PRA Group Reports First Quarter 2018 Results

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Releases

PRA Investorroom

NORFOLK, Va., May 09, 2018 (GLOBE NEWSWIRE) -- PRA Group (Nasdaq:PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the first quarter of 2018. The Company reported diluted earnings per share of $0.47 compared to $1.03in the first quarter of 2017. The first quarter of 2017 included a net, after-tax gain of approximately $27 million on the sale of the Government Services business.

First Quarter Business Highlights

Record global cash collections of $426.6 million, an increase of 12% compared to the first quarter of 2017, driven by operational efforts and portfolio purchasing.
Nearly 3,100 full-time U.S. based collectors, an increase of 13% compared to the fourth quarter of 2017.
Record Estimated Remaining Collections (ERC), driven by portfolio purchases and increases in cash collection estimates.

First Quarter Financial Highlights

ERC of $5.78 billion which increased $634.5 million from the prior year quarter and $73.7 million sequentially.
Net finance receivable revenue of $217.7 million compared to $194.5 million in the first quarter of 2017.
Income from operations of $53.6 million compared to $53.3 million in the first quarter of 2017.
Net income attributable to PRA Group, Inc. of $21.1 million compared to $48.2 million in the prior year quarter. The first quarter of 2017 included a net, after-tax gain of approximately $27 million on the sale of Government Services.
Investment in portfolios of $168.3 million compared to $227.8 million in the first quarter of 2017, including an increase of 14% in Americas Core.

“Since the middle of 2016, PRA has been hiring U.S. based collectors and has opened two new call centers to meet the needs of our existing portfolios and future purchases. This quarter shows the results of those efforts with a 22% increase in cash collections in the U.S. call centers and a record quarter of global cash collections,” said Kevin Stevenson, president and chief executive officer of PRA Group. “Hiring and operational improvements, together with record portfolio purchases in 2017, continue to drive increases in cash collections. The hiring of additional collectors has done exactly what we communicated it would – allowed us to address our portfolios more appropriately, and that is reflected in our results. I am impressed, but not surprised, that our team has been able to accommodate this growth.”

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	2018		2017
($ in thousands)	Q1		Q4		Q3		Q2		Q1
Americas-Core	$	246,237	$	204,245	$	212,756	$	217,020	$	226,906
Americas-Insolvency		55,280		59,103		60,436		53,163		49,813
Europe-Core		118,109		107,124		102,681		99,121		98,081
Europe-Insolvency		6,954		5,794		5,961		5,371		5,030
Total Cash Collections	$	426,580	$	376,266	$	381,834	$	374,675	$	379,830



Cash Collection Source -
Constant Currency Adjusted	2018								2017
($ in thousands)	Q1								Q1
Americas-Core	$	246,237							$	226,405
Americas-Insolvency		55,280								49,997
Europe-Core		118,109								111,143
Europe-Insolvency		6,954								5,699
Total Cash Collections	$	426,580							$	393,244

Cash collections in the quarter increased 12% compared to the first quarter of 2017. U.S. call center cash collections increased 22% primarily from record portfolio acquisitions in 2017 and reaching appropriate staffing levels in the U.S. call centers. This was partially offset by decreases in Brazil cash collections and U.S. legal cash collections. Americas Insolvency cash collections increased 11% primarily as a result of record portfolio purchases in 2017.
Cash collections on fully amortized pools were $15.6 million, an increase of $2.1 millioncompared to the first quarter of 2017.
Cash collections on nonaccrual pools were $17.5 million.
Net finance receivable revenue increased 12% compared to the prior year period due to yield increases on certain pools in Americas Core and Europe Core, as well as record portfolio purchases in the Americas during 2017.
Fee income declined $4.5 million primarily as a result of the sale of two fee-based subsidiaries in 2017.

Expenses

Operating expenses in the quarter increased largely due to compensation and employee services and communication expenses. The increase in compensation and employee services expense is due to the hiring of U.S. based collectors as the Company accommodates growth in the U.S. supply of nonperforming loans. Communication expenses increased largely due to higher letter and call volume associated with record portfolio purchases in the U.S. during 2017 and approximately 1,100 additional collectors operating during the quarter compared to the first quarter of 2017.
During the quarter, the Company recorded $5.4 million in pre-tax, noncash interest expense and amortization of debt issuance costs, a $3.7 million gain on interest rate swap agreements, and $1.2 million in amortization of intangible assets.
The effective tax rate in the quarter was 20.9% reflecting the effects of U.S. tax reform and changes in mix of projected taxable income among jurisdictions.

Portfolio Acquisitions

PRA Group invested $168.3 million in finance receivables in the first quarter.
At the end of the first quarter, the Company had in place forward flow commitments in the amount of $351.3 million.


Portfolio Purchase Source	2018		2017
($ in thousands)	Q1		Q4		Q3		Q2		Q1
Americas-Core	$	131,427	$	160,278	$	115,572	$	144,871	$	115,166
Americas-Insolvency		13,436		44,195		73,497		100,040		67,123
Europe-Core		18,000		152,417		14,695		42,876		39,505
Europe-Insolvency		5,392		17,698		7,146		7,860		6,020
Total Portfolio Purchasing	$	168,255	$	374,588	$	210,910	$	295,647	$	227,814

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-and-presentations. To listen by phone, call 888-695-7639 in the U.S. or 970-315-0482 outside the U.S. The conference ID is 5969585. To listen to a replay of the call until May 16, 2018, call 855-859-2056 in the U.S. or 404-537-3406 outside the U.S. and use conference ID 5969585.

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 over 5,600 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.
Consolidated Income Statements
For the three months ended March 31, 2018 and 2017
(unaudited)
(Amounts in thousands, except per share amounts)

				Three Months Ended
				March 31,
					2018			2017

Revenues:
	Income recognized on finance receivables, net			$	217,699		$	194,535
	Fee income				5,327			9,858
	Other revenue				157			2,165
		Total revenues			223,183			206,558

Operating expenses:
	Compensation and employee services				81,237			68,468
	Legal collection expenses				32,912			31,728
	Agency fees				8,278			10,800
	Outside fees and services				14,158			13,285
	Communication				11,557			9,137
	Rent and occupancy				4,314			3,783
	Depreciation and amortization				4,929			5,215
	Other operating expenses				12,184			10,885
		Total operating expenses			169,569			153,301
		Income from operations			53,614			53,257

Other income and (expense):
	Gain on sale of subsidiaries				-			46,845
	Interest expense, net				(25,781	)		(21,257	)
	Foreign exchange gain				1,293			2,179
	Other				243			-
		Income before income taxes			29,369			81,024

		Income tax expense			6,137			31,409
		Net income		$	23,232		$	49,615
			Adjustment for net income attributable to noncontrolling interests		2,126			1,448
		Net income attributable to PRA Group, Inc.		$	21,106		$	48,167

Net income per common share attributable to PRA Group, Inc.:
	Basic			$	0.47		$	1.04
	Diluted			$	0.47		$	1.03

Weighted average number of shares outstanding:
	Basic				45,231			46,406
	Diluted				45,370			46,627


PRA Group, Inc.
Consolidated Balance Sheets
March 31, 2018 and December 31, 2017
(Amounts in thousands)
						(unaudited)
						March 31,			December 31,
ASSETS						2018			2017

Cash and cash equivalents						$	101,418		$	120,516
Investments							87,764			78,290
Finance receivables, net							2,767,131			2,771,921
Other receivables, net							14,308			15,770
Income taxes receivable							10,271			21,686
Net deferred tax asset							60,446			57,529
Property and equipment, net							53,788			49,311
Goodwill							544,293			526,513
Intangible assets, net							22,523			23,572
Other assets							37,639			32,656

					Total assets	$	3,699,581		$	3,697,764

LIABILITIES AND EQUITY

Liabilities:
	Accounts payable					$	2,330		$	4,992
	Accrued expenses						85,137			85,993
	Income taxes payable						23,872			10,771
	Net deferred tax liability						146,410			171,185
	Interest-bearing deposits						90,769			98,580
	Borrowings						2,150,873			2,170,182
	Other liabilities						15,146			9,018

					Total liabilities		2,514,537			2,550,721

Redeemable noncontrolling interest							9,697			9,534

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, 45,275 shares
			issued and outstanding at March 31, 2018; 100,000 shares authorized,
			45,189 shares issued and outstanding at December 31, 2017				453			452
		Additional paid-in capital					54,271			53,870
		Retained earnings					1,228,808			1,211,632
		Accumulated other comprehensive loss					(155,687	)		(178,607	)
			Total stockholders' equity - PRA Group, Inc.				1,127,845			1,087,347
				Noncontrolling interest			47,502			50,162
				Total equity			1,175,347			1,137,509
					Total liabilities and equity	$	3,699,581		$	3,697,764

Select Expenses (Income)
(in thousands)	Three Months Ended
	March 31, 2018		December 31, 2017	September 30, 2017		June 30, 2017		March 31, 2017	December 31, 2016		September 30, 2016		June 30, 2016
CFPB expenses including penalty and redress	-		-	-		-		-	-		20		21
Acquisition/divestiture-related expenses	-		-	-		-		2,100	458		216		557
Legal costs not associated with normal operations	92		160	218		2,615		1,024	3,741		1,511		1,623
Noncash interest expense - amortization of debt discount	2,877		2,823	2,796		1,809		1,155	1,136		1,127		1,109
Noncash interest expense - amortization of debt issuance costs	2,553		2,501	2,505		2,635		1,928	1,929		1,647		2,277
Change in fair value on Interest rate swap agreements	(3,673	)	420	(1,025	)	(1,578	)	158	(1,064	)	(669	)	1,399
Amortization of intangibles	1,222		1,016	1,037		869		1,410	929		1,661		1,808
Stock-based compensation expense	2,415		2,415	2,218		1,846		2,199	(3,330	)	3,332		2,699


Purchase Price Multiples
as of March 31, 2018
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	$	638,460	$	7,015	$	30,278	$	2,046,593	$	30,278	321	%	240	%
2008		166,434		3,603		14,173		374,917		14,173	225	%	220	%
2009		125,155		865		27,803		458,854		27,803	367	%	252	%
2010		148,204		4,985		46,845		536,785		46,845	362	%	247	%
2011		209,625		12,606		66,779		725,666		66,779	346	%	245	%
2012		254,247		23,753		97,231		679,874		97,231	267	%	226	%
2013		391,247		70,571		220,876		980,948		220,876	251	%	211	%
2014		405,653		117,573		322,221		985,160		318,909	243	%	204	%
2015		444,516		173,302		399,613		967,727		401,173	218	%	205	%
2016		455,595		254,573		560,793		1,007,980		565,577	221	%	201	%
2017		536,130		466,780		880,523		1,060,591		879,773	198	%	193	%
2018		131,849		130,415		260,311		266,947		260,311	202	%	202	%
Subtotal		3,907,115		1,266,041		2,927,446		10,092,042		2,929,728
Americas-Insolvency
2004-2007		132,917		—		494		197,106		494	148	%	148	%
2008		108,549		—		517		168,662		517	155	%	163	%
2009		155,989		—		1,769		470,653		1,769	302	%	214	%
2010		208,947		—		3,215		547,333		3,215	262	%	184	%
2011		180,447		—		947		368,231		947	204	%	155	%
2012		251,433		—		1,375		388,349		1,375	154	%	136	%
2013		227,905		3,920		18,342		354,844		18,342	156	%	133	%
2014		148,720		20,772		33,630		211,087		33,583	142	%	124	%
2015		63,199		28,113		35,834		82,204		35,834	130	%	125	%
2016		92,290		46,194		55,800		111,922		55,887	121	%	123	%
2017		276,637		216,719		268,797		342,254		268,797	124	%	125	%
2018		13,588		13,587		17,012		17,100		17,012	126	%	126	%
Subtotal		1,860,621		329,305		437,732		3,259,745		437,772
Total Americas		5,767,736		1,595,346		3,365,178		13,351,787		3,367,500
Europe-Core
2012		20,426		—		2,319		38,398		1,998	188	%	187	%
2013		20,358		442		1,477		23,682		1,248	116	%	119	%
2014		797,539		312,494		1,038,365		2,121,937		966,698	266	%	208	%
2015		422,595		238,428		474,480		743,376		465,341	176	%	160	%
2016		348,857		282,181		442,083		578,493		483,364	166	%	167	%
2017		250,089		239,234		331,287		363,123		351,038	145	%	144	%
2018		17,913		17,562		25,449		25,935		25,449	145	%	145	%
Subtotal		1,877,777		1,090,341		2,315,460		3,894,944		2,295,136
Europe-Insolvency
2014		10,876		1,765		4,880		18,234		4,786	168	%	129	%
2015		19,408		7,696		14,038		28,829		13,261	149	%	139	%
2016		42,215		27,141		38,073		60,340		40,977	143	%	130	%
2017		38,836		39,405		46,996		49,742		49,731	128	%	128	%
2018		5,454		5,437		6,521		6,546		6,521	120	%	120	%
Subtotal		116,789		81,444		110,508		163,691		115,276
Total Europe		1,994,566		1,171,785		2,425,968		4,058,635		2,410,412
Total PRA Group	$	7,762,302	$	2,767,131	$	5,791,146	$	17,410,422	$	5,777,912

(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 March 31, 2018 exchange rate.
(4) For our international amounts, Estimated Remaining Collections ("ERC")-Historical Period Exchange Rates is presented at the period-end exchange rate for the respective quarter of purchase.
(5) For our international amounts, Total Estimated Collections 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 March 31, 2018 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 March 31, 2018
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 as of March 31, 2018 (4)
Americas-Core
1996-2007	$	638,460	$	2,922	$	2,259	$	663		$	(460	)	$	2,719	$	7,015
2008		166,434		1,403		627		776			—			627		3,603
2009		125,155		2,431		2,361		70			125			2,236		865
2010		148,204		3,266		2,417		849			(2,325	)		4,742		4,985
2011		209,625		6,539		5,388		1,151			(570	)		5,958		12,606
2012		254,247		8,664		5,129		3,535			(2,000	)		7,129		23,753
2013		391,247		16,915		12,005		4,910			1,945			10,060		70,571
2014		405,653		25,535		17,251		8,284			1,925			15,326		117,573
2015		444,516		39,516		20,877		18,639			—			20,877		173,302
2016		455,595		59,875		31,913		27,962			316			31,597		254,573
2017		536,130		72,534		41,712		30,822			380			41,332		466,780
2018		131,849		6,637		5,003		1,634			—			5,003		130,415
Subtotal		3,907,115		246,237		146,942		99,295			(664	)		147,606		1,266,041
Americas-Insolvency
1996-2007		132,917		48		48		—			—			48		—
2008		108,549		72		72		—			—			72		—
2009		155,989		238		238		—			—			238		—
2010		208,947		441		441		—			—			441		—
2011		180,447		482		482		—			—			482		—
2012		251,433		1,704		1,704		—			—			1,704		—
2013		227,905		8,532		4,833		3,699			—			4,833		3,920
2014		148,720		7,609		1,554		6,055			—			1,554		20,772
2015		63,199		4,941		830		4,111			—			830		28,113
2016		92,290		6,761		1,193		5,568			210			983		46,194
2017		276,637		24,364		4,335		20,029			—			4,335		216,719
2018		13,588		88		88		—			—			88		13,587
Subtotal		1,860,621		55,280		15,818		39,462			210			15,608		329,305
Total Americas		5,767,736		301,517		162,760		138,757			(454	)		163,214		1,595,346
Europe-Core
2012		20,426		583		585		(2	)		—			585		—
2013		20,358		385		251		134			—			251		442
2014		797,539		58,099		33,059		25,040			(140	)		33,199		312,494
2015		422,595		23,130		9,130		14,000			(224	)		9,354		238,428
2016		348,857		20,190		6,581		13,609			1,743			4,838		282,181
2017		250,089		15,236		3,550		11,686			—			3,550		239,234
2018		17,913		486		136		350			—			136		17,562
Subtotal		1,877,777		118,109		53,292		64,817			1,379			51,913		1,090,341
Europe-Insolvency
2014		10,876		765		316		449			—			316		1,765
2015		19,408		1,228		396		832			—			396		7,696
2016		42,215		3,335		1,303		2,032			—			1,303		27,141
2017		38,836		1,600		548		1,052			—			548		39,405
2018		5,454		26		9		17			—			9		5,437
Subtotal		116,789		6,954		2,572		4,382			—			2,572		81,444
Total Europe		1,994,566		125,063		55,864		69,199			1,379			54,485		1,171,785
Total PRA Group	$	7,762,302	$	426,580	$	218,624	$	207,956		$	925		$	217,699	$	2,767,131

(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 March 31, 2018 exchange rate.


Cash Collections by Year, By Year of Purchase (1)
as of March 31, 2018
Amounts in thousands

Purchase Period	Purchase Price (2)(3)		Cash Collections
Purchase Period	Purchase Price (2)(3)		1996-2007			2008		2009		2010		2011		2012		2013		2014		2015		2016		2017		2018	Total
Americas-Core
1996-2007	$	638,460	$	1,096,153	$	222,628	$	168,849	$	137,689	$	115,551	$	89,405	$	63,955	$	45,247	$	32,491	$	20,745	$	13,427	$	2,922	$	2,009,062
2008		166,434		—		47,253		72,080		62,363		53,654		42,850		31,307		21,027		13,786		8,989		6,031		1,403		360,743
2009		125,155		—		—		40,703		95,627		84,339		69,385		51,121		35,555		24,896		16,000		10,994		2,431		431,051
2010		148,204		—		—		—		47,076		113,554		109,873		82,014		55,946		38,110		24,515		15,587		3,266		489,941
2011		209,625		—		—		—		—		61,971		174,461		152,908		108,513		73,793		48,711		31,991		6,539		658,887
2012		254,247		—		—		—		—		—		56,901		173,589		146,198		97,267		59,981		40,042		8,664		582,642
2013		391,247		—		—		—		—		—		—		101,614		247,849		194,026		120,789		78,880		16,915		760,073
2014		405,653		—		—		—		—		—		—		—		92,660		253,448		170,311		114,219		25,535		656,173
2015		444,516		—		—		—		—		—		—		—		—		116,951		228,432		185,898		39,516		570,797
2016		455,595		—		—		—		—		—		—		—		—		—		138,723		256,531		59,875		455,129
2017		536,130		—		—		—		—		—		—		—		—		—		—		107,327		72,534		179,861
2018		131,849		—		—		—		—		—		—		—		—		—		—		—		6,637		6,637
Subtotal		3,907,115		1,096,153		269,881		281,632		342,755		429,069		542,875		656,508		752,995		844,768		837,196		860,927		246,237		7,160,996
Americas-Insolvency
1996-2007		132,917		61,154		42,794		33,842		27,347		18,234		8,574		1,884		1,151		802		463		321		48		196,614
2008		108,549		—		14,024		35,894		37,974		35,690		28,956		11,650		1,884		1,034		635		332		72		168,145
2009		155,989		—		—		16,635		81,780		102,780		107,888		95,725		53,945		5,781		2,531		1,581		238		468,884
2010		208,947		—		—		—		39,486		104,499		125,020		121,717		101,873		43,649		5,008		2,425		441		544,118
2011		180,447		—		—		—		—		15,218		66,379		82,752		85,816		76,915		35,996		3,726		482		367,284
2012		251,433		—		—		—		—		—		17,388		103,610		94,141		80,079		60,715		29,337		1,704		386,974
2013		227,905		—		—		—		—		—		—		52,528		82,596		81,679		63,386		47,781		8,532		336,502
2014		148,720		—		—		—		—		—		—		—		37,045		50,880		44,313		37,350		7,609		177,197
2015		63,199		—		—		—		—		—		—		—		—		3,395		17,892		20,143		4,941		46,371
2016		92,290		—		—		—		—		—		—		—		—		—		18,869		30,426		6,761		56,056
2017		276,637		—		—		—		—		—		—		—		—		—		—		49,093		24,364		73,457
2018		13,588		—		—		—		—		—		—		—		—		—		—		—		88		88
Subtotal		1,860,621		61,154		56,818		86,371		186,587		276,421		354,205		469,866		458,451		344,214		249,808		222,515		55,280		2,821,690
Total Americas		5,767,736		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		301,517		9,982,686
Europe-Core
2012		20,426		—		—		—		—		—		11,604		8,995		5,641		3,175		2,198		2,038		583		34,234
2013		20,358		—		—		—		—		—		—		7,068		8,540		2,347		1,326		1,239		385		20,905
2014		797,539		—		—		—		—		—		—		—		153,180		291,980		246,365		220,765		58,099		970,389
2015		422,595		—		—		—		—		—		—		—		—		45,760		100,263		86,156		23,130		255,309
2016		348,857		—		—		—		—		—		—		—		—		—		40,368		78,915		20,190		139,473
2017		250,089		—		—		—		—		—		—		—		—		—		—		17,894		15,236		33,130
2018		17,913		—		—		—		—		—		—		—		—		—		—		—		486		486
Subtotal		1,877,777		—		—		—		—		—		11,604		16,063		167,361		343,262		390,520		407,007		118,109		1,453,926
Europe-Insolvency
2014		10,876		—		—		—		—		—		—		—		5		4,297		3,921		3,207		765		12,195
2015		19,408		—		—		—		—		—		—		—		—		2,954		4,366		5,013		1,228		13,561
2016		42,215		—		—		—		—		—		—		—		—		—		6,175		12,703		3,335		22,213
2017		38,836		—		—		—		—		—		—		—		—		—		—		1,233		1,600		2,833
2018		5,454		—		—		—		—		—		—		—		—		—		—		—		26		26
Subtotal		116,789		—		—		—		—		—		—		—		5		7,251		14,462		22,156		6,954		50,828
Total Europe		1,994,566		—		—		—		—		—		11,604		16,063		167,366		350,513		404,982		429,163		125,063		1,504,754
Total PRA Group	$	7,762,302	$	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	$	426,580	$	11,487,440

(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, CPA
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.