PRA Group Reports Second Quarter 2020 Results

NORFOLK, Va., Aug. 6, 2020 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the second quarter of 2020.  Net income attributable to PRA Group, Inc. was $57.9 million compared to $18.6 million in the second quarter of 2019. Diluted earnings per share were $1.26 compared to $0.41 in the second quarter of 2019.  For the six months ended June 30, 2020, net income attributable to PRA Group, Inc. was $77.0 million, or $1.68 per diluted share, compared to $33.8 million, or $0.74 per diluted share, during the same period in 2019. 

Second Quarter Highlights

  • Record global cash collections of $509.9 million, an increase of 8%, or 11% on a currency adjusted basis, compared to the second quarter of 2019.
  • Record total revenues of $271.9 million, an increase of 8% compared to the second quarter of 2019.
  • Record income from operations of $111.3 million, an increase of 76% compared to the second quarter of 2019.
  • Cash efficiency ratio of 68.7% during the quarter compared to 60.4% in the second quarter of 2019.
  • Net income of $57.9 million, an increase of 211% compared to the second quarter of 2019.
  • Diluted earnings per share of $1.26, an increase of 207% compared to the second quarter of 2019.
  • Total portfolio purchases of $164.5 million.
  • Estimated Remaining Collections (ERC) of $6.4 billion.

"During June, we continued to see the same collection trends we reported in April and May.  Cash collections were particularly strong in the U.S. and helped drive a global record during the second quarter.  As discussed on our Q1 2020 conference call, due to various circumstances, we believe U.S. consumers have additional discretionary funds, and many are taking this opportunity to voluntarily resolve their debts.  Demonstrating this, U.S. cash collections from PRA's digital channel grew over 90% from Q2 2019.  Europe cash collections were similar to those in the second quarter of last year and well ahead of our expectations, so we are pleased with the results there as well," said Kevin Stevenson, president and chief executive officer.  "We continue to see delayed investment volumes particularly in Europe but expect that to pick up later in the year as sellers have been moving forward with their sale processes more recently.  We also anticipate a wave of charge-offs next year, and we will be well prepared to help our bank partners and provide our customers with the respect and solutions they have come to expect from PRA."      

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)

Q2

Q1


Q4

Q3

Q2

Americas Core

$ 343,269

$ 305,780


$ 276,639

$ 279,902

$ 294,243

Americas Insolvency

38,685

43,210


40,801

45,759

49,770

Europe Core

115,145

131,340


126,649

118,917

117,635

Europe Insolvency

12,841

14,243


12,520

8,639

8,626

Total Cash Collections

$ 509,940

$ 494,573


$ 456,609

$ 453,217

$ 470,274






















Cash Collection Source







Constant Currency Adjusted

2020





2019

($ in thousands)

Q2





Q2

Americas Core 

$ 343,269





$ 288,595

Americas Insolvency

38,685





49,721

Europe Core

115,145





112,928

Europe Insolvency

12,841





8,351

Total Cash Collections

$ 509,940





$ 459,595








 

  • Cash collections in the quarter increased $39.7 million compared to the second quarter of 2019. The increase was primarily due to a 37% increase in U.S. call center and other cash collections. This was partially offset by a decrease in Americas Insolvency cash collections since investment levels are not offsetting the runoff of older portfolios. For the six months ended June 30, 2020, cash collections increased $73.1 million compared to the same period last year.
  • Portfolio income was $248.3 million compared to $249.2 million in income recognized on finance receivables in the second quarter of 2019.
  • Changes in expected recoveries were a net positive of $19.8 million. This reflects $119.5 million in recoveries in excess of forecast from overperformance during the quarter, partially offset by a negative $99.7 million adjustment for changes in expected future recoveries as the Company has assumed the majority of the current quarter overperformance is acceleration of future collections and made additional cash forecast adjustments deemed appropriate given the current environment in which the Company operates.

Expenses

  • Operating expenses in the quarter decreased $26.9 million compared to the second quarter of 2019. The decrease was primarily driven by a reduction in legal collection costs mainly as a result of the Company's decision to temporarily cease moving accounts into a legal eligible status in the U.S., along with the closure of courts in many of our European countries, as a result of the COVID-19 pandemic. In addition, there was a decrease in compensation and employee benefits from a reduction in U.S. call center staff as a result of efficiencies realized through technology, training, and data and analytics.
  • For the six months ended June 30, 2020, operating expenses decreased $26.6 million compared to the same period last year.
  • Interest expense decreased $0.6 million compared to the second quarter of 2019 primarily due to lower average interest rates.
  • The effective tax rate for the six months ended June 30, 2020 was 17.2%.

Portfolio Acquisitions

  • The Company purchased $164.5 million in finance receivables in the second quarter of 2020.
  • At the end of the second quarter, the Company had in place forward flow commitments of up to $383.7 million with $272.3 million in the Americas and $111.4 million in Europe.

  








Portfolio Acquisition Source

2020


2019

($ in thousands)

Q2

Q1


Q4

Q3

Q2

Americas Core

$ 110,474

$ 172,697


$ 118,153

$ 168,185

$ 121,996

Americas Insolvency

14,527

20,772


22,650

26,311

26,092

Europe Core

34,247

60,990


218,919

64,728

136,344

Europe Insolvency

5,251

18,778


42,613

19,772

4,715

Total Portfolio Acquisitions

$ 164,499

$ 273,237


$ 402,335

$ 278,996

$ 289,147








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 Aug. 13, 2020, call 877-344-7529 in the U.S. or 412-317-0088 outside the U.S. and use access code 10146542.                         

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


Six Months Ended





June 30,


June 30,





2020


2019


2020


2019












Revenues:









Portfolio income

$ 248,284


$           -


$ 510,306


$           -


Changes in expected recoveries

19,801


-


6,985


-


Income recognized on finance receivables

-


249,219


-


488,055


Fee income

2,639


2,707


4,848


9,081


Other revenue

1,186


131


1,555


798



Total revenues

271,910


252,057


523,694


497,934












Net allowance charges

-


(1,196)


-


(7,291)









Operating expenses:









Compensation and employee services

70,472


79,808


145,643


159,453


Legal collection fees

13,742


14,297


28,314


27,356


Legal collection costs

19,507


33,121


53,954


68,350


Agency fees

10,343


13,013


23,719


27,045


Outside fees and services

18,683


16,293


38,077


31,541


Communication

8,812


10,824


22,323


24,025


Rent and occupancy

4,471


4,491


8,955


8,854


Depreciation and amortization

4,109


4,723


8,193


9,295


Other operating expenses

10,491


10,926


22,696


22,511



Total operating expenses

160,630


187,496


351,874


378,430



Income from operations

111,280


63,365


171,820


112,213












Other income and (expense):









Interest expense, net

(35,416)


(36,027)


(72,627)


(70,008)


Foreign exchange gain/(loss)

683


(311)


2,966


5,953


Other

(1,582)


248


(1,658)


(104)



Income before income taxes

74,965


27,275


100,501


48,054














Income tax expense

14,137


5,075


17,237


8,942



Net income

60,828


22,200


83,264


39,112




Adjustment for net income attributable to noncontrolling interests

2,914


3,581


6,215


5,266



Net income attributable to PRA Group, Inc.

$   57,914


$ 18,619


$   77,049


$ 33,846












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









Basic

$      1.27


$    0.41


$      1.69


$    0.75


Diluted

$      1.26


$    0.41


$      1.68


$    0.74












Weighted average number of shares outstanding:









Basic

45,548


45,387


45,500


45,363


Diluted

45,987


45,495


45,886


45,457












 

PRA Group, Inc.

Consolidated Balance Sheets

(in thousands, except per share amounts)

(Amounts in thousands)







(unaudited)








June 30,

December 31,

ASSETS

2020

2019









Cash and cash equivalents

$     115,741

$          119,774

Investments

18,746

56,176

Finance receivables, net

3,351,532

3,514,165

Other receivables, net

15,532

10,606

Income taxes receivable

23,166

17,918

Deferred tax asset, net

64,548

63,225

Property and equipment, net

59,285

56,501

Right-of-use assets

58,213

68,972

Goodwill

444,507

480,794

Intangible assets, net

3,666

4,497

Other assets

42,888

31,263














Total assets

$  4,197,824

$       4,423,891









LIABILITIES AND EQUITY






Liabilities:




Accounts payable

$         4,667

$              4,258


Accrued expenses

72,871

88,925


Income taxes payable

31,226

4,046


Deferred tax liability, net

59,860

85,390


Lease liabilities

62,706

73,377


Interest-bearing deposits

120,520

106,246


Borrowings

2,580,068

2,808,425


Other liabilities

71,044

26,211














Total liabilities

3,002,962

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, 45,579
shares
issued and outstanding at June 30, 2020; 100,000 shares
authorized, 45,416 shares issued and outstanding at December 31,
2019

456

454



Additional paid-in capital

70,065

67,321



Retained earnings

1,439,680

1,362,631



Accumulated other comprehensive loss

(347,212)

(261,018)




Total stockholders' equity - PRA Group, Inc.

1,162,989

1,169,388





Noncontrolling interests

31,873

57,625





Total equity

1,194,862

1,227,013






Total liabilities and equity

$  4,197,824

$       4,423,891

 

Select Expenses (Income)







(in thousands, pre-tax)

Three Months Ended


June 30,
2020

March 31,
2020

December 31,
2019

September 30,
2019

June 30,
2019

March 31,
2019

December 31,
2018

September 30,
2018

Acquisition/divestiture-related expenses

-

-

-

-

227

223

-

-

Legal costs not associated with normal operations

-

-

-

-

-

-

647

95

Noncash interest expense - amortization of debt discount

3,247

3,217

3,157

3,128

3,071

3,042

2,986

2,958

Noncash interest expense - amortization of debt issuance costs

2,743

2,640

2,649

2,649

2,655

2,636

2,723

2,524

Change in fair value on derivatives

3,284

2,039

1,247

1,126

1,645

349

673

(504)

Amortization of intangibles

351

349

407

400

418

347

907

994

Share-based compensation expense

3,063

2,857

2,809

2,974

2,620

2,314

1,600

2,361

 

Purchase Price Multiples

as of June 30, 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

$            25,275

$      2,876,410

$            25,275

309%

238%

2010

148,193

16,361

527,054

16,361

356%

247%

2011

209,602

29,000

725,887

29,000

346%

245%

2012

254,076

35,475

661,919

35,475

261%

226%

2013

390,826

62,664

912,274

62,664

233%

211%

2014

404,117

99,011

891,394

96,700

221%

204%

2015

443,114

163,023

933,558

162,489

211%

205%

2016

455,767

301,974

1,099,686

287,328

241%

201%

2017

532,851

453,291

1,207,541

448,520

227%

193%

2018

653,975

670,175

1,340,743

657,985

205%

202%

2019

581,476

898,263

1,222,926

868,031

210%

206%

2020

283,041

543,573

580,673

543,573

205%

205%

Subtotal

5,287,064

3,298,085

12,980,065

3,233,401



Americas Insolvency






1996-2009

397,453

681

835,919

681

210%

178%

2010

208,942

868

546,829

868

262%

184%

2011

180,432

743

370,148

743

205%

155%

2012

251,395

495

392,466

495

156%

136%

2013

227,834

1,380

354,901

1,380

156%

133%

2014

148,420

2,088

217,662

2,074

147%

124%

2015

63,170

4,344

87,824

4,344

139%

125%

2016

91,442

14,160

115,267

14,146

126%

123%

2017

275,257

86,263

345,821

86,263

126%

125%

2018

97,879

81,259

130,790

81,259

134%

127%

2019

123,077

132,192

160,420

132,061

130%

128%

2020

35,298

44,941

47,686

44,941

135%

135%

Subtotal

2,100,599

369,414

3,605,733

369,255



Total Americas

7,387,663

3,667,499

16,585,798

3,602,656



Europe Core







2012

20,409

292

40,720

221

200%

187%

2013

20,334

148

25,132

110

124%

119%

2014

773,811

731,226

2,215,272

632,283

286%

208%

2015

411,340

308,026

733,076

273,940

178%

160%

2016

333,090

298,696

556,757

290,948

167%

167%

2017

252,174

218,286

359,556

197,823

143%

144%

2018

341,775

374,650

524,165

361,620

153%

148%

2019

518,610

668,732

782,184

637,980

151%

152%

2020

94,763

165,081

172,597

165,081

182%

182%

Subtotal

2,766,306

2,765,137

5,409,459

2,560,006



Europe Insolvency






2014

10,876

573

18,136

490

167%

129%

2015

18,973

4,220

29,099

3,534

153%

139%

2016

39,338

12,951

56,808

13,132

144%

130%

2017

39,235

24,680

48,839

22,626

124%

128%

2018

44,908

41,089

55,096

39,915

123%

123%

2019

77,218

85,331

101,282

79,841

131%

130%

2020

23,017

29,757

30,776

29,757

134%

134%

Subtotal

253,565

198,601

340,036

189,295



Total Europe

3,019,871

2,963,738

5,749,495

2,749,301



Total PRA Group

$ 10,407,534

$    6,631,237

$ 22,335,293

$    6,351,957




(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 June 30, 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 June 30, 2020

Amounts in thousands







Purchase Period

Cash
Collections(1)

Portfolio
Income (1)

Changes in
Expected
Recoveries(1)

Total Portfolio
Revenue (1) (2)

Net Finance
Receivables as of
June 30, 2020 (3)

Americas Core






1996-2009

$         7,348

$     5,560

$        (1,406)

$          4,154

$                 6,071

2010

3,678

3,536

(857)

2,679

2,486

2011

6,281

5,941

(2,248)

3,693

5,117

2012

6,802

6,093

(4,225)

1,868

11,070

2013

13,149

9,990

(8,009)

1,981

22,418

2014

18,121

14,251

(15,672)

(1,421)

35,200

2015

32,948

19,999

(13,822)

6,177

66,386

2016

57,081

32,839

(755)

32,084

113,660

2017

108,504

50,175

17,559

67,734

200,463

2018

183,021

76,976

6,452

83,428

356,085

2019

175,029

95,119

14,877

109,996

448,861

2020

37,087

21,374

10,312

31,686

277,335

Subtotal

649,049

341,853

2,206

344,059

1,545,152

Americas Insolvency





1996-2009

197

$        235

(38)

197

-

2010

269

312

(43)

269

-

2011

275

229

46

275

-

2012

546

458

174

632

-

2013

742

763

(20)

743

-

2014

1,378

1,789

(896)

893

262

2015

5,624

2,819

(219)

2,600

2,755

2016

7,709

2,060

(616)

1,444

11,164

2017

32,245

9,047

(2,692)

6,355

69,529

2018

15,394

4,655

3,010

7,665

66,722

2019

14,770

5,870

2,790

8,660

108,218

2020

2,746

1,098

(264)

834

33,190

Subtotal

81,895

29,335

1,232

30,567

291,840

Total Americas

730,944

371,188

3,438

374,626

1,836,992

Europe Core






2012

591

454

137

591

-

2013

320

216

104

320

-

2014

72,661

54,323

2,336

56,659

166,870

2015

26,772

15,775

(213)

15,562

142,997

2016

23,270

13,529

(1,336)

12,193

167,532

2017

17,870

6,932

(1,285)

5,647

136,984

2018

35,776

13,293

3,562

16,855

234,775

2019

61,779

22,118

(2,085)

20,033

422,528

2020

7,446

2,966

1,348

4,314

91,298

Subtotal

246,485

129,606

2,568

132,174

1,362,984

Europe Insolvency





2014

410

320

(17)

303

192

2015

1,603

769

93

862

2,154

2016

4,064

1,700

(241)

1,459

9,262

2017

4,747

1,054

191

1,245

19,580

2018

4,845

1,521

(237)

1,284

33,977

2019

10,386

3,429

992

4,421

63,555

2020

1,029

719

198

917

22,836

Subtotal

27,084

9,512

979

10,491

151,556

Total Europe

273,569

139,118

3,547

142,665

1,514,540

Total PRA Group

$  1,004,513

$ 510,306

$          6,985

$      517,291

$          3,351,532


(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 June 30, 2020 exchange rate.

 

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

as of June 30, 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

$           7.3

$      2,843.9

2010

148.2

47.1

113.6

109.9

82.0

55.9

38.1

24.5

15.6

11.1

9.2

3.7

510.7

2011

209.6

62.0

174.5

152.9

108.5

73.8

48.7

32.0

21.6

16.6

6.3

696.9

2012

254.1

56.9

173.6

146.2

97.3

60.0

40.0

27.8

17.9

6.8

626.5

2013

390.8

101.6

247.8

194.0

120.8

78.9

56.4

36.9

13.2

849.6

2014

404.1

92.7

253.4

170.3

114.2

82.2

55.3

18.2

786.3

2015

443.1

117.0

228.4

185.9

126.6

83.6

32.9

774.4

2016

455.8

138.7

256.5

194.6

140.6

57.1

787.5

2017

532.9

107.3

278.7

256.5

108.5

751.0

2018

654.0

122.7

361.9

183.0

667.6

2019

581.5

143.8

175.0

318.8

2020

283.0

-

37.1

37.1

Subtotal

5,287.1

1,647.7

342.8

429.1

542.9

656.5

752.9

844.8

837.1

860.9

945.0

1,141.5

649.1

$      9,650.3

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

0.2

835.2

2010

208.9

39.5

104.5

125.0

121.7

101.9

43.6

5.0

2.4

1.4

0.7

0.3

546.0

2011

180.4

15.2

66.4

82.8

85.8

76.9

36.0

3.7

1.6

0.7

0.3

369.4

2012

251.4

17.4

103.6

94.1

80.1

60.7

29.3

4.3

1.9

0.5

391.9

2013

227.8

52.5

82.6

81.7

63.4

47.8

21.9

2.9

0.7

353.5

2014

148.4

37.0

50.9

44.3

37.4

28.8

15.8

1.4

215.6

2015

63.2

3.4

17.9

20.1

19.8

16.7

5.6

83.5

2016

91.4

18.9

30.4

25.0

19.9

7.7

101.9

2017

275.3

49.1

97.3

80.9

32.3

259.6

2018

97.9

6.7

27.4

15.4

49.5

2019

123.1

13.4

14.8

28.2

2020

35.3

2.7

2.7

Subtotal

2,100.6

204.3

186.6

276.4

354.2

469.9

458.4

344.2

249.8

222.4

207.9

181.0

81.9

3,237.0

Total Americas

7,387.7

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

731.0

12,887.3

Europe Core















2012

20.4

11.6

9.0

5.6

3.2

2.2

2.0

2.0

1.5

0.6

37.7

2013

20.3

7.1

8.5

2.3

1.3

1.2

1.3

0.9

0.3

22.9

2014

773.8

153.2

292.0

246.4

220.8

206.3

172.9

72.6

1,364.2

2015

411.3

45.8

100.3

86.2

80.9

66.1

26.7

406.0

2016

333.1

40.4

78.9

72.6

58.0

23.3

273.2

2017

252.2

17.9

56.0

44.1

17.9

135.9

2018

341.8

24.3

88.7

35.8

148.8

2019

518.6

48.0

61.8

109.8

2020

94.8

7.5

7.5

Subtotal

2,766.3

-

-

-

11.6

16.1

167.3

343.3

390.6

407.0

443.4

480.2

246.5

2,506.0

Europe Insolvency














2014

10.9

-

4.3

3.9

3.2

2.6

1.5

0.4

15.9

2015

19.0

3.0

4.4

5.0

4.8

3.9

1.6

22.7

2016

39.3

6.2

12.7

12.9

10.7

4.0

46.5

2017

39.2

1.2

7.9

9.2

4.8

23.1

2018

44.9

0.6

8.4

4.9

13.9

2019

77.2

5.0

10.3

15.3

2020

23.0

1.0

1.0

Subtotal

253.5

-

-

-

-

-

-

7.3

14.5

22.1

28.8

38.7

27.0

138.4

Total Europe

3,019.8

-

-

-

11.6

16.1

167.3

350.6

405.1

429.1

472.2

518.9

273.5

2,644.4

Total PRA Group

$     10,407.5

$ 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

$ 1,004.5

$ 15,531.7


(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.