Date of Report (Date of Earliest Event Reported): |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(d) | Exhibits | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
PRA Group, Inc. | ||||||||
Date: February 28, 2022 | By: | /s/ Peter M. Graham | ||||||
Peter M. Graham | ||||||||
Executive Vice President and Chief Financial Officer |
Cash Collection Source | 2021 | 2020 | ||||||||||||||||||||||||||||||
($ in thousands) | Q4 | Q3 | Q2 | Q1 | Q4 | |||||||||||||||||||||||||||
Americas and Australia Core | $ | 257,705 | $ | 276,691 | $ | 324,845 | $ | 347,638 | $ | 286,524 | ||||||||||||||||||||||
Americas Insolvency | 36,851 | 37,464 | 37,768 | 35,253 | 36,048 | |||||||||||||||||||||||||||
Europe Core | 155,853 | 151,625 | 157,637 | 149,486 | 141,471 | |||||||||||||||||||||||||||
Europe Insolvency | 23,262 | 22,574 | 23,579 | 23,510 | 17,830 | |||||||||||||||||||||||||||
Total Cash Collections | $ | 473,671 | $ | 488,354 | $ | 543,829 | $ | 555,887 | $ | 481,873 | ||||||||||||||||||||||
Cash Collection Source - | ||||||||||||||||||||||||||||||||
Constant Currency Adjusted | 2021 | 2020 | ||||||||||||||||||||||||||||||
($ in thousands) | Q4 | Q4 | ||||||||||||||||||||||||||||||
Americas and Australia Core | $ | 257,705 | $ | 285,712 | ||||||||||||||||||||||||||||
Americas Insolvency | 36,851 | 36,072 | ||||||||||||||||||||||||||||||
Europe Core | 155,853 | 140,570 | ||||||||||||||||||||||||||||||
Europe Insolvency | 23,262 | 18,022 | ||||||||||||||||||||||||||||||
Total Cash Collections | $ | 473,671 | $ | 480,376 |
Portfolio Purchase Source | 2021 | 2020 | ||||||||||||||||||||||||||||||
($ in thousands) | Q4 | Q3 | Q2 | Q1 | Q4 | |||||||||||||||||||||||||||
Americas and Australia Core | $ | 90,263 | $ | 162,451 | $ | 98,901 | $ | 88,912 | $ | 67,460 | ||||||||||||||||||||||
Americas Insolvency | 21,183 | 9,878 | 14,642 | 9,486 | 12,504 | |||||||||||||||||||||||||||
Europe Core | 60,430 | 212,194 | 106,134 | 44,095 | 137,647 | |||||||||||||||||||||||||||
Europe Insolvency | 29,820 | 7,424 | — | 16,468 | 72,171 | |||||||||||||||||||||||||||
Total Portfolio Acquisitions | $ | 201,696 | $ | 391,947 | $ | 219,677 | $ | 158,961 | $ | 289,782 | ||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Portfolio income | $ | 211,613 | $ | 233,480 | $ | 875,327 | $ | 984,036 | |||||||||||||||
Changes in expected recoveries | 40,400 | 36,909 | 197,904 | 69,297 | |||||||||||||||||||
Total portfolio revenue | 252,013 | 270,389 | 1,073,231 | 1,053,333 | |||||||||||||||||||
Fee income | 3,856 | 2,922 | 14,699 | 9,748 | |||||||||||||||||||
Other revenue | 1,067 | 545 | 7,802 | 2,333 | |||||||||||||||||||
Total revenues | 256,936 | 273,856 | 1,095,732 | 1,065,414 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Compensation and employee services | 73,781 | 77,533 | 301,981 | 295,150 | |||||||||||||||||||
Legal collection fees | 10,998 | 11,783 | 47,206 | 53,758 | |||||||||||||||||||
Legal collection costs | 17,099 | 21,638 | 78,330 | 101,635 | |||||||||||||||||||
Agency fees | 15,995 | 17,799 | 63,140 | 56,418 | |||||||||||||||||||
Outside fees and services | 21,448 | 23,291 | 92,615 | 84,087 | |||||||||||||||||||
Communication | 9,716 | 9,099 | 42,755 | 40,801 | |||||||||||||||||||
Rent and occupancy | 4,682 | 4,558 | 18,376 | 17,973 | |||||||||||||||||||
Depreciation and amortization | 3,736 | 5,971 | 15,256 | 18,465 | |||||||||||||||||||
Other operating expenses | 17,032 | 12,969 | 61,077 | 47,426 | |||||||||||||||||||
Total operating expenses | 174,487 | 184,641 | 720,736 | 715,713 | |||||||||||||||||||
Income from operations | 82,449 | 89,215 | 374,996 | 349,701 | |||||||||||||||||||
Other income and (expense): | |||||||||||||||||||||||
Interest expense, net | (32,156) | (35,393) | (124,143) | (141,712) | |||||||||||||||||||
Foreign exchange (loss)/gain | (936) | (1,022) | (809) | 2,005 | |||||||||||||||||||
Other | (12) | 318 | 282 | (1,049) | |||||||||||||||||||
Income before income taxes | 49,345 | 53,118 | 250,326 | 208,945 | |||||||||||||||||||
Income tax expense | 12,947 | 16,469 | 54,817 | 41,203 | |||||||||||||||||||
Net Income | 36,398 | 36,649 | 195,509 | 167,742 | |||||||||||||||||||
Adjustment for net income attributable to noncontrolling interests | 2,122 | 6,851 | 12,351 | 18,403 | |||||||||||||||||||
Net income attributable to PRA Group, Inc. | $ | 34,276 | $ | 29,798 | $ | 183,158 | $ | 149,339 | |||||||||||||||
Net income per common share attributable to PRA Group, Inc.: | |||||||||||||||||||||||
Basic | $ | 0.80 | $ | 0.65 | $ | 4.07 | $ | 3.28 | |||||||||||||||
Diluted | $ | 0.79 | $ | 0.65 | $ | 4.04 | $ | 3.26 | |||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||
Basic | 43,056 | 45,583 | 44,960 | 45,540 | |||||||||||||||||||
Diluted | 43,562 | 45,973 | 45,330 | 45,860 |
December 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 87,584 | $ | 108,613 | |||||||
Investments | 92,977 | 55,759 | |||||||||
Finance receivables, net | 3,428,285 | 3,514,788 | |||||||||
Income taxes receivable | 41,146 | 21,928 | |||||||||
Deferred tax assets, net | 67,760 | 83,205 | |||||||||
Right-of-use assets | 56,713 | 52,951 | |||||||||
Property and equipment, net | 54,513 | 58,356 | |||||||||
Goodwill | 480,263 | 492,989 | |||||||||
Other assets | 57,002 | 64,472 | |||||||||
Total assets | $ | 4,366,243 | $ | 4,453,061 | |||||||
Liabilities and Equity | |||||||||||
Liabilities: | |||||||||||
Accounts payable | $ | 3,821 | $ | 5,294 | |||||||
Accrued expenses | 127,802 | 97,320 | |||||||||
Income taxes payable | 19,276 | 29,692 | |||||||||
Deferred tax liabilities, net | 36,630 | 40,867 | |||||||||
Lease liabilities | 61,188 | 57,348 | |||||||||
Interest-bearing deposits | 124,623 | 132,739 | |||||||||
Borrowings | 2,608,714 | 2,661,289 | |||||||||
Other liabilities | 59,352 | 54,986 | |||||||||
Total liabilities | 3,041,406 | 3,079,535 | |||||||||
Equity: | |||||||||||
Preferred stock, $0.01 par value, 2,000 shares authorized, no shares issued and outstanding | — | — | |||||||||
Common stock, $0.01 par value, 100,000 shares authorized, 41,008 shares issued and outstanding at December 31, 2021; 100,000 shares authorized, 45,585 shares issued and outstanding at December 31, 2020 | 410 | 456 | |||||||||
Additional paid-in capital | — | 75,282 | |||||||||
Retained earnings | 1,552,845 | 1,511,970 | |||||||||
Accumulated other comprehensive loss | (266,909) | (245,791) | |||||||||
Total stockholders' equity - PRA Group, Inc. | 1,286,346 | 1,341,917 | |||||||||
Noncontrolling interest | 38,491 | 31,609 | |||||||||
Total equity | 1,324,837 | 1,373,526 | |||||||||
Total liabilities and equity | $ | 4,366,243 | $ | 4,453,061 |
Select Expenses (Income) Amounts in thousands, pre-tax | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||
Noncash interest expense - amortization of debt discount | — | — | — | — | 1,959 | 2,388 | 3,247 | 3,217 | ||||||||||||||||||
Noncash interest expense - amortization of debt issuance costs | 2,455 | 2,406 | 2,391 | 2,256 | 2,393 | 2,476 | 2,743 | 2,640 | ||||||||||||||||||
Change in fair value of derivatives | 3,115 | 2,982 | 2,911 | 3,102 | 3,875 | 3,701 | 3,284 | 2,039 | ||||||||||||||||||
Amortization of intangibles | (269) | 104 | 105 | 181 | 1,792 | 360 | 351 | 349 | ||||||||||||||||||
Stock-based compensation expense | 3,470 | 4,317 | 4,040 | 4,113 | 5,370 | 3,097 | 3,063 | 2,857 |
Purchase Price Multiples as of December 31, 2021 Amounts in thousands | |||||||||||||||||
Purchase Period | Purchase Price (1)(2) | Total Estimated Collections (3) | Estimated Remaining Collections (4) | Current Purchase Price Multiple | Original Purchase Price Multiple (5) | ||||||||||||
Americas and Australia Core | |||||||||||||||||
1996-2011 | $ | 1,287,821 | $ | 4,119,794 | $ | 27,874 | 320% | 240% | |||||||||
2012 | 254,076 | 652,359 | 11,867 | 257% | 226% | ||||||||||||
2013 | 390,826 | 894,234 | 17,955 | 229% | 211% | ||||||||||||
2014 | 404,117 | 859,555 | 29,634 | 213% | 204% | ||||||||||||
2015 | 443,114 | 910,077 | 79,134 | 205% | 205% | ||||||||||||
2016 | 455,767 | 1,117,255 | 163,295 | 245% | 201% | ||||||||||||
2017 | 532,851 | 1,215,524 | 240,172 | 228% | 193% | ||||||||||||
2018 | 653,975 | 1,394,839 | 301,952 | 213% | 202% | ||||||||||||
2019 | 581,476 | 1,257,641 | 434,423 | 216% | 206% | ||||||||||||
2020 | 435,668 | 940,982 | 522,918 | 216% | 213% | ||||||||||||
2021 | 435,846 | 833,624 | 748,852 | 191% | 191% | ||||||||||||
Subtotal | 5,875,537 | 14,195,884 | 2,578,076 | ||||||||||||||
Americas Insolvency | |||||||||||||||||
1996-2011 | 786,827 | 1,752,771 | 790 | 223% | 174% | ||||||||||||
2012 | 251,395 | 393,018 | 67 | 156% | 136% | ||||||||||||
2013 | 227,834 | 355,274 | 373 | 156% | 133% | ||||||||||||
2014 | 148,420 | 219,141 | 1,583 | 148% | 124% | ||||||||||||
2015 | 63,170 | 87,377 | 361 | 138% | 125% | ||||||||||||
2016 | 91,442 | 116,498 | 1,468 | 127% | 123% | ||||||||||||
2017 | 275,257 | 353,296 | 23,180 | 128% | 125% | ||||||||||||
2018 | 97,879 | 134,417 | 38,130 | 137% | 127% | ||||||||||||
2019 | 123,077 | 163,200 | 79,392 | 133% | 128% | ||||||||||||
2020 | 62,130 | 86,107 | 63,473 | 139% | 136% | ||||||||||||
2021 | 55,187 | 74,931 | 70,317 | 136% | 136% | ||||||||||||
Subtotal | 2,182,618 | 3,736,030 | 279,134 | ||||||||||||||
Total Americas and Australia | 8,058,155 | 17,931,914 | 2,857,210 | ||||||||||||||
Europe Core | |||||||||||||||||
2012 | 20,409 | 42,579 | — | 209% | 187% | ||||||||||||
2013 | 20,334 | 26,267 | — | 129% | 119% | ||||||||||||
2014 | 773,811 | 2,239,932 | 460,391 | 289% | 208% | ||||||||||||
2015 | 411,340 | 720,559 | 203,212 | 175% | 160% | ||||||||||||
2016 | 333,090 | 561,569 | 243,437 | 169% | 167% | ||||||||||||
2017 | 252,174 | 353,450 | 154,560 | 140% | 144% | ||||||||||||
2018 | 341,775 | 527,012 | 287,725 | 154% | 148% | ||||||||||||
2019 | 518,610 | 775,332 | 485,171 | 150% | 152% | ||||||||||||
2020 | 324,119 | 553,951 | 410,322 | 171% | 172% | ||||||||||||
2021 | 412,411 | 699,959 | 652,200 | 170% | 170% | ||||||||||||
Subtotal | 3,408,073 | 6,500,610 | 2,897,018 | ||||||||||||||
Europe Insolvency | |||||||||||||||||
2014 | 10,876 | 18,370 | 28 | 169% | 129% | ||||||||||||
2015 | 18,973 | 29,002 | 892 | 153% | 139% | ||||||||||||
2016 | 39,338 | 56,831 | 4,398 | 144% | 130% | ||||||||||||
2017 | 39,235 | 49,287 | 10,641 | 126% | 128% | ||||||||||||
2018 | 44,908 | 51,499 | 22,265 | 115% | 123% | ||||||||||||
2019 | 77,218 | 102,095 | 53,796 | 132% | 130% | ||||||||||||
2020 | 105,440 | 135,907 | 94,242 | 129% | 129% | ||||||||||||
2021 | 53,230 | 71,526 | 66,095 | 134% | 134% | ||||||||||||
Subtotal | 389,218 | 514,517 | 252,357 | ||||||||||||||
Total Europe | 3,797,291 | 7,015,127 | 3,149,375 | ||||||||||||||
Total PRA Group | $ | 11,855,446 | $ | 24,947,041 | $ | 6,006,585 |
Portfolio Financial Information For the Year Ended December 31, 2021 Amounts in thousands | |||||||||||||||||
Purchase Period | Cash Collections (1) | Portfolio Income (1) | Change in Expected Recoveries (1) | Total Portfolio Revenue (1) | Net Finance Receivables as of December 31, 2021 (2) | ||||||||||||
Americas and Australia Core | |||||||||||||||||
1996-2011 | $ | 20,819 | $ | 12,632 | $ | 5,346 | $ | 17,978 | $ | 6,433 | |||||||
2012 | 9,046 | 4,123 | 2,610 | 6,733 | 4,446 | ||||||||||||
2013 | 16,657 | 7,520 | 1,613 | 9,133 | 8,763 | ||||||||||||
2014 | 22,323 | 10,040 | (742) | 9,298 | 12,225 | ||||||||||||
2015 | 34,938 | 19,582 | (9,082) | 10,500 | 31,412 | ||||||||||||
2016 | 74,206 | 40,717 | (1,395) | 39,322 | 58,086 | ||||||||||||
2017 | 129,962 | 61,776 | 11,275 | 73,051 | 108,433 | ||||||||||||
2018 | 239,862 | 83,566 | 38,960 | 122,526 | 167,343 | ||||||||||||
2019 | 289,779 | 117,189 | 34,744 | 151,933 | 240,112 | ||||||||||||
2020 | 284,284 | 125,173 | 46,195 | 171,368 | 299,290 | ||||||||||||
2021 | 85,003 | 61,842 | (4,866) | 56,976 | 408,212 | ||||||||||||
Subtotal | 1,206,879 | 544,160 | 124,658 | 668,818 | 1,344,755 | ||||||||||||
Americas Insolvency | |||||||||||||||||
1996-2011 | 792 | 882 | (73) | 809 | — | ||||||||||||
2012 | 601 | 188 | 425 | 613 | — | ||||||||||||
2013 | 811 | 459 | 363 | 822 | — | ||||||||||||
2014 | 1,118 | 1,108 | (44) | 1,064 | 148 | ||||||||||||
2015 | 1,250 | 538 | 32 | 570 | 218 | ||||||||||||
2016 | 7,352 | 1,321 | (332) | 989 | 1,060 | ||||||||||||
2017 | 43,978 | 7,795 | 4,718 | 12,513 | 20,304 | ||||||||||||
2018 | 31,637 | 5,944 | 3,757 | 9,701 | 33,715 | ||||||||||||
2019 | 39,073 | 8,739 | 2,590 | 11,329 | 69,514 | ||||||||||||
2020 | 16,108 | 7,220 | 1,885 | 9,105 | 50,482 | ||||||||||||
2021 | 4,616 | 2,799 | 804 | 3,603 | 53,837 | ||||||||||||
Subtotal | 147,336 | 36,993 | 14,125 | 51,118 | 229,278 | ||||||||||||
Total Americas and Australia | 1,354,215 | 581,153 | 138,783 | 719,936 | 1,574,033 | ||||||||||||
Europe Core | |||||||||||||||||
2012 | 1,160 | — | 1,160 | 1,160 | — | ||||||||||||
2013 | 680 | — | 681 | 681 | — | ||||||||||||
2014 | 149,246 | 94,750 | 25,771 | 120,521 | 131,950 | ||||||||||||
2015 | 51,397 | 26,474 | (7,320) | 19,154 | 107,415 | ||||||||||||
2016 | 46,702 | 23,859 | (1,569) | 22,290 | 141,981 | ||||||||||||
2017 | 34,800 | 11,718 | (2,815) | 8,903 | 106,026 | ||||||||||||
2018 | 69,106 | 23,502 | 5,352 | 28,854 | 189,813 | ||||||||||||
2019 | 121,385 | 37,266 | 12,333 | 49,599 | 328,709 | ||||||||||||
2020 | 91,672 | 35,697 | 13,610 | 49,307 | 250,434 | ||||||||||||
2021 | 48,453 | 18,809 | 6,159 | 24,968 | 388,850 | ||||||||||||
Subtotal | 614,601 | 272,075 | 53,362 | 325,437 | 1,645,178 | ||||||||||||
Europe Insolvency | |||||||||||||||||
2014 | 328 | 109 | 144 | 253 | 14 | ||||||||||||
2015 | 1,605 | 647 | 3 | 650 | 653 | ||||||||||||
2016 | 5,951 | 1,685 | 208 | 1,893 | 3,398 | ||||||||||||
2017 | 9,366 | 1,301 | 379 | 1,680 | 9,673 | ||||||||||||
2018 | 11,678 | 2,212 | (1,153) | 1,059 | 19,877 | ||||||||||||
2019 | 23,867 | 5,552 | 1,307 | 6,859 | 45,649 | ||||||||||||
2020 | 34,647 | 8,791 | 3,067 | 11,858 | 79,363 | ||||||||||||
2021 | 5,483 | 1,802 | 1,804 | 3,606 | 50,447 | ||||||||||||
Subtotal | 92,925 | 22,099 | 5,759 | 27,858 | 209,074 | ||||||||||||
Total Europe | 707,526 | 294,174 | 59,121 | 353,295 | 1,854,252 | ||||||||||||
Total PRA Group | $ | 2,061,741 | $ | 875,327 | $ | 197,904 | $ | 1,073,231 | $ | 3,428,285 |
Cash Collections by Year, By Year of Purchase (1) as of December 31, 2021 Amounts in millions | |||||||||||||||||||||||||||||||||||||||||
Cash Collections | |||||||||||||||||||||||||||||||||||||||||
Purchase Period | Purchase Price (2)(3) | 1996-2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | Total | ||||||||||||||||||||||||||||
Americas and Australia Core | |||||||||||||||||||||||||||||||||||||||||
1996-2011 | $ | 1,287.8 | $ | 2,419.5 | $ | 486.0 | $ | 381.3 | $ | 266.3 | $ | 183.1 | $ | 119.0 | $ | 78.0 | $ | 56.0 | $ | 45.0 | $ | 29.7 | $ | 20.8 | $ | 4,084.7 | |||||||||||||||
2012 | 254.1 | — | 56.9 | 173.6 | 146.2 | 97.3 | 60.0 | 40.0 | 27.8 | 17.9 | 11.8 | 9.0 | 640.5 | ||||||||||||||||||||||||||||
2013 | 390.8 | — | — | 101.6 | 247.8 | 194.0 | 120.8 | 78.9 | 56.4 | 36.9 | 23.2 | 16.7 | 876.3 | ||||||||||||||||||||||||||||
2014 | 404.1 | — | — | — | 92.7 | 253.4 | 170.3 | 114.2 | 82.2 | 55.3 | 31.9 | 22.3 | 822.3 | ||||||||||||||||||||||||||||
2015 | 443.1 | — | — | — | — | 117.0 | 228.4 | 185.9 | 126.6 | 83.6 | 57.2 | 34.9 | 833.6 | ||||||||||||||||||||||||||||
2016 | 455.8 | — | — | — | — | 138.7 | 256.5 | 194.6 | 140.6 | 105.9 | 74.2 | 910.5 | |||||||||||||||||||||||||||||
2017 | 532.9 | — | — | — | — | — | — | 107.3 | 278.7 | 256.5 | 192.5 | 130.0 | 965.0 | ||||||||||||||||||||||||||||
2018 | 654.0 | — | — | — | — | — | — | — | 122.7 | 361.9 | 337.7 | 239.9 | 1062.2 | ||||||||||||||||||||||||||||
2019 | 581.5 | — | — | — | — | — | — | — | — | 143.8 | 349.0 | 289.8 | 782.6 | ||||||||||||||||||||||||||||
2020 | 435.7 | — | — | — | — | — | — | — | — | — | 133.0 | 284.3 | 417.3 | ||||||||||||||||||||||||||||
2021 | 435.8 | — | — | — | — | — | — | — | — | — | — | 85.0 | 85.0 | ||||||||||||||||||||||||||||
Subtotal | 5,875.6 | 2,419.5 | 542.9 | 656.5 | 753.0 | 844.8 | 837.2 | 860.8 | 945.0 | 1,141.5 | 1,271.9 | 1,206.9 | 11,480.0 | ||||||||||||||||||||||||||||
Americas Insolvency | |||||||||||||||||||||||||||||||||||||||||
1996-2011 | 786.8 | 667.4 | 336.8 | 313.7 | 244.7 | 128.2 | 44.6 | 8.4 | 4.0 | 2.1 | 1.3 | 0.8 | 1,752.0 | ||||||||||||||||||||||||||||
2012 | 251.4 | — | 17.4 | 103.6 | 94.1 | 80.1 | 60.7 | 29.3 | 4.3 | 1.9 | 0.9 | 0.6 | 392.9 | ||||||||||||||||||||||||||||
2013 | 227.8 | — | — | 52.5 | 82.6 | 81.7 | 63.4 | 47.8 | 21.9 | 2.9 | 1.3 | 0.8 | 354.9 | ||||||||||||||||||||||||||||
2014 | 148.4 | — | — | — | 37.0 | 50.9 | 44.3 | 37.4 | 28.8 | 15.8 | 2.2 | 1.1 | 217.5 | ||||||||||||||||||||||||||||
2015 | 63.2 | — | — | — | — | 3.4 | 17.9 | 20.1 | 19.8 | 16.7 | 7.9 | 1.3 | 87.1 | ||||||||||||||||||||||||||||
2016 | 91.4 | — | — | — | — | — | 18.9 | 30.4 | 25.0 | 19.9 | 14.4 | 7.4 | 116.0 | ||||||||||||||||||||||||||||
2017 | 275.3 | — | — | — | — | — | — | 49.1 | 97.3 | 80.9 | 58.8 | 44.0 | 330.1 | ||||||||||||||||||||||||||||
2018 | 97.9 | — | — | — | — | — | — | — | 6.7 | 27.4 | 30.5 | 31.6 | 96.2 | ||||||||||||||||||||||||||||
2019 | 123.1 | — | — | — | — | — | — | — | — | 13.4 | 31.4 | 39.1 | 83.9 | ||||||||||||||||||||||||||||
2020 | 62.1 | — | — | — | — | — | — | — | — | — | 6.5 | 16.1 | 22.6 | ||||||||||||||||||||||||||||
2021 | 55.2 | — | — | — | — | — | — | — | — | — | — | 4.5 | 4.5 | ||||||||||||||||||||||||||||
Subtotal | 2,182.6 | 667.4 | 354.2 | 469.8 | 458.4 | 344.3 | 249.8 | 222.5 | 207.8 | 181.0 | 155.2 | 147.3 | 3,457.7 | ||||||||||||||||||||||||||||
Total Americas and Australia | 8,058.2 | 3,086.9 | 897.1 | 1,126.3 | 1,211.4 | 1,189.1 | 1,087.0 | 1,083.3 | 1,152.8 | 1,322.5 | 1,427.1 | 1,354.2 | 14,937.7 | ||||||||||||||||||||||||||||
Europe Core | |||||||||||||||||||||||||||||||||||||||||
2012 | 20.4 | — | 11.6 | 9.0 | 5.6 | 3.2 | 2.2 | 2.0 | 2.0 | 1.5 | 1.2 | 1.2 | 39.5 | ||||||||||||||||||||||||||||
2013 | 20.3 | — | — | 7.1 | 8.5 | 2.3 | 1.3 | 1.2 | 1.3 | 0.9 | 0.7 | 0.7 | 24.0 | ||||||||||||||||||||||||||||
2014 | 773.8 | — | — | — | 153.2 | 292.0 | 246.4 | 220.8 | 206.3 | 172.9 | 149.8 | 149.2 | 1,590.6 | ||||||||||||||||||||||||||||
2015 | 411.3 | — | — | — | — | 45.8 | 100.3 | 86.2 | 80.9 | 66.1 | 54.3 | 51.4 | 485.0 | ||||||||||||||||||||||||||||
2016 | 333.1 | — | — | — | — | — | 40.4 | 78.9 | 72.6 | 58.0 | 48.3 | 46.7 | 344.9 | ||||||||||||||||||||||||||||
2017 | 252.2 | — | — | — | — | — | — | 17.9 | 56.0 | 44.1 | 36.1 | 34.8 | 188.9 | ||||||||||||||||||||||||||||
2018 | 341.8 | — | — | — | — | — | — | — | 24.3 | 88.7 | 71.2 | 69.1 | 253.3 | ||||||||||||||||||||||||||||
2019 | 518.6 | — | — | — | — | — | — | — | — | 47.9 | 125.7 | 121.4 | 295.0 | ||||||||||||||||||||||||||||
2020 | 324.1 | — | — | — | — | — | — | — | — | — | 32.4 | 91.7 | 124.1 | ||||||||||||||||||||||||||||
2021 | 412.4 | — | — | — | — | — | — | — | — | — | — | 48.4 | 48.4 | ||||||||||||||||||||||||||||
Subtotal | 3,408.0 | — | 11.6 | 16.1 | 167.3 | 343.3 | 390.6 | 407.0 | 443.4 | 480.1 | 519.7 | 614.6 | 3,393.7 | ||||||||||||||||||||||||||||
Europe Insolvency | |||||||||||||||||||||||||||||||||||||||||
2014 | 10.9 | — | — | — | — | 4.3 | 3.9 | 3.2 | 2.6 | 1.5 | 0.8 | 0.3 | 16.6 | ||||||||||||||||||||||||||||
2015 | 19.0 | — | — | — | — | 3.0 | 4.4 | 5.0 | 4.8 | 3.9 | 2.9 | 1.6 | 25.6 | ||||||||||||||||||||||||||||
2016 | 39.3 | — | — | — | — | — | 6.2 | 12.7 | 12.9 | 10.7 | 7.9 | 6.0 | 56.4 | ||||||||||||||||||||||||||||
2017 | 39.2 | — | — | — | — | — | — | 1.2 | 7.9 | 9.2 | 9.8 | 9.4 | 37.5 | ||||||||||||||||||||||||||||
2018 | 44.9 | — | — | — | — | — | — | — | 0.6 | 8.4 | 10.3 | 11.7 | 31.0 | ||||||||||||||||||||||||||||
2019 | 77.2 | — | — | — | — | — | — | — | — | 5.1 | 21.1 | 23.9 | 50.1 | ||||||||||||||||||||||||||||
2020 | 105.4 | — | — | — | — | — | — | — | — | — | 6.1 | 34.6 | 40.7 | ||||||||||||||||||||||||||||
2021 | 53.3 | — | — | — | — | — | — | — | — | — | — | 5.4 | 5.4 | ||||||||||||||||||||||||||||
Subtotal | 389.2 | — | — | — | — | 7.3 | 14.5 | 22.1 | 28.8 | 38.8 | 58.9 | 92.9 | 263.3 | ||||||||||||||||||||||||||||
Total Europe | 3,797.2 | — | 11.6 | 16.1 | 167.3 | 350.6 | 405.1 | 429.1 | 472.2 | 518.9 | 578.6 | 707.5 | 3,657.0 | ||||||||||||||||||||||||||||
Total PRA Group | $ | 11,855.4 | $ | 3,086.9 | $ | 908.7 | $ | 1,142.4 | $ | 1,378.7 | $ | 1,539.7 | $ | 1,492.1 | $ | 1,512.4 | $ | 1,625.0 | $ | 1,841.4 | $ | 2,005.7 | $ | 2,061.7 | $ | 18,594.7 |
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
LTM Adjusted EBITDA for PRA Group ($ in millions) | December 31, 2021 | December 31, 2020 | ||||||||||||||||||
Net income attributable to PRA Group, Inc. | $ | 183 | $ | 149 | ||||||||||||||||
Adjustments: | ||||||||||||||||||||
Income tax expense | 55 | 41 | ||||||||||||||||||
Foreign exchange (gains)/losses | 1 | (2) | ||||||||||||||||||
Interest expense, net | 124 | 142 | ||||||||||||||||||
Other (income)/expense | — | 1 | ||||||||||||||||||
Depreciation and amortization | 15 | 18 | ||||||||||||||||||
Adjustment for net income attributable to noncontrolling interests | 12 | 18 | ||||||||||||||||||
Recoveries applied to negative allowance less Changes in expected recoveries | 988 | 968 | ||||||||||||||||||
LTM Adjusted EBITDA | $ | 1,378 | $ | 1,337 |
Debt to Adjusted EBITDA | ||||||||
December 31, 2021 | December 31, 2020 | |||||||
Borrowings | $ | 2,609 | $ | 2,661 | ||||
LTM Adjusted EBITDA | 1,378 | 1,337 | ||||||
Debt to LTM Adjusted EBITDA | 1.89 | 1.99 |
Cover Page |
Feb. 28, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 28, 2022 |
Entity Registrant Name | PRA Group, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-50058 |
Entity Tax Identification Number | 75-3078675 |
Entity Address, Address Line One | 120 Corporate Boulevard |
Entity Address, City or Town | Norfolk, |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 23502 |
City Area Code | (888) |
Local Phone Number | 772-7326 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Trading Symbol | PRAA |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001185348 |
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