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: August 7, 2023 | By: | /s/ Peter M. Graham | ||||||
Peter M. Graham | ||||||||
Executive Vice President and Chief Financial Officer |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
($ in thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income/(loss) attributable to PRA Group, Inc. | $ | (3,804) | $ | 36,484 | $ | (62,433) | $ | 76,456 | ||||||||||||||||||
Diluted earnings per share | $ | (0.10) | $ | 0.91 | $ | (1.60) | $ | 1.88 | ||||||||||||||||||
Cash Collection Source | 2023 | 2022 | ||||||||||||||||||||||||||||||
($ in thousands) | Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||||||||||||||
Americas and Australia Core | $ | 220,886 | $ | 227,960 | $ | 205,619 | $ | 225,775 | $ | 244,377 | ||||||||||||||||||||||
Americas Insolvency | 26,384 | 25,751 | 27,971 | 31,911 | 34,278 | |||||||||||||||||||||||||||
Europe Core | 149,324 | 134,005 | 134,016 | 132,072 | 142,470 | |||||||||||||||||||||||||||
Europe Insolvency | 22,725 | 23,568 | 24,051 | 22,586 | 22,935 | |||||||||||||||||||||||||||
Total Cash Collections | $ | 419,319 | $ | 411,284 | $ | 391,657 | $ | 412,344 | $ | 444,060 | ||||||||||||||||||||||
Cash Collection Source - | ||||||||||||||||||||||||||||||||
Constant Currency-Adjusted | 2023 | 2022 | ||||||||||||||||||||||||||||||
($ in thousands) | Q2 | Q2 | ||||||||||||||||||||||||||||||
Americas and Australia Core | $ | 220,886 | $ | 243,506 | ||||||||||||||||||||||||||||
Americas Insolvency | 26,384 | 34,253 | ||||||||||||||||||||||||||||||
Europe Core | 149,324 | 141,056 | ||||||||||||||||||||||||||||||
Europe Insolvency | 22,725 | 22,882 | ||||||||||||||||||||||||||||||
Total Cash Collections | $ | 419,319 | $ | 441,697 | ||||||||||||||||||||||||||||
Portfolio Purchase Source | 2023 | 2022 | ||||||||||||||||||||||||||||||
($ in thousands) | Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||||||||||||||
Americas and Australia Core | $ | 171,440 | $ | 116,867 | $ | 118,581 | $ | 100,780 | $ | 99,962 | ||||||||||||||||||||||
Americas Insolvency | 12,189 | 15,701 | 8,967 | 8,988 | 6,369 | |||||||||||||||||||||||||||
Europe Core | 136,834 | 90,454 | 140,011 | 59,426 | 123,814 | |||||||||||||||||||||||||||
Europe Insolvency | 7,296 | 7,203 | 20,535 | 13,910 | 1,202 | |||||||||||||||||||||||||||
Total Portfolio Acquisitions | $ | 327,759 | $ | 230,225 | $ | 288,094 | $ | 183,104 | $ | 231,347 | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Portfolio income | $ | 184,290 | $ | 194,009 | $ | 372,532 | $ | 401,541 | |||||||||||||||
Changes in expected recoveries | 21,136 | 56,567 | (15,776) | 86,481 | |||||||||||||||||||
Total portfolio revenue | 205,426 | 250,576 | 356,756 | 488,022 | |||||||||||||||||||
Other revenue | 3,810 | 7,686 | 7,950 | 10,845 | |||||||||||||||||||
Total revenues | 209,236 | 258,262 | 364,706 | 498,867 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Compensation and employee services | 65,788 | 74,137 | 148,191 | 145,233 | |||||||||||||||||||
Legal collection fees | 9,551 | 9,554 | 18,389 | 20,427 | |||||||||||||||||||
Legal collection costs | 21,522 | 17,746 | 45,467 | 34,303 | |||||||||||||||||||
Agency fees | 17,677 | 14,826 | 35,055 | 32,214 | |||||||||||||||||||
Outside fees and services | 18,262 | 27,493 | 43,206 | 46,871 | |||||||||||||||||||
Communication | 10,117 | 9,528 | 20,644 | 22,111 | |||||||||||||||||||
Rent and occupancy | 4,319 | 4,633 | 8,767 | 9,620 | |||||||||||||||||||
Depreciation and amortization | 3,482 | 3,865 | 7,071 | 7,643 | |||||||||||||||||||
Other operating expenses | 12,957 | 12,743 | 25,999 | 24,741 | |||||||||||||||||||
Total operating expenses | 163,675 | 174,525 | 352,789 | 343,163 | |||||||||||||||||||
Income from operations | 45,561 | 83,737 | 11,917 | 155,704 | |||||||||||||||||||
Other income and (expense): | |||||||||||||||||||||||
Interest expense, net | (43,022) | (31,562) | (81,305) | (63,310) | |||||||||||||||||||
Foreign exchange gain, net | 429 | 1,319 | 420 | 787 | |||||||||||||||||||
Other | (230) | (181) | (880) | (671) | |||||||||||||||||||
Income/(loss) before income taxes | 2,738 | 53,313 | (69,848) | 92,510 | |||||||||||||||||||
Income tax expense/(benefit) | 1,578 | 14,177 | (17,105) | 18,756 | |||||||||||||||||||
Net income/(loss) | 1,160 | 39,136 | (52,743) | 73,754 | |||||||||||||||||||
Adjustment for net income/(loss) attributable to noncontrolling interests | 4,964 | 2,652 | 9,690 | (2,702) | |||||||||||||||||||
Net income/(loss) attributable to PRA Group, Inc. | $ | (3,804) | $ | 36,484 | $ | (62,433) | $ | 76,456 | |||||||||||||||
Net income/(loss) per common share attributable to PRA Group, Inc.: | |||||||||||||||||||||||
Basic | $ | (0.10) | $ | 0.92 | $ | (1.60) | $ | 1.90 | |||||||||||||||
Diluted | $ | (0.10) | $ | 0.91 | $ | (1.60) | $ | 1.88 | |||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||
Basic | 39,190 | 39,779 | 39,111 | 40,278 | |||||||||||||||||||
Diluted | 39,190 | 39,900 | 39,111 | 40,602 |
(unaudited) | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 111,375 | $ | 83,376 | |||||||
Investments | 76,169 | 79,948 | |||||||||
Finance receivables, net | 3,424,548 | 3,295,008 | |||||||||
Income taxes receivable | 36,327 | 31,774 | |||||||||
Deferred tax assets, net | 56,758 | 56,908 | |||||||||
Right-of-use assets | 51,135 | 54,506 | |||||||||
Property and equipment, net | 45,874 | 51,645 | |||||||||
Goodwill | 414,905 | 435,921 | |||||||||
Other assets | 103,768 | 86,588 | |||||||||
Total assets | $ | 4,320,859 | $ | 4,175,674 | |||||||
Liabilities and Equity | |||||||||||
Liabilities: | |||||||||||
Accounts payable | $ | 6,345 | $ | 7,329 | |||||||
Accrued expenses | 118,877 | 111,395 | |||||||||
Income taxes payable | 18,658 | 25,693 | |||||||||
Deferred tax liabilities, net | 18,463 | 42,918 | |||||||||
Lease liabilities | 55,723 | 59,384 | |||||||||
Interest-bearing deposits | 99,318 | 112,992 | |||||||||
Borrowings | 2,739,667 | 2,494,858 | |||||||||
Other liabilities | 24,134 | 34,355 | |||||||||
Total liabilities | 3,081,185 | 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, 39,242 shares issued and outstanding at June 30, 2023; 100,000 shares authorized, 38,980 shares issued and outstanding at December 31, 2022 | 392 | 390 | |||||||||
Additional paid-in capital | 2,541 | 2,172 | |||||||||
Retained earnings | 1,510,592 | 1,573,025 | |||||||||
Accumulated other comprehensive loss | (348,000) | (347,926) | |||||||||
Total stockholders' equity - PRA Group, Inc. | 1,165,525 | 1,227,661 | |||||||||
Noncontrolling interest | 74,149 | 59,089 | |||||||||
Total equity | 1,239,674 | 1,286,750 | |||||||||
Total liabilities and equity | $ | 4,320,859 | $ | 4,175,674 |
Select Expenses (Income) Amounts in thousands, pre-tax | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | |||||||||||||||||||
Noncash interest expense - amortization of debt issuance costs | 2,384 | 2,441 | 2,444 | 2,555 | 2,471 | 2,627 | 2,455 | 2,406 | ||||||||||||||||||
Change in fair value of derivatives | (6,960) | (5,470) | (3,309) | (1,042) | 1,525 | 2,726 | 3,115 | 2,982 | ||||||||||||||||||
Amortization of intangibles | 68 | 66 | 73 | 73 | 77 | 83 | (269) | 104 | ||||||||||||||||||
Stock-based compensation expense | 2,715 | 3,799 | 2,206 | 3,101 | 3,849 | 3,891 | 3,470 | 4,317 | ||||||||||||||||||
Purchase Price Multiples as of June 30, 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 | $ | 4,801,032 | $ | 35,742 | 311% | 238% | |||||||||
2013 | 390,826 | 908,961 | 15,139 | 233% | 211% | ||||||||||||
2014 | 404,117 | 875,120 | 23,495 | 217% | 204% | ||||||||||||
2015 | 443,114 | 898,649 | 41,331 | 203% | 205% | ||||||||||||
2016 | 455,767 | 1,075,028 | 75,099 | 236% | 201% | ||||||||||||
2017 | 532,851 | 1,196,768 | 121,179 | 225% | 193% | ||||||||||||
2018 | 653,975 | 1,463,790 | 175,567 | 224% | 202% | ||||||||||||
2019 | 581,476 | 1,292,608 | 228,655 | 222% | 206% | ||||||||||||
2020 | 435,668 | 947,717 | 266,397 | 218% | 213% | ||||||||||||
2021 | 435,846 | 779,861 | 454,830 | 179% | 191% | ||||||||||||
2022 | 406,082 | 717,643 | 565,409 | 177% | 179% | ||||||||||||
2023 | 290,363 | 543,178 | 521,588 | 187% | 187% | ||||||||||||
Subtotal | 6,571,981 | 15,500,355 | 2,524,431 | ||||||||||||||
Americas Insolvency | |||||||||||||||||
1996-2012 | 1,038,223 | 2,146,538 | 141 | 207% | 165% | ||||||||||||
2013 | 227,834 | 355,648 | 71 | 156% | 133% | ||||||||||||
2014 | 148,420 | 218,724 | 198 | 147% | 124% | ||||||||||||
2015 | 63,170 | 87,934 | 144 | 139% | 125% | ||||||||||||
2016 | 91,442 | 117,589 | 300 | 129% | 123% | ||||||||||||
2017 | 275,257 | 356,042 | 2,196 | 129% | 125% | ||||||||||||
2018 | 97,879 | 136,240 | 7,243 | 139% | 127% | ||||||||||||
2019 | 123,077 | 168,530 | 31,391 | 137% | 128% | ||||||||||||
2020 | 62,130 | 90,253 | 37,232 | 145% | 136% | ||||||||||||
2021 | 55,187 | 73,503 | 41,973 | 133% | 136% | ||||||||||||
2022 | 33,442 | 46,367 | 39,066 | 139% | 139% | ||||||||||||
2023 | 27,890 | 37,711 | 36,646 | 135% | 135% | ||||||||||||
Subtotal | 2,243,951 | 3,835,079 | 196,601 | ||||||||||||||
Total Americas and Australia | 8,815,932 | 19,335,434 | 2,721,032 | ||||||||||||||
Europe Core | |||||||||||||||||
2012 | 20,409 | 44,201 | — | 217% | 187% | ||||||||||||
2013 | 20,334 | 27,152 | 1 | 134% | 119% | ||||||||||||
2014 (1) | 773,811 | 2,376,921 | 364,157 | 307% | 208% | ||||||||||||
2015 | 411,340 | 728,356 | 141,410 | 177% | 160% | ||||||||||||
2016 | 333,090 | 569,221 | 174,415 | 171% | 167% | ||||||||||||
2017 | 252,174 | 358,126 | 111,139 | 142% | 144% | ||||||||||||
2018 | 341,775 | 542,585 | 211,437 | 159% | 148% | ||||||||||||
2019 | 518,610 | 811,906 | 359,355 | 157% | 152% | ||||||||||||
2020 | 324,119 | 557,541 | 280,147 | 172% | 172% | ||||||||||||
2021 | 412,411 | 696,596 | 453,152 | 169% | 170% | ||||||||||||
2022 | 359,447 | 579,891 | 512,047 | 161% | 162% | ||||||||||||
2023 | 229,639 | 380,036 | 367,155 | 165% | 165% | ||||||||||||
Subtotal | 3,997,159 | 7,672,532 | 2,974,415 | ||||||||||||||
Europe Insolvency | |||||||||||||||||
2014 (1) | 10,876 | 18,759 | — | 172% | 129% | ||||||||||||
2015 | 18,973 | 29,137 | 29 | 154% | 139% | ||||||||||||
2016 | 39,338 | 57,203 | 879 | 145% | 130% | ||||||||||||
2017 | 39,235 | 51,448 | 2,859 | 131% | 128% | ||||||||||||
2018 | 44,908 | 52,496 | 7,939 | 117% | 123% | ||||||||||||
2019 | 77,218 | 111,099 | 27,995 | 144% | 130% | ||||||||||||
2020 | 105,440 | 156,603 | 56,480 | 149% | 129% | ||||||||||||
2021 | 53,230 | 71,526 | 39,592 | 134% | 134% | ||||||||||||
2022 | 44,604 | 60,962 | 52,786 | 137% | 137% | ||||||||||||
2023 | 14,903 | 20,194 | 19,764 | 136% | 136% | ||||||||||||
Subtotal | 448,725 | 629,427 | 208,323 | ||||||||||||||
Total Europe | 4,445,884 | 8,301,959 | 3,182,738 | ||||||||||||||
Total PRA Group | $ | 13,261,816 | $ | 27,637,393 | $ | 5,903,770 |
Portfolio Financial Information Year-to-date as of June 30, 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 June 30, 2023 (3) | ||||||||||||
Americas and Australia Core | |||||||||||||||||
1996-2012 | $ | 9,407 | $ | 5,726 | $ | 2,165 | $ | 7,891 | $ | 8,736 | |||||||
2013 | 5,018 | 2,074 | 1,691 | 3,765 | 6,184 | ||||||||||||
2014 | 6,072 | 2,647 | 1,592 | 4,239 | 8,721 | ||||||||||||
2015 | 7,298 | 4,546 | (1,742) | 2,804 | 16,768 | ||||||||||||
2016 | 12,881 | 8,924 | (2,923) | 6,001 | 24,568 | ||||||||||||
2017 | 24,012 | 14,002 | (7,329) | 6,673 | 50,764 | ||||||||||||
2018 | 51,716 | 21,384 | 1,099 | 22,483 | 96,987 | ||||||||||||
2019 | 62,005 | 27,748 | (3,330) | 24,418 | 123,803 | ||||||||||||
2020 | 71,291 | 31,280 | (6,902) | 24,378 | 148,339 | ||||||||||||
2021 | 76,537 | 43,081 | (28,614) | 14,467 | 240,168 | ||||||||||||
2022 | 101,232 | 51,627 | 959 | 52,586 | 339,760 | ||||||||||||
2023 | 21,377 | 12,774 | 3,748 | 16,522 | 285,203 | ||||||||||||
Subtotal | 448,846 | 225,813 | (39,586) | 186,227 | 1,350,001 | ||||||||||||
Americas Insolvency | |||||||||||||||||
1996-2012 | 400 | 145 | 258 | 403 | — | ||||||||||||
2013 | 142 | 71 | 71 | 142 | — | ||||||||||||
2014 | 245 | 148 | 51 | 199 | — | ||||||||||||
2015 | 178 | 69 | 44 | 113 | 74 | ||||||||||||
2016 | 451 | 82 | 138 | 220 | 249 | ||||||||||||
2017 | 2,978 | 291 | 680 | 971 | 1,963 | ||||||||||||
2018 | 8,083 | 780 | (1,051) | (271) | 6,851 | ||||||||||||
2019 | 15,448 | 1,902 | 531 | 2,433 | 29,200 | ||||||||||||
2020 | 10,026 | 2,334 | 561 | 2,895 | 32,162 | ||||||||||||
2021 | 9,004 | 2,508 | 614 | 3,122 | 34,969 | ||||||||||||
2022 | 4,115 | 1,997 | 270 | 2,267 | 30,625 | ||||||||||||
2023 | 1,065 | 795 | 300 | 1,095 | 27,709 | ||||||||||||
Subtotal | 52,135 | 11,122 | 2,467 | 13,589 | 163,802 | ||||||||||||
Total Americas and Australia | 500,981 | 236,935 | (37,119) | 199,816 | 1,513,803 | ||||||||||||
Europe Core | |||||||||||||||||
2012 | 365 | — | 365 | 365 | — | ||||||||||||
2013 | 181 | — | 181 | 181 | — | ||||||||||||
2014 (1) | 55,192 | 35,710 | 7,687 | 43,397 | 102,679 | ||||||||||||
2015 | 17,749 | 8,435 | 275 | 8,710 | 77,966 | ||||||||||||
2016 | 15,146 | 7,950 | (274) | 7,676 | 102,601 | ||||||||||||
2017 | 10,432 | 3,863 | (734) | 3,129 | 76,915 | ||||||||||||
2018 | 21,311 | 7,788 | 1,290 | 9,078 | 140,472 | ||||||||||||
2019 | 38,976 | 12,329 | 9,440 | 21,769 | 246,350 | ||||||||||||
2020 | 29,367 | 11,374 | (96) | 11,278 | 172,695 | ||||||||||||
2021 | 37,411 | 17,015 | (4,298) | 12,717 | 273,361 | ||||||||||||
2022 | 44,445 | 17,762 | (207) | 17,555 | 320,550 | ||||||||||||
2023 | 12,754 | 4,091 | 2,628 | 6,719 | 222,815 | ||||||||||||
Subtotal | 283,329 | 126,317 | 16,257 | 142,574 | 1,736,404 | ||||||||||||
Europe Insolvency | |||||||||||||||||
2014 (1) | 128 | — | 128 | 128 | — | ||||||||||||
2015 | 256 | 18 | 157 | 175 | 26 | ||||||||||||
2016 | 875 | 149 | 214 | 363 | 651 | ||||||||||||
2017 | 2,461 | 162 | 491 | 653 | 2,663 | ||||||||||||
2018 | 3,909 | 397 | (82) | 315 | 7,290 | ||||||||||||
2019 | 9,275 | 1,401 | 543 | 1,944 | 24,764 | ||||||||||||
2020 | 15,653 | 2,559 | 3,104 | 5,663 | 50,125 | ||||||||||||
2021 | 7,343 | 1,907 | 187 | 2,094 | 33,095 | ||||||||||||
2022 | 5,969 | 2,386 | 143 | 2,529 | 40,826 | ||||||||||||
2023 | 424 | 301 | 201 | 502 | 14,901 | ||||||||||||
Subtotal | 46,293 | 9,280 | 5,086 | 14,366 | 174,341 | ||||||||||||
Total Europe | 329,622 | 135,597 | 21,343 | 156,940 | 1,910,745 | ||||||||||||
Total PRA Group | $ | 830,603 | $ | 372,532 | $ | (15,776) | $ | 356,756 | $ | 3,424,548 |
Cash Collections by Year, By Year of Purchase (1) as of June 30, 2023 Amounts in millions | ||||||||||||||||||||||||||||||||||||||||||||
Cash Collections | ||||||||||||||||||||||||||||||||||||||||||||
Purchase Period | Purchase Price (3)(4) | 1996-2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Total | ||||||||||||||||||||||||||||||
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 | $ | 9.4 | $ | 4,758.1 | ||||||||||||||||
2013 | 390.8 | — | 101.6 | 247.9 | 194.0 | 120.8 | 78.9 | 56.5 | 36.9 | 23.2 | 16.7 | 12.5 | 5.0 | 894.0 | ||||||||||||||||||||||||||||||
2014 | 404.1 | — | — | 92.7 | 253.5 | 170.3 | 114.2 | 82.2 | 55.3 | 31.9 | 22.3 | 15.0 | 6.1 | 843.5 | ||||||||||||||||||||||||||||||
2015 | 443.1 | — | — | — | 117.0 | 228.4 | 185.9 | 126.6 | 83.6 | 57.2 | 34.9 | 19.5 | 7.3 | 860.4 | ||||||||||||||||||||||||||||||
2016 | 455.8 | — | — | — | — | 138.7 | 256.5 | 194.6 | 140.6 | 105.9 | 74.2 | 38.4 | 12.9 | 961.8 | ||||||||||||||||||||||||||||||
2017 | 532.9 | — | — | — | — | — | 107.3 | 278.7 | 256.5 | 192.5 | 130.0 | 76.3 | 24.0 | 1065.3 | ||||||||||||||||||||||||||||||
2018 | 654.0 | — | — | — | — | — | — | 122.7 | 361.9 | 337.7 | 239.9 | 146.1 | 51.7 | 1260.0 | ||||||||||||||||||||||||||||||
2019 | 581.5 | — | — | — | — | — | — | — | 143.8 | 349.0 | 289.8 | 177.7 | 62.0 | 1,022.3 | ||||||||||||||||||||||||||||||
2020 | 435.7 | — | — | — | — | — | — | — | — | 132.9 | 284.3 | 192.0 | 71.3 | 680.5 | ||||||||||||||||||||||||||||||
2021 | 435.9 | — | — | — | — | — | — | — | — | — | 85.0 | 177.3 | 76.5 | 338.8 | ||||||||||||||||||||||||||||||
2022 | 406.1 | — | — | — | — | — | — | — | — | — | — | 67.7 | 101.2 | 168.9 | ||||||||||||||||||||||||||||||
2023 | 290.4 | — | — | — | — | — | — | — | — | — | — | — | 21.4 | 21.4 | ||||||||||||||||||||||||||||||
Subtotal | 6,572.2 | 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 | 448.8 | 12,875.0 | ||||||||||||||||||||||||||||||
Americas Insolvency | ||||||||||||||||||||||||||||||||||||||||||||
1996-2012 | 1,038.2 | 1,021.6 | 417.3 | 338.8 | 208.3 | 105.4 | 37.7 | 8.3 | 3.9 | 2.3 | 1.4 | 1.1 | 0.4 | 2,146.5 | ||||||||||||||||||||||||||||||
2013 | 227.8 | — | 52.5 | 82.6 | 81.7 | 63.4 | 47.8 | 22.0 | 2.9 | 1.3 | 0.8 | 0.5 | 0.1 | 355.6 | ||||||||||||||||||||||||||||||
2014 | 148.4 | — | — | 37.1 | 50.9 | 44.3 | 37.4 | 28.8 | 15.8 | 2.2 | 1.1 | 0.7 | 0.2 | 218.5 | ||||||||||||||||||||||||||||||
2015 | 63.2 | — | — | — | 3.4 | 17.9 | 20.1 | 19.8 | 16.7 | 7.9 | 1.3 | 0.6 | 0.2 | 87.9 | ||||||||||||||||||||||||||||||
2016 | 91.4 | — | — | — | — | 18.9 | 30.4 | 25.1 | 19.9 | 14.4 | 7.4 | 1.8 | 0.5 | 118.4 | ||||||||||||||||||||||||||||||
2017 | 275.3 | — | — | — | — | — | 49.1 | 97.3 | 80.9 | 58.8 | 44.0 | 20.8 | 3.0 | 353.9 | ||||||||||||||||||||||||||||||
2018 | 97.9 | — | — | — | — | — | — | 6.7 | 27.4 | 30.5 | 31.6 | 24.6 | 8.1 | 128.9 | ||||||||||||||||||||||||||||||
2019 | 123.1 | — | — | — | — | — | — | — | 13.5 | 31.4 | 39.1 | 37.8 | 15.4 | 137.2 | ||||||||||||||||||||||||||||||
2020 | 62.1 | — | — | — | — | — | — | — | — | 6.5 | 16.1 | 20.4 | 10.0 | 53.0 | ||||||||||||||||||||||||||||||
2021 | 55.2 | — | — | — | — | — | — | — | — | — | 4.6 | 17.9 | 9.0 | 31.5 | ||||||||||||||||||||||||||||||
2022 | 33.4 | — | — | — | — | — | — | — | — | — | — | 3.2 | 4.1 | 7.3 | ||||||||||||||||||||||||||||||
2023 | 27.9 | — | — | — | — | — | — | — | — | — | — | — | 1.1 | 1.1 | ||||||||||||||||||||||||||||||
Subtotal | 2,243.9 | 1,021.6 | 469.8 | 458.5 | 344.3 | 249.9 | 222.5 | 208.0 | 181.0 | 155.3 | 147.4 | 129.4 | 52.1 | 3,639.8 | ||||||||||||||||||||||||||||||
Total Americas and Australia | 8,816.1 | 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 | 500.9 | 16,514.8 | ||||||||||||||||||||||||||||||
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 | 0.9 | 0.4 | 40.8 | ||||||||||||||||||||||||||||||
2013 | 20.3 | — | 7.1 | 8.5 | 2.4 | 1.3 | 1.2 | 1.3 | 0.9 | 0.7 | 0.7 | 0.5 | 0.2 | 24.8 | ||||||||||||||||||||||||||||||
2014 (2) | 773.8 | — | — | 153.2 | 292.0 | 246.4 | 220.8 | 206.3 | 172.9 | 149.8 | 149.3 | 122.2 | 55.2 | 1,768.1 | ||||||||||||||||||||||||||||||
2015 | 411.3 | — | — | — | 45.8 | 100.3 | 86.2 | 80.9 | 66.1 | 54.3 | 51.4 | 40.7 | 17.7 | 543.4 | ||||||||||||||||||||||||||||||
2016 | 333.1 | — | — | — | — | 40.4 | 78.9 | 72.6 | 58.0 | 48.3 | 46.7 | 36.9 | 15.1 | 396.9 | ||||||||||||||||||||||||||||||
2017 | 252.2 | — | — | — | — | — | 17.9 | 56.0 | 44.1 | 36.1 | 34.8 | 25.2 | 10.4 | 224.5 | ||||||||||||||||||||||||||||||
2018 | 341.8 | — | — | — | — | — | — | 24.3 | 88.7 | 71.3 | 69.1 | 50.7 | 21.3 | 325.4 | ||||||||||||||||||||||||||||||
2019 | 518.6 | — | — | — | — | — | — | — | 48.0 | 125.7 | 121.4 | 89.8 | 39.0 | 423.9 | ||||||||||||||||||||||||||||||
2020 | 324.1 | — | — | — | — | — | — | — | — | 32.3 | 91.7 | 69.1 | 29.4 | 222.5 | ||||||||||||||||||||||||||||||
2021 | 412.4 | — | — | — | — | — | — | — | — | — | 48.5 | 89.9 | 37.4 | 175.8 | ||||||||||||||||||||||||||||||
2022 | 359.5 | — | — | — | — | — | — | — | — | — | — | 33.9 | 44.4 | 78.3 | ||||||||||||||||||||||||||||||
2023 | 229.6 | — | — | — | — | — | — | — | — | — | — | — | 12.8 | 12.8 | ||||||||||||||||||||||||||||||
Subtotal | 3,997.1 | 11.6 | 16.1 | 167.3 | 343.4 | 390.6 | 407.0 | 443.4 | 480.2 | 519.7 | 614.8 | 559.8 | 283.3 | 4,237.2 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
2015 | 19.0 | — | — | — | 3.0 | 4.4 | 5.0 | 4.8 | 3.9 | 2.9 | 1.6 | 0.7 | 0.3 | 26.6 | ||||||||||||||||||||||||||||||
2016 | 39.3 | — | — | — | — | 6.2 | 12.7 | 12.9 | 10.7 | 8.0 | 6.0 | 2.7 | 0.9 | 60.1 | ||||||||||||||||||||||||||||||
2017 | 39.2 | — | — | — | — | — | 1.2 | 7.9 | 9.2 | 9.8 | 9.4 | 6.5 | 2.5 | 46.5 | ||||||||||||||||||||||||||||||
2018 | 44.9 | — | — | — | — | — | — | 0.6 | 8.4 | 10.3 | 11.7 | 9.8 | 3.9 | 44.7 | ||||||||||||||||||||||||||||||
2019 | 77.2 | — | — | — | — | — | — | — | 5.0 | 21.1 | 23.9 | 21.0 | 9.3 | 80.3 | ||||||||||||||||||||||||||||||
2020 | 105.4 | — | — | — | — | — | — | — | — | 6.1 | 34.7 | 34.1 | 15.7 | 90.6 | ||||||||||||||||||||||||||||||
2021 | 53.2 | — | — | — | — | — | — | — | — | — | 5.5 | 14.4 | 7.3 | 27.2 | ||||||||||||||||||||||||||||||
2022 | 44.6 | — | — | — | — | — | — | — | — | — | — | 4.5 | 6.0 | 10.5 | ||||||||||||||||||||||||||||||
2023 | 14.9 | — | — | — | — | — | — | — | — | — | — | — | 0.4 | 0.4 | ||||||||||||||||||||||||||||||
Subtotal | 448.6 | — | — | — | 7.3 | 14.5 | 22.1 | 28.8 | 38.8 | 59.0 | 93.1 | 93.9 | 46.4 | 403.9 | ||||||||||||||||||||||||||||||
Total Europe | 4,445.7 | 11.6 | 16.1 | 167.3 | 350.7 | 405.1 | 429.1 | 472.2 | 519.0 | 578.7 | 707.9 | 653.7 | 329.7 | 4,641.1 | ||||||||||||||||||||||||||||||
Total PRA Group | $ | 13,261.8 | $ | 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 | $ | 830.6 | $ | 21,155.9 |
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
LTM | For the Year Ended | |||||||||||||||||||
Adjusted EBITDA for PRA Group ($ in millions) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||
Net income/(loss) attributable to PRA Group, Inc. | $ | (22) | $ | 117 | ||||||||||||||||
Adjustments: | ||||||||||||||||||||
Income tax expense | 1 | 37 | ||||||||||||||||||
Foreign exchange gains | (1) | (1) | ||||||||||||||||||
Interest expense, net | 149 | 131 | ||||||||||||||||||
Other expense | 1 | 1 | ||||||||||||||||||
Depreciation and amortization | 15 | 15 | ||||||||||||||||||
Adjustment for net income attributable to noncontrolling interests | 13 | 1 | ||||||||||||||||||
Recoveries applied to negative allowance less Changes in expected recoveries | 837 | 806 | ||||||||||||||||||
Adjusted EBITDA | $ | 993 | $ | 1,107 |
Debt to Adjusted EBITDA | ||||||||
LTM | For the Year Ended | |||||||
June 30, 2023 | December 31, 2022 | |||||||
Borrowings | $ | 2,740 | $ | 2,495 | ||||
LTM Adjusted EBITDA | 993 | 1,107 | ||||||
Debt to LTM Adjusted EBITDA | 2.76 | 2.25 |
Cover Page |
Aug. 07, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 07, 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, $0.01 par value per share |
Trading Symbol | PRAA |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001185348 |
"Z#[:M#P?>0\.JK#AD+I6%(VMQN^$,
M_,)] .]72MFWACNWEO]V&/\'4$L#!!0 ( -R !U>?H!OPL0( .(, -
M >&PO -8?20$3;8T.P6BP^0"X99K>]9!:G &UL4$L! A0#% @ W( '5WU?DIM*! @A
M !@ ("!#0@ 'AL+W=O
TT
M)]S@)OGO)/T:W@7EYWF81^+M:IP??RA___&'XB4_CI+)P]L?)^$="2=_^B8<
MN=PV1I/).+@960$?C[CKN(XW8:;AP8_6_[)OX%'X>OE,EC]$XD_?S,)X,!7R
M_9<6'[KV/+^Z#R?Y])(9QA^^*;[Z]L>;),[A?2D\7_Y8#O-BL%S\G@^"*+R-
M+\
M3T-Q0\3O8KPHEI_(H&Z1#I=Y9YM9'_)J5,B;X&0AT\X SCB(X*]S^$)0?$6^
M()P%*>QC 8N(R>BAG'V>BO@6)@OSEX^_7Z3)7,!.P+]I^?"0_+0H8NGD]Y?[
M127DJTR@B =B2=RY@]'5L_+@]5RTIF3= A K$TT?U51&L3_+G07(S6&1BR5\ZL1:CS.R:NZC/>(*Q;9SBU8,^?#8HPZ5O,B2P\6^TN23.[#*-*)
MGY@%Y@OJK/H -6WJ\R;"%G7DJ*)WIGZ&(#-,ZCIXR*KO-LZA=B.9C$ 85VV(S_+"E1")
M25&'3<19:5,N0QZJ!S,L\_OT\(&[BJ/;:]; HU[K R]\0KW9=1,O6+D6TQ]9!5D
MX:K3!W+ SZOY])W].[?[^L#=Y-30/E"TI->OHU)&48U/50\2%)U;8HWZ>^L[_ !M8^Q-J'%>43I\S;7YKBA 4H
M>HBG35T#.[77AJ<'LFZ_C8]PO@Y.ST,XZX+3H:;3O/#LN[+%,I^F0SVSLV4^
M^P>H;U#+1CQK+!IJ4(.AV5(;H+9/+=Y\$=:SP9-QDWJL>8[71-6>^ZG6I=Q'
M[JL33J/Y:O9G R
V]?(B#5YOJNLTSL26=]Y48V%IY9\96'^!E,M9^AL3W9;J*_"[)I
MT:AE+'\0_UZ$=T$$Q/)BFXZY/6N2E9J\/6M_WG#\I*:BT>IA1Z;'M;1\
I_SI(JW)<
MS*;H%U#[!6P;CXC*&O"*R''$R&[%O]1SC S*."8 5E!#.I7D
DHY:+7-WR3"MEGD>5M">P@?Z
M+//+B_3:K<=,Y^@%-QT84FVYUS-X;!QD)(@GY'J1Y2G,)( C=[H[G>F5FUW!
M:X'CX#@X3AWC=#=G0QG+L-^OL&4!)XFWJ[:,7?%VIPN:JP@_M2TV;*54%FYH
M&_/FU'?XL)4:3[BA;1Z
M*&PUVD[F#5LI58C;V<:\/7.X/[D'=[-'NPG'%!2UVNRFQ="LU6>Y#;]J_[T9W-#(F\$,&^\;T-1#E! E1 E10I00
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M590I8GN44W__10Z">\0%$%>DQ2.X1X#K*7I"(+A'%'1 QH0ESWX>IZJ+<:P-4UW$//Z(CK'EP=VT1Z
M;<)^!7L <6W"[^)8JD9[S2*KAZONXZ=K\I.PW%4)"YPY8(KIPU*IDBP$'@?S\Z6X?[GA&5C
MT:38QI%X!+;D7T VB KI6)!606:/Y#L1\ D8;%MW>;G)GT5!]? [P)G>W"YF5WFDA:2F%=Y>6UUYY+;W?\^+/] ?USN>T
M5'FQ ."D/NPTOWDHTJOKT@M@@#;--O\MW@:8NKMY&(. P#"$0"=3.B6S ?*Q!(@G$"J9!$U$'G:?;GV^H'HTOIZ?2R
M9?WG^\EU6=Z\G4[O[N[>W+-B_B8OKJ8!A&BZ:3U9-[_?:7^'ZM9^DB33^K^/
M39>IJ:$.ZT__^.WL@E_+!05IMBQIQJL.ENG;9?WF6,TR7S19__'+QT:U@;5!1;1M3N=;!MCC:=@:6VD%0Z( O=IPT5!8C<>%U]X[P6'_D;@
M&*+LE BYK+>-*?\L-MVR.6VTP+.TVQ84)VF"Y+-XE1X2Q%'DUYGA:VMS_#
M+L<9IM2VR0OJ$=-!(0-,(N$P]2(0 6Z,IZ.^<-N/@@EW'X>+.1H-;Q9/1+Q(
M!TX.[G]H7]J'Y4\._@902P$"% ,4 " #=@ =7%50 L!I< #^Y D &
M @ $ 96%R;FEN9W)E;&5A