PRA Group Reports First Quarter 2020 Results

NORFOLK, Va., May 7, 2020 /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 2020.  Net income attributable to PRA Group, Inc. was $19.1 million compared to $15.2 million in the first quarter of 2019. Diluted earnings per share were $0.42 compared to $0.34 in the first quarter of 2019.  

First Quarter Highlights

  • Record global cash collections of $494.6 million, an increase of 7%, or 9% on a currency adjusted basis, compared to the first quarter of 2019.
  • Estimated Remaining Collections (ERC) of $6.5 billion, an increase of $273.8 million, or 4%, compared to the first quarter of 2019. The strengthening U.S. Dollar caused a $239.0 million decrease in ERC compared to year-end 2019.    
  • Total portfolio purchases were $273.2 million
  • Portfolio income of $262.0 million
  • Income from operations of $60.5 million, an increase of 24% compared to the first quarter of 2019. 
  • Cash efficiency ratio of 61.5% during the quarter compared to 59.2% in the first quarter of 2019. 

"PRA Group began 2020 with very strong performance building on the momentum of record portfolio purchases in 2019, investments made over the last few years, and favorable industry trends.  Global cash collections during the quarter were a record led by an increase in Europe after record portfolio purchases there last year," said Kevin Stevenson, president and chief executive officer.  "In late March, as COVID-19 spread across the globe, we started to see an impact on cash production through a combination of reduced workforce and slightly decreased collection rates.  We have implemented our normal consumer-friendly actions employed during times such as these and continue to work with our customers as necessary.  Our thoughts go out to those impacted by this pandemic."      

Update on Operations

  • For the month of April, total cash collections increased on a constant currency basis compared to April of 2019, trending ahead of the cash forecast revised for the impact of COVID-19.  These results were strengthened by collector attendance rates in the U.S. returning to pre-COVID-19 levels, portfolio acquisitions, consumer payment trends, and the relaxation of restrictions in some localities globally.
  • Currently, the Company is operating through a combination of work from home and in office, depending on the locality and the related requirements. 
  • In the U.S., call centers remain open, with the exception of Henderson, Nevada.  Nearly all support departments are working from home and are productive.  
  • In Europe, most employees are working from home and the total number of employees working is now close to normal levels.  The Company has begun to open certain sites in countries where requirements are being relaxed in May. 

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


2020


2019

($ in thousands)


Q1


Q4

Q3

Q2

Q1

Americas Core


$  305,780


$  276,639

$  279,902

$  294,243

$  290,723

Americas Insolvency


43,210


40,801

45,759

49,770

44,613

Europe Core


131,340


126,649

118,917

117,635

116,858

Europe Insolvency


14,243


12,520

8,639

8,626

8,977

Total Cash Collections


$  494,573


$  456,609

$  453,217

$  470,274

$  461,171

























Cash Collection Source








Constant Currency Adjusted


2020





2019

($ in thousands)


Q1





Q1

Americas Core 


$  305,780





$  287,689

Americas Insolvency


43,210





44,611

Europe Core


131,340





113,594

Europe Insolvency


14,243





8,760

Total Cash Collections


$  494,573





$  454,654

















  • Cash collections in the quarter increased $33.4 million compared to the first quarter of 2019.  The increase was primarily due to a 16% increase in Europe cash collections and a 10% increase in the U.S. legal channel.  This growth was primarily driven by increased portfolio purchases in Europe and the sustained legal channel investment in the U.S.
  • Portfolio income was $262.0 million compared to $238.8 million in income recognized on finance receivables in the first quarter of 2019.
  • Changes in expected recoveries were a decrease of $12.8 million.  This reflects a $20.6 million net, negative adjustment to estimated future recoveries primarily related to an expected delay in cash collections from the impact of COVID-19, partially offset by $7.8 million in recoveries in excess of expectations in the quarter.  This compares to a $6.1 million allowance charge in the first quarter of 2019.

Expenses

  • Operating expenses in the quarter were almost flat when compared to the first quarter of 2019.  Increases in legal collection fees and outside fees and services were partially offset by decreases in compensation and employee benefits.  The increase in legal collection fees is directly related to the increase in external legal cash collections.  The decrease in compensation and employee benefits was driven by a decrease in U.S. collector FTEs mainly due to balancing the call center staff with the legal channel.  The increase in outside fees and services was related to multiple items, none of which were material individually. 
  • Interest expense increased $3.2 million compared to the first quarter of 2019 primarily due to higher levels of average borrowings mainly related to increased portfolio acquisitions.
  • The effective tax rate for the first quarter of 2020 was 12.1% primarily due to some discrete items in the quarter.

Portfolio Acquisitions

  • The Company purchased $273.2 million in finance receivables in the first quarter of 2020.     
  • At the end of the first quarter, the Company had in place forward flow commitments of $629.2 million with $443.5 million in the Americas and $185.8 million in Europe. 

Portfolio Acquisition Source

2020


2019

($ in thousands)

Q1


Q4

Q3

Q2

Q1

Americas Core

$    172,697


$    118,153

$    168,185

$    121,996

$    169,189

Americas Insolvency

20,772


22,650

26,311

26,092

48,243

Europe Core

60,990


218,919

64,728

136,344

94,283

Europe Insolvency

18,778


42,613

19,772

4,715

7,134

Total Portfolio Acquisitions

$    273,237


$    402,335

$    278,996

$    289,147

$    318,849















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 844-835-9982 in the U.S. or 412-317-5267 outside the U.S. and ask for the PRA Group conference call.  To listen to a replay of the call until May 14, 2020, call 877-344-7529 in the U.S. or 412-317-0088 outside the U.S. and use access code 10136176.                         

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 thousands of 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,








2020


2019











Revenues:





Portfolio income

$ 262,022


$             -


Changes in expected recoveries

(12,816)


-


Income recognized on finance receivables

-


238,836


Fee income

2,209


6,374


Other revenue

369


667





Total revenues

251,784


245,877











Net allowance charges

-


(6,095)











Operating expenses:





Compensation and employee services

75,171


79,645


Legal collection fees

14,572


13,059


Legal collection costs

34,447


35,229


Agency fees

13,376


14,032


Outside fees and services

19,394


15,248


Communication

13,511


13,201


Rent and occupancy

4,484


4,363


Depreciation and amortization

4,084


4,572


Other operating expenses

12,205


11,585





Total operating expenses

191,244


190,934





Income from operations

60,540


48,848











Other income and (expense):





Interest expense, net

(37,211)


(33,981)


Foreign exchange gain

2,283


6,264


Other



(76)


(352)





Income before income taxes

25,536


20,779















Income tax expense

3,100


3,867





Net income

22,436


16,912






Adjustment for net income attributable to noncontrolling interests

3,301


1,685





Net income attributable to PRA Group, Inc.

$   19,135


$   15,227











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





Basic



$      0.42


$      0.34


Diluted


$      0.42


$      0.34











Weighted average number of shares outstanding:





Basic



45,452


45,338


Diluted


45,784


45,419





















 

PRA Group, Inc.

Consolidated Balance Sheets

(in thousands, except per share amounts)

(Amounts in thousands)








(unaudited)









March 31,

December 31,

ASSETS

2020

2019










Cash and cash equivalents

$               179,995

$               119,774

Investments

52,711

56,176

Finance receivables, net

3,408,074

3,514,165

Other receivables, net

11,383

10,606

Income taxes receivable

29,372

17,918

Deferred tax asset, net

63,911

63,225

Property and equipment, net

59,882

56,501

Right-of-use assets

66,655

68,972

Goodwill



418,565

480,794

Intangible assets, net

4,003

4,497

Other assets

55,548

31,263















Total assets

$            4,350,099

$            4,423,891










LIABILITIES AND EQUITY












Liabilities:





Accounts payable

$                   4,328

$                   4,258


Accrued expenses

76,583

88,925


Income taxes payable

18,596

4,046


Deferred tax liability, net

69,845

85,390


Lease liabilities

71,102

73,377


Interest-bearing deposits

97,465

106,246


Borrowings

2,828,002

2,808,425


Other liabilities

63,502

26,211















Total liabilities

3,229,423

3,196,878










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, 45,540 shares






issued and outstanding at March 31, 2020; 100,000 shares authorized,






45,416 shares issued and outstanding at December 31, 2019

455

454



Additional paid-in capital

67,021

67,321



Retained earnings

1,381,766

1,362,631



Accumulated other comprehensive loss

(375,617)

(261,018)




Total stockholders' equity - PRA Group, Inc.

1,073,625

1,169,388





Noncontrolling interests

47,051

57,625





Total equity

1,120,676

1,227,013






Total liabilities and equity

$            4,350,099

$            4,423,891

 

Select Expenses (Income)









(in thousands, pre-tax)


Three Months Ended


March 31,
2020

December 31,
2019

September 30,
2019

June 30,
2019

March 31,
2019

December 31,
2018

September 30,
2018

June 30,
2018

Acquisition/divestiture-related expenses

-

-

-

227

223

-

-

4

Legal costs not associated with normal operations

-

-

-

-

-

647

95

231

Noncash interest expense - amortization of debt discount

3,217

3,157

3,128

3,071

3,042

2,986

2,958

2,904

Noncash interest expense - amortization of debt issuance costs

2,640

2,649

2,649

2,655

2,636

2,723

2,524

2,532

Change in fair value on derivatives

2,039

1,247

1,126

1,645

349

673

(504)

972

Amortization of intangibles

349

407

400

418

347

907

994

1,133

Share-based compensation expense

2,857

2,809

2,974

2,620

2,314

1,600

2,361

2,146

 

Purchase Price Multiples

as of March 31, 2020

Amounts in thousands








Purchase Period

Purchase Price
(1)(2)

ERC-Historical
Period Exchange
Rates (3)

Total Estimated
Collections (4)

ERC-Current
Period Exchange
Rates (5)

Current
Estimated
Purchase Price
Multiple

Original
Estimated
Purchase Price
Multiple (6)

Americas Core







1996-2009

$              930,026

$             38,390

$           2,886,117

$             38,390

310%

238%

2010

148,193

26,621

535,652

26,621

361%

247%

2011

209,602

44,992

738,981

44,992

353%

245%

2012

254,076

56,991

680,187

56,991

268%

226%

2013

390,826

85,283

928,709

85,283

238%

211%

2014

404,117

138,067

921,659

135,051

228%

204%

2015

443,114

206,581

960,145

205,976

217%

205%

2016

455,767

327,345

1,093,346

314,819

240%

201%

2017

532,851

468,942

1,167,610

464,659

219%

193%

2018

653,975

762,474

1,337,704

749,410

205%

202%

2019

581,476

969,495

1,198,926

933,976

206%

206%

2020

172,697

329,648

336,822

329,648

195%

195%

Subtotal

5,176,720

3,454,829

12,785,858

3,385,816



Americas Insolvency






2004-2009

397,453

794

835,929

794

210%

178%

2010

208,942

1,016

546,844

1,016

262%

184%

2011

180,432

848

370,113

848

205%

155%

2012

251,395

688

392,419

688

156%

136%

2013

227,834

1,728

354,918

1,728

156%

133%

2014

148,420

2,252

217,283

2,232

146%

124%

2015

63,170

6,655

87,791

6,655

139%

125%

2016

91,442

18,596

116,061

18,536

127%

123%

2017

275,257

104,624

349,186

104,624

127%

125%

2018

97,879

85,846

127,700

85,846

130%

127%

2019

123,077

137,797

158,639

137,556

129%

128%

2020

20,772

25,768

27,344

25,768

132%

132%

Subtotal

2,086,073

386,612

3,584,227

386,291



Total Americas

7,262,793

3,841,441

16,370,085

3,772,107



Europe Core







2012

20,409

533

40,607

406

199%

187%

2013

20,334

262

25,056

196

123%

119%

2014

773,811

759,304

2,202,629

640,238

285%

208%

2015

411,340

323,139

734,838

285,151

179%

160%

2016

333,090

310,630

557,579

291,054

167%

167%

2017

252,174

229,143

361,268

204,423

143%

144%

2018

341,775

385,373

518,022

369,842

152%

148%

2019

518,610

706,719

790,270

665,335

152%

152%

2020

60,990

105,783

108,540

105,783

178%

178%

Subtotal

2,732,533

2,820,886

5,338,809

2,562,428



Europe Insolvency






2014

10,876

798

18,164

678

167%

129%

2015

18,973

4,969

29,054

4,162

153%

139%

2016

39,338

14,946

56,971

15,133

145%

130%

2017

39,235

27,096

48,706

24,854

124%

128%

2018

44,908

43,766

55,331

42,403

123%

123%

2019

77,218

91,096

102,236

85,535

132%

130%

2020

18,778

23,947

24,090

23,947

128%

128%

Subtotal

249,326

206,618

334,552

196,712



Total Europe

2,981,859

3,027,504

5,673,361

2,759,140



Total PRA Group

$      10,244,652

$     6,868,945

$      22,043,446

$     6,531,247










(1) Includes the acquisition date finance receivables portfolios that were acquired through our business acquisitions.

(2) For our non-US amounts, purchase price is presented at the exchange rate at the end of the year in which the pool was purchased.  In addition, any purchase price adjustments that occur throughout the life of the pool are presented at the year-end exchange rate for the respective year of purchase.

(3) For our non-US amounts, ERC-Historical Period Exchange Rates is presented at the year-end exchange rate for the respective year 

of purchase.







(4) For our non-U.S. amounts, Total Estimated Collections is presented at the year-end exchange rate for the respective year of purchase.

(5) For our non-U.S. amounts, ERC-Current Period Exchange Rates is presented at the March 31, 2020 exchange rate.


(6) 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, 2020

Amounts in thousands







Purchase Period

Cash
Collections(1)

Portfolio
Income (1)

Changes in
Expected
Recoveries

Total Portfolio
Revenue (1) (2)

Net Finance
Receivables as of
March 31, 2020 (3)

Americas Core






1996-2009

$             3,940

$           2,922

$                 228

$              3,150

$                        8,489

2010

2,016

1,826

(31)

1,795

3,263

2011

3,383

3,081

(176)

2,905

7,229

2012

3,556

3,115

(160)

2,955

15,406

2013

6,966

5,299

(2,285)

3,014

29,641

2014

9,452

7,547

(4,072)

3,475

48,628

2015

16,050

10,589

(4,661)

5,928

83,039

2016

27,017

17,389

(2,817)

14,572

126,158

2017

53,489

26,613

(1,857)

24,756

212,544

2018

89,601

40,978

(2,418)

38,560

404,887

2019

83,127

49,886

(3,509)

46,377

477,513

2020

7,183

5,611

365

5,976

170,995

Subtotal

305,780

174,856

(21,393)

153,463

1,587,792

Americas Insolvency





2004-2009

95

$              123

(28)

95

-

2010

137

165

(28)

137

-

2011

135

125

11

136

-

2012

307

265

42

307

-

2013

410

415

(4)

411

-

2014

837

1,085

(500)

585

503

2015

3,280

1,661

21

1,682

4,182

2016

4,076

1,130

220

1,350

14,704

2017

17,250

4,813

377

5,190

83,360

2018

7,717

2,409

450

2,859

69,595

2019

7,390

2,992

1,240

4,232

111,219

2020

1,576

300

(1)

299

19,433

Subtotal

43,210

15,483

1,800

17,283

302,996

Total Americas

348,990

190,339

(19,593)

170,746

1,890,788

Europe Core






2012

321

270

51

321

-

2013

178

131

47

178

-

2014

38,124

28,465

(92)

28,373

168,327

2015

14,761

8,134

(58)

8,076

146,671

2016

12,548

7,010

44

7,054

165,489

2017

9,631

3,587

(186)

3,401

141,100

2018

19,535

6,900

454

7,354

240,588

2019

33,449

11,457

2,958

14,415

440,409

2020

2,793

846

1,698

2,544

59,008

Subtotal

131,340

66,800

4,916

71,716

1,361,592

Europe Insolvency





2014

240

177

10

187

243

2015

928

422

110

532

2,506

2016

2,200

911

(74)

837

10,497

2017

2,401

556

69

625

21,319

2018

2,472

788

(16)

772

35,749

2019

5,854

1,773

1,589

3,362

67,269

2020

148

256

173

429

18,111

Subtotal

14,243

4,883

1,861

6,744

155,694

Total Europe

145,583

71,683

6,777

78,460

1,517,286

Total PRA Group

$         494,573

$       262,022

$          (12,816)

$          249,206

$                 3,408,074







(1) For our non-U.S. amounts, amounts are presented using the average exchange rates during the current reporting period.

(2) Total Portfolio Revenue refers to portfolio income and changes in expected recoveries combined.

(3) For our non-U.S. amounts, net finance receivables are presented at the March 31, 2020 exchange rate.

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

as of March 31, 2020

Amounts in millions




Purchase Period

Purchase Price
(2)(3)

Cash Collections

1996-2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Total

Americas Core















1996-2009

$                  930.0

$               1,647.7

$          295.7

$          253.5

$          201.6

$           146.4

$           101.8

$             71.2

$             45.7

$             30.5

$             23.3

$             19.2

$               3.9

$          2,840.5

2010

148.2

47.1

113.6

109.9

82.0

55.9

38.1

24.5

15.6

11.1

9.2

2.0

509.0

2011

209.6

62.0

174.5

152.9

108.5

73.8

48.7

32.0

21.6

16.6

3.4

694.0

2012

254.1

56.9

173.6

146.2

97.3

60.0

40.0

27.8

17.9

3.6

623.3

2013

390.8

101.6

247.8

194.0

120.8

78.9

56.4

36.9

7.0

843.4

2014

404.1

92.7

253.4

170.3

114.2

82.2

55.3

9.5

777.6

2015

443.1

117.0

228.4

185.9

126.6

83.6

16.1

757.6

2016

455.8

138.7

256.5

194.6

140.6

27.0

757.4

2017

532.9

107.3

278.7

256.5

53.5

696.0

2018

654.0

122.7

361.9

89.6

574.2

2019

581.5

143.8

83.1

226.9

2020

172.7

-

7.1

7.1

Subtotal

5,176.8

1,647.7

342.8

429.1

542.9

656.5

752.9

844.8

837.1

860.9

945.0

1,141.5

305.8

$          9,307.0

Americas Insolvency














1996-2009

397.5

204.3

147.1

156.7

145.4

109.3

57.0

7.6

3.6

2.2

1.1

0.7

0.1

835.1

2010

208.9

39.5

104.5

125.0

121.7

101.9

43.6

5.0

2.4

1.4

0.7

0.1

545.8

2011

180.4

15.2

66.4

82.8

85.8

76.9

36.0

3.7

1.6

0.7

0.1

369.2

2012

251.4

17.4

103.6

94.1

80.1

60.7

29.3

4.3

1.9

0.3

391.7

2013

227.8

52.5

82.6

81.7

63.4

47.8

21.9

2.9

0.4

353.2

2014

148.4

37.0

50.9

44.3

37.4

28.8

15.8

0.8

215.0

2015

63.2

3.4

17.9

20.1

19.8

16.7

3.3

81.2

2016

91.4

18.9

30.4

25.0

19.9

4.1

98.3

2017

275.3

49.1

97.3

80.9

17.3

244.6

2018

97.9

6.7

27.4

7.7

41.8

2019

123.1

13.4

7.4

20.8

2020

20.8

1.6

1.6

Subtotal

2,086.1

204.3

186.6

276.4

354.2

469.9

458.4

344.2

249.8

222.4

207.9

181.0

43.2

3,198.3

Total Americas

7,262.9

1,852.0

529.4

705.5

897.1

1,126.4

1,211.3

1,189.0

1,086.9

1,083.3

1,152.9

1,322.5

349.0

12,505.3

Europe Core















2012

20.4

11.6

9.0

5.6

3.2

2.2

2.0

2.0

1.5

0.3

37.4

2013

20.3

7.1

8.5

2.3

1.3

1.2

1.3

0.9

0.2

22.8

2014

773.8

153.2

292.0

246.4

220.8

206.3

172.9

38.1

1,329.7

2015

411.3

45.8

100.3

86.2

80.9

66.1

14.8

394.1

2016

333.1

40.4

78.9

72.6

58.0

12.5

262.4

2017

252.2

17.9

56.0

44.1

9.6

127.6

2018

341.8

24.3

88.7

19.5

132.5

2019

518.6

48.0

33.4

81.4

2020

61.0

2.9

2.9

Subtotal

2,732.5

-

-

-

11.6

16.1

167.3

343.3

390.6

407.0

443.4

480.2

131.3

2,390.8

Europe Insolvency














2014

10.9

-

4.3

3.9

3.2

2.6

1.5

0.2

15.7

2015

19.0

3.0

4.4

5.0

4.8

3.9

0.9

22.0

2016

39.3

6.2

12.7

12.9

10.7

2.2

44.7

2017

39.2

1.2

7.9

9.2

2.4

20.7

2018

44.9

0.6

8.4

2.5

11.5

2019

77.2

5.0

5.9

10.9

2020

18.8

0.1

0.1

Subtotal

249.3

-

-

-

-

-

-

7.3

14.5

22.1

28.8

38.7

14.2

125.6

Total Europe

2,981.8

-

-

-

11.6

16.1

167.3

350.6

405.1

429.1

472.2

518.9

145.5

2,516.4

Total PRA Group

$          10,244.7

$            1,852.0

$       529.4

$       705.5

$       908.7

$     1,142.5

$     1,378.6

$     1,539.6

$     1,492.0

$     1,512.4

$     1,625.1

$     1,841.4

$        494.5

$     15,021.7
















(1) For our non-U.S. amounts, Cash Collections are presented using the average exchange rates during the cash collection period. 









(2) Includes the acquisition date finance receivables portfolios that were acquired through our business acquisitions.









(3) For our non-US amounts, purchase price is presented at the exchange rate at the end of the year in which the pool was purchased.  In addition, any purchase price adjustments that occur throughout the life of the pool are presented at the year-end exchange rate for the respective year of purchase. 

 

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, Inc.