PRA Group Reports First Quarter 2019 Results

NORFOLK, Va., May 9, 2019 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the first quarter of 2019.  Net income attributable to PRA Group, Inc. was $15.2 million compared to $21.1 million in the first quarter of 2018. Diluted earnings per share were $0.34 compared to $0.47 in the first quarter of 2018.  

First Quarter Highlights

  • Record global cash collections of $461.2 million, an increase of 8%, or 11% on a currency adjusted basis, compared to the first quarter of 2018. This growth was primarily driven by a 31% increase in U.S. legal cash collections and a 9% increase in U.S. call center and other cash collections.
  • Record Estimated Remaining Collections (ERC) of $6.26 billion which increased $114.2 million from the fourth quarter of 2018. 
  • Total investment for the quarter was $318.8 million, a 90% increase compared to the first quarter of 2018. 
  • Income recognized on finance receivables of $238.8 million compared to $218.6 million in the first quarter of 2018.
  • Acquired the holding company of Resurgent Holdings LLC's Canadian business, which became a wholly owned subsidiary of PRA Group Canada.

"Our investments over the last few years continue to pay off with record cash collections in the first quarter. The largest contributor to the growth was the U.S., particularly from the legal channel.  Europe Core cash collections also increased on a currency adjusted basis contributing to global collections of $461 million during the quarter," said Kevin Stevenson, president and chief executive officer.  "We also delivered another significant quarter of portfolio investment, building ERC to a record $6.26 billion. We were encouraged by our investment levels in Europe which continues to have healthy levels of supply.  We have seen some pricing improvement in select markets, and as a result, our investment was spread across more countries in Europe than in prior quarters."

Cash Collections, Revenues, and Net Allowance Charges

  • The following table presents cash collections by quarter and by source on an as reported and currency-adjusted basis:

 











Cash Collection Source


2019


2018


($ in thousands)


Q1


Q4

Q3

Q2

Q1


Americas-Core


$  290,723


$  233,937

$  231,253

$  233,752

$  246,237


Americas-Insolvency


44,613


48,000

48,518

56,063

55,280


Europe-Core


116,858


113,154

102,780

109,359

118,109


Europe-Insolvency


8,977


7,618

6,731

7,460

6,954


Total Cash Collections


$  461,171


$  402,709

$  389,282

$  406,634

$  426,580





























Cash Collection Source - 









Constant Currency Adjusted


2019





2018


($ in thousands)


Q1





Q1


Americas-Core


$  290,723





$  243,971


Americas-Insolvency


44,613





55,168


Europe-Core


116,858





109,286


Europe-Insolvency


8,977





6,477


Total Cash Collections


$  461,171





$  414,902



















  • Cash collections in the quarter increased 8% compared to the first quarter of 2018.  The increase was primarily due to a 31% increase in U.S. legal collections and a 9% increase in U.S. call center and other cash collections.  This was partially offset by a 14% decrease in Global Insolvency cash collections mainly due to muted levels of purchasing during the first three quarters of 2018.
  • For the quarter, cash collections on fully amortized pools were $12.1 million and cash collections on nonaccrual pools were $3.7 million.
  • Income recognized on finance receivables increased 9% compared to the first quarter of 2018 primarily due to record purchases in Americas Core during 2018 and significant purchases in Europe Core in the fourth quarter of 2018. 
  • Net allowance charges in the quarter were $6.1 million compared to $0.9 million in the first quarter of 2018.
  • Fee income and other revenue in the quarter was $7.0 million, and was generated primarily by our claims processing company, Claims Compensation Bureau. Fee income and other revenue was $5.5 million in the first quarter of 2018.

Expenses

  • Operating expenses in the quarter increased $21.4 million compared to the first quarter of 2018 largely due to increased legal collection costs and fees and an increase in agency fees.  The increase in agency fees was primarily due to the shifting of fixed expenses to variable as a result of the sale of the RCB operating platform in Brazil and an increased volumes of servicing activity outside of the U.S. 
  • A foreign exchange gain in the amount of $6.3 million was recorded during the quarter. 
  • The effective tax rate for the three months ended March 31, 2019 was 18.6%.

Portfolio Acquisitions

  • The Company invested $318.8 million in finance receivables in the first quarter.     
  • At the end of the first quarter, the Company had in place forward flow commitments of $351.5 million

 








Portfolio Purchase Source

2019


2018

($ in thousands)

Q1


Q4

Q3

Q2

Q1

Americas-Core

$    169,189


$    172,511

$    170,426

$    182,768

$    131,427

Americas-Insolvency

48,243


52,871

17,151

16,651

13,436

Europe-Core

94,283


231,810

45,754

19,403

18,000

Europe-Insolvency

7,134


33,661

4,159

2,577

5,392

Total Portfolio Purchasing

$    318,849


$    490,853

$    237,490

$    221,399

$    168,255















 

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 May 16, 2019, call 877-344-7529 in the U.S. or 412-317-0088 outside the U.S. and use access code 10128745.                         

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 almost 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.

Unaudited Consolidated Income Statements

(in thousands, except per share amounts)


















Three Months Ended








March 31,








2019


2018











Revenues:





Income recognized on finance receivables

$ 238,836


$ 218,624


Fee income

6,374


5,327


Other revenue

667


157



Total revenues

245,877


224,108











Net allowance charges

(6,095)


(925)











Operating expenses:





Compensation and employee services

79,645


81,237


Legal collection fees

13,059


10,669


Legal collection costs

35,229


22,243


Agency fees

14,032


8,278


Outside fees and services

15,248


14,158


Communication

13,201


11,557


Rent and occupancy

4,363


4,314


Depreciation and amortization

4,572


4,929


Other operating expenses

11,585


12,184



Total operating expenses

190,934


169,569



Income from operations

48,848


53,614












Interest expense, net

(33,981)


(25,781)


Foreign exchange gain

6,264


1,293


Other



(352)


243



Income before income taxes

20,779


29,369













Income tax expense

3,867


6,137



Net income

16,912


23,232




Adjustment for net income attributable to noncontrolling interests

1,685


2,126



Net income attributable to PRA Group, Inc.

$   15,227


$   21,106











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





Basic



$      0.34


$      0.47


Diluted


$      0.34


$      0.47











Weighted average number of shares outstanding:





Basic



45,338


45,231


Diluted


45,419


45,370











 

 

PRA Group, Inc.

Consolidated Balance Sheets

Marchr 31, 2019 and December 31, 2018

(Amounts in thousands)








(unaudited)










March 31,

December 31,

ASSETS

2019


2018











Cash and cash equivalents

$               102,102


$                 98,695

Investments

85,082


45,173

Finance receivables, net

3,177,229


3,084,777

Other receivables, net

18,082


46,157

Income taxes receivable

15,472


16,809

Net deferred tax asset

61,619


61,453

Property and equipment, net

54,463


54,136

Right-of-use assets

70,550


-

Goodwill



480,518


464,116

Intangible assets, net

5,247


5,522

Other assets

35,970


32,721













Total assets

$            4,106,334


$            3,909,559











LIABILITIES AND EQUITY














Liabilities:






Accounts payable

$                   5,682


$                   6,110


Accrued expenses

77,838


79,396


Income taxes payable

389


15,080


Net deferred tax liability

108,367


114,979


Interest-bearing deposits

95,314


82,666


Borrowings

2,586,409


2,473,656


Lease liabilities

74,308


-


Other liabilities

25,789


7,370













Total liabilities

2,974,096


2,779,257











Redeemable noncontrolling interest

6,199


6,333











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, 45,384 shares






issued and outstanding at March 31, 2019; 100,000 shares authorized,






   45,304 shares issued and outstanding at December 31, 2018

454


453



Additional paid-in capital

59,091


60,303



Retained earnings

1,291,700


1,276,473



Accumulated other comprehensive loss

(248,521)


(242,109)



   Total stockholders' equity - PRA Group, Inc.

1,102,724


1,095,120



      Noncontrolling interests

23,315


28,849



      Total equity

1,126,039


1,123,969



         Total liabilities and equity

$            4,106,334


$            3,909,559











 

 

Select Expenses (Income)









(in thousands)

Three Months Ended


March 31,
2019

December 31,
2018

September 30,
2018

June 30, 2018

March 31,
2018

December 31,
2017

September 30,
2017

June 30, 2017

Acquisition/divestiture-related expenses

223

-

-

4

10

-

-

-

Legal costs not associated with normal operations

-

647

95

231

92

160

218

2,615

Noncash interest expense - amortization of debt discount

3,042

2,986

2,958

2,904

2,877

2,823

2,796

1,809

Noncash interest expense - amortization of debt issuance costs

2,636

2,723

2,524

2,532

2,553

2,501

2,505

2,635

Change in fair value on Interest rate swap agreements

349

673

(504)

972

(3,673)

420

(1,025)

(1,578)

Amortization of intangibles

347

907

994

1,133

1,222

1,016

1,037

869

Share-based compensation expense

2,314

1,600

2,361

2,146

2,415

2,415

2,218

1,846










 

 

Purchase Price Mutiples

as of March 31, 2019

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








1996-2008

$                804,882

$             8,460

$           32,757

$      2,424,133

$           32,757

301%

236%

2009

125,153

642

20,893

459,594

20,893

367%

252%

2010

148,199

4,239

34,123

534,384

34,123

361%

247%

2011

209,606

9,231

57,522

736,144

57,522

351%

245%

2012

254,118

18,385

74,305

681,435

74,305

268%

226%

2013

390,979

44,602

129,076

939,654

129,076

240%

211%

2014

405,398

73,574

193,729

931,183

190,424

230%

204%

2015

443,992

122,428

288,967

970,072

288,804

218%

205%

2016

453,575

176,337

428,963

1,054,922

423,406

233%

201%

2017

534,185

330,760

657,395

1,119,849

653,959

210%

193%

2018

656,699

588,009

1,108,027

1,323,983

1,105,245

202%

202%

2019

169,526

166,465

335,384

345,455

335,384

204%

204%

Subtotal

4,596,312

1,543,132

3,361,141

11,520,808

3,345,898



Americas-Insolvency







2004-2008

241,465

-

582

365,645

582

151%

155%

2009

155,988

-

1,084

470,628

1,084

302%

214%

2010

208,942

-

1,915

547,132

1,915

262%

184%

2011

180,433

-

262

368,873

262

204%

155%

2012

251,418

-

163

390,297

163

155%

136%

2013

227,903

-

4,024

355,004

4,024

156%

133%

2014

148,710

5,226

12,734

216,687

12,701

146%

124%

2015

63,181

12,929

18,623

84,083

18,623

133%

125%

2016

92,280

26,671

34,798

114,224

34,741

124%

123%

2017

275,287

139,471

178,661

346,306

178,661

126%

125%

2018

98,102

90,015

112,373

124,694

112,373

127%

127%

2019

48,230

47,935

59,136

60,056

59,136

125%

125%

Subtotal

1,991,939

322,247

424,355

3,443,629

424,265



Total Americas

6,588,251

1,865,379

3,785,496

14,964,437

3,770,163



Europe-Core








2012

20,423

-

1,028

39,353

824

193%

187%

2013

20,346

8

615

24,356

483

120%

119%

2014

796,860

225,367

873,647

2,177,579

744,656

273%

208%

2015

420,576

181,626

393,001

742,543

355,328

177%

160%

2016

348,370

215,547

380,638

582,463

379,792

167%

167%

2017

247,719

181,807

270,435

354,772

264,864

143%

144%

2018 (8)

345,892

310,988

465,042

514,378

466,881

149%

148%

2019

93,270

92,656

137,193

138,379

137,193

148%

148%

Subtotal

2,293,456

1,207,999

2,521,599

4,573,823

2,350,021



Europe-Insolvency







2014

10,876

692

2,064

18,029

1,841

166%

129%

2015

19,393

4,621

9,165

29,219

8,027

151%

139%

2016

42,190

17,448

26,534

61,144

26,416

145%

130%

2017

38,787

30,359

39,064

50,550

38,307

130%

128%

2018

45,633

43,606

53,453

56,077

53,283

123%

123%

2019

7,125

7,125

9,360

9,393

9,360

132%

132%

Subtotal

164,004

103,851

139,640

224,412

137,234



Total Europe

2,457,460

1,311,850

2,661,239

4,798,235

2,487,255



Total PRA Group

$          9,045,711

$   3,177,229

$   6,446,735

$ 19,762,672

$   6,257,418











(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, 2019 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, 2019 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 March 31, 2019

Amounts in thousands









Purchase Period

Purchase
Price (1)(2)

Cash
Collections(3)

Gross
Revenue(3)

Amortization (3)

Net Allowance
Charges/
(Reversals)(3)

Net Revenue (3)(4)

Net Finance
Receivables as of
March 31, 2019 (5)

Americas-Core








1996-2008

$      804,882

$              3,551

$           2,353

$              1,198

$               (550)

$               2,903

$                        8,460

2009

125,153

1,900

1,789

111

(100)

1,889

642

2010

148,199

2,448

2,204

244

160

2,044

4,239

2011

209,606

4,653

4,025

628

575

3,450

9,231

2012

254,118

5,355

3,821

1,534

(300)

4,121

18,385

2013

390,979

10,972

7,576

3,396

2,505

5,071

44,602

2014

405,398

16,884

10,884

6,000

1,533

9,351

73,574

2015

443,992

25,966

14,919

11,047

494

14,425

122,428

2016

453,575

41,916

23,291

18,625

505

22,786

176,337

2017

534,185

74,211

33,808

40,403

-

33,808

330,760

2018

656,699

92,768

52,025

40,743

-

52,025

588,009

2019

169,526

10,099

7,023

3,076

-

7,023

166,465

Subtotal

4,596,312

290,723

163,718

127,005

4,822

158,896

1,543,132

Americas-Insolvency







2004-2008

241,465

68

68

-

-

68

-

2009

155,988

151

151

-

-

151

-

2010

208,942

189

189

-

-

189

-

2011

180,433

224

224

-

-

224

-

2012

251,418

579

579

-

-

579

-

2013

227,903

1,061

1,061


-

1,061

-

2014

148,710

5,313

3,051

2,262

-

3,051

5,226

2015

63,181

4,261

959

3,302

-

959

12,929

2016

92,280

4,987

1,052

3,935

-

1,052

26,671

2017

275,287

21,239

5,108

16,131

-

5,108

139,471

2018

98,102

5,622

1,727

3,895

-

1,727

90,015

2019

48,230

919

625

294

-

625

47,935

Subtotal

1,991,939

44,613

14,794

29,819

-

14,794

322,247

Total Americas

6,588,251

335,336

178,512

156,824

4,822

173,690

1,865,379

Europe-Core








2012

20,423

402

402

-

-

402

-

2013

20,346

271

178

93

-

178

8

2014

796,860

45,432

30,356

15,076

(250)

30,606

225,367

2015

420,576

17,889

7,932

9,957

(333)

8,265

181,626

2016

348,370

15,303

7,261

8,042

1,392

5,869

215,547

2017

247,719

11,524

4,058

7,466

576

3,482

181,807

2018 (6)

345,892

24,843

6,571

18,272

-

6,571

310,988

2019

93,270

1,194

576

618

-

576

92,656

Subtotal

2,293,456

116,858

57,334

59,524

1,385

55,949

1,207,999

Europe-Insolvency







2014

10,876

555

268

287

-

268

692

2015

19,393

1,104

482

622

(72)

554

4,621

2016

42,190

2,961

1,106

1,855

(40)

1,146

17,448

2017

38,787

2,359

605

1,754

-

605

30,359

2018

45,633

1,964

495

1,469

-

495

43,606

2019

7,125

34

34

-

-

34

7,125

Subtotal

164,004

8,977

2,990

5,987

(112)

3,102

103,851

Total Europe

2,457,460

125,835

60,324

65,511

1,273

59,051

1,311,850

Total PRA Group

$   9,045,711

$          461,171

$       238,836

$          222,335

$              6,095

$           232,741

$                 3,177,229









(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 March 31, 2019 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 March 31, 2019

Amounts in thousands




Purchase Period

Purchase Price
(2)(3)

Cash Collections

1996-2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Total

Americas-Core















1996-2008

$         804,882

$      1,366,034

$      240,929

$      200,052

$      169,205

$      132,255

$         95,262

$         66,274

$         46,277

$         29,734

$         19,458

$         15,092

$           3,551

$      2,384,123

2009

125,153

40,703

95,627

84,339

69,385

51,121

35,555

24,896

16,000

10,994

8,180

1,900

438,700

2010

148,199

47,076

113,554

109,873

82,014

55,946

38,110

24,515

15,587

11,140

2,448

500,263

2011

209,606

61,971

174,461

152,908

108,513

73,793

48,711

31,991

21,622

4,653

678,623

2012

254,118

56,901

173,589

146,198

97,267

59,981

40,042

27,797

5,355

607,130

2013

390,979

101,614

247,849

194,026

120,789

78,880

56,449

10,972

810,579

2014

405,398

92,660

253,448

170,311

114,219

82,244

16,884

729,766

2015

443,992

116,951

228,432

185,898

126,605

25,966

683,852

2016

453,575

138,723

256,531

194,605

41,916

631,775

2017

534,185

107,327

278,733

74,211

460,271

2018

656,699

122,712

92,768

215,480

2019

169,526

10,099

10,099

Subtotal

4,596,312

1,366,034

281,632

342,755

429,069

542,875

656,508

752,995

844,768

837,196

860,927

945,179

290,723

8,150,661

Americas-Insolvency














2004-2008

241,465

117,972

69,736

65,321

53,924

37,530

13,534

3,035

1,836

1,098

653

356

68

365,063

2009

155,988

16,635

81,780

102,780

107,888

95,725

53,945

5,781

2,531

1,581

747

151

469,544

2010

208,942

39,486

104,499

125,020

121,717

101,873

43,649

5,008

2,425

1,352

189

545,218

2011

180,433

15,218

66,379

82,752

85,816

76,915

35,996

3,726

1,584

224

368,610

2012

251,418

17,388

103,610

94,141

80,079

60,715

29,337

4,284

579

390,133

2013

227,903

52,528

82,596

81,679

63,386

47,781

21,948

1,061

350,979

2014

148,710

37,045

50,880

44,313

37,350

28,759

5,313

203,660

2015

63,181

3,395

17,892

20,143

19,769

4,261

65,460

2016

92,280

18,869

30,426

25,047

4,987

79,329

2017

275,287

49,093

97,315

21,239

167,647

2018

98,102

6,700

5,622

12,322

2019

48,230

919

919

Subtotal

1,991,939

117,972

86,371

186,587

276,421

354,205

469,866

458,451

344,214

249,808

222,515

207,861

44,613

3,018,884

Total Americas

6,588,251

1,484,006

368,003

529,342

705,490

897,080

1,126,374

1,211,446

1,188,982

1,087,004

1,083,442

1,153,040

335,336

11,169,545

Europe-Core















2012

20,423

11,604

8,995

5,641

3,175

2,198

2,038

1,996

402

36,049

2013

20,346

7,068

8,540

2,347

1,326

1,239

1,331

271

22,122

2014

796,860

153,180

291,980

246,365

220,765

206,255

45,432

1,163,977

2015

420,576

45,760

100,263

86,156

80,858

17,889

330,926

2016

348,370

40,368

78,915

72,603

15,303

207,189

2017

247,719

17,894

56,033

11,524

85,451

2018 (4)

345,892

24,326

24,843

49,169

2019

93,270

1,194

1,194

Subtotal

2,293,456

-

-

-

-

11,604

16,063

167,361

343,262

390,520

407,007

443,402

116,858

1,896,077

Europe-Insolvency














2014

10,876

5

4,297

3,921

3,207

2,620

555

14,605

2015

19,393

2,954

4,366

5,013

4,783

1,104

18,220

2016

42,190

6,175

12,703

12,856

2,961

34,695

2017

38,787

1,233

7,862

2,359

11,454

2018

45,633

642

1,964

2,606

2019

7,125

34

34

Subtotal

164,004

-

-

-

-

-

-

5

7,251

14,462

22,156

28,763

8,977

81,614

Total Europe

2,457,460

-

-

-

-

11,604

16,063

167,366

350,513

404,982

429,163

472,165

125,835

1,977,691

Total PRA Group

$   9,045,711

$   1,484,006

$   368,003

$   529,342

$   705,490

$   908,684

$ 1,142,437

$ 1,378,812

$ 1,539,495

$ 1,491,986

$ 1,512,605

$ 1,625,205

$    461,171

$ 13,147,236
















(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
Darby.Schoenfeld@PRAGroup.com

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

SOURCE PRA Group