Date of Report (Date of Earliest Event Reported): |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(d) | Exhibits | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
PRA Group, Inc. | ||||||||
Date: February 15, 2024 | By: | /s/ Rakesh Sehgal | ||||||
Rakesh Sehgal | ||||||||
Executive Vice President and Chief Financial Officer |
Three Months Ended Dec 31, | Year Ended Dec 31, | |||||||||||||||||||||||||
($ in thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income/(loss) attributable to PRA Group, Inc. | $ | (8,782) | $ | 15,959 | $ | (83,477) | $ | 117,147 | ||||||||||||||||||
Diluted earnings per share | $ | (0.22) | $ | 0.41 | $ | (2.13) | $ | 2.94 |
Cash Collection Source | 2023 | 2022 | ||||||||||||||||||||||||||||||
($ in thousands) | Q4 | Q3 | Q2 | Q1 | Q4 | |||||||||||||||||||||||||||
Americas and Australia Core | $ | 220,127 | $ | 223,714 | $ | 220,886 | $ | 227,960 | $ | 205,619 | ||||||||||||||||||||||
Americas Insolvency | 24,293 | 27,809 | 26,384 | 25,751 | 27,971 | |||||||||||||||||||||||||||
Europe Core | 144,361 | 144,402 | 149,324 | 134,005 | 134,016 | |||||||||||||||||||||||||||
Europe Insolvency | 21,502 | 23,639 | 22,725 | 23,568 | 24,051 | |||||||||||||||||||||||||||
Total Cash Collections | $ | 410,283 | $ | 419,564 | $ | 419,319 | $ | 411,284 | $ | 391,657 | ||||||||||||||||||||||
Cash Collection Source - | ||||||||||||||||||||||||||||||||
Constant Currency Adjusted | 2023 | 2022 | ||||||||||||||||||||||||||||||
($ in thousands) | Q4 | Q4 | ||||||||||||||||||||||||||||||
Americas and Australia Core | $ | 220,127 | $ | 208,013 | ||||||||||||||||||||||||||||
Americas Insolvency | 24,293 | 27,970 | ||||||||||||||||||||||||||||||
Europe Core | 144,361 | 140,393 | ||||||||||||||||||||||||||||||
Europe Insolvency | 21,502 | 25,417 | ||||||||||||||||||||||||||||||
Total Cash Collections | $ | 410,283 | $ | 401,793 | ||||||||||||||||||||||||||||
Portfolio Purchase Source | 2023 | 2022 | ||||||||||||||||||||||||||||||
($ in thousands) | Q4 | Q3 | Q2 | Q1 | Q4 | |||||||||||||||||||||||||||
Americas and Australia Core | $ | 143,052 | $ | 187,554 | $ | 171,440 | $ | 116,867 | $ | 118,581 | ||||||||||||||||||||||
Americas Insolvency | 18,608 | 44,279 | 12,189 | 15,701 | 8,967 | |||||||||||||||||||||||||||
Europe Core | 110,780 | 60,628 | 136,834 | 90,454 | 140,011 | |||||||||||||||||||||||||||
Europe Insolvency | 12,476 | 18,722 | 7,296 | 7,203 | 20,535 | |||||||||||||||||||||||||||
Total Portfolio Acquisitions | $ | 284,916 | $ | 311,183 | $ | 327,759 | $ | 230,225 | $ | 288,094 | ||||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Portfolio income | $ | 194,636 | $ | 184,921 | $ | 757,128 | $ | 772,315 | |||||||||||||||
Changes in expected recoveries | 22,754 | 34,087 | 29,134 | 168,904 | |||||||||||||||||||
Total portfolio revenue | 217,390 | 219,008 | 786,262 | 941,219 | |||||||||||||||||||
Other revenue | 4,028 | 3,843 | 16,292 | 25,305 | |||||||||||||||||||
Total revenues | 221,418 | 222,851 | 802,554 | 966,524 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Compensation and employee services | 71,070 | 69,922 | 288,778 | 285,537 | |||||||||||||||||||
Legal collection fees | 9,844 | 9,060 | 38,072 | 38,450 | |||||||||||||||||||
Legal collection costs | 22,903 | 19,063 | 89,131 | 76,757 | |||||||||||||||||||
Agency fees | 20,208 | 16,434 | 74,699 | 63,808 | |||||||||||||||||||
Outside fees and services | 20,555 | 20,866 | 82,619 | 92,355 | |||||||||||||||||||
Communication | 9,905 | 7,143 | 40,430 | 39,205 | |||||||||||||||||||
Rent and occupancy | 4,126 | 4,299 | 17,319 | 18,589 | |||||||||||||||||||
Depreciation and amortization | 3,032 | 3,859 | 13,376 | 15,243 | |||||||||||||||||||
Impairment of real estate | 202 | — | 5,239 | — | |||||||||||||||||||
Other operating expenses | 14,044 | 12,893 | 52,399 | 50,778 | |||||||||||||||||||
Total operating expenses | 175,889 | 163,539 | 702,062 | 680,722 | |||||||||||||||||||
Income from operations | 45,529 | 59,312 | 100,492 | 285,802 | |||||||||||||||||||
Other income and (expense): | |||||||||||||||||||||||
Interest expense, net | (50,946) | (34,912) | (181,724) | (130,677) | |||||||||||||||||||
Foreign exchange gain/(loss) | (695) | 194 | 289 | 985 | |||||||||||||||||||
Other | (564) | (572) | (1,944) | (1,325) | |||||||||||||||||||
Income/(loss) before income taxes | (6,676) | 24,022 | (82,887) | 154,785 | |||||||||||||||||||
Income tax expense/(benefit) | (816) | 6,960 | (16,133) | 36,787 | |||||||||||||||||||
Net Income/(loss) | (5,860) | 17,062 | (66,754) | 117,998 | |||||||||||||||||||
Adjustment for net income attributable to noncontrolling interests | 2,922 | 1,103 | 16,723 | 851 | |||||||||||||||||||
Net income/(loss) attributable to PRA Group, Inc. | $ | (8,782) | $ | 15,959 | $ | (83,477) | $ | 117,147 | |||||||||||||||
Net income/(loss) per common share attributable to PRA Group, Inc.: | |||||||||||||||||||||||
Basic | $ | (0.22) | $ | 0.41 | $ | (2.13) | $ | 2.96 | |||||||||||||||
Diluted | $ | (0.22) | $ | 0.41 | $ | (2.13) | $ | 2.94 | |||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||
Basic | 39,245 | 38,978 | 39,177 | 39,638 | |||||||||||||||||||
Diluted | 39,245 | 39,177 | 39,177 | 39,888 |
(unaudited) | |||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 112,528 | $ | 83,376 | |||||||
Investments | 72,404 | 79,948 | |||||||||
Finance receivables, net | 3,656,598 | 3,295,008 | |||||||||
Income taxes receivable | 27,713 | 31,774 | |||||||||
Deferred tax assets, net | 74,694 | 56,908 | |||||||||
Right-of-use assets | 45,877 | 54,506 | |||||||||
Property and equipment, net | 36,450 | 51,645 | |||||||||
Goodwill | 431,564 | 435,921 | |||||||||
Other assets | 67,526 | 86,588 | |||||||||
Total assets | $ | 4,525,354 | $ | 4,175,674 | |||||||
Liabilities and Equity | |||||||||||
Liabilities: | |||||||||||
Accounts payable | $ | 6,325 | $ | 7,329 | |||||||
Accrued expenses | 131,893 | 111,395 | |||||||||
Income taxes payable | 17,912 | 25,693 | |||||||||
Deferred tax liabilities, net | 17,051 | 42,918 | |||||||||
Lease liabilities | 50,300 | 59,384 | |||||||||
Interest-bearing deposits | 115,589 | 112,992 | |||||||||
Borrowings | 2,914,270 | 2,494,858 | |||||||||
Other liabilities | 32,638 | 34,355 | |||||||||
Total liabilities | 3,285,978 | 2,888,924 | |||||||||
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, 39,247 shares issued and outstanding as of December 31, 2023; 100,000 shares authorized, 38,980 shares issued and outstanding as of December 31, 2022 | 392 | 390 | |||||||||
Additional paid-in capital | 7,071 | 2,172 | |||||||||
Retained earnings | 1,489,548 | 1,573,025 | |||||||||
Accumulated other comprehensive loss | (329,899) | (347,926) | |||||||||
Total stockholders' equity - PRA Group, Inc. | 1,167,112 | 1,227,661 | |||||||||
Noncontrolling interests | 72,264 | 59,089 | |||||||||
Total equity | 1,239,376 | 1,286,750 | |||||||||
Total liabilities and equity | $ | 4,525,354 | $ | 4,175,674 |
Select Expenses (Income) Amounts in thousands, pre-tax | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | |||||||||||||||||||
Noncash interest expense - amortization of debt issuance costs | 2,177 | 2,220 | 2,384 | 2,441 | 2,444 | 2,555 | 2,471 | 2,627 | ||||||||||||||||||
Change in fair value of derivatives | (6,734) | (6,545) | (6,960) | (5,470) | (3,309) | (1,042) | 1,525 | 2,726 | ||||||||||||||||||
Amortization of intangibles | 69 | 69 | 68 | 66 | 73 | 73 | 77 | 83 | ||||||||||||||||||
Impairment of real estate | 202 | 5,037 | — | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation expense | 2,952 | 1,629 | 2,715 | 3,799 | 2,206 | 3,101 | 3,849 | 3,891 |
Purchase Price Multiples as of December 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 | |||||||||||||||||
1996-2013 | $ | 1,932,722 | $ | 5,725,248 | $ | 52,146 | 296% | 233% | |||||||||
2014 | 404,117 | 884,911 | 27,461 | 219% | 204% | ||||||||||||
2015 | 443,114 | 899,839 | 35,758 | 203% | 205% | ||||||||||||
2016 | 455,767 | 1,078,122 | 65,679 | 237% | 201% | ||||||||||||
2017 | 532,851 | 1,200,599 | 105,245 | 225% | 193% | ||||||||||||
2018 | 653,975 | 1,482,269 | 152,931 | 227% | 202% | ||||||||||||
2019 | 581,476 | 1,294,462 | 182,487 | 223% | 206% | ||||||||||||
2020 | 435,668 | 951,929 | 216,016 | 218% | 213% | ||||||||||||
2021 | 435,846 | 749,966 | 362,191 | 172% | 191% | ||||||||||||
2022 | 406,082 | 708,070 | 460,475 | 174% | 179% | ||||||||||||
2023 | 622,583 | 1,227,985 | 1,118,683 | 197% | 197% | ||||||||||||
Subtotal | 6,904,201 | 16,203,400 | 2,779,072 | ||||||||||||||
Americas Insolvency | |||||||||||||||||
1996-2013 | 1,266,056 | 2,502,614 | 91 | 198% | 159% | ||||||||||||
2014 | 148,420 | 218,811 | 98 | 147% | 124% | ||||||||||||
2015 | 63,170 | 88,009 | 73 | 139% | 125% | ||||||||||||
2016 | 91,442 | 117,987 | 256 | 129% | 123% | ||||||||||||
2017 | 275,257 | 356,839 | 1,121 | 130% | 125% | ||||||||||||
2018 | 97,879 | 135,530 | 1,939 | 138% | 127% | ||||||||||||
2019 | 123,077 | 168,658 | 18,261 | 137% | 128% | ||||||||||||
2020 | 62,130 | 90,690 | 28,225 | 146% | 136% | ||||||||||||
2021 | 55,187 | 73,803 | 33,804 | 134% | 136% | ||||||||||||
2022 | 33,442 | 46,811 | 34,461 | 140% | 139% | ||||||||||||
2023 | 91,282 | 122,780 | 113,508 | 135% | 135% | ||||||||||||
Subtotal | 2,307,342 | 3,922,532 | 231,837 | ||||||||||||||
Total Americas and Australia | 9,211,543 | 20,125,932 | 3,010,909 | ||||||||||||||
Europe Core | |||||||||||||||||
2012-2013 | 40,742 | 71,982 | 1 | 177% | 153% | ||||||||||||
2014 (1) | 773,811 | 2,465,052 | 394,133 | 319% | 208% | ||||||||||||
2015 | 411,340 | 743,591 | 141,158 | 181% | 160% | ||||||||||||
2016 | 333,090 | 567,702 | 162,940 | 170% | 167% | ||||||||||||
2017 | 252,174 | 363,813 | 107,971 | 144% | 144% | ||||||||||||
2018 | 341,775 | 544,970 | 194,808 | 159% | 148% | ||||||||||||
2019 | 518,610 | 838,326 | 353,219 | 162% | 152% | ||||||||||||
2020 | 324,119 | 561,192 | 262,884 | 173% | 172% | ||||||||||||
2021 | 412,411 | 695,544 | 428,779 | 169% | 170% | ||||||||||||
2022 | 359,447 | 582,380 | 489,333 | 162% | 162% | ||||||||||||
2023 | 410,593 | 692,580 | 640,924 | 169% | 169% | ||||||||||||
Subtotal | 4,178,112 | 8,127,132 | 3,176,150 | ||||||||||||||
Europe Insolvency | |||||||||||||||||
2014 (1) | 10,876 | 18,882 | — | 174% | 129% | ||||||||||||
2015 | 18,973 | 29,301 | 29 | 154% | 139% | ||||||||||||
2016 | 39,338 | 57,673 | 932 | 147% | 130% | ||||||||||||
2017 | 39,235 | 51,995 | 2,020 | 133% | 128% | ||||||||||||
2018 | 44,908 | 52,658 | 4,862 | 117% | 123% | ||||||||||||
2019 | 77,218 | 112,260 | 20,970 | 145% | 130% | ||||||||||||
2020 | 105,440 | 156,670 | 42,614 | 149% | 129% | ||||||||||||
2021 | 53,230 | 72,736 | 33,441 | 137% | 134% | ||||||||||||
2022 | 44,604 | 60,935 | 46,620 | 137% | 137% | ||||||||||||
2023 | 46,558 | 64,411 | 60,029 | 138% | 138% | ||||||||||||
Subtotal | 480,380 | 677,521 | 211,517 | ||||||||||||||
Total Europe | 4,658,492 | 8,804,653 | 3,387,667 | ||||||||||||||
Total PRA Group | $ | 13,870,035 | $ | 28,930,585 | $ | 6,398,576 |
Portfolio Financial Information For the Year Ended December 31, 2023 Amounts in thousands | |||||||||||||||||
Purchase Period | Cash Collections (2) | Portfolio Income (2) | Changes in Expected Recoveries (2) | Total Portfolio Revenue (2) | Net Finance Receivables as of December 31, 2023 (3) | ||||||||||||
Americas and Australia Core | |||||||||||||||||
1996-2013 | $ | 28,414 | $ | 14,689 | $ | 11,698 | $ | 26,387 | $ | 15,661 | |||||||
2014 | 11,826 | 5,085 | 6,623 | 11,708 | 10,416 | ||||||||||||
2015 | 14,084 | 8,296 | (352) | 7,944 | 15,107 | ||||||||||||
2016 | 24,898 | 16,456 | (973) | 15,483 | 21,960 | ||||||||||||
2017 | 43,765 | 24,863 | (5,960) | 18,904 | 43,205 | ||||||||||||
2018 | 92,931 | 38,221 | 13,105 | 51,326 | 84,611 | ||||||||||||
2019 | 110,278 | 49,393 | 287 | 49,681 | 100,749 | ||||||||||||
2020 | 125,832 | 55,634 | (3,681) | 51,953 | 121,292 | ||||||||||||
2021 | 136,807 | 78,122 | (52,274) | 25,848 | 190,907 | ||||||||||||
2022 | 195,438 | 95,009 | (5,798) | 89,211 | 281,983 | ||||||||||||
2023 | 108,414 | 75,234 | 3,074 | 78,307 | 591,032 | ||||||||||||
Subtotal | 892,687 | 461,002 | (34,251) | 426,752 | 1,476,923 | ||||||||||||
Americas Insolvency | |||||||||||||||||
1996-2013 | 1,089 | 336 | 756 | 1,092 | — | ||||||||||||
2014 | 430 | 249 | 136 | 385 | — | ||||||||||||
2015 | 325 | 105 | 121 | 226 | 39 | ||||||||||||
2016 | 893 | 120 | 521 | 641 | 228 | ||||||||||||
2017 | 4,852 | 438 | 1,457 | 1,895 | 1,013 | ||||||||||||
2018 | 12,677 | 1,085 | (1,751) | (667) | 1,858 | ||||||||||||
2019 | 28,698 | 3,149 | 651 | 3,800 | 17,310 | ||||||||||||
2020 | 19,470 | 4,202 | 1,000 | 5,202 | 25,023 | ||||||||||||
2021 | 17,474 | 4,590 | 924 | 5,515 | 28,874 | ||||||||||||
2022 | 9,163 | 3,831 | 716 | 4,547 | 27,851 | ||||||||||||
2023 | 9,166 | 4,998 | 2,237 | 7,234 | 85,331 | ||||||||||||
Subtotal | 104,237 | 23,103 | 6,768 | 29,870 | 187,527 | ||||||||||||
Total Americas and Australia | 996,924 | 484,105 | (27,483) | 456,622 | 1,664,450 | ||||||||||||
Europe Core | |||||||||||||||||
2012-2013 | 1,029 | 1 | 1,028 | 1,029 | — | ||||||||||||
2014 (1) | 107,571 | 67,749 | 24,528 | 92,277 | 101,742 | ||||||||||||
2015 | 33,779 | 16,091 | 2,643 | 18,734 | 72,591 | ||||||||||||
2016 | 29,663 | 15,334 | (3,008) | 12,326 | 96,274 | ||||||||||||
2017 | 20,166 | 7,471 | 1,012 | 8,484 | 73,646 | ||||||||||||
2018 | 41,613 | 15,083 | 1,326 | 16,409 | 128,861 | ||||||||||||
2019 | 75,074 | 23,993 | 23,157 | 47,150 | 238,759 | ||||||||||||
2020 | 56,078 | 21,772 | 3,436 | 25,207 | 163,027 | ||||||||||||
2021 | 73,017 | 32,638 | (5,931) | 26,707 | 258,670 | ||||||||||||
2022 | 83,782 | 34,199 | 986 | 35,185 | 307,528 | ||||||||||||
2023 | 50,320 | 20,129 | (1,029) | 19,099 | 377,193 | ||||||||||||
Subtotal | 572,092 | 254,460 | 48,148 | 302,607 | 1,818,291 | ||||||||||||
Europe Insolvency | |||||||||||||||||
2014 (1) | 235 | — | 235 | 235 | — | ||||||||||||
2015 | 395 | 26 | 289 | 315 | 27 | ||||||||||||
2016 | 1,315 | 248 | 330 | 578 | 429 | ||||||||||||
2017 | 3,800 | 259 | 821 | 1,080 | 1,753 | ||||||||||||
2018 | 7,154 | 650 | 39 | 690 | 4,417 | ||||||||||||
2019 | 17,460 | 2,479 | 1,266 | 3,745 | 18,413 | ||||||||||||
2020 | 29,687 | 4,643 | 3,180 | 7,823 | 38,342 | ||||||||||||
2021 | 14,734 | 3,556 | 1,405 | 4,961 | 28,669 | ||||||||||||
2022 | 12,352 | 4,588 | 195 | 4,783 | 36,875 | ||||||||||||
2023 | 4,302 | 2,114 | 709 | 2,823 | 44,932 | ||||||||||||
Subtotal | 91,434 | 18,563 | 8,469 | 27,033 | 173,857 | ||||||||||||
Total Europe | 663,526 | 273,023 | 56,617 | 329,640 | 1,992,148 | ||||||||||||
Total PRA Group | $ | 1,660,450 | $ | 757,128 | $ | 29,134 | $ | 786,262 | $ | 3,656,598 |
Cash Collections by Year, By Year of Purchase (1) as of December 31, 2023 Amounts in millions | |||||||||||||||||||||||||||||||||||||||||
Cash Collections | |||||||||||||||||||||||||||||||||||||||||
Purchase Period | Purchase Price (3)(4) | 1996-2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Total | ||||||||||||||||||||||||||||
Americas and Australia Core | |||||||||||||||||||||||||||||||||||||||||
1996-2013 | $ | 1,932.7 | $ | 3,618.9 | $ | 660.3 | $ | 474.4 | $ | 299.7 | $ | 197.0 | $ | 140.3 | $ | 99.7 | $ | 64.7 | $ | 46.5 | $ | 36.0 | $ | 28.4 | $ | 5,665.9 | |||||||||||||||
2014 | 404.1 | — | 92.7 | 253.4 | 170.3 | 114.2 | 82.2 | 55.3 | 31.9 | 22.3 | 15.0 | 11.8 | 849.1 | ||||||||||||||||||||||||||||
2015 | 443.1 | — | — | 117.0 | 228.4 | 185.9 | 126.6 | 83.6 | 57.2 | 34.9 | 19.5 | 14.1 | 867.2 | ||||||||||||||||||||||||||||
2016 | 455.8 | — | — | — | 138.7 | 256.5 | 194.6 | 140.6 | 105.9 | 74.2 | 38.4 | 24.9 | 973.8 | ||||||||||||||||||||||||||||
2017 | 532.9 | — | — | — | — | 107.3 | 278.7 | 256.5 | 192.5 | 130.0 | 76.3 | 43.8 | 1085.1 | ||||||||||||||||||||||||||||
2018 | 654.0 | — | — | — | — | — | 122.7 | 361.9 | 337.7 | 239.9 | 146.1 | 92.9 | 1301.2 | ||||||||||||||||||||||||||||
2019 | 581.5 | — | — | — | — | — | — | 143.8 | 349.0 | 289.8 | 177.7 | 110.3 | 1070.6 | ||||||||||||||||||||||||||||
2020 | 435.7 | — | — | — | — | — | — | — | 132.9 | 284.3 | 192.0 | 125.8 | 735.0 | ||||||||||||||||||||||||||||
2021 | 435.8 | — | — | — | — | — | — | — | — | 85.0 | 177.3 | 136.8 | 399.1 | ||||||||||||||||||||||||||||
2022 | 406.1 | — | — | — | — | — | — | — | — | — | 67.7 | 195.4 | 263.1 | ||||||||||||||||||||||||||||
2023 | 622.6 | — | — | — | — | — | — | — | — | — | — | 108.5 | 108.5 | ||||||||||||||||||||||||||||
Subtotal | 6,904.3 | 3,618.9 | 753.0 | 844.8 | 837.1 | 860.9 | 945.1 | 1,141.4 | 1,271.8 | 1,206.9 | 946.0 | 892.7 | 13,318.6 | ||||||||||||||||||||||||||||
Americas Insolvency | |||||||||||||||||||||||||||||||||||||||||
1996-2013 | 1,266.1 | 1,491.4 | 421.4 | 289.9 | 168.7 | 85.5 | 30.3 | 6.8 | 3.6 | 2.2 | 1.6 | 1.1 | 2,502.5 | ||||||||||||||||||||||||||||
2014 | 148.4 | — | 37.0 | 50.9 | 44.3 | 37.4 | 28.8 | 15.8 | 2.2 | 1.1 | 0.7 | 0.4 | 218.6 | ||||||||||||||||||||||||||||
2015 | 63.2 | — | — | 3.4 | 17.9 | 20.1 | 19.8 | 16.7 | 7.9 | 1.3 | 0.6 | 0.3 | 88.0 | ||||||||||||||||||||||||||||
2016 | 91.4 | — | — | — | 18.9 | 30.4 | 25.0 | 19.9 | 14.4 | 7.4 | 1.8 | 0.9 | 118.7 | ||||||||||||||||||||||||||||
2017 | 275.3 | — | — | — | — | 49.1 | 97.3 | 80.9 | 58.8 | 44.0 | 20.8 | 4.9 | 355.8 | ||||||||||||||||||||||||||||
2018 | 97.9 | — | — | — | — | — | 6.7 | 27.4 | 30.5 | 31.6 | 24.6 | 12.7 | 133.5 | ||||||||||||||||||||||||||||
2019 | 123.1 | — | — | — | — | — | — | 13.4 | 31.4 | 39.1 | 37.8 | 28.7 | 150.4 | ||||||||||||||||||||||||||||
2020 | 62.1 | — | — | — | — | — | — | — | 6.5 | 16.1 | 20.4 | 19.5 | 62.5 | ||||||||||||||||||||||||||||
2021 | 55.2 | — | — | — | — | — | — | — | — | 4.6 | 17.9 | 17.5 | 40.0 | ||||||||||||||||||||||||||||
2022 | 33.4 | — | — | — | — | — | — | — | — | — | 3.2 | 9.2 | 12.4 | ||||||||||||||||||||||||||||
2023 | 91.3 | — | — | — | — | — | — | — | — | — | — | 9.0 | 9.0 | ||||||||||||||||||||||||||||
Subtotal | 2,307.4 | 1,491.4 | 458.4 | 344.2 | 249.8 | 222.5 | 207.9 | 180.9 | 155.3 | 147.4 | 129.4 | 104.2 | 3,691.4 | ||||||||||||||||||||||||||||
Total Americas and Australia | 9,211.7 | 5,110.3 | 1,211.4 | 1,189.0 | 1,086.9 | 1,083.4 | 1,153.0 | 1,322.3 | 1,427.1 | 1,354.3 | 1,075.4 | 996.9 | 17,010.0 | ||||||||||||||||||||||||||||
Europe Core | |||||||||||||||||||||||||||||||||||||||||
2012-2013 | 40.7 | 27.7 | 14.2 | 5.5 | 3.5 | 3.3 | 3.3 | 2.4 | 1.9 | 1.8 | 1.4 | 1.0 | 66.0 | ||||||||||||||||||||||||||||
2014 (2) | 773.8 | — | 153.2 | 292.0 | 246.4 | 220.8 | 206.3 | 172.9 | 149.8 | 149.2 | 122.2 | 107.6 | 1,820.4 | ||||||||||||||||||||||||||||
2015 | 411.3 | — | — | 45.8 | 100.3 | 86.2 | 80.9 | 66.1 | 54.3 | 51.4 | 40.7 | 33.8 | 559.5 | ||||||||||||||||||||||||||||
2016 | 333.1 | — | — | — | 40.4 | 78.9 | 72.6 | 58.0 | 48.3 | 46.7 | 36.9 | 29.7 | 411.5 | ||||||||||||||||||||||||||||
2017 | 252.2 | — | — | — | — | 17.9 | 56.0 | 44.1 | 36.1 | 34.8 | 25.2 | 20.2 | 234.3 | ||||||||||||||||||||||||||||
2018 | 341.8 | — | — | — | — | — | 24.3 | 88.7 | 71.3 | 69.1 | 50.7 | 41.6 | 345.7 | ||||||||||||||||||||||||||||
2019 | 518.6 | — | — | — | — | — | — | 48.0 | 125.7 | 121.4 | 89.8 | 75.1 | 460.0 | ||||||||||||||||||||||||||||
2020 | 324.1 | — | — | — | — | — | — | — | 32.3 | 91.7 | 69.0 | 56.1 | 249.1 | ||||||||||||||||||||||||||||
2021 | 412.4 | — | — | — | — | — | — | — | — | 48.5 | 89.9 | 73.0 | 211.4 | ||||||||||||||||||||||||||||
2022 | 359.4 | — | — | — | — | — | — | — | — | — | 33.9 | 83.8 | 117.7 | ||||||||||||||||||||||||||||
2023 | 410.6 | — | — | — | — | — | — | — | — | — | — | 50.2 | 50.2 | ||||||||||||||||||||||||||||
Subtotal | 4,178.0 | 27.7 | 167.4 | 343.3 | 390.6 | 407.1 | 443.4 | 480.2 | 519.7 | 614.6 | 559.7 | 572.1 | 4,525.8 | ||||||||||||||||||||||||||||
Europe Insolvency | |||||||||||||||||||||||||||||||||||||||||
2014 (2) | 10.9 | — | — | 4.3 | 3.9 | 3.2 | 2.6 | 1.5 | 0.8 | 0.3 | 0.2 | 0.2 | 17.0 | ||||||||||||||||||||||||||||
2015 | 19.0 | — | — | 3.0 | 4.4 | 5.0 | 4.8 | 3.9 | 2.9 | 1.6 | 0.6 | 0.4 | 26.6 | ||||||||||||||||||||||||||||
2016 | 39.3 | — | — | — | 6.2 | 12.7 | 12.9 | 10.7 | 7.9 | 6.0 | 2.7 | 1.3 | 60.4 | ||||||||||||||||||||||||||||
2017 | 39.2 | — | — | — | — | 1.2 | 7.9 | 9.2 | 9.8 | 9.4 | 6.5 | 3.8 | 47.8 | ||||||||||||||||||||||||||||
2018 | 44.9 | — | — | — | — | — | 0.6 | 8.4 | 10.3 | 11.7 | 9.8 | 7.2 | 48.0 | ||||||||||||||||||||||||||||
2019 | 77.2 | — | — | — | — | — | — | 5.0 | 21.1 | 23.9 | 21.0 | 17.5 | 88.5 | ||||||||||||||||||||||||||||
2020 | 105.4 | — | — | — | — | — | — | — | 6.0 | 34.6 | 34.1 | 29.7 | 104.4 | ||||||||||||||||||||||||||||
2021 | 53.2 | — | — | — | — | — | — | — | — | 5.5 | 14.4 | 14.7 | 34.6 | ||||||||||||||||||||||||||||
2022 | 44.6 | — | — | — | — | — | — | — | — | — | 4.5 | 12.4 | 16.9 | ||||||||||||||||||||||||||||
2023 | 46.6 | — | — | — | — | — | — | — | — | — | — | 4.2 | 4.2 | ||||||||||||||||||||||||||||
Subtotal | 480.3 | — | — | 7.3 | 14.5 | 22.1 | 28.8 | 38.7 | 58.8 | 93.0 | 93.8 | 91.4 | 448.4 | ||||||||||||||||||||||||||||
Total Europe | 4,658.3 | 27.7 | 167.4 | 350.6 | 405.1 | 429.2 | 472.2 | 518.9 | 578.5 | 707.6 | 653.5 | 663.5 | 4,974.2 | ||||||||||||||||||||||||||||
Total PRA Group | $ | 13,870.0 | $ | 5,138.0 | $ | 1,378.8 | $ | 1,539.6 | $ | 1,492.0 | $ | 1,512.6 | $ | 1,625.2 | $ | 1,841.2 | $ | 2,005.6 | $ | 2,061.9 | $ | 1,728.9 | $ | 1,660.4 | $ | 21,984.2 |
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
Adjusted EBITDA for PRA Group ($ in millions) | December 31, 2023 | December 31, 2022 | ||||||||||||||||||
Net income/(loss) attributable to PRA Group, Inc. | $ | (83) | $ | 117 | ||||||||||||||||
Adjustments: | ||||||||||||||||||||
Income tax expense | (16) | 37 | ||||||||||||||||||
Foreign exchange (gains)/losses | — | (1) | ||||||||||||||||||
Interest expense, net | 181 | 131 | ||||||||||||||||||
Other expense | 2 | 1 | ||||||||||||||||||
Depreciation and amortization | 13 | 15 | ||||||||||||||||||
Impairment of real estate | 5 | — | ||||||||||||||||||
Adjustment for net income attributable to noncontrolling interests | 17 | 1 | ||||||||||||||||||
Recoveries applied to negative allowance less Changes in expected recoveries | 888 | 806 | ||||||||||||||||||
Adjusted EBITDA | $ | 1,007 | $ | 1,107 |
Debt to Adjusted EBITDA | ||||||||
December 31, 2023 | December 31, 2022 | |||||||
Borrowings | $ | 2,914 | $ | 2,495 | ||||
Adjusted EBITDA | 1,007 | 1,107 | ||||||
Debt to Adjusted EBITDA | 2.89 | 2.25 |
Cover Page |
Feb. 15, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 15, 2024 |
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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