0001185348-23-000005.txt : 20230227 0001185348-23-000005.hdr.sgml : 20230227 20230227160841 ACCESSION NUMBER: 0001185348-23-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230227 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230227 DATE AS OF CHANGE: 20230227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRA GROUP INC CENTRAL INDEX KEY: 0001185348 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-CONSUMER CREDIT REPORTING, COLLECTION AGENCIES [7320] IRS NUMBER: 753078675 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50058 FILM NUMBER: 23674843 BUSINESS ADDRESS: STREET 1: 120 CORPORATE BLVD STE 100 CITY: NORFOLK STATE: VA ZIP: 23502 BUSINESS PHONE: 7575199300X3023 MAIL ADDRESS: STREET 1: 120 CORPORATE BLVD STE 100 CITY: NORFOLK STATE: VA ZIP: 23502 FORMER COMPANY: FORMER CONFORMED NAME: PORTFOLIO RECOVERY ASSOCIATES INC DATE OF NAME CHANGE: 20020903 8-K 1 praa-20230227.htm 8-K praa-20230227
false000118534800011853482023-02-272023-02-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):February 27, 2023
PRA Group, Inc.
_________________________________________
(Exact name of registrant as specified in its charter)
Delaware000-5005875-3078675
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
120 Corporate Boulevard
Norfolk, Virginia23502
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code:(888)772-7326
Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per sharePRAANASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐



Item 2.02 Results of Operations and Financial Condition.

On February 27, 2023, PRA Group, Inc. (the “Company”) issued a press release announcing its fourth quarter and full year 2022 results. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated into this Item 2.02 by reference.

Item 7.01 Regulation FD Disclosure.

The slide presentation being used in connection with the Company’s previously announced February 27, 2023 webcast and conference call to discuss its fourth quarter and full year 2022 results is available in the Investor Relations section of the Company’s website at https://ir.pragroup.com/events-and-presentations.

None of the information furnished in Item 2.02, Item 7.01 or Exhibit 99.1 of this Form 8-K shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section. Unless expressly set forth by specific reference in such filings, none of the information furnished in this Form 8-K shall be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.

Item 9.01 Financial Statements and Exhibits
(d)Exhibits
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PRA Group, Inc.
Date: February 27, 2023By:/s/ Peter M. Graham
Peter M. Graham
Executive Vice President and Chief Financial Officer




 EX-99.1 2 newearningreleaseq42022.htm EX-99.1 Document

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PRA Group Reports Fourth Quarter and Full Year 2022 Results

NORFOLK, Va., February 27, 2023 - PRA Group, Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the fourth quarter ("Q4 2022") and full year of 2022.

Q4 2022 Highlights
•Total portfolio purchases of $288.1 million.
•Total cash collections of $391.7 million.
•Estimated remaining collections (ERC)1 of $5.7 billion (or $6.0 billion on a constant currency-adjusted basis).
•Cash efficiency ratio2 of 58.6%.
•Diluted earnings per share of $0.41.

Full Year 2022 Highlights
•Total portfolio purchases of $850.0 million.
•Total cash collections of $1.7 billion.
•Cash efficiency ratio of 61.0%
•Diluted earnings per share of $2.94.
•Debt to Adjusted EBITDA3 was 2.25x.
•Common stock repurchases4 of $99.4 million, or 2.3 million shares.
•Available capacity under the Company's credit facilities of $1.6 billion; $465.1 million after considering borrowing base restrictions.

Three Months Ended Dec 31,Twelve Months Ended Dec 31,
($ in thousands, except per share amounts)2022202120222021
Net income attributable to PRA Group, Inc.$15,959 $34,276 $117,147 $183,158 
Diluted earnings per share$0.41 $0.79 $2.94 $4.04 

“Our performance in 2022 was led by our European operations, which achieved an annual record for cash collections on a constant currency-adjusted basis and purchased portfolios in nearly all of our operational markets. On a global basis, our fourth quarter portfolio purchases of $288 million represented our highest investment level since the third quarter of 2021,” said Kevin Stevenson, president and chief executive officer. "We made significant progress in 2022 executing our key strategic objectives, including growing our digital platform, leveraging our geographic reach to invest in the most attractive markets, and completing our first full year of collections in Australia. Looking ahead, we are seeing U.S. card balances, delinquency rates, charge-off rates, and bank loan loss reserves continue to increase which we believe will lead to more portfolio supply in the coming months. We also expect to continue to purchase at healthy levels in Europe. We are well-positioned to capitalize on this anticipated increased supply due to our funding capacity, global presence, operational efficiency, and experienced team.”

1.Refers to the sum of all future projected cash collections on the Company's nonperforming loan portfolios. Constant currency-adjusted results are calculated based on foreign exchange rates at December 31, 2021.
2.Calculated by dividing cash receipts less operating expenses by cash receipts. Cash receipts refers to cash collections on the Company's nonperforming loan portfolios, fees and revenue recognized from the Company's class action claims recovery services.
3.A reconciliation of net income, the most directly comparable financial measure calculated and reported in accordance with GAAP, to Adjusted EBITDA can be found at the end of this press release.
4.Share repurchases are subject to market conditions and other factors, and the share repurchase program remains subject to the discretion of the Company's Board of Directors.

Cash Collections and Revenues
•The following table presents cash collections by quarter and by source on an as reported and constant currency-adjusted basis:

Cash Collection Source20222021
($ in thousands)Q4Q3Q2Q1Q4
Americas and Australia Core$205,619 $225,775 $244,377 $270,284 $257,705 
Americas Insolvency27,971 31,911 34,278 35,209 36,851 
Europe Core134,016 132,072 142,470 151,162 155,853 
Europe Insolvency24,051 22,586 22,935 24,325 23,262 
Total Cash Collections$391,657 $412,344 $444,060 $480,980 $473,671 
Cash Collection Source -
Constant Currency Adjusted20222021
($ in thousands)Q4Q4
Americas and Australia Core$205,619 $257,824 
Americas Insolvency27,971 36,817 
Europe Core134,016 136,203 
Europe Insolvency24,051 20,277 
Total Cash Collections$391,657 $451,121 

•Total cash collections in Q4 2022 decreased 17.3%, or 13.2% on a constant currency-adjusted basis, to $391.7 million compared to $473.7 million the fourth quarter of 2021 ("Q4 2021"). A 34.1% decrease in U.S. call center and other cash collections and an 11.8% decrease in Europe cash collections were partially offset by a 27.9% increase in Other Americas and Australia cash collections. For the full year, total cash collections decreased $332.7 million compared to the full year of 2021.
•Total portfolio revenue in Q4 2022 was $219.0 million compared to $252.0 million in Q4 2021. For the full year, total portfolio revenue was $941.2 million compared to $1.1 billion in 2021.

Expenses
•Operating expenses in Q4 2022 decreased $10.9 million, or 6.3%, compared to Q4 2021. The decrease was primarily driven by:
◦a 24.3% decrease in other operating expenses primarily due to lower advertising costs; and
◦a 5.2% decrease in compensation and employee services expenses primarily due to the level and timing of compensation accruals in the prior year and lower collector compensation expenses in the U.S. call centers.
•For the full year, operating expenses decreased $40.0 million to $680.7 million compared to $720.7 million in the same period last year.
•The effective tax rate for the full year was 23.8%.

Portfolio Acquisitions
•The Company purchased $288.1 million in portfolios of nonperforming loans in Q4 2022.
•At the end of Q4 2022, the Company had in place forward flow commitments1 of up to $792.2 million, comprised of $461.1 million in the Americas and Australia and $331.1 million in Europe.
1.Contractual agreements with sellers of nonperforming loans that allow for the purchase of nonperforming portfolios at pre-established prices.

Portfolio Purchase Source20222021
($ in thousands)Q4Q3Q2Q1Q4
Americas and Australia Core$118,581 $100,780 $99,962 $90,639 $90,263 
Americas Insolvency8,967 8,988 6,369 9,118 21,183 
Europe Core140,011 59,426 123,814 38,764 60,430 
Europe Insolvency20,535 13,910 1,202 8,929 29,820 
Total Portfolio Acquisitions$288,094 $183,104 $231,347 $147,450 $201,696 


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, either visit the same website until February 27, 2024, or call 877-344-7529 in the U.S. or 412-317-0088 outside the U.S. and use access code 5441424 until March 6, 2023.

About PRA Group
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, Europe and Australia. 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 that 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 the Company's 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 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 more 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.
Consolidated Income Statements
(Amounts in thousands, except per share amounts)
(unaudited)
Three Months Ended December 31,Year Ended December 31,
2022202120222021
Revenues:
Portfolio income$184,921 $211,613 $772,315 $875,327 
Changes in expected recoveries34,087 40,400 168,904 197,904 
        Total portfolio revenue219,008 252,013 941,219 1,073,231 
Other revenue3,843 4,923 25,305 22,501 
Total revenues222,851 256,936 966,524 1,095,732 
Operating expenses:
Compensation and employee services69,922 73,781 285,537 301,981 
Legal collection fees9,060 10,998 38,450 47,206 
Legal collection costs19,063 17,099 76,757 78,330 
Agency fees16,434 15,995 63,808 63,140 
Outside fees and services20,866 21,448 92,355 92,615 
Communication7,143 9,716 39,205 42,755 
Rent and occupancy4,299 4,682 18,589 18,376 
Depreciation and amortization3,859 3,736 15,243 15,256 
Other operating expenses12,893 17,032 50,778 61,077 
Total operating expenses163,539 174,487 680,722 720,736 
Income from operations59,312 82,449 285,802 374,996 
Other income and (expense):
Interest expense, net(34,912)(32,156)(130,677)(124,143)
Foreign exchange gain/(loss)194 (936)985 (809)
Other(572)(12)(1,325)282 
Income before income taxes24,022 49,345 154,785 250,326 
Income tax expense6,960 12,947 36,787 54,817 
Net Income17,062 36,398 117,998 195,509 
Adjustment for net income attributable to noncontrolling interests1,103 2,122 851 12,351 
Net income attributable to PRA Group, Inc.$15,959 $34,276 $117,147 $183,158 
Net income per common share attributable to PRA Group, Inc.:
Basic$0.41 $0.80 $2.96 $4.07 
Diluted$0.41 $0.79 $2.94 $4.04 
Weighted average number of shares outstanding:
Basic38,978 43,056 39,638 44,960 
Diluted39,177 43,562 39,888 45,330 



PRA Group, Inc.
Consolidated Balance Sheets
(Amounts in thousands)
December 31, 2022December 31, 2021
Assets
Cash and cash equivalents$83,376 $87,584 
Investments79,948 92,977 
Finance receivables, net3,295,008 3,428,285 
Income taxes receivable31,774 41,146 
Deferred tax assets, net56,908 67,760 
Right-of-use assets54,506 56,713 
Property and equipment, net51,645 54,513 
Goodwill435,921 480,263 
Other assets86,588 57,002 
Total assets$4,175,674 $4,366,243 
Liabilities and Equity
Liabilities:
Accounts payable$7,329 $3,821 
Accrued expenses111,395 127,802 
Income taxes payable25,693 19,276 
Deferred tax liabilities, net42,918 36,630 
Lease liabilities59,384 61,188 
Interest-bearing deposits112,992 124,623 
Borrowings2,494,858 2,608,714 
Other liabilities34,355 59,352 
Total liabilities2,888,924 3,041,406 
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, 38,980 shares issued and outstanding at December 31, 2022; 100,000 shares authorized, 41,008 shares issued and outstanding at December 31, 2021390 410 
Additional paid-in capital2,172 — 
Retained earnings1,573,025 1,552,845 
Accumulated other comprehensive loss(347,926)(266,909)
Total stockholders' equity - PRA Group, Inc.1,227,661 1,286,346 
Noncontrolling interest59,089 38,491 
Total equity1,286,750 1,324,837 
Total liabilities and equity$4,175,674 $4,366,243 






Select Expenses (Income)
Amounts in thousands, pre-tax
Three Months Ended
December 31,
2022		September 30,
2022		June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021		March 31,
2021
Noncash interest expense - amortization of debt issuance costs2,444 2,555 2,471 2,627 2,455 2,406 2,391 2,256 
Change in fair value of derivatives(3,309)(1,042)1,525 2,726 3,115 2,982 2,911 3,102 
Amortization of intangibles73 73 77 83 (269)104 105 181 
Stock-based compensation expense2,206 3,101 3,849 3,891 3,470 4,317 4,040 4,113 



Purchase Price Multiples
as of December 31, 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
1996-2012$1,541,897 $4,798,281 $42,398 311%238%
2013390,826 905,829 17,025 232%211%
2014404,117 872,066 26,384 216%204%
2015443,114 905,285 55,162 204%205%
2016455,767 1,081,751 93,292 237%201%
2017532,851 1,208,081 156,253 227%193%
2018653,975 1,464,612 225,935 224%202%
2019581,476 1,294,519 288,207 223%206%
2020435,668 948,088 337,470 218%213%
2021435,846 811,328 553,876 186%191%
2022406,082 726,523 659,290 179%179%
Subtotal6,281,619 15,016,363 2,455,292 
Americas Insolvency
1996-20121,038,222 2,146,283 285 207%165%
2013227,834 355,578 142 156%133%
2014148,420 218,674 392 147%124%
201563,170 87,891 279 139%125%
201691,442 117,449 612 128%123%
2017275,257 355,272 4,406 129%125%
201897,879 137,315 16,401 140%127%
2019123,077 168,002 46,299 137%128%
202062,130 89,698 46,704 144%136%
202155,187 72,934 50,407 132%136%
202233,442 46,651 43,464 139%139%
Subtotal2,216,060 3,795,747 209,391 
Total Americas and Australia8,497,679 18,812,110 2,664,683 
Europe Core
201220,409 43,718 — 214%187%
201320,334 26,909 — 132%119%
2014 (1)
773,811 2,365,317 406,593 306%208%
2015411,340 728,250 153,190 177%160%
2016333,090 567,637 189,769 170%167%
2017252,174 358,816 119,854 142%144%
2018341,775 540,246 220,787 158%148%
2019518,610 798,429 373,658 154%152%
2020324,119 557,983 305,148 172%172%
2021412,411 699,520 498,755 170%170%
2022359,447 660,999 546,522 184%184%
Subtotal3,767,520 7,347,824 2,814,276 
Europe Insolvency
2014 (1)
10,876 18,611 — 171%129%
201518,973 28,950 125 153%139%
201639,338 56,990 1,500 145%130%
201739,235 50,905 4,673 130%128%
201844,908 52,582 11,526 117%123%
201977,218 110,515 35,296 143%130%
2020105,440 153,006 66,106 145%129%
202153,230 71,526 45,007 134%134%
202244,604 61,057 56,551 137%137%
Subtotal433,822 604,142 220,784 
Total Europe4,201,342 7,951,966 3,035,060 
Total PRA Group$12,699,021 $26,764,076 $5,699,743 
(1)Includes finance receivables portfolios that were acquired through the acquisition of Aktiv Kapital AS in 2014.
(2)Includes the acquisition date finance receivables portfolios that were acquired through our business acquisitions.
(3)Non-U.S. amounts are presented at the exchange rate at the end of the year in which the portfolio was purchased. In addition, any purchase price adjustments that occur throughout the life of the portfolio are presented at the year-end exchange rate for the respective year of purchase.
(4)Non-U.S. amounts are presented at the year-end exchange rate for the respective year of purchase.
(5)Non-U.S. amounts are presented at the December 31, 2022 exchange rate.
(6)The Original Purchase Price Multiple represents the purchase price multiple at the end of the year of acquisition.



Portfolio Financial Information
For the Year Ended December 31, 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 December 31, 2022 (3)
Americas and Australia Core
1996-2012$23,470 $12,731 $10,208 $22,939 $10,343 
201312,526 4,728 6,476 11,204 7,438 
201414,998 6,106 7,433 13,539 10,541 
201519,542 12,818 (3,411)9,407 21,250 
201638,350 28,246 (16,381)11,865 31,464 
201776,269 41,197 (4,578)36,619 68,396 
2018146,106 55,912 49,297 105,209 125,682 
2019177,717 76,857 21,872 98,729 159,586 
2020192,001 88,284 1,918 90,202 195,163 
2021177,340 112,434 (45,560)66,874 298,645 
202267,735 44,054 1,401 45,455 381,914 
Subtotal946,054 483,367 28,675 512,042 1,310,422 
Americas Insolvency
1996-20121,066 572 494 1,066 — 
2013535 232 305 537 — 
2014718 717 (87)630 46 
2015596 165 354 519 140 
20161,810 299 932 1,231 481 
201720,751 2,489 1,941 4,430 3,970 
201824,627 3,282 3,301 6,583 15,207 
201937,815 5,933 4,770 10,703 42,207 
202020,361 5,830 3,386 9,216 39,299 
202117,904 6,699 (753)5,946 40,900 
20223,186 1,778 1,239 3,017 32,797 
Subtotal129,369 27,996 15,882 43,878 175,047 
Total Americas and Australia1,075,423 511,363 44,557 555,920 1,485,469 
Europe Core
2012870 — 871 871 — 
2013481 — 481 481 — 
2014 (1)
122,232 73,843 41,828 115,671 114,254 
201540,701 19,278 7,740 27,018 83,984 
201636,912 17,962 2,616 20,578 112,355 
201725,151 8,750 3,081 11,831 82,457 
201850,702 17,202 8,425 25,627 146,171 
201989,820 27,307 18,949 46,256 255,401 
202069,045 26,602 5,300 31,902 188,109 
202189,938 39,653 2,889 42,542 301,235 
202233,867 12,051 5,727 17,778 341,819 
Subtotal559,719 242,648 97,907 340,555 1,625,785 
Europe Insolvency
2014 (1)
238 14 211 225 — 
2015649 182 (4)178 104 
20162,710 634 104 738 1,131 
20176,499 593 1,371 1,964 4,325 
20189,828 1,218 863 2,081 10,512 
201921,020 3,458 7,268 10,726 30,837 
202034,086 6,011 14,364 20,375 57,627 
202114,417 4,637 1,312 5,949 36,707 
20224,452 1,557 951 2,508 42,511 
Subtotal93,899 18,304 26,440 44,744 183,754 
Total Europe653,618 260,952 124,347 385,299 1,809,539 
Total PRA Group$1,729,041 $772,315 $168,904 $941,219 $3,295,008 
(1)Includes finance receivables portfolios that were acquired through the acquisition of Aktiv Kapital AS in 2014.
(2)Non-U.S. amounts are presented using the average exchange rates during the current reporting period.
(3)Non-U.S. amounts are presented at the December 31, 2022 exchange rate.


Cash Collections by Year, By Year of Purchase (1)
as of December 31, 2022
Amounts in millions
Cash Collections
Purchase Period
Purchase Price (3)(4)
1996-20122013201420152016201720182019202020212022Total
Americas and Australia Core
1996-2012$1,541.9 $2,962.4 $554.9 $412.5 $280.4 $179.0 $118.0 $83.8 $62.9 $41.5 $29.8 $23.5 $4,748.7 
2013390.8 — 101.6 247.8 194.0 120.8 78.9 56.4 36.9 23.2 16.7 12.5 888.8 
2014404.1 — — 92.7 253.4 170.3 114.2 82.2 55.3 31.9 22.3 15.0 837.3 
2015443.1 — — — 117.0 228.4 185.9 126.6 83.6 57.2 34.9 19.5 853.1 
2016455.8 — — — 138.7 256.5 194.6 140.6 105.9 74.2 38.4 948.9 
2017532.9 — — — — — 107.3 278.7 256.5 192.5 130.0 76.3 1041.3 
2018654.0 — — — — — — 122.7 361.9 337.7 239.9 146.1 1208.3 
2019581.5 — — — — — — — 143.8 349.0 289.8 177.7 960.3 
2020435.7— — — — — — — — 133.0 284.3 192.0 609.3 
2021435.8 — — — — — — — — — 85.0 177.3 262.3 
2022406.1 — — — — — — — — — — 67.8 67.8 
Subtotal6,281.7 2,962.4 656.5 753.0 844.8 837.2 860.8 945.0 1,141.5 1,271.9 1,206.9 946.1 12,426.1 
Americas Insolvency
1996-20121,038.2 1,021.6 417.3 338.8 208.3 105.3 37.7 8.3 4.0 2.2 1.4 1.1 2,146.0 
2013227.8 — 52.5 82.6 81.7 63.4 47.8 21.9 2.9 1.3 0.8 0.5 355.4 
2014148.4 — — 37.0 50.9 44.3 37.4 28.8 15.8 2.2 1.1 0.7 218.2 
201563.2 — — — 3.4 17.9 20.1 19.8 16.7 7.9 1.3 0.6 87.7 
201691.4 — — — — 18.9 30.4 25.0 19.9 14.4 7.4 1.8 117.8 
2017275.3 — — — — — 49.1 97.3 80.9 58.8 44.0 20.8 350.9 
201897.9 — — — — — — 6.7 27.4 30.5 31.6 24.6 120.8 
2019123.1 — — — — — — — 13.4 31.4 39.1 37.8 121.7 
202062.1 — — — — — — — — 6.5 16.1 20.4 43.0 
202155.2 — — — — — — — — — 4.5 17.9 22.4 
202233.4 — — — — — — — — — — 3.2 3.2 
Subtotal2,216.0 1,021.6 469.8 458.4 344.3 249.8 222.5 207.8 181.0 155.2 147.3 129.4 3,587.1 
Total Americas and Australia8,497.7 3,984.0 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 1,075.5 16,013.2 
Europe Core
201220.4 11.6 9.0 5.6 3.2 2.2 2.0 2.0 1.5 1.2 1.2 0.9 40.4 
201320.3 — 7.1 8.5 2.3 1.3 1.2 1.3 0.9 0.7 0.7 0.5 24.5 
2014 (2)
773.8 — — 153.2 292.0 246.4 220.8 206.3 172.9 149.8 149.2 122.2 1,712.8 
2015411.3 — — — 45.8 100.3 86.2 80.9 66.1 54.3 51.4 40.7 525.7 
2016333.1 — — — — 40.4 78.9 72.6 58.0 48.3 46.7 36.9 381.8 
2017252.2 — — — — — 17.9 56.0 44.1 36.1 34.8 25.2 214.1 
2018341.8 — — — — — — 24.3 88.7 71.2 69.1 50.7 304.0 
2019518.6 — — — — — — — 47.9 125.7 121.4 89.8 384.8 
2020324.1 — — — — — — — — 32.4 91.7 69.0 193.1 
2021412.4 — — — — — — — — — 48.4 89.9 138.3 
2022359.5 — — — — — — — — — — 33.9 33.9 
Subtotal3,767.5 11.6 16.1 167.3 343.3 390.6 407.0 443.4 480.1 519.7 614.6 559.7 3,953.4 
Europe Insolvency
2014 (2)
10.9 — — — 4.3 3.9 3.2 2.6 1.5 0.8 0.3 0.3 16.9 
201519.0 — — — 3.0 4.4 5.0 4.8 3.9 2.9 1.6 0.6 26.2 
201639.3 — — — — 6.2 12.7 12.9 10.7 7.9 6.0 2.7 59.1 
201739.2 — — — — — 1.2 7.9 9.2 9.8 9.4 6.5 44.0 
201844.9 — — — — — — 0.6 8.4 10.3 11.7 9.8 40.8 
201977.2 — — — — — — — 5.1 21.1 23.9 21.0 71.1 
2020105.4 — — — — — — — — 6.1 34.6 34.1 74.8 
202153.3 — — — — — — — — — 5.4 14.4 19.8 
202244.6 — — — — — — — — — — 4.5 4.5 
Subtotal433.8 — — — 7.3 14.5 22.1 28.8 38.8 58.9 92.9 93.9 357.2 
Total Europe4,201.3 11.6 16.1 167.3 350.6 405.1 429.1 472.2 518.9 578.6 707.5 653.6 4,310.6 
Total PRA Group$12,699.0 $3,995.6 $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 $1,729.1 $20,323.8 
(1)Non-U.S. amounts are presented using the average exchange rates during the cash collection period.
(2)Includes finance receivables portfolios that were acquired through the acquisition of Aktiv Kapital AS in 2014.
(3)Includes the nonperforming loan portfolios that were acquired through our acquisitions.
(4)Non-U.S. amounts are presented at the exchange rate at the end of the year in which the portfolio 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.







Use of Non-GAAP Financial Measures

PRA Group, Inc. reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management uses certain non-GAAP financial measures, including Adjusted EBITDA, internally to evaluate the Company’s performance and to set performance goals. Adjusted EBITDA is calculated as net income attributable to PRA Group, Inc. plus income tax expense; less foreign exchange gain (or plus foreign exchange loss); plus interest expense, net; plus other expense (or less other income); plus depreciation and amortization; plus adjustment for net income attributable to noncontrolling interests; and plus recoveries applied to negative allowance less changes in expected recoveries. Adjusted EBITDA is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP. PRA Group, Inc. presents Adjusted EBITDA because the Company considers it an important supplemental measure of operations and financial performance. Management believes Adjusted EBITDA helps provide enhanced period-to-period comparability of operations and financial performance and is useful to investors as other companies in the industry report similar financial measures. Adjusted EBITDA should not be considered as an alternative to net income determined in accordance with GAAP. Set forth below is a reconciliation of net income, the most directly comparable financial measure calculated and reported in accordance with GAAP, to Adjusted EBITDA for the years ended December 31, 2022 and 2021. The calculation of Adjusted EBITDA below may not be comparable to the calculation of similarly titled measures reported by other companies.

Reconciliation of Non-GAAP Financial Measures
 Adjusted EBITDA for PRA Group ($ in millions)December 31, 2022December 31, 2021
Net income attributable to PRA Group, Inc.$117 $183 
Adjustments:
Income tax expense37 55 
Foreign exchange (gains)/losses(1)1 
Interest expense, net131 124 
Other expense1 — 
Depreciation and amortization15 15 
Adjustment for net income attributable to noncontrolling interests1 12 
Recoveries applied to negative allowance less Changes in expected recoveries806 988 
 Adjusted EBITDA$1,107 $1,378 

Additionally, the Company evaluates its business using certain ratios that use Adjusted EBITDA. Debt to Adjusted EBITDA is calculated by dividing borrowings by Adjusted EBITDA. The following table reflects the Company's Debt to Adjusted EBITDA for the years ended December 31, 2022 and 2021 (amounts in millions):
Debt to Adjusted EBITDA
December 31, 2022December 31, 2021
Borrowings$2,495 $2,609 
Adjusted EBITDA1,107 1,378 
Debt to Adjusted EBITDA2.251.89








Investor Contact:
Najim Mostamand, CFA
Vice President, Investor Relations
(757) 431-7913
IR@PRAGroup.com

News Media Contact:
Elizabeth Kersey
Senior Vice President, Communications and Public Policy
(757) 431-3398
Elizabeth.Kersey@PRAGroup.com

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Cover Page
Feb. 27, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 27, 2023
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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