PRA Group Reports Second Quarter 2018 Results

NORFOLK, Va., Aug. 7, 2018 /PRNewswire/ -- PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the second quarter of 2018.  The Company reported net income attributable to PRA Group, Inc. of $19.6 million compared to $11.7 million in the second quarter of 2017.  Diluted earnings per share were $0.43 compared to $0.25 in the second quarter of 2017.  

Second Quarter Highlights

  • Global cash collections of $406.6 million, an increase of 9% compared to the second quarter of 2017, driven by operational efforts and increased portfolio purchasing in the Americas.
  • Second quarter legal cash collections increased compared to the same quarter in the prior year for the first time since 2014.
  • Estimated Remaining Collections of $5.73 billion which increased $404.9 million from the second quarter of 2017.
  • Income recognized on finance receivables, excluding allowance charges, of $219.0 million compared to $194.2 million in the second quarter of 2017.
  • Income from operations of $55.3 million compared to $48.3 million in the second quarter of 2017.
  • Record investment in portfolios in Americas Core of $182.8 million, with total investment of $221.4 million compared to $295.6 million in the second quarter of 2017.

"The second quarter was characterized by the same themes we have experienced since late last year – increased cash collections, increased supply and appropriate staffing in the U.S., and a focus on discipline and operations in Europe.  With a record investment quarter in Americas Core coupled with our view that supply will continue to increase in the future, we are now planning to open our next domestic call center," said Kevin Stevenson, president and chief executive officer.  "We have also seen an increase in the number of accounts qualifying for our legal collections channel in the U.S. As a result of this, combined with the aforementioned increase in supply, we expect additional legal collection expenses in the back half of the year as we invest in the legal channel."

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)

Q2

Q1


Q4

Q3

Q2

Americas-Core

$  233,752

$  246,237


$  204,245

$    212,756

$ 217,020

Americas-Insolvency

56,063

55,280


59,103

60,436

53,163

Europe-Core

109,359

118,109


107,124

102,681

99,121

Europe-Insolvency

7,460

6,954


5,794

5,961

5,371

Total Cash Collections

$  406,634

$  426,580


$  376,266

$    381,834

$ 374,675






















Cash Collection Source - 







Constant Currency Adjusted

2018





2017

($ in thousands)

Q2





Q2

Americas-Core

$  233,752





$ 215,001

Americas-Insolvency

56,063





53,292

Europe-Core

109,359





105,714

Europe-Insolvency

7,460





5,744

Total Cash Collections

$  406,634





$ 379,751








 

  • Cash collections in the quarter increased 9% compared to the second quarter of 2017. The increase was largely due to being appropriately staffed in the U.S. and increased portfolio purchasing in the Americas. U.S. Call center and other collections increased 17% and U.S. legal collections increased 4% compared to the second quarter of 2017. For the six months ended June 30, 2018, total cash collections increased 10% compared to the six months ended June 30, 2017.
  • For the quarter, cash collections on fully amortized pools were $14.6 million and cash collections on nonaccrual pools were $7.7 million.
  • Income recognized on finance receivables excluding allowance charges increased 13% compared to the second quarter of 2017 due to yield increases on certain pools in Americas Core and Europe Core, as well as record portfolio investment during 2017 in Americas Core and Americas Insolvency. For the six months ended June 30, 2018, income recognized on finance receivables excluding allowance charges increased 12% compared to the six months ended June 30, 2017.
  • Fee income and other income in the quarter was $2.5 million.

Expenses

  • Operating expenses in the quarter increased $11.4 million compared to the second quarter of 2017 largely due to increases in compensation and employee services from a significant increase in U.S. collection staff. Communication expenses also increased largely due to letter expenses and increased calling efforts. For the six months ended June 30, 2018, operating expenses increased $27.6 million compared to the six months ended June 30, 2017.
  • During the quarter, the Company recorded $2.9 million in noncash interest expense, $2.5 million in amortization of debt issuance costs, and $1.1 million in amortization of intangible assets. The Company also recorded a $1.0 million loss on the change in fair value on interest rate swap agreements compared to a $3.7 million gain in the first quarter of 2018.
  • The effective tax rate for the first half of the year was 18.2%, a decline from 20.9% in the first quarter reflecting a change in mix of projected taxable income among jurisdictions.

Portfolio Acquisitions

  • PRA Group invested $221.4 million in finance receivables in the second quarter.
  • At the end of the second quarter, the Company had in place forward flow commitments in the amount of $376.1 million.

 

Portfolio Purchase Source

2018


2017

($ in thousands)

Q2

Q1


Q4

Q3

Q2

Americas-Core

$    182,768

$    131,427


$ 160,278

$    115,572

$    144,871

Americas-Insolvency

16,651

13,436


44,195

73,497

100,040

Europe-Core

19,403

18,000


152,417

14,695

42,876

Europe-Insolvency

2,577

5,392


17,698

7,146

7,860

Total Portfolio Purchasing

$    221,399

$    168,255


$ 374,588

$    210,910

$    295,647


 

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 https://ir.pragroup.com/events-and-presentations. To listen by phone, call 877-870-4263 in the U.S. or 412-317-0790 outside the U.S. and ask for the PRA Group conference call.  To listen to a replay of the call until August 14, 2018, call 877-344-7529 in the U.S. or 412-317-0088 outside the U.S. and use access code 10122201.                         

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 5,700 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 and six months ended June 30, 2018 and 2017

(unaudited)

(Amounts in thousands, except per share amounts)










Three Months Ended


Six Months Ended


June 30,


June 30,


2018


2017


2018


2017









Revenues:








Income recognized on finance receivables

$ 219,018


$ 194,164


$ 437,642


$    391,378

Fee income

2,342


6,344


7,669


16,202

Other revenue

158


3,145


315


5,310

Total revenues

221,518


203,653


445,626


412,890









Net allowance charges

(2,834)


(3,321)


(3,759)


(6,000)









Operating expenses:








Compensation and employee services

80,690


66,771


161,927


135,239

Legal collection expenses

29,038


31,202


61,950


62,930

Agency fees

8,138


9,254


16,416


20,054

Outside fees and services

14,565


18,061


28,723


31,346

Communication

10,782


7,254


22,339


16,391

Rent and occupancy

4,003


3,387


8,317


7,170

Depreciation and amortization

4,525


5,041


9,454


10,256

Other operating expenses

11,628


11,046


23,812


21,931

Total operating expenses

163,369


152,016


332,938


305,317

Income from operations

55,315


48,316


108,929


101,573









Other income and (expense):








Gain on sale of subsidiaries

-


1,322


-


48,167

Interest expense, net

(31,124)


(22,506)


(56,905)


(43,763)

Foreign exchange gain/(loss)

1,690


(2,516)


2,983


(337)

Other

(400)


-


(157)


-

Income before income taxes

25,481


24,616


54,850


105,640









Income tax expense

3,857


10,766


9,994


42,175

Net income

$   21,624


$   13,850


$   44,856


$      63,465

Adjustment for net income attributable to noncontrolling interests

2,036


2,177


4,162


3,625

Net income attributable to PRA Group, Inc.

$   19,588


$   11,673


$   40,694


$      59,840









Net income per common share attributable to PRA Group, Inc.:








Basic

$      0.43


$      0.25


$      0.90


$         1.30

Diluted

$      0.43


$      0.25


$      0.90


$         1.29









Weighted average number of shares outstanding:








Basic

45,283


45,941


45,257


46,173

Diluted

45,449


46,060


45,410


46,344

 

 

PRA Group, Inc.

Consolidated Balance Sheets

June 30, 2018 and December 31, 2017

(Amounts in thousands)


(unaudited)




June 30,

December 31,

ASSETS

2018


2017





Cash and cash equivalents

$                 71,570


$              120,516

Investments

80,541


78,290

Finance receivables, net

2,730,395


2,771,921

Other receivables, net

14,688


15,770

Income taxes receivable

12,163


21,686

Net deferred tax asset

62,014


57,529

Property and equipment, net

53,364


49,311

Goodwill

519,811


526,513

Intangible assets, net

18,914


23,572

Other assets

31,650


32,656





Total assets

$            3,595,110


$            3,697,764





LIABILITIES AND EQUITY








Liabilities:




Accounts payable

$                   5,090


$                   4,992

Accrued expenses

78,852


85,993

Income taxes payable

466


10,771

Net deferred tax liability

140,224


171,185

Interest-bearing deposits

82,613


98,580

Borrowings

2,133,997


2,170,182

Other liabilities

8,061


9,018





Total liabilities

2,449,303


2,550,721





Redeemable noncontrolling interest

8,322


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, 45,300 shares




     issued and outstanding at June 30, 2018; 100,000 shares authorized,




45,189 shares issued and outstanding at December 31, 2017

453


452

Additional paid-in capital

56,410


53,870

Retained earnings

1,248,396


1,211,632

Accumulated other comprehensive loss

(209,167)


(178,607)

Total stockholders' equity - PRA Group, Inc.

1,096,092


1,087,347

Noncontrolling interest

41,393


50,162

Total equity

1,137,485


1,137,509

Total liabilities and equity

$            3,595,110


$            3,697,764

 

 

Select Expenses (Income)









(in thousands)

Three Months Ended


June 30, 2018

March 31,
2018

December 31,
2017

September 30,
2017

June 30, 2017

March 31,
2017

December 31,
2016

September 30,
2016

CFPB expenses including penalty and redress

-

-

-

-

-

-

-

20

Acquisition/divestiture-related expenses

-

-

-

-

-

2,100

458

216

Legal costs not associated with normal operations

231

92

160

218

2,615

1,024

3,741

1,511

Noncash interest expense - amortization of debt
discount

2,904

2,877

2,823

2,796

1,809

1,155

1,136

1,127

Noncash interest expense - amortization of debt
issuance costs

2,532

2,553

2,501

2,505

2,636

1,928

1,929

1,647

Change in fair value on Interest rate swap
agreements

972

(3,673)

420

(1,025)

(1,578)

158

(1,064)

(669)

Amortization of intangibles

1,133

1,222

1,016

1,037

869

1,410

929

1,661

Stock-based compensation expense

2,146

2,415

2,415

2,218

1,846

2,199

(3,330)

3,332

 

 

Purchase Price Mutiples

as of June 30, 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

$             6,655

$           28,406

$      2,047,430

$           28,406

321%

240%

2008

166,433

3,336

13,043

375,006

13,043

225%

220%

2009

125,154

788

25,851

459,031

25,851

367%

252%

2010

148,202

5,119

43,391

536,258

43,391

362%

247%

2011

209,616

11,996

63,692

728,313

63,692

347%

245%

2012

254,203

22,736

90,688

680,572

90,688

268%

226%

2013

391,171

64,381

204,428

979,588

204,428

250%

211%

2014

405,574

107,304

297,048

982,178

293,600

242%

204%

2015

444,428

158,456

363,693

965,312

363,624

217%

205%

2016

455,441

230,383

524,023

1,022,709

517,436

225%

201%

2017

535,233

433,064

845,371

1,096,828

841,527

205%

193%

2018

315,220

309,301

604,828

630,470

602,543

200%

200%

Subtotal

4,089,135

1,353,519

3,104,462

10,503,695

3,088,229



Americas-Insolvency







2004-2007

132,917

400

197,059

400

148%

148%

2008

108,549

428

168,619

428

155%

163%

2009

155,989

1,590

470,694

1,590

302%

214%

2010

208,946

2,855

547,385

2,855

262%

184%

2011

180,441

968

368,695

968

204%

155%

2012

251,427

1,157

389,322

1,157

155%

136%

2013

227,905

1,883

12,999

356,377

12,999

156%

133%

2014

148,715

15,141

27,470

213,010

27,425

143%

124%

2015

63,191

23,645

30,600

82,306

30,600

130%

125%

2016

92,291

40,206

49,510

112,408

49,469

122%

123%

2017

275,652

193,563

239,828

339,368

239,828

123%

125%

2018

30,158

29,982

37,712

38,346

37,712

127%

127%

Subtotal

1,876,181

304,420

405,517

3,283,589

405,431



Total Americas

5,965,316

1,657,939

3,509,979

13,787,284

3,493,660



Europe-Core








2012

20,425

1,874

38,528

1,522

189%

187%

2013

20,352

313

1,137

23,745

906

117%

119%

2014

797,468

278,173

1,011,964

2,153,039

892,283

270%

208%

2015

422,557

214,465

460,690

750,863

425,791

178%

160%

2016

348,853

256,048

428,191

581,851

443,421

167%

167%

2017

250,037

214,488

317,340

364,472

318,255

146%

144%

2018

36,719

34,017

49,806

52,096

48,392

142%

142%

Subtotal

1,896,411

997,504

2,271,002

3,964,594

2,130,570



Europe-Insolvency







2014

10,876

1,465

4,042

18,102

3,743

166%

129%

2015

19,408

6,503

12,913

29,151

11,501

150%

139%

2016

42,215

23,467

35,026

60,613

35,592

144%

130%

2017

38,836

35,927

45,205

49,836

45,150

128%

128%

2018

7,970

7,590

9,609

9,711

9,236

122%

122%

Subtotal

119,305

74,952

106,795

167,413

105,222



Total Europe

2,015,716

1,072,456

2,377,797

4,132,007

2,235,792



Total PRA Group

$          7,981,032

$   2,730,395

$   5,887,776

$ 17,919,291

$   5,729,452




(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 June 30, 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 June 30, 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 June 30, 2018

Amounts in thousands









Purchase Period

Purchase
Price (1)(2)

Cash
Collections(3)

Gross
Revenue(3)

Amortization (3)

Allowance(3)

Net Revenue (3)(4)

Net Finance
Receivables as of
June 30, 2018 (5)

Americas-Core








1996-2007

$      638,460

$              5,631

$           4,448

$              1,183

$               (620)

$               5,068

$                        6,655

2008

166,433

2,623

1,181

1,442

(400)

1,581

3,336

2009

125,154

4,560

4,414

146

125

4,289

788

2010

148,202

6,194

5,001

1,193

(2,805)

7,806

5,119

2011

209,616

12,273

10,346

1,927

(745)

11,091

11,996

2012

254,203

15,906

9,882

6,024

(3,515)

13,397

22,736

2013

391,171

32,003

22,814

9,189

3,780

19,034

64,381

2014

405,574

47,477

32,765

14,712

5,565

27,200

107,304

2015

444,428

73,092

40,061

33,031

106

39,955

158,456

2016

455,441

111,140

60,424

50,716

816

59,608

230,383

2017

535,233

143,546

81,210

62,336

380

80,830

433,064

2018

315,220

25,544

20,366

5,178

20,366

309,301

Subtotal

4,089,135

479,989

292,912

187,077

2,687

290,225

1,353,519

Americas-Insolvency







1996-2007

132,917

93

93

93

2008

108,549

117

117

117

2009

155,989

458

458

458

2010

208,946

854

854

854

2011

180,441

924

924

924

2012

251,427

2,895

2,895

2,895

2013

227,905

15,408

9,686

5,722

9,686

1,883

2014

148,715

15,684

4,003

11,681

4,003

15,141

2015

63,191

10,277

1,705

8,572

1,705

23,645

2016

92,291

13,551

2,285

11,266

434

1,851

40,206

2017

275,652

50,448

8,247

42,201

8,247

193,563

2018

30,158

634

458

176

458

29,982

Subtotal

1,876,181

111,343

31,725

79,618

434

31,291

304,420

Total Americas

5,965,316

591,332

324,637

266,695

3,121

321,516

1,657,939

Europe-Core








2012

20,425

1,064

1,067

(3)

1,067

2013

20,352

715

479

236

479

313

2014

797,468

110,074

66,134

43,940

(738)

66,872

278,173

2015

422,557

43,723

17,875

25,848

(1,372)

19,247

214,465

2016

348,853

38,661

14,234

24,427

2,748

11,486

256,048

2017

250,037

30,967

7,185

23,782

7,185

214,488

2018

36,719

2,264

548

1,716

548

34,017

Subtotal

1,896,411

227,468

107,522

119,946

638

106,884

997,504

Europe-Insolvency







2014

10,876

1,439

765

674

765

1,465

2015

19,408

2,554

949

1,605

949

6,503

2016

42,215

6,801

2,561

4,240

2,561

23,467

2017

38,836

3,521

1,179

2,342

1,179

35,927

2018

7,970

99

29

70

29

7,590

Subtotal

119,305

14,414

5,483

8,931

5,483

74,952

Total Europe

2,015,716

241,882

113,005

128,877

638

112,367

1,072,456

Total PRA Group

$   7,981,032

$          833,214

$       437,642

$          395,572

$              3,759

$           433,883

$                 2,730,395


(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) Net Revenue refers to income recognized on finance receivables, net of allowance charges/(reversals).

(5) For our international amounts, Net Finance Receivables are presented at the June 30, 2018 exchange rate.

 

 

Cash Collections by Year, By Year of Purchase(1)

as of June 30, 2018

Amounts in thousands




Purchase Period

Purchase Price (2)(3)

Cash Collections

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

$        5,631

$      2,011,771

2008

166,433

47,253

72,080

62,363

53,654

42,850

31,307

21,027

13,786

8,989

6,031

2,623

361,963

2009

125,154

40,703

95,627

84,339

69,385

51,121

35,555

24,896

16,000

10,994

4,560

433,180

2010

148,202

47,076

113,554

109,873

82,014

55,946

38,110

24,515

15,587

6,194

492,869

2011

209,616

61,971

174,461

152,908

108,513

73,793

48,711

31,991

12,273

664,621

2012

254,203

56,901

173,589

146,198

97,267

59,981

40,042

15,906

589,884

2013

391,171

101,614

247,849

194,026

120,789

78,880

32,003

775,161

2014

405,574

92,660

253,448

170,311

114,219

47,477

678,115

2015

444,428

116,951

228,432

185,898

73,092

604,373

2016

455,441

138,723

256,531

111,140

506,394

2017

535,233

107,327

143,546

250,873

2018

315,220

25,544

25,544

Subtotal

4,089,135

1,096,153

269,881

281,632

342,755

429,069

542,875

656,508

752,995

844,768

837,196

860,927

479,989

7,394,748

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

93

196,659

2008

108,549

14,024

35,894

37,974

35,690

28,956

11,650

1,884

1,034

635

332

117

168,190

2009

155,989

16,635

81,780

102,780

107,888

95,725

53,945

5,781

2,531

1,581

458

469,104

2010

208,946

39,486

104,499

125,020

121,717

101,873

43,649

5,008

2,425

854

544,531

2011

180,441

15,218

66,379

82,752

85,816

76,915

35,996

3,726

924

367,726

2012

251,427

17,388

103,610

94,141

80,079

60,715

29,337

2,895

388,165

2013

227,905

52,528

82,596

81,679

63,386

47,781

15,408

343,378

2014

148,715

37,045

50,880

44,313

37,350

15,684

185,272

2015

63,191

3,395

17,892

20,143

10,277

51,707

2016

92,291

18,869

30,426

13,551

62,846

2017

275,652

49,093

50,448

99,541

2018

30,158

634

634

Subtotal

1,876,181

61,154

56,818

86,371

186,587

276,421

354,205

469,866

458,451

344,214

249,808

222,515

111,343

2,877,753

Total Americas

5,965,316

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

591,332

10,272,501

Europe-Core















2012

20,425

11,604

8,995

5,641

3,175

2,198

2,038

1,064

34,715

2013

20,352

7,068

8,540

2,347

1,326

1,239

715

21,235

2014

797,468

153,180

291,980

246,365

220,765

110,074

1,022,364

2015

422,557

45,760

100,263

86,156

43,723

275,902

2016

348,853

40,368

78,915

38,661

157,944

2017

250,037

17,894

30,967

48,861

2018

36,719

2,264

2,264

Subtotal

1,896,411

11,604

16,063

167,361

343,262

390,520

407,007

227,468

1,563,285

Europe-Insolvency














2014

10,876

5

4,297

3,921

3,207

1,439

12,869

2015

19,408

2,954

4,366

5,013

2,554

14,887

2016

42,215

6,175

12,703

6,801

25,679

2017

38,836

1,233

3,521

4,754

2018

7,970

99

99

Subtotal

119,305

5

7,251

14,462

22,156

14,414

58,288

Total Europe

2,015,716

11,604

16,063

167,366

350,513

404,982

429,163

241,882

1,621,573

Total PRA Group

$      7,981,032

$      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

$    833,214

$    11,894,074


(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
ir@PRAGroup.com

News Media Contact:
Elizabeth Kersey
Vice President, Communications and Public Policy
(757) 431-3398
Elizabeth.Kersey@PRAGroup.com

 

SOURCE PRA Group