Market Overview

PRA Group Reports Fourth Quarter and Full Year 2019 Results

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NORFOLK, Va., Feb. 27, 2020 /PRNewswire/ -- PRA Group, Inc. (NASDAQ:PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the fourth quarter and full year of 2019.  Net income attributable to PRA Group, Inc. was $27.3 million compared to $14.9 million in the fourth quarter of 2018. Diluted earnings per share were $0.60 compared to $0.33 in the fourth quarter of 2018.  For the year ended December 31, 2019, net income attributable to PRA Group, Inc. was $86.2 million, or $1.89 in diluted earnings per share, compared to $65.6 million, or $1.44 in diluted earnings per share, during the year ended December 31, 2018.

Fourth Quarter Highlights

  • Global cash collections of $456.6 million, an increase of 13%, or 14% on a currency adjusted basis, compared to the fourth quarter of 2018.
  • Record Estimated Remaining Collections (ERC) of $6.8 billion, an increase of $611.1 million, or 10%, compared to the fourth quarter of 2018. 
  • Total portfolio purchases for the quarter of $402.3 million
  • Income recognized on finance receivables of $262.8 million, an increase of 14% compared to the fourth quarter of 2018. 
  • Income from operations of $70.8 million, an increase of 120% compared to the fourth quarter of 2018. 
  • Cash efficiency ratio of 59.7% during the quarter compared to 55.0% in the fourth quarter of 2018. 

Full Year 2019 Highlights

  • Record global cash collections of $1.8 billion, an increase of 13% compared to the full year of 2018.
  • Record portfolio purchases of $1.2 billion, excluding business acquisitions, an increase of 11% compared to the full year of 2018. 
  • Record total revenues breaking $1.0 billion for the first time, an increase of 12% compared to the full year of 2018. 
  • Cash efficiency ratio of 59.9% compared to 58.0% for the full year of 2018. 

"2019 was a year that demonstrated what our focus on the long-term can deliver.  In the Americas, we continued to reap the benefits of our investment in the legal collections channel, the change in ownership in Brazil and the acquisition in Canada.  In Europe, our patience and discipline placed us in a unique competitive position to drive record portfolio purchases," said Kevin Stevenson, president and chief executive officer.  "Our willingness to invest in people, digital, data, and legal over the past few years prepared us to capitalize on the U.S. market where we see steady supply, rational returns, and healthy market share; and in Europe, where we see increasing supply, increasing returns and increasing market share.  Our efforts drove additional records in cash collections, revenue, and ERC for the year."      

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


2019


2018

($ in thousands)


Q4

Q3

Q2

Q1


Q4

Americas Core


$  276,639

$  279,902

$  294,243

$  290,723


$  233,937

Americas Insolvency


40,801

45,759

49,770

44,613


48,000

Europe Core


126,649

118,917

117,635

116,858


113,154

Europe Insolvency


12,520

8,639

8,626

8,977


7,618

Total Cash Collections


$  456,609

$  453,217

$  470,274

$  461,171


$  402,709

























Cash Collection Source








Constant Currency Adjusted


2019





2018

($ in thousands)


Q4





Q4

Americas Core 


$  276,639





$  232,600

Americas Insolvency


40,801





48,000

Europe Core


126,649





110,848

Europe Insolvency


12,520





7,535

Total Cash Collections


$  456,609





$  398,983









  • Cash collections in the quarter increased $53.9 million compared to the fourth quarter of 2018.  The increase was primarily due to a 19% increase in U.S. legal cash collections, a doubling of cash collections in Other Americas Core, and a 15% increase in Europe cash collections.  This growth was primarily driven by increased portfolio acquisitions in Other Americas and Europe and the sustained legal channel investment in the U.S. For the full year, cash collections increased $216.1 million compared to the full year of 2018. 
  • For the quarter, cash collections on fully amortized pools were $10.5 million and cash collections on nonaccrual pools were $3.2 million.
  • Income recognized on finance receivables increased $31.8 million compared to the fourth quarter of 2018 primarily due to yield increases and increased portfolio acquisitions.  For the full year, income recognized on finance receivables increased $106.5 million compared to the full year of 2018. 

Expenses

  • Operating expenses in the quarter increased $2.6 million compared to the fourth quarter of 2018 largely due to an increase in agency fees and legal collection fees.  This was partially offset by a decrease in compensation and employee benefits in the U.S.  Agency fees increased primarily due to an increase in cash collections in areas where the Company utilizes third party collection firms.  The increase in legal collection fees is directly related to the significant increase in external legal cash collections. 
  • For the full year, operating expenses increased $55.8 million compared to the full year of 2018. 
  • Interest expense increased $2.5 million compared to the fourth quarter of 2018 mainly due to higher levels of average borrowings related to increased portfolio acquisitions.
  • The effective tax rate for the full year of 2019 was 16.8%.

Portfolio Acquisitions

  • The Company purchased $402.3 million in finance receivables in the fourth quarter and $1.3 billion for the full year of 2019.     
  • At the end of the fourth quarter, the Company had in place forward flow commitments of $506.9 million with $226.0 million in the Americas and $280.9 million in Europe. 

Portfolio Acquisition Source

2019


2018

($ in thousands)

Q4

Q3

Q2

Q1


Q4

Americas Core

$    118,153

$    168,185

$    121,996

$    169,189


$    172,511

Americas Insolvency

22,650

26,311

26,092

48,243


52,871

Europe Core

218,919

64,728

136,344

94,283


231,810

Europe Insolvency

42,613

19,772

4,715

7,134


33,661

Total Portfolio Acquisitions

$    402,335

$    278,996

$    289,147

$    318,849


$    490,853















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 March 5, 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


Twelve Months Ended








December 31,


December 31,








2019


2018


2019


2018















Revenues:









Income recognized on finance receivables

$ 262,835


$ 231,029


$   998,361


$    891,899


Fee income

4,297


4,686


15,769


14,916


Other revenue

2,001


1,027


2,951


1,441





Total revenues

269,133


236,742


1,017,081


908,256















Net allowance charges

(12,598)


(21,381)


(24,025)


(33,425)















Operating expenses:









Compensation and employee services

75,671


79,123


310,441


319,400


Legal collection fees

13,822


11,501


55,261


42,941


Legal collection costs

34,411


33,281


134,156


104,988


Agency fees

15,979


9,088


55,812


33,854


Outside fees and services

15,239


17,068


63,513


61,492


Communication

9,722


10,645


44,057


43,224


Rent and occupancy

4,586


4,319


17,854


16,906


Depreciation and amortization

4,123


5,092


17,464


19,322


Other operating expenses

12,198


13,030


46,811


47,444





Total operating expenses

185,751


183,147


745,369


689,571





Income from operations

70,784


32,214


247,687


185,260















Other income and (expense):









Gain on sale of subsidiaries

-


26,575


-


26,575


Interest expense, net

(36,046)


(33,549)


(141,918)


(121,078)


Foreign exchange gain/(loss)

595


(4,553)


11,954


(944)


Other



(241)


(381)


(364)


(316)





Income before income taxes

35,092


20,306


117,359


89,497



















Income tax expense

4,073


1,980


19,680


13,763





Net income

31,019


18,326


97,679


75,734






Adjustment for net income attributable to noncontrolling interests

3,678


3,384


11,521


10,171





Net income attributable to PRA Group, Inc.

$   27,341


$   14,942


$     86,158


$      65,563















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









Basic



$      0.60


$      0.33


$        1.90


$         1.45


Diluted


$      0.60


$      0.33


$        1.89


$         1.44















Weighted average number of shares outstanding:









Basic



45,413


45,304


45,387


45,280


Diluted


45,748


45,394


45,577


45,413

 

 

PRA Group, Inc.

Consolidated Balance Sheets

(in thousands, except per share amounts)

(Amounts in thousands)








(unaudited)









December 31,

December 31,

ASSETS

2019

2018










Cash and cash equivalents

$               119,774

$                 98,695

Investments

56,176

45,173

Finance receivables, net

3,514,165

3,084,777

Other receivables, net

10,606

46,157

Income taxes receivable

17,918

16,809

Deferred tax asset, net

63,225

61,453

Right-of-use assets

68,972

-

Property and equipment, net

56,501

54,136

Goodwill



480,794

464,116

Intangible assets, net

4,497

5,522

Other assets

31,263

32,721












       Total assets

$            4,423,891

$            3,909,559










LIABILITIES AND EQUITY












Liabilities:





Accounts payable

$                   4,258

$                   6,110


Accrued expenses

88,925

79,396


Income taxes payable

4,046

15,080


Deferred tax liability, net

85,390

114,979


Lease liabilities

73,377

-


Interest-bearing deposits

106,246

82,666


Borrowings

2,808,425

2,473,656


Other liabilities

26,211

7,370












       Total liabilities

3,196,878

2,779,257










Redeemable noncontrolling interest

-

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, 45,416 shares





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





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

454

453



Additional paid-in capital

67,321

60,303



Retained earnings

1,362,631

1,276,473



Accumulated other comprehensive loss

(261,018)

(242,109)



  Total stockholders' equity - PRA Group, Inc.

1,169,388

1,095,120



    Noncontrolling interests

57,625

28,849



    Total equity

1,227,013

1,123,969



       Total liabilities and equity

$            4,423,891

$            3,909,559

 

Select Expenses (Income)









(in thousands, pre-tax)

Three Months Ended


December 31,
2019

September 30,
2019

June 30,
2019

March 31,
2019

December 31,
2018

September 30,
2018

June 30,
2018

March 31,
2018

Acquisition/divestiture-related expenses

-

-

227

223

-

-

4

10

Legal costs not associated with normal operations

-

-

-

-

647

95

231

92

Noncash interest expense - amortization of debt discount

3,157

3,128

3,071

3,042

2,986

2,958

2,904

2,877

Noncash interest expense - amortization of debt issuance costs

2,649

2,649

2,655

2,636

2,723

2,524

2,532

2,553

Change in fair value on derivatives

1,247

1,126

1,645

349

673

(504)

972

(3,673)

Amortization of intangibles

407

400

418

347

907

994

1,133

1,222

Share-based compensation expense

2,809

2,974

2,620

2,314

1,600

2,361

2,146

2,415










 

Purchase Price Multiples

as of December 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








1996-2009

$              930,026

$             9,279

$           42,102

$           2,885,906

$           42,102

310%

238%

2010

148,193

3,485

28,669

535,684

28,669

361%

247%

2011

209,602

7,707

48,551

739,158

48,551

353%

245%

2012

254,076

16,011

60,711

680,352

60,711

268%

226%

2013

390,826

33,648

94,733

931,194

94,733

238%

211%

2014

405,169

55,033

152,639

929,179

150,012

229%

204%

2015

443,779

93,385

226,865

965,671

226,755

218%

205%

2016

453,158

139,380

354,399

1,081,376

349,699

239%

201%

2017

533,442

242,129

521,715

1,167,831

519,181

219%

193%

2018

655,548

460,797

852,246

1,338,876

848,727

204%

202%

2019

578,281

533,933

1,048,207

1,191,940

1,053,332

206%

206%

Subtotal

5,002,100

1,594,787

3,430,837

12,447,167

3,422,472



Americas Insolvency







2004-2009

397,453

-

917

835,958

917

210%

178%

2010

208,942

-

1,181

546,872

1,181

262%

184%

2011

180,432

-

973

370,103

973

205%

155%

2012

251,395

-

953

392,377

953

156%

136%

2013

227,834

-

2,143

354,923

2,143

156%

133%

2014

148,689

756

3,598

218,044

3,578

147%

124%

2015

63,170

5,783

9,917

87,773

9,917

139%

125%

2016

92,264

17,433

22,491

116,896

22,501

127%

123%

2017

275,257

95,421

121,498

348,811

121,498

127%

125%

2018

97,879

74,459

93,120

127,257

93,120

130%

127%

2019

123,039

114,892

144,228

157,675

144,279

128%

128%

Subtotal

2,066,354

308,744

401,019

3,556,689

401,060



Total Americas

7,068,454

1,903,531

3,831,856

16,003,856

3,823,532



Europe Core








2012

20,409

-

875

40,542

709

199%

187%

2013

20,334

-

431

24,995

343

123%

119%

2014

796,762

188,892

823,116

2,278,261

704,192

286%

208%

2015

419,909

161,210

345,214

748,127

314,643

178%

160%

2016

348,270

190,927

333,375

578,421

332,857

166%

167%

2017

246,752

157,850

232,858

351,216

229,035

142%

144%

2018 (8)

345,256

269,292

407,945

522,374

413,728

151%

148%

2019

512,702

488,468

730,704

779,136

739,345

152%

152%

Subtotal

2,710,394

1,456,639

2,874,518

5,323,072

2,734,852



Europe Insolvency







2014

10,876

306

1,061

18,155

941

167%

129%

2015

19,226

3,083

5,970

29,294

5,262

152%

139%

2016

41,858

12,507

18,160

60,651

18,272

145%

130%

2017

38,409

24,417

28,931

47,604

28,707

124%

128%

2018

45,586

39,424

46,969

56,199

47,240

123%

123%

2019

75,588

74,258

93,518

98,439

95,509

130%

130%

Subtotal

231,543

153,995

194,609

310,342

195,931



Total Europe

2,941,937

1,610,634

3,069,127

5,633,414

2,930,783



Total PRA Group

$      10,010,391

$   3,514,165

$   6,900,983

$      21,637,270

$   6,754,315











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

(2) For our non-U.S. 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 non-U.S. amounts, Net Finance Receivables are presented at the December 31, 2019 exchange rate.

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

(6) For our non-U.S. amounts, ERC-Current Period Exchange Rates is presented at the December 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) Includes a $34.9 million finance receivables portfolio addition in the third quarter of 2018 relating to the accounting consolidation of a 


Polish investment fund.







 

Portfolio Financial Information

Year-to-date as of December 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
December 31, 2019 (5)

Americas Core








1996-2009

$      930,026

$              19,178

$         15,005

$              4,173

$            (3,700)

$             18,705

$                        9,279

2010

148,193

9,202

8,090

1,112

40

8,050

3,485

2011

209,602

16,637

14,670

1,967

755

13,915

7,707

2012

254,076

17,866

13,930

3,936

(370)

14,300

16,011

2013

390,826

36,855

26,477

10,378

6,325

20,152

33,648

2014

405,169

55,340

37,701

17,639

8,317

29,384

55,033

2015

443,779

83,592

52,469

31,123

9,247

43,222

93,385

2016

453,158

140,590

88,200

52,390

3,364

84,836

139,380

2017

533,442

256,520

128,559

127,961

265

128,294

242,129

2018

655,548

361,899

196,082

165,817

254

195,828

460,797

2019

578,281

143,828

96,841

46,987

34

96,807

533,933

Subtotal

5,002,100

1,141,507

678,024

463,483

24,531

653,493

1,594,787

Americas Insolvency







2004-2009

397,453

652

$              652

-

-

652

-

2010

208,942

663

663

-

-

663

-

2011

180,432

743

743

-

-

743

-

2012

251,395

1,870

1,870

-

-

1,870

-

2013

227,834

2,862

2,862

-

-

2,862

-

2014

148,689

15,785

9,476

6,309

310

9,166

756

2015

63,170

16,657

6,221

10,436

-

6,221

5,783

2016

92,264

19,918

5,299

14,619

(1,460)

6,759

17,433

2017

275,257

80,906

20,754

60,152

-

20,754

95,421

2018

97,879

27,438

8,210

19,228

-

8,210

74,459

2019

123,039

13,449

5,264

8,185

-

5,264

114,892

Subtotal

2,066,354

180,943

62,014

118,929

(1,150)

63,164

308,744

Total Americas

7,068,454

1,322,450

740,038

582,412

23,381

716,657

1,903,531

Europe Core








2012

20,409

1,450

1,450

-

-

1,450

-

2013

20,334

901

820

81

-

820

-

2014

796,762

172,885

121,450

51,435

(1,846)

123,296

188,892

2015

419,909

66,074

32,821

33,253

(3,353)

36,174

161,210

2016

348,270

57,989

28,594

29,395

2,911

25,683

190,927

2017

246,752

44,085

14,239

29,846

1,815

12,424

157,850

2018 (6)

345,256

88,699

27,309

61,390

664

26,645

269,292

2019

512,702

47,976

17,736

30,240

45

17,691

488,468

Subtotal

2,710,394

480,059

244,419

235,640

236

244,183

1,456,639

Europe Insolvency







2014

10,876

1,547

907

640

-

907

306

2015

19,226

3,904

1,889

2,015

(72)

1,961

3,083

2016

41,858

10,664

4,161

6,503

(42)

4,203

12,507

2017

38,409

9,240

2,300

6,940

522

1,778

24,417

2018

45,586

8,422

2,552

5,870

-

2,552

39,424

2019

75,588

4,985

2,095

2,890

-

2,095

74,258

Subtotal

231,543

38,762

13,904

24,858

408

13,496

153,995

Total Europe

2,941,937

518,821

258,323

260,498

644

257,679

1,610,634

Total PRA Group

$ 10,010,391

$         1,841,271

$       998,361

$          842,910

$            24,025

$           974,336

$                 3,514,165









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

(2) For our non-U.S. 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 non-U.S. 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 non-U.S. amounts, Net Finance Receivables are presented at the December 31, 2019 exchange rate. 



(6) Includes a $34.9 million finance receivables portfolio addition in the third quarter of 2018 relating to the accounting consolidation of a 

Polish investment fund.







 

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

as of December 31, 2019

Amounts in thousands




Purchase Period

Purchase Price
(2)(3)

Cash Collections

1996-2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Total

Americas Core














1996-2009

$              930,026

$           1,647,666

$      295,679

$      253,544

$      201,640

$       146,383

$       101,829

$         71,173

$         45,734

$         30,452

$         23,272

$         19,178

$      2,836,550

2010

148,193

47,076

113,554

109,873

82,014

55,946

38,110

24,515

15,587

11,140

9,202

507,017

2011

209,602

61,971

174,461

152,908

108,513

73,793

48,711

31,991

21,622

16,637

690,607

2012

254,076

56,901

173,589

146,198

97,267

59,981

40,042

27,797

17,866

619,641

2013

390,826

101,614

247,849

194,026

120,789

78,880

56,449

36,855

836,462

2014

405,169

92,660

253,448

170,311

114,219

82,244

55,340

768,222

2015

443,779

116,951

228,432

185,898

126,605

83,592

741,478

2016

453,158

138,723

256,531

194,605

140,590

730,449

2017

533,442

107,327

278,733

256,520

642,580

2018

655,548

122,712

361,899

484,611

2019

578,281

143,828

143,828

Subtotal

5,002,100

1,647,666

342,755

429,069

542,875

656,508

752,995

844,768

837,196

860,927

945,179

1,141,507

9,001,445

Americas Insolvency













1996-2009

397,453

204,343

147,101

156,704

145,418

109,259

56,980

7,617

3,629

2,234

1,103

652

835,040

2010

208,942

39,486

104,499

125,020

121,717

101,873

43,649

5,008

2,425

1,352

663

545,692

2011

180,432

15,218

66,379

82,752

85,816

76,915

35,996

3,726

1,584

743

369,129

2012

251,395

17,388

103,610

94,141

80,079

60,715

29,337

4,284

1,870

391,424

2013

227,834

52,528

82,596

81,679

63,386

47,781

21,948

2,862

352,780

2014

148,689

37,045

50,880

44,313

37,350

28,759

15,785

214,132

2015

63,170

3,395

17,892

20,143

19,769

16,657

77,856

2016

92,264

18,869

30,426

25,047

19,918

94,260

2017

275,257

49,093

97,315

80,906

227,314

2018

97,879

6,700

27,438

34,138

2019

123,039

13,449

13,449

Subtotal

2,066,354

204,343

186,587

276,421

354,205

469,866

458,451

344,214

249,808

222,515

207,861

180,943

3,155,214

Total Americas

7,068,454

1,852,009

529,342

705,490

897,080

1,126,374

1,211,446

1,188,982

1,087,004

1,083,442

1,153,040

1,322,450

12,156,659

Europe Core














2012

20,409

11,604

8,995

5,641

3,175

2,198

2,038

1,996

1,450

37,097

2013

20,334

7,068

8,540

2,347

1,326

1,239

1,331

901

22,752

2014

796,762

153,180

291,980

246,365

220,765

206,255

172,885

1,291,430

2015

419,909

45,760

100,263

86,156

80,858

66,074

379,111

2016

348,270

40,368

78,915

72,603

57,989

249,875

2017

246,752

17,894

56,033

44,085

118,012

2018 (4)

345,256

24,326

88,699

113,025

2019

512,702

47,976

47,976

Subtotal

2,710,394

-

-

-

11,604

16,063

167,361

343,262

390,520

407,007

443,402

480,059

2,259,278

Europe Insolvency













2014

10,876

5

4,297

3,921

3,207

2,620

1,547

15,597

2015

19,226

2,954

4,366

5,013

4,783

3,904

21,020

2016

41,858

6,175

12,703

12,856

10,664

42,398

2017

38,409

1,233

7,862

9,240

18,335

2018

45,586

642

8,422

9,064

2019

75,588

4,985

4,985

Subtotal

231,543

-

-

-

-

-

5

7,251

14,462

22,156

28,763

38,762

111,399

Total Europe

2,941,937

-

-

-

11,604

16,063

167,366

350,513

404,982

429,163

472,165

518,821

2,370,677

Total PRA Group

$      10,010,391

$        1,852,009

$   529,342

$   705,490

$   908,684

$ 1,142,437

$ 1,378,812

$ 1,539,495

$ 1,491,986

$ 1,512,605

$ 1,625,205

$ 1,841,271

$ 14,527,336















(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-U.S. 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) Includes a $34.9 million finance receivables portfolio addition in the third quarter of 2018 relating to the accounting 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

Cision View original content:http://www.prnewswire.com/news-releases/pra-group-reports-fourth-quarter-and-full-year-2019-results-301012838.html

SOURCE PRA Group, Inc.

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