     $ 780,803     $   745,119  
  Fee income   6,043       21,171       24,916       77,381  
  Other revenue   1,454       2,122       7,855       8,080  
        Total revenues   205,674       155,258       813,574       830,580  
                           
Operating expenses:              
  Compensation and employee services   69,253       61,390       273,033       258,846  
  Legal collection expenses   28,842       34,726       119,398       132,202  
  Agency fees   7,877       10,695       35,530       44,922  
  Outside fees and services   15,815       16,683       62,792       63,098  
  Communication   8,028       7,652       33,132       33,771  
  Rent and occupancy   3,985       4,001       14,823       15,710  
  Depreciation and amortization   4,666       6,020       19,763       24,359  
  Other operating expenses   12,032       7,023       44,103       39,466  
        Total operating expenses   150,498       148,190       602,574       612,374  
        Income from operations   55,176       7,068       211,000       218,206  
                           
Other income and (expense):              
  Gain on sale of subsidiaries   -       -       48,474       -  
  Interest expense, net   (28,379 )     (21,026 )     (98,041 )     (80,864 )
  Foreign exchange gain/(loss)   317       (2,619 )     (1,104 )     2,564  
  Other       (2,790 )     (5,823 )     (2,790 )     (5,823 )
        Income/(loss) before income taxes   24,324       (22,400 )     157,539       134,083  
                           
        Income tax (benefit)/expense   (64,393 )     (7,053 )     (11,536 )     43,191  
        Net income/(loss) $   88,717     $ (15,347 )   $ 169,075     $   90,892  
          Adjustment for net income attributable to noncontrolling interests   1,847       2,301       6,810       5,795  
        Net income/(loss) attributable to PRA Group, Inc. $   86,870     $ (17,648 )   $ 162,265     $   85,097  
                                           
Net income per common share attributable to PRA Group, Inc.:              
  Basic     $   1.92     $   (0.38 )   $   3.55     $   1.84  
  Diluted   $   1.92     $   (0.38 )   $   3.54     $   1.83  
                           
Weighted average number of shares outstanding:              
  Basic       45,170       46,346       45,671       46,316  
  Diluted     45,318       46,346       45,823       46,388  
                           

 

PRA Group, Inc.
Consolidated Balance Sheets
(in thousands)
              (unaudited)    
                December 31,       December 31,  
ASSETS   2017       2016  
                   
Cash and cash equivalents $   120,516     $   94,287  
Investments   78,290       68,543  
Finance receivables, net   2,771,921       2,307,969  
Other receivables, net   15,770       11,650  
Income taxes receivable   21,686       9,427  
Net deferred tax asset   57,529       28,482  
Property and equipment, net   49,311       38,744  
Goodwill       526,513       499,911  
Intangible assets, net   23,572       27,935  
Other assets   32,656       33,808  
Assets held for sale   -       43,243  
                   
          Total assets $   3,697,764     $   3,163,999  
                   
LIABILITIES AND EQUITY      
                   
Liabilities:        
  Accounts payable $   4,992     $   2,459  
  Accrued expenses   85,993       82,699  
  Income taxes payable   10,771       19,631  
  Net deferred tax liability   171,185       258,344  
  Interest-bearing deposits   98,580       76,113  
  Borrowings   2,170,182       1,784,101  
  Other liabilities   9,018       10,821  
  Liabilities held for sale   -       4,220  
                   
          Total liabilities   2,550,721       2,238,388  
                   
Redeemable noncontrolling interest   9,534       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, 45,189 shares      
      issued and outstanding at December 31, 2017; 100,000 shares authorized,      
      46,356 shares issued and outstanding at December 31, 2016   452       464  
    Additional paid-in capital   53,870       66,414  
    Retained earnings   1,211,632       1,049,367  
    Accumulated other comprehensive loss   (178,607 )     (251,944 )
      Total stockholders' equity - PRA Group, Inc.   1,087,347       864,301  
        Noncontrolling interest   50,162       52,862  
        Total equity   1,137,509       917,163  
          Total liabilities and equity $   3,697,764     $   3,163,999  
                   

 

Select Expenses (Income)                
(in thousands) Three Months Ended
  December 31, 2017 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   160   218     2,615     1,024   3,741     1,511     1,623   435
Noncash interest expense - amortization of debt discount   2,823   2,796      1,809     1,155   1,136     1,127     1,109   1,100
Noncash interest expense - amortization of debt issuance costs   2,501   2,505     2,635     1,928   1,929     1,647     2,277   2,263
Change in fair value on Interest rate swap agreements   420   (1,025 )   (1,578 )   158   (1,064 )   (669 )   1,399   1,557
Amortization of intangibles   1,016   1,037     869     1,410   929     1,661     1,808   1,775
Stock-based compensation expense   2,415   2,218     1,846     2,199   (3,330 )   3,332     2,699   3,437
                 

 

Purchase Price Mutiples
as of December 31, 2017
Amounts in thousands
               
Purchase Period Purchase Price (1)(2) Net Finance 
Receivables 
Balance (3)
ERC-Historical 
Period 
Exchange 
Rates (4)
Total Estimated 
Collections (5)
ERC-Current 
Period 
Exchange 
Rates (6)
Current 
Estimated 
Purchase Price 
Multiple
Original 
Estimated 
Purchase Price 
Multiple (7)
Americas-Core              
1996-2007 $   638,461 $   7,219 $   33,725 $   2,047,118 $   33,725 321 % 240 %
2008   166,443   4,388   15,250   374,591   15,250 225 % 220 %
2009   125,155   1,061   31,648   460,268   31,648 368 % 252 %
2010   148,205   3,511   51,797   538,470   51,797 363 % 247 %
2011   209,641   13,204   71,734   724,082   71,734 345 % 245 %
2012   254,321   25,362   104,895   678,874   104,895 267 % 226 %
2013   391,380   77,559   228,470   971,627   228,470 248 % 211 %
2014   405,672   128,029   343,236   980,416   340,320 242 % 204 %
2015   444,699   192,170   422,657   951,477   424,503 214 % 205 %
2016   455,882   283,245   599,155   987,174   604,147 217 % 201 %
2017   536,889   498,896   931,168   1,038,636   930,246 193 % 193 %
Subtotal   3,776,748   1,234,644   2,833,735   9,752,733   2,836,735    
Americas-Insolvency            
2004-2007   132,917     669   197,234   669 148 % 148 %
2008   108,550     582   168,656   582 155 % 163 %
2009   155,996     2,305   470,951   2,305 302 % 214 %
2010   208,962     3,642   547,318   3,642 262 % 184 %
2011   180,477     1,328   368,130   1,328 204 % 155 %
2012   251,459     2,971   388,242   2,971 154 % 136 %
2013   227,909   7,700   25,508   353,478   25,508 155 % 133 %
2014   148,727   26,834   40,295   210,136   40,249 141 % 124 %
2015   63,214   32,239   40,821   82,251   40,821 130 % 125 %
2016   92,381   52,221   62,163   111,592   62,530 121 % 123 %
2017   278,066   238,178   297,770   346,861   297,770 125 % 125 %
Subtotal   1,848,658   357,172   478,054   3,244,849   478,375    
Total Americas   5,625,406   1,591,816   3,311,789   12,997,582   3,315,110    
Europe-Core              
2012   20,428     2,762   38,159   2,291 187 % 187 %
2013   20,362   558   1,810   23,557   1,473 116 % 119 %
2014   797,672   328,018   1,072,708   2,094,303   971,396 263 % 208 %
2015   422,610   244,024   485,692   731,464   461,521 173 % 160 %
2016   348,864   287,117   467,051   585,199   492,745 168 % 167 %
2017   250,596   242,800   343,106   360,511   350,842 144 % 144 %
Subtotal   1,860,532   1,102,517   2,373,129   3,833,193   2,280,268    
Europe-Insolvency            
2014   10,876   2,149   5,716   18,291   5,444 168 % 129 %
2015   19,409   8,219   15,323   28,808   13,950 148 % 139 %
2016   42,216   28,163   38,516   57,666   39,948 137 % 130 %
2017   38,841   39,057   48,496   49,716   49,530 128 % 128 %
Subtotal   111,342   77,588   108,051   154,481   108,872    
Total Europe   1,971,874   1,180,105   2,481,180   3,987,674   2,389,140    
Total PRA Group $   7,597,280 $   2,771,921 $   5,792,969 $   16,985,256 $   5,704,250    
               
(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 December 31, 2017 exchange rate.
(4) For our international amounts, ERC-Historical Period Exchange Rates is presented at the period-end exchange rate for the respective quarter of purchase.
(5) For our international amounts, TEC 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 December 31, 2017 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 December 31, 2017
Amounts in thousands
               
Purchase Period Purchase 
Price (1)(2)
Cash 
Collections (3)
Gross 
Revenue (3)
Amortization (3) Allowance (3) Net Revenue (3) Net Finance 
Receivables Balance 
as of December 31, 
2017 (4)
Americas-Core              
1996-2007 $   638,461 $   13,427 $   9,788 $   3,639 $   332   $   9,456 $   7,219
2008   166,443   6,031   3,330   2,701   252     3,078   4,388
2009   125,155   10,994   9,242   1,752   200     9,042   1,061
2010   148,205   15,587   10,650   4,937       10,650   3,511
2011   209,641   31,991   25,700   6,291   510     25,190   13,204
2012   254,321   40,042   25,577   14,465   100     25,477   25,362
2013   391,380   78,880   56,589   22,291   2,620     53,969   77,559
2014   405,672   114,219   80,097   34,122   1,464     78,633   128,029
2015   444,699   185,898   94,430   91,468   1,451     92,979   192,170
2016   455,882   256,531   138,663   117,868   447     138,216   283,245
2017   536,889   107,327   69,743   37,584       69,743   498,896
Subtotal   3,776,748   860,927   523,809   337,118   7,376     516,433   1,234,644
Americas-Insolvency            
2004-2007   132,917   321   235   86   60     175  
2008   108,550   332   119   213   472     -353  
2009   155,996   1,581   1,581         1,581  
2010   208,962   2,425   2,373   52   20     2,353  
2011   180,477   3,726   3,726         3,726  
2012   251,459   29,337   20,126   9,211       20,126  
2013   227,909   47,781   14,315   33,466       14,315   7,700
2014   148,727   37,350   9,650   27,700   (125 )   9,775   26,834
2015   63,214   20,143   4,061   16,082       4,061   32,239
2016   92,381   30,426   5,955   24,471   1,030     4,925   52,221
2017   278,066   49,093   9,204   39,889       9,204   238,178
Subtotal   1,848,658   222,515   71,345   151,170   1,457     69,888   357,172
Total Americas   5,625,406   1,083,442   595,154   488,288   8,833     586,321   1,591,816
Europe-Core              
2012   20,428   2,038   2,058   -20       2,058  
2013   20,362   1,239   844   395   62     782   558
2014   797,672   220,765   122,904   97,861   -141     123,045   328,018
2015   422,610   86,156   33,022   53,134   1,280     31,742   244,024
2016   348,864   78,915   27,325   51,590   1,589     25,736   287,117
2017   250,596   17,894   5,177   12,717   141     5,036   242,800
Subtotal   1,860,532   407,007   191,330   215,677   2,931     188,399   1,102,517
Europe-Insolvency            
2014   10,876   3,207   1,459   1,748       1,459   2,149
2015   19,409   5,013   1,331   3,682   134     1,197   8,219
2016   42,216   12,703   2,800   9,903       2,800   28,163
2017   38,841   1,233   627   606       627   39,057
Subtotal   111,342   22,156   6,217   15,939   134     6,083   77,588
Total Europe   1,971,874   429,163   197,547   231,616   3,065     194,482   1,180,105
Total PRA Group $   7,597,280 $   1,512,605 $   792,701 $   719,904 $   11,898   $   780,803 $   2,771,921
               
(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 December 31, 2017 exchange rate.  
               

 

Cash Collections by Year, By Year of Purchase (1)
as of December 31, 2017
Amounts in thousands
     
  Purchase  Cash Collections
Purchase Period  Price (2)(3) 1996-2007   2008   2009   2010   2011   2012   2013   2014   2015   2016   2017 Total
Americas-Core                          
1996-2007 $   638,461 $   1,096,153 $   222,628 $   168,849 $   137,689 $   115,551 $   89,405 $   63,955 $   45,247 $   32,491 $   20,745 $   13,427 $   2,006,140
2008   166,443     47,253   72,080   62,363   53,654   42,850   31,307   21,027   13,786   8,989   6,031   359,340
2009   125,155       40,703   95,627   84,339   69,385   51,121   35,555   24,896   16,000   10,994   428,620
2010   148,205         47,076   113,554   109,873   82,014   55,946   38,110   24,515   15,587   486,675
2011   209,641           61,971   174,461   152,908   108,513   73,793   48,711   31,991   652,348
2012   254,321             56,901   173,589   146,198   97,267   59,981   40,042   573,978
2013   391,380               101,614   247,849   194,026   120,789   78,880   743,158
2014   405,672                 92,660   253,448   170,311   114,219   630,638
2015   444,699                   116,951   228,432   185,898   531,281
2016   455,882                     138,723   256,531   395,254
2017   536,889                       107,327   107,327
Subtotal   3,776,748   1,096,153   269,881   281,632   342,755   429,069   542,875   656,508   752,995   844,768   837,196   860,927   6,914,759
Americas-Insolvency                        
2004-2007   132,917   61,154   42,794   33,842   27,347   18,234   8,574   1,884   1,151   802   463   321   196,566
2008   108,550     14,024   35,894   37,974   35,690   28,956   11,650   1,884   1,034   635   332   168,073
2009   155,996       16,635   81,780   102,780   107,888   95,725   53,945   5,781   2,531   1,581   468,646
2010   208,962         39,486   104,499   125,020   121,717   101,873   43,649   5,008   2,425   543,677
2011   180,477           15,218   66,379   82,752   85,816   76,915   35,996   3,726   366,802
2012   251,459             17,388   103,610   94,141   80,079   60,715   29,337   385,270
2013   227,909               52,528   82,596   81,679   63,386   47,781   327,970
2014   148,727                 37,045   50,880   44,313   37,350   169,588
2015   63,214                   3,395   17,892   20,143   41,430
2016   92,381                     18,869   30,426   49,295
2017   278,066                       49,093   49,093
Subtotal   1,848,658   61,154   56,818   86,371   186,587   276,421   354,205   469,866   458,451   344,214   249,808   222,515   2,766,410
Total Americas   5,625,406   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   9,681,169
Europe-Core                          
2012   20,428             11,604   8,995   5,641   3,175   2,198   2,038   33,651
2013   20,362               7,068   8,540   2,347   1,326   1,239   20,520
2014   797,672                 153,180   291,980   246,365   220,765   912,290
2015   422,610                   45,760   100,263   86,156   232,179
2016   348,864                     40,368   78,915   119,283
2017   250,596                       17,894   17,894
Subtotal   1,860,532             11,604   16,063   167,361   343,262   390,520   407,007   1,335,817
Europe-Insolvency                        
2014   10,876                 5   4,297   3,921   3,207   11,430
2015   19,409                   2,954   4,366   5,013   12,333
2016   42,216                     6,175   12,703   18,878
2017   38,841                       1,233   1,233
Subtotal   111,342                 5   7,251   14,462   22,156   43,874
Total Europe   1,971,874             11,604   16,063   167,366   350,513   404,982   429,163   1,379,691
Total PRA Group $   7,597,280 $   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 $   11,060,860
                           
(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
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

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Source: PRA Group, Inc.