Operating Principles

PRA's management team is guided by these principles, which are the foundation of our daily business operations.

Set the Bar for Disclosure and Transparency

We are honest and open with shareholders and keep them up-to-date with important news and developments. Our goal is to set the standard by which companies in our sector are measured.

Invest Carefully with a Long-Term View

We build a diverse portfolio across business lines and stay true to our methodology. We make sure each investment, whether it's a portfolio or a business, has been reviewed, assessed objectively and priced to achieve appropriate returns.

Contain Costs, Boost Productivity

To keep costs low and productivity high, we operate fewer, larger call centers. We develop and retain great employees to deliver quality customer service.

Maintain a Conservative Capital Structure

We target for a ratio of between 2.0x to 3.0x debt to adjusted EBITDA. We borrow prudently to expand and to build a more integrated business.

Focus on Profitable Growth

Growth for growth's sake drives down productivity, margin and net income. We maintain a base of experienced, highly productive employees and add new employees opportunistically to support growth.

Encourage Senior Managers to Hold Stock

Many of our senior managers have a significant portion of their net worth invested in the company. We expect and encourage our senior managers to retain substantial stock ownership positions—common stock, not just options—throughout their tenure.

Create Careers, Not Just Jobs

In a customer-focused business like ours, it is crucial to provide ongoing employee skill development. This raises each person's performance level and drives PRA's growth and profitability.