0001185348-23-000017.txt : 20230508 0001185348-23-000017.hdr.sgml : 20230508 20230508163359 ACCESSION NUMBER: 0001185348-23-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230508 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20230508 DATE AS OF CHANGE: 20230508 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: 23898286 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-20230508.htm 8-K praa-20230508
false000118534800011853482023-05-082023-05-08

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):May 8, 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 May 8, 2023, PRA Group, Inc. (the “Company”) issued a press release announcing its first quarter 2023 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 May 8, 2023 webcast and conference call to discuss its first quarter 2023 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: May 8, 2023By:/s/ Peter M. Graham
Peter M. Graham
Executive Vice President and Chief Financial Officer




 EX-99.1 2 earningreleaseq12023.htm EX-99.1 Document

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PRA Group Reports First Quarter 2023 Results

NORFOLK, Va., May 8, 2023 - PRA Group, Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the first quarter of 2023 ("Q1 2023").

Q1 2023 Highlights
•Total portfolio purchases of $230.2 million.
•Total cash collections were $411.3 million.
•Estimated remaining collections (ERC)1 of $5.7 billion.
•Cash efficiency ratio2 of 54.3%.
•Diluted earnings per share were $(1.50).
•Debt to Adjusted EBITDA3 for the 12 months ended March 31, 2023 was 2.89x.
•Pro forma Debt to Adjusted EBITDA3 for the 12 months ended March 31, 2023 was 2.55x, considering prefunding of 2023 convertible notes maturity.
•Available capacity under the Company's credit facilities of $1.6 billion; $436.8 million after considering borrowing base restrictions.
•Appointed Vikram Atal as president and chief executive officer in March 2023 and Owen James as global investments officer in April 2023.

Three Months Ended Mar 31,
($ in thousands, except per share amounts)20232022
Net (loss)/income attributable to PRA Group, Inc.$(58,629)$39,972 
Diluted earnings per share$(1.50)$0.97 

“While the first quarter earnings presented some challenges, including a softer-than-expected U.S. tax season, we met our collections expectations on a consolidated basis, delivering total cash collections of $411 million globally. We also had another strong purchasing quarter, investing $230 million in portfolios, which was up 56% year-over-year, as we further capitalize on what we believe to be an increasingly improving supply environment,” said Vikram Atal, president and chief executive officer. "We continue to have a solid base of deeply experienced employees, business fundamentals that remain strong, and a financial profile and global presence that provide the flexibility to invest across markets as opportunities become available. Looking ahead, our strategy remains intact, and I am committed to accelerating the pace and intensity of our efforts to deliver sustained performance and create value for our shareholders."

1.Refers to the sum of all future projected cash collections on the Company's nonperforming loan portfolios.
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.

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 Source20232022
($ in thousands)Q1Q4Q3Q2Q1
Americas and Australia Core$227,960 $205,619 $225,775 $244,377 $270,284 
Americas Insolvency25,751 27,971 31,911 34,278 35,209 
Europe Core134,005 134,016 132,072 142,470 151,162 
Europe Insolvency23,568 24,051 22,586 22,935 24,325 
Total Cash Collections$411,284 $391,657 $412,344 $444,060 $480,980 
Cash Collection Source -
Constant Currency-Adjusted20232022
($ in thousands)Q1Q1
Americas and Australia Core$227,960 $269,430 
Americas Insolvency25,751 35,176 
Europe Core134,005 138,585 
Europe Insolvency23,568 22,091 
Total Cash Collections$411,284 $465,282 

•Total cash collections in Q1 2023 decreased 14.5% (or 11.6% on a constant currency-adjusted basis) to $411.3 million, compared to $481.0 million in the first quarter of 2022 ("Q1 2022"). The decrease was primarily due to a 30.2% decrease in U.S. call center and other collections, which was driven by lower levels of portfolio purchases. Europe cash collections decreased by 10.2%, and 1.9% on a constant currency-adjusted basis.
•Total portfolio revenue in Q1 2023 was $151.3 million compared to $237.4 million in Q1 2022. The decrease was primarily due to a softer-than-expected U.S. tax season, which prompted a reduction in forward-looking ERC.

Expenses
•Operating expenses in Q1 2023 increased by $20.5 million, or 12.1%, compared to Q1 2022. The increase was primarily driven by:
◦an $11.3 million increase in compensation and employee services expenses primarily due to $7.5 million in severance expenses;
◦a $7.3 million increase in legal collections costs due to the higher volume of accounts placed into the legal channel in the U.S; and
◦a $5.5 million increase in outside fees and services due to $7.6 million in certain case-specific litigation expenses.
•The effective tax rate for Q1 2023 was 25.7%.

Portfolio Acquisitions
•The Company purchased $230.2 million in portfolios of nonperforming loans in Q1 2023.
•At the end of Q1 2023, the Company had in place maximum forward flow commitments1 of up to $622.4 million, comprised of $344.6 million in the Americas and Australia and $277.8 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 Source20232022
($ in thousands)Q1Q4Q3Q2Q1
Americas and Australia Core$116,867 $118,581 $100,780 $99,962 $90,639 
Americas Insolvency15,701 8,967 8,988 6,369 9,118 
Europe Core90,454 140,011 59,426 123,814 38,764 
Europe Insolvency7,203 20,535 13,910 1,202 8,929 
Total Portfolio Acquisitions$230,225 $288,094 $183,104 $231,347 $147,450 

Conference Call Information
PRA Group, Inc. will hold a conference call today at 5:00 p.m. Eastern time to discuss its financial and operational results. 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 the operator for the PRA Group conference call. To listen to a replay of the call, either visit the same website until May 8, 2024, or call 877-344-7529 in the U.S. or 412-317-0088 outside the U.S. and use access code 1921134 until May 15, 2023.

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, 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.
Unaudited Consolidated Income Statements
(Amounts in thousands, except per share amounts)
Three Months Ended March 31,
20232022
Revenues:
Portfolio income$188,242 $207,532 
Changes in expected recoveries(36,912)29,914 
Total portfolio revenue151,330 237,446 
Other revenue4,140 3,159 
Total revenues155,470 240,605 
Operating expenses:
Compensation and employee services82,403 71,096 
Legal collection fees8,838 10,873 
Legal collection costs23,945 16,557 
Agency fees17,378 17,388 
Outside fees and services24,944 19,378 
Communication10,527 12,583 
Rent and occupancy4,448 4,987 
Depreciation and amortization3,589 3,778 
Other operating expenses13,042 11,998 
Total operating expenses189,114 168,638 
   (Loss)/income from operations(33,644)71,967 
Other income and (expense):
Interest expense, net(38,283)(31,748)
Foreign exchange loss, net(9)(532)
Other(650)(490)
(Loss)/income before income taxes(72,586)39,197 
Income tax (benefit)/expense(18,683)4,579 
Net (loss)/income(53,903)34,618 
Adjustment for net income/(loss) attributable to noncontrolling interests4,726 (5,354)
Net (loss)/income attributable to PRA Group, Inc.$(58,629)$39,972 
Net (loss)/income per common share attributable to PRA Group, Inc.:
Basic$(1.50)$0.98 
Diluted$(1.50)$0.97 
Weighted average number of shares outstanding:
Basic39,033 40,777 
Diluted39,033 41,304 



PRA Group, Inc.
Consolidated Balance Sheets
(Amounts in thousands)
(unaudited)
March 31,
2023		December 31,
2022
Assets
Cash and cash equivalents$116,471 $83,376 
Restricted cash and cash equivalents359,208 1,382 
Investments77,877 79,948 
Finance receivables, net3,286,497 3,295,008 
Income taxes receivable41,398 31,774 
Deferred tax assets, net57,551 56,908 
Right-of-use assets53,187 54,506 
Property and equipment, net48,500 51,645 
Goodwill420,647 435,921 
Other assets82,293 85,206 
Total assets$4,543,629 $4,175,674 
Liabilities and Equity
Liabilities:
Accounts payable$4,837 $7,329 
Accrued expenses120,640 111,395 
Income taxes payable19,809 25,693 
Deferred tax liabilities, net29,324 42,918 
Lease liabilities57,939 59,384 
Interest-bearing deposits108,779 112,992 
Borrowings2,937,895 2,494,858 
Other liabilities39,697 34,355 
Total liabilities3,318,920 2,888,924 
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, 39,170 shares issued and outstanding at March 31, 2023; 100,000 shares authorized, 38,980 shares issued and outstanding at December 31, 2022392 390 
Additional paid-in capital285 2,172 
Retained earnings1,514,396 1,573,025 
Accumulated other comprehensive loss(356,730)(347,926)
Total stockholders' equity - PRA Group, Inc.1,158,343 1,227,661 
Noncontrolling interest66,366 59,089 
Total equity1,224,709 1,286,750 
Total liabilities and equity$4,543,629 $4,175,674 






Select Expenses (Income)
Amounts in thousands, pre-tax
Three Months Ended
March 31,
2023		December 31,
2022		September 30,
2022		June 30,
2022		March 31,
2022		December 31,
2021		September 30,
2021		June 30,
2021
Noncash interest expense - amortization of debt issuance costs2,441 2,444 2,555 2,471 2,627 2,455 2,406 2,391 
Change in fair value of derivatives(5,470)(3,309)(1,042)1,525 2,726 3,115 2,982 2,911 
Amortization of intangibles66 73 73 77 83 (269)104 105 
Stock-based compensation expense3,799 2,206 3,101 3,849 3,891 3,470 4,317 4,040 



Purchase Price Multiples
as of March 31, 2023
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$1,541,896 $4,797,375 $36,563 311%238%
2013390,826 905,829 14,434 232%211%
2014404,117 872,324 23,500 216%204%
2015443,114 899,293 45,410 203%205%
2016455,767 1,075,915 81,221 236%201%
2017532,851 1,200,467 135,622 225%193%
2018653,975 1,464,662 199,190 224%202%
2019581,476 1,294,091 256,184 223%206%
2020435,668 947,844 299,252 218%213%
2021435,846 781,115 486,989 179%191%
2022406,082 721,791 610,010 178%179%
2023117,160 204,528 201,535 175%175%
Subtotal6,398,778 15,165,234 2,389,910 
Americas Insolvency
1996-20121,038,223 2,146,434 203 207%165%
2013227,834 355,606 103 156%133%
2014148,420 218,685 280 147%124%
201563,170 87,919 201 139%125%
201691,442 117,460 433 128%123%
2017275,257 355,158 2,686 129%125%
201897,879 137,184 11,869 140%127%
2019123,077 168,061 38,651 137%128%
202062,130 89,842 41,929 145%136%
202155,187 72,875 46,009 132%136%
202233,442 46,205 41,226 138%139%
202315,701 21,079 20,811 134%134%
Subtotal2,231,762 3,816,508 204,401 
Total Americas and Australia8,630,540 18,981,742 2,594,311 
Europe Core
201220,409 43,973 — 215%187%
201320,334 27,039 1 133%119%
2014 (1)
773,811 2,365,846 385,266 306%208%
2015411,340 727,491 146,999 177%160%
2016333,090 567,548 179,801 170%167%
2017252,174 358,180 115,098 142%144%
2018341,775 540,907 215,509 158%148%
2019518,610 805,423 366,897 155%152%
2020324,119 557,152 292,626 172%172%
2021412,411 698,282 472,516 169%170%
2022359,447 580,548 534,007 162%162%
202391,945 157,933 155,919 172%172%
Subtotal3,859,465 7,430,322 2,864,639 
Europe Insolvency
2014 (1)
10,876 18,669 — 172%129%
201518,973 29,000 70 153%139%
201639,338 57,076 1,156 145%130%
201739,235 51,169 3,700 130%128%
201844,908 52,454 9,681 117%123%
201977,218 110,875 31,642 144%130%
2020105,440 156,589 62,485 149%129%
202153,230 71,526 42,227 134%134%
202244,604 61,034 54,759 137%137%
20237,352 10,087 10,011 137%137%
Subtotal441,174 618,479 215,731 
Total Europe4,300,639 8,048,801 3,080,370 
Total PRA Group$12,931,179 $27,030,543 $5,674,681 
(1)    Includes finance receivables portfolios that were acquired through the acquisition of Aktiv Kapital AS in 2014 (as described in our Annual Report on Form 10-K for the year ended December 31, 2022 ("2022 Form 10-K")).
(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 March 31, 2023 exchange rate.
(6)The Original Purchase Price Multiple represents the purchase price multiple at the end of the year of acquisition.


Portfolio Financial Information
Year-to-date as of March 31, 2023
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 March 31, 2023(3)
Americas and Australia Core
1996-2012$4,930 $3,132 $345 $3,477 $8,799 
20132,590 1,119 429 1,548 6,395 
20143,117 1,429 161 1,590 8,983 
20153,789 2,453 (1,852)601 18,065 
20166,740 4,712 (3,078)1,634 26,353 
201713,064 7,622 (5,636)1,986 57,300 
201827,614 11,442 (1,040)10,402 108,717 
201933,145 14,841 (2,958)11,883 138,869 
202038,142 16,845 (6,426)10,419 167,501 
202140,213 23,087 (22,356)731 260,663 
202251,622 26,692 937 27,629 360,224 
20232,994 1,811 378 2,189 116,249 
Subtotal227,960 115,185 (41,096)74,089 1,278,118 
Americas Insolvency
1996-2012234 83 153 236 — 
201367 39 28 67 — 
2014123 66 12 78 — 
2015106 40 29 69 102 
2016190 47 9 56 348 
20171,605 181 (123)58 2,424 
20184,401 455 (133)322 11,128 
20197,705 1,036 57 1,093 35,596 
20204,919 1,226 145 1,371 35,750 
20214,339 1,309 (20)1,289 37,812 
20221,794 1,018 (27)991 31,722 
2023268 215 (31)184 15,614 
Subtotal25,751 5,715 99 5,814 170,496 
Total Americas and Australia253,711 120,900 (40,997)79,903 1,448,614 
Europe Core
2012191 — 191 191 — 
201395 — 95 95 — 
2014 (1)
25,462 18,404 109 18,513 107,836 
20158,748 4,274 (408)3,866 80,755 
20167,515 4,040 (807)3,233 105,983 
20175,322 1,963 (558)1,405 79,388 
201810,568 3,930 (123)3,807 142,505 
201919,118 6,210 4,178 10,388 250,616 
202014,641 5,794 (994)4,800 179,990 
202119,176 8,685 (2,405)6,280 284,941 
202221,193 8,965 (124)8,841 334,594 
20231,976 397 816 1,213 91,123 
Subtotal134,005 62,662 (30)62,632 1,657,731 
Europe Insolvency
2014 (1)
49 — 49 49 — 
201598 12 41 53 61 
2016454 83 86 169 864 
20171,295 90 237 327 3,436 
20181,942 216 (122)94 8,864 
20194,714 736 330 1,066 27,828 
20208,233 1,307 3,089 4,396 55,042 
20213,745 976 156 1,132 34,889 
20222,963 1,201 131 1,332 41,786 
202375 59 118 177 7,382 
Subtotal23,568 4,680 4,115 8,795 180,152 
Total Europe157,573 67,342 4,085 71,427 1,837,883 
Total PRA Group$411,284 $188,242 $(36,912)$151,330 $3,286,497 
(1)    Includes finance receivables portfolios that were acquired through the acquisition of Aktiv Kapital AS in 2014 (as described in our 2022 Form 10-K).
(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 March 31, 2023 exchange rate.









Cash Collections by Year, By Year of Purchase (1)
as of March 31, 2023
Amounts in millions
Cash Collections
Purchase Period
Purchase Price (3)(4)
1996-201220132014201520162017201820192020202120222023Total
Americas and Australia Core
1996-2012$1,541.9 $2,962.4 $554.9 $412.5 $280.3 $178.9 $118.1 $83.8 $62.9 $41.5 $29.9 $23.5 $5.1 $4,753.8 
2013390.8 — 101.6 247.9 194.0 120.8 78.9 56.5 36.9 23.2 16.7 12.5 2.6 891.6 
2014404.1 — — 92.7 253.5 170.3 114.2 82.2 55.3 31.9 22.3 15.0 3.1 840.5 
2015443.1 — — — 117.0 228.4 185.9 126.6 83.6 57.2 34.9 19.5 3.8 856.9 
2016455.8 — — — — 138.7 256.5 194.6 140.6 105.9 74.2 38.4 6.7 955.6 
2017532.9 — — — — — 107.3 278.7 256.5 192.5 130.0 76.3 13.1 1054.4 
2018654.0 — — — — — — 122.7 361.9 337.7 239.9 146.1 27.6 1235.9 
2019581.5 — — — — — — — 143.8 349.0 289.8 177.7 33.1 993.4 
2020435.7— — — — — — — — 132.9 284.3 192.0 38.1 647.3 
2021435.9 — — — — — — — — — 85.0 177.3 40.2 302.5 
2022406.1 — — — — — — — — — — 67.7 51.6 119.3 
2023117.2 — — — — — — — — — — — 3.0 3.0 
Subtotal6,399.0 2,962.4 656.5 753.1 844.8 837.1 860.9 945.1 1,141.5 1,271.8 1,207.0 946.0 228.0 12,654.2 
Americas Insolvency
1996-20121,038.2 1,021.6 417.3 338.8 208.3 105.4 37.7 8.3 3.9 2.3 1.4 1.1 0.2 2,146.3 
2013227.8 — 52.5 82.6 81.7 63.4 47.8 22.0 2.9 1.3 0.8 0.5 0.1 355.6 
2014148.4 — — 37.1 50.9 44.3 37.4 28.8 15.8 2.2 1.1 0.7 0.1 218.4 
201563.2 — — — 3.4 17.9 20.1 19.8 16.7 7.9 1.3 0.6 0.1 87.8 
201691.4 — — — — 18.9 30.4 25.1 19.9 14.4 7.4 1.8 0.2 118.1 
2017275.3 — — — — — 49.1 97.3 80.9 58.8 44.0 20.8 1.6 352.5 
201897.9 — — — — — — 6.7 27.4 30.5 31.6 24.6 4.4 125.2 
2019123.1 — — — — — — — 13.5 31.4 39.1 37.8 7.7 129.5 
202062.1 — — — — — — — — 6.5 16.1 20.4 4.9 47.9 
202155.2 — — — — — — — — — 4.6 17.9 4.3 26.8 
202233.4 — — — — — — — — — — 3.2 1.8 5.0 
202315.7 — — — — — — — — — — — 0.3 0.3 
Subtotal2,231.7 1,021.6 469.8 458.5 344.3 249.9 222.5 208.0 181.0 155.3 147.4 129.4 25.7 3,613.4 
Total Americas and Australia8,630.7 3,984.0 1,126.3 1,211.6 1,189.1 1,087.0 1,083.4 1,153.1 1,322.5 1,427.1 1,354.4 1,075.4 253.7 16,267.6 
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 0.1 40.5 
201320.3 — 7.1 8.5 2.4 1.3 1.2 1.3 0.9 0.7 0.7 0.5 0.1 24.7 
2014 (2)
773.8 — — 153.2 292.0 246.4 220.8 206.3 172.9 149.8 149.3 122.2 25.5 1,738.4 
2015411.3 — — — 45.8 100.3 86.2 80.9 66.1 54.3 51.4 40.7 8.8 534.5 
2016333.1 — — — — 40.4 78.9 72.6 58.0 48.3 46.7 36.9 7.5 389.3 
2017252.2 — — — — — 17.9 56.0 44.1 36.1 34.8 25.2 5.3 219.4 
2018341.8 — — — — — — 24.3 88.7 71.3 69.1 50.7 10.6 314.7 
2019518.6 — — — — — — — 48.0 125.7 121.4 89.8 19.1 404.0 
2020324.1 — — — — — — — — 32.3 91.7 69.1 14.6 207.7 
2021412.4 — — — — — — — — — 48.5 89.9 19.2 157.6 
2022359.5 — — — — — — — — — — 33.9 21.2 55.1 
202391.9 — — — — — — — — — — — 2.0 2.0 
Subtotal3,859.4 11.6 16.1 167.3 343.4 390.6 407.0 443.4 480.2 519.7 614.8 559.8 134.0 4,087.9 
Europe Insolvency
2014 (2)
10.9 — — — 4.3 3.9 3.2 2.6 1.6 0.8 0.3 0.2 0.1 17.0 
201519.0 — — — 3.0 4.4 5.0 4.8 3.9 2.9 1.6 0.7 0.1 26.4 
201639.3 — — — — 6.2 12.7 12.9 10.7 8.0 6.0 2.7 0.5 59.7 
201739.2 — — — — — 1.2 7.9 9.2 9.8 9.4 6.5 1.3 45.3 
201844.9 — — — — — — 0.6 8.4 10.3 11.7 9.8 1.9 42.7 
201977.2 — — — — — — — 5.0 21.1 23.9 21.0 4.7 75.7 
2020105.4 — — — — — — — — 6.1 34.7 34.1 8.2 83.1 
202153.2 — — — — — — — — — 5.5 14.4 3.7 23.6 
202244.6 — — — — — — — — — — 4.5 3.0 7.5 
20237.4 — — — — — — — — — — — 0.1 0.1 
Subtotal441.1 — — — 7.3 14.5 22.1 28.8 38.8 59.0 93.1 93.9 23.6 381.1 
Total Europe4,300.5 11.6 16.1 167.3 350.7 405.1 429.1 472.2 519.0 578.7 707.9 653.7 157.6 4,469.0 
Total PRA Group$12,931.2 $3,995.6 $1,142.4 $1,378.9 $1,539.8 $1,492.1 $1,512.5 $1,625.3 $1,841.5 $2,005.8 $2,062.3 $1,729.1 $411.3 $20,736.6 
(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 (as described in our 2022 Form 10-K).
(3)Includes the nonperforming loan portfolios that were acquired through our business 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 last twelve months (LTM) ended March 31, 2023 and for the year ended December 31, 2022. 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
LTMFor the Year Ended
Adjusted EBITDA for PRA Group ($ in millions)March 31, 2023December 31, 2022
Net income attributable to PRA Group, Inc.$19 $117 
Adjustments:
Income tax expense14 37 
Foreign exchange gains(2)(1)
Interest expense, net137 131 
Other expense/(income)1 1 
Depreciation and amortization15 15 
Adjustment for net income attributable to noncontrolling interests11 1 
Recoveries applied to negative allowance less Changes in expected recoveries820 806 
Adjusted EBITDA$1,015 $1,107 

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 LTM as of March 31, 2023, for the LTM as of March 31, 2023 assuming repayment of our 2023 convertible notes on March 31, 2023, and for the year ended December 31, 2022 (amounts in millions):



Debt to Adjusted EBITDA
LTMLTMFor the Year Ended
March 31, 2023
March 31, 2023(1)
December 31, 2022
Borrowings$2,938 $2,593 $2,495 
LTM Adjusted EBITDA1,015 1,015 1,107 
Debt to LTM Adjusted EBITDA2.89 2.55 2.25 
(1) For the LTM as of March 31, 2023, as adjusted, assuming repayment of our 2023 Notes on March 31, 2023.


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
May 08, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 08, 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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