PRA Group Reports Fourth Quarter and Full Year 2017 Results

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PRA Investorroom

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

Source: PRA Group, Inc.