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: November 3, 2022 | By: | /s/ Peter M. Graham | ||||||
Peter M. Graham | ||||||||
Executive Vice President and Chief Financial Officer |
Three Months Ended Sept 30, | Nine Months Ended Sept 30, | ||||||||||||||||||||||||||||
($ in thousands, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Net income attributable to PRA Group, Inc. | $ | 24,732 | $ | 34,480 | $ | 101,188 | $ | 148,882 | |||||||||||||||||||||
Diluted earnings per share | $ | 0.63 | $ | 0.76 | $ | 2.52 | $ | 3.24 | |||||||||||||||||||||
Cash Collection Source | 2022 | 2021 | ||||||||||||||||||||||||||||||
($ in thousands) | Q3 | Q2 | Q1 | Q4 | Q3 | |||||||||||||||||||||||||||
Americas and Australia Core | $ | 225,775 | $ | 244,377 | $ | 270,284 | $ | 257,705 | $ | 276,691 | ||||||||||||||||||||||
Americas Insolvency | 31,911 | 34,278 | 35,209 | 36,851 | 37,464 | |||||||||||||||||||||||||||
Europe Core | 132,072 | 142,470 | 151,162 | 155,853 | 151,625 | |||||||||||||||||||||||||||
Europe Insolvency | 22,586 | 22,935 | 24,325 | 23,262 | 22,574 | |||||||||||||||||||||||||||
Total Cash Collections | $ | 412,344 | $ | 444,060 | $ | 480,980 | $ | 473,671 | $ | 488,354 | ||||||||||||||||||||||
Cash Collection Source - | ||||||||||||||||||||||||||||||||
Constant Currency-Adjusted | 2022 | 2021 | ||||||||||||||||||||||||||||||
($ in thousands) | Q3 | Q3 | ||||||||||||||||||||||||||||||
Americas and Australia Core | $ | 225,775 | $ | 276,069 | ||||||||||||||||||||||||||||
Americas Insolvency | 31,911 | 37,445 | ||||||||||||||||||||||||||||||
Europe Core | 132,072 | 129,268 | ||||||||||||||||||||||||||||||
Europe Insolvency | 22,586 | 19,219 | ||||||||||||||||||||||||||||||
Total Cash Collections | $ | 412,344 | $ | 462,001 | ||||||||||||||||||||||||||||
Portfolio Purchase Source | 2022 | 2021 | ||||||||||||||||||||||||||||||
($ in thousands) | Q3 | Q2 | Q1 | Q4 | Q3 | |||||||||||||||||||||||||||
Americas and Australia Core | $ | 100,780 | $ | 99,962 | $ | 90,639 | $ | 90,263 | $ | 162,451 | ||||||||||||||||||||||
Americas Insolvency | 8,988 | 6,369 | 9,118 | 21,183 | 9,878 | |||||||||||||||||||||||||||
Europe Core | 59,426 | 123,814 | 38,764 | 60,430 | 212,194 | |||||||||||||||||||||||||||
Europe Insolvency | 13,910 | 1,202 | 8,929 | 29,820 | 7,424 | |||||||||||||||||||||||||||
Total Portfolio Acquisitions | $ | 183,104 | $ | 231,347 | $ | 147,450 | $ | 201,696 | $ | 391,947 | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Portfolio income | $ | 185,853 | $ | 212,905 | $ | 587,394 | $ | 663,714 | |||||||||||||||
Changes in expected recoveries | 48,336 | 43,820 | 134,817 | 157,504 | |||||||||||||||||||
Total portfolio revenue | 234,189 | 256,725 | 722,211 | 821,218 | |||||||||||||||||||
Fee income | 6,122 | 6,209 | 14,419 | 10,843 | |||||||||||||||||||
Other revenue | 4,496 | 764 | 7,044 | 6,735 | |||||||||||||||||||
Total revenues | 244,807 | 263,698 | 743,674 | 838,796 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Compensation and employee services | 70,382 | 74,584 | 215,615 | 228,200 | |||||||||||||||||||
Legal collection fees | 8,963 | 10,993 | 29,390 | 36,208 | |||||||||||||||||||
Legal collection costs | 23,391 | 21,450 | 57,694 | 61,231 | |||||||||||||||||||
Agency fees | 15,160 | 15,646 | 47,374 | 47,145 | |||||||||||||||||||
Outside fees and services | 24,618 | 29,434 | 71,489 | 71,167 | |||||||||||||||||||
Communication | 9,951 | 9,782 | 32,062 | 33,039 | |||||||||||||||||||
Rent and occupancy | 4,669 | 4,571 | 14,289 | 13,694 | |||||||||||||||||||
Depreciation and amortization | 3,741 | 3,724 | 11,384 | 11,520 | |||||||||||||||||||
Other operating expenses | 13,144 | 15,935 | 37,885 | 44,045 | |||||||||||||||||||
Total operating expenses | 174,019 | 186,119 | 517,182 | 546,249 | |||||||||||||||||||
Income from operations | 70,788 | 77,579 | 226,492 | 292,547 | |||||||||||||||||||
Other income and (expense): | |||||||||||||||||||||||
Interest expense, net | (32,455) | (29,599) | (95,765) | (91,987) | |||||||||||||||||||
Foreign exchange gain, net | 4 | 1,232 | 791 | 127 | |||||||||||||||||||
Other | (83) | 85 | (754) | 294 | |||||||||||||||||||
Income before income taxes | 38,254 | 49,297 | 130,764 | 200,981 | |||||||||||||||||||
Income tax expense | 11,072 | 12,627 | 29,828 | 41,870 | |||||||||||||||||||
Net income | 27,182 | 36,670 | 100,936 | 159,111 | |||||||||||||||||||
Adjustment for net income/(loss) attributable to noncontrolling interests | 2,450 | 2,190 | (252) | 10,229 | |||||||||||||||||||
Net income attributable to PRA Group, Inc. | $ | 24,732 | $ | 34,480 | $ | 101,188 | $ | 148,882 | |||||||||||||||
Net income per common share attributable to PRA Group, Inc.: | |||||||||||||||||||||||
Basic | $ | 0.63 | $ | 0.76 | $ | 2.54 | $ | 3.27 | |||||||||||||||
Diluted | $ | 0.63 | $ | 0.76 | $ | 2.52 | $ | 3.24 | |||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||
Basic | 39,018 | 45,305 | 39,858 | 45,594 | |||||||||||||||||||
Diluted | 39,170 | 45,656 | 40,125 | 45,920 |
(unaudited) | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 57,991 | $ | 87,584 | |||||||
Investments | 76,171 | 92,977 | |||||||||
Finance receivables, net | 3,037,360 | 3,428,285 | |||||||||
Income taxes receivable | 36,420 | 41,146 | |||||||||
Deferred tax assets, net | 53,949 | 67,760 | |||||||||
Right-of-use assets | 52,648 | 56,713 | |||||||||
Property and equipment, net | 52,061 | 54,513 | |||||||||
Goodwill | 404,474 | 480,263 | |||||||||
Other assets | 124,256 | 57,002 | |||||||||
Total assets | $ | 3,895,330 | $ | 4,366,243 | |||||||
Liabilities and Equity | |||||||||||
Liabilities: | |||||||||||
Accounts payable | $ | 6,148 | $ | 3,821 | |||||||
Accrued expenses | 104,059 | 127,802 | |||||||||
Income taxes payable | 16,412 | 19,276 | |||||||||
Deferred tax liabilities, net | 49,248 | 36,630 | |||||||||
Lease liabilities | 57,376 | 61,188 | |||||||||
Interest-bearing deposits | 88,155 | 124,623 | |||||||||
Borrowings | 2,379,614 | 2,608,714 | |||||||||
Other liabilities | 11,729 | 59,352 | |||||||||
Total liabilities | 2,712,741 | 3,041,406 | |||||||||
Equity: | |||||||||||
Preferred stock, $0.01 par value, 2,000 shares authorized, 0 shares issued and outstanding | — | — | |||||||||
Common stock, $0.01 par value, 100,000 shares authorized, 38,976 shares issued and outstanding at September 30, 2022; 100,000 shares authorized, 41,008 shares issued and outstanding at December 31, 2021 | 389 | 410 | |||||||||
Additional paid-in capital | — | — | |||||||||
Retained earnings | 1,557,066 | 1,552,845 | |||||||||
Accumulated other comprehensive loss | (426,086) | (266,909) | |||||||||
Total stockholders' equity - PRA Group, Inc. | 1,131,369 | 1,286,346 | |||||||||
Noncontrolling interest | 51,220 | 38,491 | |||||||||
Total equity | 1,182,589 | 1,324,837 | |||||||||
Total liabilities and equity | $ | 3,895,330 | $ | 4,366,243 |
Select Expenses (Income) Amounts in thousands, pre-tax | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||
Noncash interest expense - amortization of debt discount | — | — | — | — | — | — | — | 1,959 | ||||||||||||||||||
Noncash interest expense - amortization of debt issuance costs | 2,555 | 2,471 | 2,627 | 2,455 | 2,406 | 2,391 | 2,256 | 2,393 | ||||||||||||||||||
Change in fair value of derivatives | (1,042) | 1,525 | 2,726 | 3,115 | 2,982 | 2,911 | 3,102 | 3,875 | ||||||||||||||||||
Amortization of intangibles | 73 | 77 | 83 | (269) | 104 | 105 | 181 | 1,792 | ||||||||||||||||||
Stock-based compensation expense | 3,101 | 3,849 | 3,891 | 3,470 | 4,317 | 4,040 | 4,113 | 5,370 | ||||||||||||||||||
Purchase Price Multiples as of September 30, 2022 Amounts in thousands | |||||||||||||||||
Purchase Period | Purchase Price (2)(3) | Total Estimated Collections (4) | Estimated Remaining Collections (5) | Current Purchase Price Multiple | Original Purchase Price Multiple (6) | ||||||||||||
Americas and Australia Core | |||||||||||||||||
1996-2011 | $ | 1,287,821 | $ | 4,131,141 | $ | 26,086 | 321% | 240% | |||||||||
2012 | 254,076 | 659,669 | 13,453 | 260% | 226% | ||||||||||||
2013 | 390,826 | 904,736 | 18,529 | 231% | 211% | ||||||||||||
2014 | 404,117 | 870,923 | 28,317 | 216% | 204% | ||||||||||||
2015 | 443,114 | 909,486 | 62,917 | 205% | 205% | ||||||||||||
2016 | 455,767 | 1,095,092 | 112,073 | 240% | 201% | ||||||||||||
2017 | 532,851 | 1,217,840 | 179,774 | 229% | 193% | ||||||||||||
2018 | 653,975 | 1,464,063 | 250,068 | 224% | 202% | ||||||||||||
2019 | 581,476 | 1,287,770 | 314,269 | 221% | 206% | ||||||||||||
2020 | 435,668 | 948,148 | 374,739 | 218% | 213% | ||||||||||||
2021 | 435,846 | 819,353 | 599,229 | 188% | 191% | ||||||||||||
2022 | 285,725 | 509,846 | 475,780 | 178% | 178% | ||||||||||||
Subtotal | 6,161,262 | 14,818,067 | 2,455,234 | ||||||||||||||
Americas Insolvency | |||||||||||||||||
1996-2011 | 786,827 | 1,752,754 | 367 | 223% | 174% | ||||||||||||
2012 | 251,395 | 393,385 | 24 | 156% | 136% | ||||||||||||
2013 | 227,834 | 355,528 | 188 | 156% | 133% | ||||||||||||
2014 | 148,420 | 218,903 | 774 | 147% | 124% | ||||||||||||
2015 | 63,170 | 87,568 | 74 | 139% | 125% | ||||||||||||
2016 | 91,442 | 116,938 | 460 | 128% | 123% | ||||||||||||
2017 | 275,257 | 355,601 | 7,413 | 129% | 125% | ||||||||||||
2018 | 97,879 | 137,083 | 21,314 | 140% | 127% | ||||||||||||
2019 | 123,077 | 168,549 | 55,014 | 137% | 128% | ||||||||||||
2020 | 62,130 | 88,093 | 50,152 | 142% | 136% | ||||||||||||
2021 | 55,187 | 76,130 | 58,000 | 138% | 136% | ||||||||||||
2022 | 24,475 | 33,903 | 32,255 | 139% | 139% | ||||||||||||
Subtotal | 2,207,093 | 3,784,435 | 226,035 | ||||||||||||||
Total Americas and Australia | 8,368,355 | 18,602,502 | 2,681,269 | ||||||||||||||
Europe Core | |||||||||||||||||
2012 | 20,409 | 43,461 | — | 213% | 187% | ||||||||||||
2013 | 20,334 | 26,767 | — | 132% | 119% | ||||||||||||
2014 (1) | 773,811 | 2,344,788 | 385,634 | 303% | 208% | ||||||||||||
2015 | 411,340 | 726,850 | 147,316 | 177% | 160% | ||||||||||||
2016 | 333,090 | 565,943 | 179,084 | 170% | 167% | ||||||||||||
2017 | 252,174 | 357,463 | 114,430 | 142% | 144% | ||||||||||||
2018 | 341,775 | 533,804 | 207,082 | 156% | 148% | ||||||||||||
2019 | 518,610 | 781,071 | 346,028 | 151% | 152% | ||||||||||||
2020 | 324,119 | 556,213 | 293,408 | 172% | 172% | ||||||||||||
2021 | 412,411 | 702,838 | 478,614 | 170% | 170% | ||||||||||||
2022 | 199,320 | 364,842 | 304,229 | 183% | 183% | ||||||||||||
Subtotal | 3,607,393 | 7,004,040 | 2,455,825 | ||||||||||||||
Europe Insolvency | |||||||||||||||||
2014 (1) | 10,876 | 18,558 | 1 | 171% | 129% | ||||||||||||
2015 | 18,973 | 28,871 | 196 | 152% | 139% | ||||||||||||
2016 | 39,338 | 56,951 | 1,811 | 145% | 130% | ||||||||||||
2017 | 39,235 | 50,887 | 5,447 | 130% | 128% | ||||||||||||
2018 | 44,908 | 52,395 | 12,644 | 117% | 123% | ||||||||||||
2019 | 77,218 | 102,147 | 30,380 | 132% | 130% | ||||||||||||
2020 | 105,440 | 142,743 | 60,582 | 135% | 129% | ||||||||||||
2021 | 53,230 | 71,526 | 45,048 | 134% | 134% | ||||||||||||
2022 | 21,526 | 29,050 | 27,043 | 135% | 135% | ||||||||||||
Subtotal | 410,744 | 553,128 | 183,152 | ||||||||||||||
Total Europe | 4,018,137 | 7,557,168 | 2,638,977 | ||||||||||||||
Total PRA Group | $ | 12,386,492 | $ | 26,159,670 | $ | 5,320,246 |
Portfolio Financial Information Year-to-date as of September 30, 2022 Amounts in thousands | |||||||||||||||||
Purchase Period | Cash Collections (2) | Portfolio Income (2) | Change in Expected Recoveries (2) | Total Portfolio Revenue (2) | Net Finance Receivables as of September 30, 2022 (3) | ||||||||||||
Americas and Australia Core | |||||||||||||||||
1996-2011 | $ | 13,134 | $ | 7,292 | $ | 4,835 | $ | 12,127 | $ | 5,422 | |||||||
2012 | 5,724 | 2,423 | 3,188 | 5,611 | 4,334 | ||||||||||||
2013 | 9,928 | 3,523 | 5,619 | 9,142 | 7,975 | ||||||||||||
2014 | 11,829 | 4,580 | 6,521 | 11,101 | 11,250 | ||||||||||||
2015 | 15,857 | 10,007 | (1,342) | 8,665 | 24,192 | ||||||||||||
2016 | 31,174 | 22,699 | (11,293) | 11,406 | 38,183 | ||||||||||||
2017 | 62,608 | 32,415 | 987 | 33,402 | 78,847 | ||||||||||||
2018 | 118,715 | 43,169 | 47,990 | 91,159 | 138,982 | ||||||||||||
2019 | 144,093 | 60,488 | 21,204 | 81,692 | 175,831 | ||||||||||||
2020 | 154,569 | 69,885 | (1,727) | 68,158 | 210,540 | ||||||||||||
2021 | 137,971 | 87,411 | (34,705) | 52,706 | 322,937 | ||||||||||||
2022 | 34,834 | 23,347 | 543 | 23,890 | 273,718 | ||||||||||||
Subtotal | 740,436 | 367,239 | 41,820 | 409,059 | 1,292,211 | ||||||||||||
Americas Insolvency | |||||||||||||||||
1996-2011 | 405 | 423 | (18) | 405 | — | ||||||||||||
2012 | 411 | 43 | 367 | 410 | — | ||||||||||||
2013 | 439 | 186 | 255 | 441 | — | ||||||||||||
2014 | 565 | 593 | (87) | 506 | 83 | ||||||||||||
2015 | 478 | 154 | 165 | 319 | 58 | ||||||||||||
2016 | 1,449 | 251 | 453 | 704 | 315 | ||||||||||||
2017 | 18,072 | 2,180 | 2,329 | 4,509 | 6,729 | ||||||||||||
2018 | 19,482 | 2,688 | 3,063 | 5,751 | 19,525 | ||||||||||||
2019 | 29,637 | 4,706 | 5,303 | 10,009 | 49,692 | ||||||||||||
2020 | 15,307 | 4,524 | 2,027 | 6,551 | 41,694 | ||||||||||||
2021 | 13,505 | 5,179 | 1,555 | 6,734 | 46,112 | ||||||||||||
2022 | 1,648 | 930 | 725 | 1,655 | 24,195 | ||||||||||||
Subtotal | 101,398 | 21,857 | 16,137 | 37,994 | 188,403 | ||||||||||||
Total Americas and Australia | 841,834 | 389,096 | 57,957 | 447,053 | 1,480,614 | ||||||||||||
Europe Core | |||||||||||||||||
2012 | 684 | — | 685 | 685 | — | ||||||||||||
2013 | 380 | — | 380 | 380 | — | ||||||||||||
2014 (1) | 92,922 | 56,246 | 30,385 | 86,631 | 105,512 | ||||||||||||
2015 | 31,962 | 14,986 | 6,222 | 21,208 | 79,865 | ||||||||||||
2016 | 28,843 | 13,916 | 2,215 | 16,131 | 105,874 | ||||||||||||
2017 | 19,486 | 6,797 | 1,868 | 8,665 | 78,211 | ||||||||||||
2018 | 39,948 | 13,343 | 4,585 | 17,928 | 137,042 | ||||||||||||
2019 | 69,957 | 21,255 | 8,356 | 29,611 | 237,146 | ||||||||||||
2020 | 53,882 | 20,731 | 4,395 | 25,126 | 180,980 | ||||||||||||
2021 | 69,485 | 30,813 | 2,453 | 33,266 | 286,915 | ||||||||||||
2022 | 18,155 | 6,127 | 3,791 | 9,918 | 190,522 | ||||||||||||
Subtotal | 425,704 | 184,214 | 65,335 | 249,549 | 1,402,067 | ||||||||||||
Europe Insolvency | |||||||||||||||||
2014 (1) | 192 | 13 | 167 | 180 | 1 | ||||||||||||
2015 | 502 | 163 | (66) | 97 | 159 | ||||||||||||
2016 | 2,218 | 532 | 65 | 597 | 1,375 | ||||||||||||
2017 | 5,278 | 484 | 1,355 | 1,839 | 5,022 | ||||||||||||
2018 | 7,513 | 971 | 691 | 1,662 | 11,475 | ||||||||||||
2019 | 15,806 | 2,788 | 914 | 3,702 | 26,865 | ||||||||||||
2020 | 25,557 | 4,753 | 6,747 | 11,500 | 52,940 | ||||||||||||
2021 | 10,608 | 3,626 | 1,015 | 4,641 | 36,157 | ||||||||||||
2022 | 2,172 | 754 | 637 | 1,391 | 20,685 | ||||||||||||
Subtotal | 69,846 | 14,084 | 11,525 | 25,609 | 154,679 | ||||||||||||
Total Europe | 495,550 | 198,298 | 76,860 | 275,158 | 1,556,746 | ||||||||||||
Total PRA Group | $ | 1,337,384 | $ | 587,394 | $ | 134,817 | $ | 722,211 | $ | 3,037,360 |
Cash Collections by Year, By Year of Purchase (1) as of September 30, 2022 Amounts in millions | ||||||||||||||||||||||||||||||||||||||||||||
Cash Collections | ||||||||||||||||||||||||||||||||||||||||||||
Purchase Period | Purchase Price (3)(4) | 1996-2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 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 | $ | 13.1 | $ | 4,097.8 | ||||||||||||||||
2012 | 254.1 | — | 56.9 | 173.6 | 146.2 | 97.3 | 60.0 | 40.0 | 27.8 | 17.9 | 11.8 | 9.0 | 5.7 | 646.2 | ||||||||||||||||||||||||||||||
2013 | 390.8 | — | — | 101.6 | 247.8 | 194.0 | 120.8 | 78.9 | 56.4 | 36.9 | 23.2 | 16.7 | 9.9 | 886.2 | ||||||||||||||||||||||||||||||
2014 | 404.1 | — | — | — | 92.7 | 253.4 | 170.3 | 114.2 | 82.2 | 55.3 | 31.9 | 22.3 | 11.8 | 834.1 | ||||||||||||||||||||||||||||||
2015 | 443.1 | — | — | — | — | 117.0 | 228.4 | 185.9 | 126.6 | 83.6 | 57.2 | 34.9 | 15.9 | 849.5 | ||||||||||||||||||||||||||||||
2016 | 455.8 | — | — | — | — | 138.7 | 256.5 | 194.6 | 140.6 | 105.9 | 74.2 | 31.2 | 941.7 | |||||||||||||||||||||||||||||||
2017 | 532.9 | — | — | — | — | — | — | 107.3 | 278.7 | 256.5 | 192.5 | 130.0 | 62.6 | 1027.6 | ||||||||||||||||||||||||||||||
2018 | 654.0 | — | — | — | — | — | — | — | 122.7 | 361.9 | 337.7 | 239.9 | 118.7 | 1,180.9 | ||||||||||||||||||||||||||||||
2019 | 581.5 | — | — | — | — | — | — | — | — | 143.8 | 349.0 | 289.8 | 144.1 | 926.7 | ||||||||||||||||||||||||||||||
2020 | 435.7 | — | — | — | — | — | — | — | — | — | 133.0 | 284.3 | 154.6 | 571.9 | ||||||||||||||||||||||||||||||
2021 | 435.8 | — | — | — | — | — | — | — | — | — | — | 85.0 | 138.0 | 223.0 | ||||||||||||||||||||||||||||||
2022 | 285.7 | — | — | — | — | — | — | — | — | — | — | — | 34.8 | 34.8 | ||||||||||||||||||||||||||||||
Subtotal | 6,161.3 | 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 | 740.4 | 12,220.4 | ||||||||||||||||||||||||||||||
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 | 0.4 | 1,752.4 | ||||||||||||||||||||||||||||||
2012 | 251.4 | — | 17.4 | 103.6 | 94.1 | 80.1 | 60.7 | 29.3 | 4.3 | 1.9 | 0.9 | 0.6 | 0.4 | 393.3 | ||||||||||||||||||||||||||||||
2013 | 227.8 | — | — | 52.5 | 82.6 | 81.7 | 63.4 | 47.8 | 21.9 | 2.9 | 1.3 | 0.8 | 0.4 | 355.3 | ||||||||||||||||||||||||||||||
2014 | 148.4 | — | — | — | 37.0 | 50.9 | 44.3 | 37.4 | 28.8 | 15.8 | 2.2 | 1.1 | 0.6 | 218.1 | ||||||||||||||||||||||||||||||
2015 | 63.2 | — | — | — | — | 3.4 | 17.9 | 20.1 | 19.8 | 16.7 | 7.9 | 1.3 | 0.5 | 87.6 | ||||||||||||||||||||||||||||||
2016 | 91.4 | — | — | — | — | — | 18.9 | 30.4 | 25.0 | 19.9 | 14.4 | 7.4 | 1.4 | 117.4 | ||||||||||||||||||||||||||||||
2017 | 275.3 | — | — | — | — | — | — | 49.1 | 97.3 | 80.9 | 58.8 | 44.0 | 18.1 | 348.2 | ||||||||||||||||||||||||||||||
2018 | 97.9 | — | — | — | — | — | — | — | 6.7 | 27.4 | 30.5 | 31.6 | 19.5 | 115.7 | ||||||||||||||||||||||||||||||
2019 | 123.1 | — | — | — | — | — | — | — | — | 13.4 | 31.4 | 39.1 | 29.7 | 113.6 | ||||||||||||||||||||||||||||||
2020 | 62.1 | — | — | — | — | — | — | — | — | — | 6.5 | 16.1 | 15.3 | 37.9 | ||||||||||||||||||||||||||||||
2021 | 55.2 | — | — | — | — | — | — | — | — | — | — | 4.5 | 13.5 | 18.0 | ||||||||||||||||||||||||||||||
2022 | 24.5 | — | — | — | — | — | — | — | — | — | — | — | 1.6 | 1.6 | ||||||||||||||||||||||||||||||
Subtotal | 2,207.1 | 667.4 | 354.2 | 469.8 | 458.4 | 344.3 | 249.8 | 222.5 | 207.8 | 181.0 | 155.2 | 147.3 | 101.4 | 3,559.1 | ||||||||||||||||||||||||||||||
Total Americas and Australia | 8,368.4 | 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 | 841.8 | 15,779.5 | ||||||||||||||||||||||||||||||
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 | 0.7 | 40.2 | ||||||||||||||||||||||||||||||
2013 | 20.3 | — | — | 7.1 | 8.5 | 2.3 | 1.3 | 1.2 | 1.3 | 0.9 | 0.7 | 0.7 | 0.4 | 24.4 | ||||||||||||||||||||||||||||||
2014 (2) | 773.8 | — | — | — | 153.2 | 292.0 | 246.4 | 220.8 | 206.3 | 172.9 | 149.8 | 149.2 | 92.9 | 1,683.5 | ||||||||||||||||||||||||||||||
2015 | 411.3 | — | — | — | — | 45.8 | 100.3 | 86.2 | 80.9 | 66.1 | 54.3 | 51.4 | 32.0 | 517.0 | ||||||||||||||||||||||||||||||
2016 | 333.1 | — | — | — | — | — | 40.4 | 78.9 | 72.6 | 58.0 | 48.3 | 46.7 | 28.8 | 373.7 | ||||||||||||||||||||||||||||||
2017 | 252.2 | — | — | — | — | — | — | 17.9 | 56.0 | 44.1 | 36.1 | 34.8 | 19.5 | 208.4 | ||||||||||||||||||||||||||||||
2018 | 341.8 | — | — | — | — | — | — | — | 24.3 | 88.7 | 71.2 | 69.1 | 39.9 | 293.2 | ||||||||||||||||||||||||||||||
2019 | 518.6 | — | — | — | — | — | — | — | — | 47.9 | 125.7 | 121.4 | 70.0 | 365.0 | ||||||||||||||||||||||||||||||
2020 | 324.1 | — | — | — | — | — | — | — | — | — | 32.4 | 91.7 | 53.9 | 178.0 | ||||||||||||||||||||||||||||||
2021 | 412.4 | — | — | — | — | — | — | — | — | — | — | 48.4 | 69.5 | 117.9 | ||||||||||||||||||||||||||||||
2022 | 199.4 | — | — | — | — | — | — | — | — | — | — | — | 18.1 | 18.1 | ||||||||||||||||||||||||||||||
Subtotal | 3,607.4 | — | 11.6 | 16.1 | 167.3 | 343.3 | 390.6 | 407.0 | 443.4 | 480.1 | 519.7 | 614.6 | 425.7 | 3,819.4 | ||||||||||||||||||||||||||||||
Europe Insolvency | ||||||||||||||||||||||||||||||||||||||||||||
2014 (2) | 10.9 | — | — | — | — | 4.3 | 3.9 | 3.2 | 2.6 | 1.5 | 0.8 | 0.3 | 0.2 | 16.8 | ||||||||||||||||||||||||||||||
2015 | 19.0 | — | — | — | — | 3.0 | 4.4 | 5.0 | 4.8 | 3.9 | 2.9 | 1.6 | 0.5 | 26.1 | ||||||||||||||||||||||||||||||
2016 | 39.3 | — | — | — | — | — | 6.2 | 12.7 | 12.9 | 10.7 | 7.9 | 6.0 | 2.2 | 58.6 | ||||||||||||||||||||||||||||||
2017 | 39.2 | — | — | — | — | — | — | 1.2 | 7.9 | 9.2 | 9.8 | 9.4 | 5.3 | 42.8 | ||||||||||||||||||||||||||||||
2018 | 44.9 | — | — | — | — | — | — | — | 0.6 | 8.4 | 10.3 | 11.7 | 7.5 | 38.5 | ||||||||||||||||||||||||||||||
2019 | 77.2 | — | — | — | — | — | — | — | — | 5.1 | 21.1 | 23.9 | 15.8 | 65.9 | ||||||||||||||||||||||||||||||
2020 | 105.4 | — | — | — | — | — | — | — | — | — | 6.1 | 34.6 | 25.6 | 66.3 | ||||||||||||||||||||||||||||||
2021 | 53.3 | — | — | — | — | — | — | — | — | — | — | 5.4 | 10.6 | 16.0 | ||||||||||||||||||||||||||||||
2022 | 21.5 | — | — | — | — | — | — | — | — | — | — | — | 2.2 | 2.2 | ||||||||||||||||||||||||||||||
Subtotal | 410.7 | — | — | — | — | 7.3 | 14.5 | 22.1 | 28.8 | 38.8 | 58.9 | 92.9 | 69.9 | 333.2 | ||||||||||||||||||||||||||||||
Total Europe | 4,018.1 | — | 11.6 | 16.1 | 167.3 | 350.6 | 405.1 | 429.1 | 472.2 | 518.9 | 578.6 | 707.5 | 495.6 | 4,152.6 | ||||||||||||||||||||||||||||||
Total PRA Group | $ | 12,386.5 | $ | 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 | $ | 1,337.4 | $ | 19,932.1 |
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
LTM | For the Year Ended | |||||||||||||||||||
Adjusted EBITDA for PRA Group ($ in millions) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||
Net income attributable to PRA Group, Inc. | $ | 135 | $ | 183 | ||||||||||||||||
Adjustments: | ||||||||||||||||||||
Income tax expense | 43 | 55 | ||||||||||||||||||
Foreign exchange losses | — | 1 | ||||||||||||||||||
Interest expense, net | 128 | 124 | ||||||||||||||||||
Other expense | 1 | — | ||||||||||||||||||
Depreciation and amortization | 15 | 15 | ||||||||||||||||||
Adjustment for net income attributable to noncontrolling interests | 2 | 12 | ||||||||||||||||||
Recoveries applied to negative allowance less Changes in expected recoveries | 842 | 988 | ||||||||||||||||||
Adjusted EBITDA | $ | 1,167 | $ | 1,378 |
Debt to Adjusted EBITDA | ||||||||
($ in millions) | LTM | For the Year Ended | ||||||
September 30, 2022 | December 31, 2021 | |||||||
Borrowings | $ | 2,380 | $ | 2,609 | ||||
LTM Adjusted EBITDA | 1,167 | 1,378 | ||||||
Debt to LTM Adjusted EBITDA | 2.04 | 1.89 |
Cover Page |
Nov. 03, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 03, 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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