PRA Group Reports Third Quarter 2018 Results

NORFOLK, Va., Nov. 8, 2018 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the third quarter of 2018.  Net income attributable to PRA Group, Inc. was $9.9 million compared to $15.6 million in the third quarter of 2017.  Diluted earnings per share were $0.22 compared to $0.34 in the third quarter of 2017.  For the nine months ended September 30, 2018, net income attributable to PRA Group, Inc. was $50.6 million, or $1.11 in diluted earnings per share, compared to $75.4 million, or $1.64 in diluted earnings per share, during the nine months ended September 30, 2017.  The prior year nine months results included a pre-tax gain of $48.5 million related to the sale of two fee-based businesses. 

Third Quarter Highlights

  • Continued healthy supply in the U.S. allowed for the second highest quarterly investment in Americas Core portfolios of $170.4 million. Total investment for the quarter was $237.5 million compared to $210.9 million in the third quarter of 2017.
  • Record Estimated Remaining Collections (ERC) of $5.81 billion which increased $388 million from the third quarter of 2017.
  • The Company invested more than originally anticipated in the legal collections channel during the third quarter, increasing U.S. legal collection expenses by $14.6 million compared to the third quarter of 2017.
  • Global cash collections of $389.3 million, an increase of 2% compared to the third quarter of 2017, driven by a 12% increase in U.S. call center collections and an 11% increase in U.S. legal cash collections.
  • Income recognized on finance receivables of $223.2 million compared to $200.7 million in the third quarter of 2017.

"The Company made significant investments in the U.S. during the quarter.  Americas Core portfolio investment was the second highest quarter ever directly following the record we set in the second quarter of 2018.  Additionally, we invested significant amounts in the U.S. legal collections channel and are ahead of our original projections.  Based on this, it is possible we will start to see the legal cash collection portion of the more recent vintages realized earlier than previously expected which could have a positive impact on yields in the future," said Kevin Stevenson, president and chief executive officer.  "This continues the trend of the past couple of years which have been a story of investment in people, digital, data and legal.  These investments are designed to build long-term sustainable value for our shareholders and allow us to be poised for action in each of our markets."

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)


Q3

Q2

Q1


Q4

Q3


Americas-Core


$  231,253

$  233,752

$  246,237


$  204,245

$    212,756


Americas-Insolvency


48,518

56,063

55,280


59,103

60,436


Europe-Core


102,780

109,359

118,109


107,124

102,681


Europe-Insolvency


6,731

7,460

6,954


5,794

5,961


Total Cash Collections


$  389,282

$  406,634

$  426,580


$  376,266

$    381,834





























Cash Collection Source - 









Constant Currency Adjusted


2018





2017


($ in thousands)


Q3





Q3


Americas-Core


$  231,253





$    208,804


Americas-Insolvency


48,518





60,322


Europe-Core


102,780





101,051


Europe-Insolvency


6,731





5,921


Total Cash Collections


$  389,282





$    376,098



















 

  • Cash collections in the quarter increased 2% compared to the third quarter of 2017. The increase was largely due to U.S. call center collections increasing 12% and U.S. legal collections increasing 11% compared to the third quarter of 2017. This was partially offset by a 17% decrease in Global Insolvency cash collections primarily due to decreased purchasing in 2018 and a 13% decrease in other Americas Core cash collections primarily due to currency changes in Brazil. For the nine months ended September 30, 2018, total cash collections increased 8% compared to the nine months ended September 30, 2017.
  • For the quarter, cash collections on fully amortized pools were $11.8 million and cash collections on nonaccrual pools were $6.5 million.
  • Income recognized on finance receivables excluding allowance charges increased 11% compared to the third quarter of 2017 due to yield increases on certain pools in Americas Core and Europe Core, as well as Americas Core portfolio investment during 2017 and 2018. For the nine months ended September 30, 2018, income recognized on finance receivables excluding allowance charges increased 12% compared to the nine months ended September 30, 2017.
  • Allowance charges in the quarter were $8.3 million primarily due to allowances incurred in the 2013 and 2014 U.S. Core vintages.
  • Fee income and other income in the quarter was $2.7 million.

Expenses

  • Operating expenses in the quarter increased $26.7 million compared to the third quarter of 2017 largely due to increased legal collection expenses, as the Company has more accounts qualifying for the legal collection channel and increases in compensation and employee services primarily due to a significant expansion in U.S. collection staff. For the nine months ended September 30, 2018, operating expenses increased $54.3 million compared to the nine months ended September 30, 2017.
  • During the quarter, the Company recorded $3.0 million in noncash interest expense, $2.5 million in amortization of debt issuance costs, and $1.0 million in amortization of intangible assets. The Company also recorded a $0.5 million gain on the change in fair value on interest rate swap agreements.
  • The effective tax rate for the nine months ended September 30, 2018 was 17.0%.

Portfolio Acquisitions

  • The Company invested $237.5 million in finance receivables in the third quarter.
  • At the end of the third quarter, the Company had in place forward flow commitments of $583.5 million.

 










Portfolio Purchase Source


2018



2017


($ in thousands)

Q3

Q2

Q1


Q4

Q3


Americas-Core

$    170,426

$    182,768

$    131,427


$ 160,278

$    115,572


Americas-Insolvency

17,151

16,651

13,436


44,195

73,497


Europe-Core

45,754

19,403

18,000


152,417

14,695


Europe-Insolvency

4,159

2,577

5,392


17,698

7,146


Total Portfolio Purchasing

$    237,490

$    221,399

$    168,255


$ 374,588

$    210,910

















Conference Call Information
PRA Group, Inc. 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 November 19, 2018, call 877-344-7529 in the U.S. or 412-317-0088 outside the U.S. and use access code 10125234.                         

About PRA Group, Inc.
As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe. With over 5,400 employees worldwide, PRA Group, Inc. 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, Inc.'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, Inc.'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, Inc.  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, Inc.'s filings with the Securities and Exchange Commission including but not limited to PRA Group, Inc.'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, Inc.'s website and contain a detailed discussion of PRA Group, Inc.'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 Group, Inc. assumes no obligation to publicly update or revise its forward-looking statements contained herein to reflect any change in PRA Group, Inc.'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 nine months ended September 30, 2018 and 2017

(unaudited)

(Amounts in thousands, except per share amounts)











Three Months Ended


Nine Months Ended



September 30,


September 30,



2018


2017


2018


2017










Revenues:









Income recognized on finance receivables

$ 223,228


$ 200,660


$ 660,870


$    592,038


Fee income

2,561


2,671


10,230


18,873


Other revenue

99


1,091


414


6,401



Total revenues

225,888


204,422


671,514


617,312










Net allowance charges

(8,285)


(3,412)


(12,044)


(9,412)










Operating expenses:









Compensation and employee services

78,350


68,541


240,277


203,780


Legal collection fees

10,428


10,065


31,440


33,290


Legal collection costs

30,769


17,561


71,707


57,266


Agency fees

8,350


7,599


24,766


27,653


Outside fees and services

15,701


15,631


44,424


46,977


Communication

10,240


8,713


32,579


25,104


Rent and occupancy

4,270


3,668


12,587


10,838


Depreciation and amortization

4,776


4,841


14,230


15,097


Other operating expenses

10,602


10,140


34,414


32,071



Total operating expenses

173,486


146,759


506,424


452,076



Income from operations

44,117


54,251


153,046


155,824











Other income and (expense):









Gain on sale of subsidiaries

-


307


-


48,474


Interest expense, net

(30,624)


(25,899)


(87,529)


(69,662)


Foreign exchange gain/(loss)

626


(1,084)


3,609


(1,421)


Other

222


-


65


-



Income before income taxes

14,341


27,575


69,191


133,215













Income tax expense

1,789


10,682


11,783


52,857



Net income

$   12,552


$   16,893


$   57,408


$      80,358



     Adjustment for net income attributable to noncontrolling interests

2,625


1,338


6,787


4,963



Net income attributable to PRA Group, Inc.

$     9,927


$   15,555


$   50,621


$      75,395











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









Basic

$      0.22


$      0.34


$      1.12


$         1.64


Diluted

$      0.22


$      0.34


$      1.11


$         1.64















Weighted average number of shares outstanding:









Basic



45,302


45,168


45,272


45,838


Diluted


45,440


45,286


45,420


45,991

 

 

PRA Group, Inc.

Consolidated Balance Sheets

September 30, 2018 and December 31, 2017

(Amounts in thousands)


(unaudited)




September 30,

December 31,

ASSETS

2018


2017





Cash and cash equivalents

$               114,176


$              120,516

Investments

21,750


78,290

Finance receivables, net

2,819,345


2,771,921

Other receivables, net

9,067


15,770

Income taxes receivable

8,912


21,686

Net deferred tax asset

64,793


57,529

Property and equipment, net

55,010


49,311

Goodwill

519,045


526,513

Intangible assets, net

17,369


23,572

Other assets

27,296


32,656







Total assets


$            3,656,763


$            3,697,764







LIABILITIES AND EQUITY










Liabilities:





Accounts payable

$                   3,773


$                   4,992


Accrued expenses

81,445


85,993


Income taxes payable

13,408


10,771


Net deferred tax liability

120,990


171,185


Interest-bearing deposits

79,282


98,580


Borrowings

2,194,687


2,170,182


Other liabilities

8,474


9,018










Total liabilities


2,502,059


2,550,721








Redeemable noncontrolling interest

6,955


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, 45,303 shares






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






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

453


452



Additional paid-in capital

58,713


53,870



Retained earnings

1,258,323


1,211,632



Accumulated other comprehensive loss

(213,078)


(178,607)



     Total stockholders' equity - PRA Group, Inc.


1,104,411


1,087,347



               Noncontrolling interest


43,338


50,162



               Total equity


1,147,749


1,137,509



                         Total liabilities and equity


$            3,656,763


$            3,697,764

 

 

Select Expenses (Income)









(in thousands)

Three Months Ended


September 30,
2018

June 30, 2018

March 31,
2018

December 31,
2017

September 30,
2017

June 30, 2017

March 31,
2017

December 31,
2016

Acquisition/divestiture-related expenses

-

-

-

-

-

-

2,100

458

Legal costs not associated with normal operations

-

231

92

160

218

2,615

1,024

3,741

Noncash interest expense - amortization of debt discount

2,958

2,904

2,877

2,823

2,796

1,809

1,155

1,136

Noncash interest expense - amortization of debt issuance costs

2,524

2,532

2,553

2,501

2,505

2,635

1,928

1,929

Change in fair value on Interest rate swap agreements

(504)

972

(3,673)

420

(1,025)

(1,578)

158

(1,064)

Amortization of intangibles

994

1,133

1,222

1,016

1,037

869

1,410

929

Stock-based compensation expense

2,361

2,146

2,415

2,415

2,218

1,846

2,199

(3,330)










 

 

Purchase Price Mutiples

as of September 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

$                638,451

$             6,160

$           25,722

$      2,047,200

$           25,722

321%

240%

2008

166,432

3,154

12,139

375,152

12,139

225%

220%

2009

125,153

726

24,190

459,190

24,190

367%

252%

2010

148,200

4,729

40,077

535,524

40,077

361%

247%

2011

209,609

10,737

67,802

737,343

67,802

352%

245%

2012

254,168

20,816

84,545

680,862

84,545

268%

226%

2013

391,097

59,777

164,894

953,174

164,894

244%

211%

2014

405,524

97,298

236,201

940,326

233,305

232%

204%

2015

444,290

147,440

338,825

969,158

338,495

218%

205%

2016

454,784

211,668

494,228

1,037,575

485,654

228%

201%

2017

534,814

403,020

796,914

1,116,770

792,475

209%

193%

2018

486,537

471,462

909,166

974,989

905,783

200%

200%

Subtotal

4,259,059

1,436,987

3,194,703

10,827,263

3,175,081



Americas-Insolvency







2004-2007

132,917

-

360

197,053

360

148%

148%

2008

108,548

-

382

168,618

382

155%

163%

2009

155,989

-

1,405

470,676

1,405

302%

214%

2010

208,943

-

2,507

547,309

2,507

262%

184%

2011

180,434

-

670

368,779

670

204%

155%

2012

251,419

-

662

389,583

662

155%

136%

2013

227,904

514

8,880

356,411

8,880

156%

133%

2014

148,712

11,008

21,890

214,310

21,854

144%

124%

2015

63,184

19,897

26,997

83,502

26,997

132%

125%

2016

92,288

35,590

44,490

113,024

44,547

122%

123%

2017

275,302

172,944

222,608

346,172

222,608

126%

125%

2018

46,779

45,779

57,815

59,831

57,815

128%

128%

Subtotal

1,892,419

285,732

388,666

3,315,268

388,687



Total Americas

6,151,478

1,722,719

3,583,369

14,142,531

3,563,768



Europe-Core








2012

20,424

-

1,566

38,830

1,254

190%

187%

2013

20,350

194

943

23,988

741

118%

119%

2014

797,521

262,938

969,623

2,164,584

850,653

271%

208%

2015

422,556

202,658

442,557

752,807

404,606

178%

160%

2016

348,807

243,898

410,317

580,542

423,984

166%

167%

2017

250,033

202,926

303,359

363,484

301,850

145%

144%

2018 (8)

117,801

109,836

163,870

172,178

162,115

146%

146%

Subtotal

1,977,492

1,022,450

2,292,235

4,096,413

2,145,203



Europe-Insolvency







2014

10,876

1,239

3,345

18,063

3,066

166%

129%

2015

19,401

5,886

11,493

28,887

10,100

149%

139%

2016

42,209

21,430

32,448

60,906

32,573

144%

130%

2017

38,835

34,039

43,166

49,903

42,596

129%

128%

2018

12,156

11,582

14,854

15,101

14,363

124%

124%

Subtotal

123,477

74,176

105,306

172,860

102,698



Total Europe

2,100,969

1,096,626

2,397,541

4,269,273

2,247,901



Total PRA Group

$          8,252,447

$   2,819,345

$   5,980,910

$ 18,411,804

$   5,811,669











(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 September 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 September 30, 2018 exchange rate.


(7) The Original Estimated Purchase Price Multiple represents the purchase price multiple at the end of the year of acquisition.

(8) The Europe-Core purchases include a $34.9 million finance receivables portfolio addition in the third quarter of 2018 relating to the consolidation of a 

Polish investment fund.







 

 

Portfolio Financial Information

Year-to-date as of September 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
September 30, 2018 (5)

Americas-Core








1996-2007

$      638,451

$              8,085

$           6,516

$              1,569

$               (520)

$               7,036

$                        6,160

2008

166,432

3,672

1,699

1,973

(750)

2,449

3,154

2009

125,153

6,379

6,172

207

125

6,047

726

2010

148,200

8,774

7,362

1,412

(2,635)

9,997

4,729

2011

209,609

17,193

14,684

2,509

(75)

14,759

10,737

2012

254,168

22,339

14,231

8,108

(3,715)

17,946

20,816

2013

391,097

45,123

32,838

12,285

5,213

27,625

59,777

2014

405,524

66,247

46,754

19,493

10,854

35,900

97,298

2015

444,290

101,785

57,883

43,902

88

57,795

147,440

2016

454,784

154,936

85,971

68,965

707

85,264

211,668

2017

534,814

211,274

119,215

92,059

380

118,835

403,020

2018

486,537

65,435

52,009

13,426

-

52,009

471,462

Subtotal

4,259,059

711,242

445,334

265,908

9,672

435,662

1,436,987

Americas-Insolvency







2004-2007

132,917

128

128

-

-

128

-

2008

108,548

162

162

-

-

162

-

2009

155,989

625

625

-

-

625

-

2010

208,943

1,126

1,126

-

-

1,126

-

2011

180,434

1,307

1,307

-

-

1,307

-

2012

251,419

3,650

3,650

-

-

3,650

-

2013

227,904

19,561

12,490

7,071

-

12,490

514

2014

148,712

22,556

6,746

15,810

-

6,746

11,008

2015

63,184

15,075

2,762

12,313

-

2,762

19,897

2016

92,288

19,181

3,253

15,928

435

2,818

35,590

2017

275,302

74,473

12,003

62,470

-

12,003

172,944

2018

46,779

2,017

1,016

1,001

-

1,016

45,779

Subtotal

1,892,419

159,861

45,268

114,593

435

44,833

285,732

Total Americas

6,151,478

871,103

490,602

380,501

10,107

480,495

1,722,719

Europe-Core








2012

20,424

1,553

1,556

(3)

-

1,556

-

2013

20,350

1,059

710

349

-

710

194

2014

797,521

157,362

99,092

58,270

(1,317)

100,409

262,938

2015

422,556

62,428

26,584

35,844

(1,705)

28,289

202,658

2016

348,807

55,811

21,687

34,124

4,582

17,105

243,898

2017

250,033

43,844

10,870

32,974

314

10,556

202,926

2018 (6)

117,801

8,191

1,522

6,669

-

1,522

109,836

Subtotal

1,977,492

330,248

162,021

168,227

1,874

160,147

1,022,450

Europe-Insolvency







2014

10,876

2,046

1,159

887

-

1,159

1,239

2015

19,401

3,569

1,440

2,129

-

1,440

5,886

2016

42,209

9,698

3,771

5,927

63

3,708

21,430

2017

38,835

5,595

1,800

3,795

-

1,800

34,039

2018

12,156

237

77

160

-

77

11,582

Subtotal

123,477

21,145

8,247

12,898

63

8,184

74,176

Total Europe

2,100,969

351,393

170,268

181,125

1,937

168,331

1,096,626

Total PRA Group

$   8,252,447

$       1,222,496

$       660,870

$          561,626

$            12,044

$           648,826

$                 2,819,345









(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 September 30, 2018 exchange rate. 


(6) The Europe-Core purchases include a $34.9 million finance receivables portfolio addition in the third quarter of 2018 relating to the consolidation of a 

Polish investment fund.







 

 

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

as of September 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

$         638,451

$      1,096,153

$      222,628

$      168,849

$      137,689

$      115,551

$        89,405

$      63,955

$      45,247

$      32,491

$      20,745

$      13,427

$        8,085

$      2,014,225

2008

166,432

47,253

72,080

62,363

53,654

42,850

31,307

21,027

13,786

8,989

6,031

3,672

363,012

2009

125,153

40,703

95,627

84,339

69,385

51,121

35,555

24,896

16,000

10,994

6,379

434,999

2010

148,200

47,076

113,554

109,873

82,014

55,946

38,110

24,515

15,587

8,774

495,449

2011

209,609

61,971

174,461

152,908

108,513

73,793

48,711

31,991

17,193

669,541

2012

254,168

56,901

173,589

146,198

97,267

59,981

40,042

22,339

596,317

2013

391,097

101,614

247,849

194,026

120,789

78,880

45,123

788,281

2014

405,524

92,660

253,448

170,311

114,219

66,247

696,885

2015

444,290

116,951

228,432

185,898

101,785

633,066

2016

454,784

138,723

256,531

154,936

550,190

2017

534,814

107,327

211,274

318,601

2018

486,537

65,435

65,435

Subtotal

4,259,059

1,096,153

269,881

281,632

342,755

429,069

542,875

656,508

752,995

844,768

837,196

860,927

711,242

7,626,001

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

128

196,694

2008

108,548

14,024

35,894

37,974

35,690

28,956

11,650

1,884

1,034

635

332

162

168,235

2009

155,989

16,635

81,780

102,780

107,888

95,725

53,945

5,781

2,531

1,581

625

469,271

2010

208,943

39,486

104,499

125,020

121,717

101,873

43,649

5,008

2,425

1,126

544,803

2011

180,434

15,218

66,379

82,752

85,816

76,915

35,996

3,726

1,307

368,109

2012

251,419

17,388

103,610

94,141

80,079

60,715

29,337

3,650

388,920

2013

227,904

52,528

82,596

81,679

63,386

47,781

19,561

347,531

2014

148,712

37,045

50,880

44,313

37,350

22,556

192,144

2015

63,184

3,395

17,892

20,143

15,075

56,505

2016

92,288

18,869

30,426

19,181

68,476

2017

275,302

49,093

74,473

123,566

2018

46,779

2,017

2,017

Subtotal

1,892,419

61,154

56,818

86,371

186,587

276,421

354,205

469,866

458,451

344,214

249,808

222,515

159,861

2,926,271

Total Americas

6,151,478

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

871,103

10,552,272

Europe-Core













-

-

2012

20,424

11,604

8,995

5,641

3,175

2,198

2,038

1,553

35,204

2013

20,350

7,068

8,540

2,347

1,326

1,239

1,059

21,579

2014

797,521

153,180

291,980

246,365

220,765

157,362

1,069,652

2015

422,556

45,760

100,263

86,156

62,428

294,607

2016

348,807

40,368

78,915

55,811

175,094

2017

250,033

17,894

43,844

61,738

2018 (4)

117,801

8,191

8,191

Subtotal

1,977,492

11,604

16,063

167,361

343,262

390,520

407,007

330,248

1,666,065

Europe-Insolvency












-

-

2014

10,876

5

4,297

3,921

3,207

2,046

13,476

2015

19,401

2,954

4,366

5,013

3,569

15,902

2016

42,209

6,175

12,703

9,698

28,576

2017

38,835

1,233

5,595

6,828

2018

12,156

237

237

Subtotal

123,477

5

7,251

14,462

22,156

21,145

65,019

Total Europe

2,100,969

11,604

16,063

167,366

350,513

404,982

429,163

351,393

1,731,084

Total PRA Group

$   8,252,447

$      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

$ 1,222,496

$    12,283,356
















(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. 

(4) The Europe-Core purchases include a $34.9 million finance receivables portfolio addition in the third quarter of 2018 relating to the consolidation of a Polish investment fund.





 

 

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, Inc.