NORFOLK, Va., Aug. 6, 2020 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the second quarter of 2020. Net income attributable to PRA Group, Inc. was $57.9 million compared to $18.6 million in the second quarter of 2019. Diluted earnings per share were $1.26 compared to $0.41 in the second quarter of 2019. For the six months ended June 30, 2020, net income attributable to PRA Group, Inc. was $77.0 million, or $1.68 per diluted share, compared to $33.8 million, or $0.74 per diluted share, during the same period in 2019.
Second Quarter Highlights
- Record global cash collections of $509.9 million, an increase of 8%, or 11% on a currency adjusted basis, compared to the second quarter of 2019.
- Record total revenues of $271.9 million, an increase of 8% compared to the second quarter of 2019.
- Record income from operations of $111.3 million, an increase of 76% compared to the second quarter of 2019.
- Cash efficiency ratio of 68.7% during the quarter compared to 60.4% in the second quarter of 2019.
- Net income of $57.9 million, an increase of 211% compared to the second quarter of 2019.
- Diluted earnings per share of $1.26, an increase of 207% compared to the second quarter of 2019.
- Total portfolio purchases of $164.5 million.
- Estimated Remaining Collections (ERC) of $6.4 billion.
"During June, we continued to see the same collection trends we reported in April and May. Cash collections were particularly strong in the U.S. and helped drive a global record during the second quarter. As discussed on our Q1 2020 conference call, due to various circumstances, we believe U.S. consumers have additional discretionary funds, and many are taking this opportunity to voluntarily resolve their debts. Demonstrating this, U.S. cash collections from PRA's digital channel grew over 90% from Q2 2019. Europe cash collections were similar to those in the second quarter of last year and well ahead of our expectations, so we are pleased with the results there as well," said Kevin Stevenson, president and chief executive officer. "We continue to see delayed investment volumes particularly in Europe but expect that to pick up later in the year as sellers have been moving forward with their sale processes more recently. We also anticipate a wave of charge-offs next year, and we will be well prepared to help our bank partners and provide our customers with the respect and solutions they have come to expect from PRA."
Cash Collections and Revenues
- The following table presents cash collections by quarter and by source on an as reported and currency-adjusted basis:
|
|
|
|
|
|
|
|
Cash Collection Source
|
2020
|
|
2019
|
|
($ in thousands)
|
Q2
|
Q1
|
|
Q4
|
Q3
|
Q2
|
|
Americas Core
|
$ 343,269
|
$ 305,780
|
|
$ 276,639
|
$ 279,902
|
$ 294,243
|
|
Americas Insolvency
|
38,685
|
43,210
|
|
40,801
|
45,759
|
49,770
|
|
Europe Core
|
115,145
|
131,340
|
|
126,649
|
118,917
|
117,635
|
|
Europe Insolvency
|
12,841
|
14,243
|
|
12,520
|
8,639
|
8,626
|
|
Total Cash Collections
|
$ 509,940
|
$ 494,573
|
|
$ 456,609
|
$ 453,217
|
$ 470,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Collection Source
|
|
|
|
|
|
|
|
Constant Currency Adjusted
|
2020
|
|
|
|
|
2019
|
|
($ in thousands)
|
Q2
|
|
|
|
|
Q2
|
|
Americas Core
|
$ 343,269
|
|
|
|
|
$ 288,595
|
|
Americas Insolvency
|
38,685
|
|
|
|
|
49,721
|
|
Europe Core
|
115,145
|
|
|
|
|
112,928
|
|
Europe Insolvency
|
12,841
|
|
|
|
|
8,351
|
|
Total Cash Collections
|
$ 509,940
|
|
|
|
|
$ 459,595
|
|
|
|
|
|
|
|
- Cash collections in the quarter increased $39.7 million compared to the second quarter of 2019. The increase was primarily due to a 37% increase in U.S. call center and other cash collections. This was partially offset by a decrease in Americas Insolvency cash collections since investment levels are not offsetting the runoff of older portfolios. For the six months ended June 30, 2020, cash collections increased $73.1 million compared to the same period last year.
- Portfolio income was $248.3 million compared to $249.2 million in income recognized on finance receivables in the second quarter of 2019.
- Changes in expected recoveries were a net positive of $19.8 million. This reflects $119.5 million in recoveries in excess of forecast from overperformance during the quarter, partially offset by a negative $99.7 million adjustment for changes in expected future recoveries as the Company has assumed the majority of the current quarter overperformance is acceleration of future collections and made additional cash forecast adjustments deemed appropriate given the current environment in which the Company operates.
Expenses
- Operating expenses in the quarter decreased $26.9 million compared to the second quarter of 2019. The decrease was primarily driven by a reduction in legal collection costs mainly as a result of the Company's decision to temporarily cease moving accounts into a legal eligible status in the U.S., along with the closure of courts in many of our European countries, as a result of the COVID-19 pandemic. In addition, there was a decrease in compensation and employee benefits from a reduction in U.S. call center staff as a result of efficiencies realized through technology, training, and data and analytics.
- For the six months ended June 30, 2020, operating expenses decreased $26.6 million compared to the same period last year.
- Interest expense decreased $0.6 million compared to the second quarter of 2019 primarily due to lower average interest rates.
- The effective tax rate for the six months ended June 30, 2020 was 17.2%.
Portfolio Acquisitions
- The Company purchased $164.5 million in finance receivables in the second quarter of 2020.
- At the end of the second quarter, the Company had in place forward flow commitments of up to $383.7 million with $272.3 million in the Americas and $111.4 million in Europe.
|
|
|
|
|
|
|
|
Portfolio Acquisition Source
|
2020
|
|
2019
|
|
($ in thousands)
|
Q2
|
Q1
|
|
Q4
|
Q3
|
Q2
|
|
Americas Core
|
$ 110,474
|
$ 172,697
|
|
$ 118,153
|
$ 168,185
|
$ 121,996
|
|
Americas Insolvency
|
14,527
|
20,772
|
|
22,650
|
26,311
|
26,092
|
|
Europe Core
|
34,247
|
60,990
|
|
218,919
|
64,728
|
136,344
|
|
Europe Insolvency
|
5,251
|
18,778
|
|
42,613
|
19,772
|
4,715
|
|
Total Portfolio Acquisitions
|
$ 164,499
|
$ 273,237
|
|
$ 402,335
|
$ 278,996
|
$ 289,147
|
|
|
|
|
|
|
|
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 until Aug. 13, 2020, call 877-344-7529 in the U.S. or 412-317-0088 outside the U.S. and use access code 10146542.
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 and Europe. 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 which 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 our 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 but not limited to 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 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
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Portfolio income
|
$ 248,284
|
|
$ -
|
|
$ 510,306
|
|
$ -
|
|
Changes in expected recoveries
|
19,801
|
|
-
|
|
6,985
|
|
-
|
|
Income recognized on finance receivables
|
-
|
|
249,219
|
|
-
|
|
488,055
|
|
Fee income
|
2,639
|
|
2,707
|
|
4,848
|
|
9,081
|
|
Other revenue
|
1,186
|
|
131
|
|
1,555
|
|
798
|
|
|
Total revenues
|
271,910
|
|
252,057
|
|
523,694
|
|
497,934
|
|
|
|
|
|
|
|
|
|
|
|
|
Net allowance charges
|
-
|
|
(1,196)
|
|
-
|
|
(7,291)
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Compensation and employee services
|
70,472
|
|
79,808
|
|
145,643
|
|
159,453
|
|
Legal collection fees
|
13,742
|
|
14,297
|
|
28,314
|
|
27,356
|
|
Legal collection costs
|
19,507
|
|
33,121
|
|
53,954
|
|
68,350
|
|
Agency fees
|
10,343
|
|
13,013
|
|
23,719
|
|
27,045
|
|
Outside fees and services
|
18,683
|
|
16,293
|
|
38,077
|
|
31,541
|
|
Communication
|
8,812
|
|
10,824
|
|
22,323
|
|
24,025
|
|
Rent and occupancy
|
4,471
|
|
4,491
|
|
8,955
|
|
8,854
|
|
Depreciation and amortization
|
4,109
|
|
4,723
|
|
8,193
|
|
9,295
|
|
Other operating expenses
|
10,491
|
|
10,926
|
|
22,696
|
|
22,511
|
|
|
Total operating expenses
|
160,630
|
|
187,496
|
|
351,874
|
|
378,430
|
|
|
Income from operations
|
111,280
|
|
63,365
|
|
171,820
|
|
112,213
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income and (expense):
|
|
|
|
|
|
|
|
|
Interest expense, net
|
(35,416)
|
|
(36,027)
|
|
(72,627)
|
|
(70,008)
|
|
Foreign exchange gain/(loss)
|
683
|
|
(311)
|
|
2,966
|
|
5,953
|
|
Other
|
(1,582)
|
|
248
|
|
(1,658)
|
|
(104)
|
|
|
Income before income taxes
|
74,965
|
|
27,275
|
|
100,501
|
|
48,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
14,137
|
|
5,075
|
|
17,237
|
|
8,942
|
|
|
Net income
|
60,828
|
|
22,200
|
|
83,264
|
|
39,112
|
|
|
|
Adjustment for net income attributable to noncontrolling interests
|
2,914
|
|
3,581
|
|
6,215
|
|
5,266
|
|
|
Net income attributable to PRA Group, Inc.
|
$ 57,914
|
|
$ 18,619
|
|
$ 77,049
|
|
$ 33,846
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share attributable to PRA Group, Inc.:
|
|
|
|
|
|
|
|
|
Basic
|
$ 1.27
|
|
$ 0.41
|
|
$ 1.69
|
|
$ 0.75
|
|
Diluted
|
$ 1.26
|
|
$ 0.41
|
|
$ 1.68
|
|
$ 0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
45,548
|
|
45,387
|
|
45,500
|
|
45,363
|
|
Diluted
|
45,987
|
|
45,495
|
|
45,886
|
|
45,457
|
|
|
|
|
|
|
|
|
|
|
|
|
PRA Group, Inc.
|
|
Consolidated Balance Sheets
|
|
(in thousands, except per share amounts)
|
|
(Amounts in thousands)
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
June 30,
|
December 31,
|
|
ASSETS
|
2020
|
2019
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$ 115,741
|
$ 119,774
|
|
Investments
|
18,746
|
56,176
|
|
Finance receivables, net
|
3,351,532
|
3,514,165
|
|
Other receivables, net
|
15,532
|
10,606
|
|
Income taxes receivable
|
23,166
|
17,918
|
|
Deferred tax asset, net
|
64,548
|
63,225
|
|
Property and equipment, net
|
59,285
|
56,501
|
|
Right-of-use assets
|
58,213
|
68,972
|
|
Goodwill
|
444,507
|
480,794
|
|
Intangible assets, net
|
3,666
|
4,497
|
|
Other assets
|
42,888
|
31,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 4,197,824
|
$ 4,423,891
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
Accounts payable
|
$ 4,667
|
$ 4,258
|
|
Accrued expenses
|
72,871
|
88,925
|
|
Income taxes payable
|
31,226
|
4,046
|
|
Deferred tax liability, net
|
59,860
|
85,390
|
|
Lease liabilities
|
62,706
|
73,377
|
|
Interest-bearing deposits
|
120,520
|
106,246
|
|
Borrowings
|
2,580,068
|
2,808,425
|
|
Other liabilities
|
71,044
|
26,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
3,002,962
|
3,196,878
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
Preferred stock, par value $0.01, authorized shares, 2,000, issued
and outstanding shares, 0
|
-
|
-
|
|
|
Common stock, par value $0.01, 100,000 shares authorized, 45,579
shares issued and outstanding at June 30, 2020; 100,000 shares
authorized, 45,416 shares issued and outstanding at December 31,
2019
|
456
|
454
|
|
|
Additional paid-in capital
|
70,065
|
67,321
|
|
|
Retained earnings
|
1,439,680
|
1,362,631
|
|
|
Accumulated other comprehensive loss
|
(347,212)
|
(261,018)
|
|
|
|
Total stockholders' equity - PRA Group, Inc.
|
1,162,989
|
1,169,388
|
|
|
|
|
Noncontrolling interests
|
31,873
|
57,625
|
|
|
|
|
Total equity
|
1,194,862
|
1,227,013
|
|
|
|
|
|
Total liabilities and equity
|
$ 4,197,824
|
$ 4,423,891
|
|
Select Expenses (Income)
|
|
|
|
|
|
|
|
(in thousands, pre-tax)
|
Three Months Ended
|
|
June 30,
2020
|
March 31,
2020
|
December 31,
2019
|
September 30,
2019
|
June 30,
2019
|
March 31,
2019
|
December 31,
2018
|
September 30,
2018
|
|
Acquisition/divestiture-related expenses
|
-
|
-
|
-
|
-
|
227
|
223
|
-
|
-
|
|
Legal costs not associated with normal operations
|
-
|
-
|
-
|
-
|
-
|
-
|
647
|
95
|
|
Noncash interest expense - amortization of debt discount
|
3,247
|
3,217
|
3,157
|
3,128
|
3,071
|
3,042
|
2,986
|
2,958
|
|
Noncash interest expense - amortization of debt issuance costs
|
2,743
|
2,640
|
2,649
|
2,649
|
2,655
|
2,636
|
2,723
|
2,524
|
|
Change in fair value on derivatives
|
3,284
|
2,039
|
1,247
|
1,126
|
1,645
|
349
|
673
|
(504)
|
|
Amortization of intangibles
|
351
|
349
|
407
|
400
|
418
|
347
|
907
|
994
|
|
Share-based compensation expense
|
3,063
|
2,857
|
2,809
|
2,974
|
2,620
|
2,314
|
1,600
|
2,361
|
|
Purchase Price Multiples
|
|
as of June 30, 2020
|
|
Amounts in thousands
|
|
|
|
|
|
|
|
|
Purchase Period
|
Purchase
Price (1)(2)
|
ERC-Historical
Period
Exchange Rates (3)
|
Total Estimated
Collections (4)
|
ERC-Current
Period
Exchange Rates (5)
|
Current
Estimated
Purchase Price
Multiple
|
Original
Estimated
Purchase Price
Multiple (6)
|
|
Americas Core
|
|
|
|
|
|
|
|
1996-2009
|
$ 930,026
|
$ 25,275
|
$ 2,876,410
|
$ 25,275
|
309%
|
238%
|
|
2010
|
148,193
|
16,361
|
527,054
|
16,361
|
356%
|
247%
|
|
2011
|
209,602
|
29,000
|
725,887
|
29,000
|
346%
|
245%
|
|
2012
|
254,076
|
35,475
|
661,919
|
35,475
|
261%
|
226%
|
|
2013
|
390,826
|
62,664
|
912,274
|
62,664
|
233%
|
211%
|
|
2014
|
404,117
|
99,011
|
891,394
|
96,700
|
221%
|
204%
|
|
2015
|
443,114
|
163,023
|
933,558
|
162,489
|
211%
|
205%
|
|
2016
|
455,767
|
301,974
|
1,099,686
|
287,328
|
241%
|
201%
|
|
2017
|
532,851
|
453,291
|
1,207,541
|
448,520
|
227%
|
193%
|
|
2018
|
653,975
|
670,175
|
1,340,743
|
657,985
|
205%
|
202%
|
|
2019
|
581,476
|
898,263
|
1,222,926
|
868,031
|
210%
|
206%
|
|
2020
|
283,041
|
543,573
|
580,673
|
543,573
|
205%
|
205%
|
|
Subtotal
|
5,287,064
|
3,298,085
|
12,980,065
|
3,233,401
|
|
|
|
Americas Insolvency
|
|
|
|
|
|
|
1996-2009
|
397,453
|
681
|
835,919
|
681
|
210%
|
178%
|
|
2010
|
208,942
|
868
|
546,829
|
868
|
262%
|
184%
|
|
2011
|
180,432
|
743
|
370,148
|
743
|
205%
|
155%
|
|
2012
|
251,395
|
495
|
392,466
|
495
|
156%
|
136%
|
|
2013
|
227,834
|
1,380
|
354,901
|
1,380
|
156%
|
133%
|
|
2014
|
148,420
|
2,088
|
217,662
|
2,074
|
147%
|
124%
|
|
2015
|
63,170
|
4,344
|
87,824
|
4,344
|
139%
|
125%
|
|
2016
|
91,442
|
14,160
|
115,267
|
14,146
|
126%
|
123%
|
|
2017
|
275,257
|
86,263
|
345,821
|
86,263
|
126%
|
125%
|
|
2018
|
97,879
|
81,259
|
130,790
|
81,259
|
134%
|
127%
|
|
2019
|
123,077
|
132,192
|
160,420
|
132,061
|
130%
|
128%
|
|
2020
|
35,298
|
44,941
|
47,686
|
44,941
|
135%
|
135%
|
|
Subtotal
|
2,100,599
|
369,414
|
3,605,733
|
369,255
|
|
|
|
Total Americas
|
7,387,663
|
3,667,499
|
16,585,798
|
3,602,656
|
|
|
|
Europe Core
|
|
|
|
|
|
|
|
2012
|
20,409
|
292
|
40,720
|
221
|
200%
|
187%
|
|
2013
|
20,334
|
148
|
25,132
|
110
|
124%
|
119%
|
|
2014
|
773,811
|
731,226
|
2,215,272
|
632,283
|
286%
|
208%
|
|
2015
|
411,340
|
308,026
|
733,076
|
273,940
|
178%
|
160%
|
|
2016
|
333,090
|
298,696
|
556,757
|
290,948
|
167%
|
167%
|
|
2017
|
252,174
|
218,286
|
359,556
|
197,823
|
143%
|
144%
|
|
2018
|
341,775
|
374,650
|
524,165
|
361,620
|
153%
|
148%
|
|
2019
|
518,610
|
668,732
|
782,184
|
637,980
|
151%
|
152%
|
|
2020
|
94,763
|
165,081
|
172,597
|
165,081
|
182%
|
182%
|
|
Subtotal
|
2,766,306
|
2,765,137
|
5,409,459
|
2,560,006
|
|
|
|
Europe Insolvency
|
|
|
|
|
|
|
2014
|
10,876
|
573
|
18,136
|
490
|
167%
|
129%
|
|
2015
|
18,973
|
4,220
|
29,099
|
3,534
|
153%
|
139%
|
|
2016
|
39,338
|
12,951
|
56,808
|
13,132
|
144%
|
130%
|
|
2017
|
39,235
|
24,680
|
48,839
|
22,626
|
124%
|
128%
|
|
2018
|
44,908
|
41,089
|
55,096
|
39,915
|
123%
|
123%
|
|
2019
|
77,218
|
85,331
|
101,282
|
79,841
|
131%
|
130%
|
|
2020
|
23,017
|
29,757
|
30,776
|
29,757
|
134%
|
134%
|
|
Subtotal
|
253,565
|
198,601
|
340,036
|
189,295
|
|
|
|
Total Europe
|
3,019,871
|
2,963,738
|
5,749,495
|
2,749,301
|
|
|
|
Total PRA Group
|
$ 10,407,534
|
$ 6,631,237
|
$ 22,335,293
|
$ 6,351,957
|
|
|
|
|
(1) Includes the acquisition date finance receivables portfolios that were acquired through our business acquisitions.
|
|
(2) For our non-US amounts, purchase price is presented at the exchange rate at the end of the year in which the pool 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.
|
|
(3) For our non-US amounts, ERC-Historical Period Exchange Rates is presented at the year-end exchange rate for the respective year
|
|
of purchase.
|
|
(4) For our non-U.S. amounts, Total Estimated Collections is presented at the year-end exchange rate for the respective year of purchase.
|
|
(5) For our non-U.S. amounts, ERC-Current Period Exchange Rates is presented at the June 30, 2020 exchange rate.
|
|
(6) The Original Estimated Purchase Price Multiple represents the purchase price multiple at the end of the year of acquisition.
|
|
Portfolio Financial Information
|
|
Year-to-date as of June 30, 2020
|
|
Amounts in thousands
|
|
|
|
|
|
|
|
Purchase Period
|
Cash
Collections(1)
|
Portfolio
Income (1)
|
Changes in
Expected
Recoveries(1)
|
Total Portfolio
Revenue (1) (2)
|
Net Finance
Receivables as of
June 30, 2020 (3)
|
|
Americas Core
|
|
|
|
|
|
|
1996-2009
|
$ 7,348
|
$ 5,560
|
$ (1,406)
|
$ 4,154
|
$ 6,071
|
|
2010
|
3,678
|
3,536
|
(857)
|
2,679
|
2,486
|
|
2011
|
6,281
|
5,941
|
(2,248)
|
3,693
|
5,117
|
|
2012
|
6,802
|
6,093
|
(4,225)
|
1,868
|
11,070
|
|
2013
|
13,149
|
9,990
|
(8,009)
|
1,981
|
22,418
|
|
2014
|
18,121
|
14,251
|
(15,672)
|
(1,421)
|
35,200
|
|
2015
|
32,948
|
19,999
|
(13,822)
|
6,177
|
66,386
|
|
2016
|
57,081
|
32,839
|
(755)
|
32,084
|
113,660
|
|
2017
|
108,504
|
50,175
|
17,559
|
67,734
|
200,463
|
|
2018
|
183,021
|
76,976
|
6,452
|
83,428
|
356,085
|
|
2019
|
175,029
|
95,119
|
14,877
|
109,996
|
448,861
|
|
2020
|
37,087
|
21,374
|
10,312
|
31,686
|
277,335
|
|
Subtotal
|
649,049
|
341,853
|
2,206
|
344,059
|
1,545,152
|
|
Americas Insolvency
|
|
|
|
|
|
1996-2009
|
197
|
$ 235
|
(38)
|
197
|
-
|
|
2010
|
269
|
312
|
(43)
|
269
|
-
|
|
2011
|
275
|
229
|
46
|
275
|
-
|
|
2012
|
546
|
458
|
174
|
632
|
-
|
|
2013
|
742
|
763
|
(20)
|
743
|
-
|
|
2014
|
1,378
|
1,789
|
(896)
|
893
|
262
|
|
2015
|
5,624
|
2,819
|
(219)
|
2,600
|
2,755
|
|
2016
|
7,709
|
2,060
|
(616)
|
1,444
|
11,164
|
|
2017
|
32,245
|
9,047
|
(2,692)
|
6,355
|
69,529
|
|
2018
|
15,394
|
4,655
|
3,010
|
7,665
|
66,722
|
|
2019
|
14,770
|
5,870
|
2,790
|
8,660
|
108,218
|
|
2020
|
2,746
|
1,098
|
(264)
|
834
|
33,190
|
|
Subtotal
|
81,895
|
29,335
|
1,232
|
30,567
|
291,840
|
|
Total Americas
|
730,944
|
371,188
|
3,438
|
374,626
|
1,836,992
|
|
Europe Core
|
|
|
|
|
|
|
2012
|
591
|
454
|
137
|
591
|
-
|
|
2013
|
320
|
216
|
104
|
320
|
-
|
|
2014
|
72,661
|
54,323
|
2,336
|
56,659
|
166,870
|
|
2015
|
26,772
|
15,775
|
(213)
|
15,562
|
142,997
|
|
2016
|
23,270
|
13,529
|
(1,336)
|
12,193
|
167,532
|
|
2017
|
17,870
|
6,932
|
(1,285)
|
5,647
|
136,984
|
|
2018
|
35,776
|
13,293
|
3,562
|
16,855
|
234,775
|
|
2019
|
61,779
|
22,118
|
(2,085)
|
20,033
|
422,528
|
|
2020
|
7,446
|
2,966
|
1,348
|
4,314
|
91,298
|
|
Subtotal
|
246,485
|
129,606
|
2,568
|
132,174
|
1,362,984
|
|
Europe Insolvency
|
|
|
|
|
|
2014
|
410
|
320
|
(17)
|
303
|
192
|
|
2015
|
1,603
|
769
|
93
|
862
|
2,154
|
|
2016
|
4,064
|
1,700
|
(241)
|
1,459
|
9,262
|
|
2017
|
4,747
|
1,054
|
191
|
1,245
|
19,580
|
|
2018
|
4,845
|
1,521
|
(237)
|
1,284
|
33,977
|
|
2019
|
10,386
|
3,429
|
992
|
4,421
|
63,555
|
|
2020
|
1,029
|
719
|
198
|
917
|
22,836
|
|
Subtotal
|
27,084
|
9,512
|
979
|
10,491
|
151,556
|
|
Total Europe
|
273,569
|
139,118
|
3,547
|
142,665
|
1,514,540
|
|
Total PRA Group
|
$ 1,004,513
|
$ 510,306
|
$ 6,985
|
$ 517,291
|
$ 3,351,532
|
|
|
(1) For our non-U.S. amounts, amounts are presented using the average exchange rates during the current reporting period.
|
|
(2) Total Portfolio Revenue refers to portfolio income and changes in expected recoveries combined.
|
|
(3) For our non-U.S. amounts, net finance receivables are presented at the June 30, 2020 exchange rate.
|
|
Cash Collections by Year, By Year of Purchase(1)
|
|
as of June 30, 2020
|
|
Amounts in millions
|
|
|
|
|
Purchase Period
|
Purchase
Price
(2)(3)
|
Cash Collections
|
|
1996-2009
|
2010
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
Total
|
|
Americas Core
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1996-2009
|
$ 930.0
|
$ 1,647.7
|
$ 295.7
|
$ 253.5
|
$ 201.6
|
$ 146.4
|
$ 101.8
|
$ 71.2
|
$ 45.7
|
$ 30.5
|
$ 23.3
|
$ 19.2
|
$ 7.3
|
$ 2,843.9
|
|
2010
|
148.2
|
—
|
47.1
|
113.6
|
109.9
|
82.0
|
55.9
|
38.1
|
24.5
|
15.6
|
11.1
|
9.2
|
3.7
|
510.7
|
|
2011
|
209.6
|
—
|
—
|
62.0
|
174.5
|
152.9
|
108.5
|
73.8
|
48.7
|
32.0
|
21.6
|
16.6
|
6.3
|
696.9
|
|
2012
|
254.1
|
—
|
—
|
—
|
56.9
|
173.6
|
146.2
|
97.3
|
60.0
|
40.0
|
27.8
|
17.9
|
6.8
|
626.5
|
|
2013
|
390.8
|
—
|
—
|
—
|
—
|
101.6
|
247.8
|
194.0
|
120.8
|
78.9
|
56.4
|
36.9
|
13.2
|
849.6
|
|
2014
|
404.1
|
—
|
—
|
—
|
—
|
—
|
92.7
|
253.4
|
170.3
|
114.2
|
82.2
|
55.3
|
18.2
|
786.3
|
|
2015
|
443.1
|
—
|
—
|
—
|
—
|
—
|
—
|
117.0
|
228.4
|
185.9
|
126.6
|
83.6
|
32.9
|
774.4
|
|
2016
|
455.8
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
138.7
|
256.5
|
194.6
|
140.6
|
57.1
|
787.5
|
|
2017
|
532.9
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
107.3
|
278.7
|
256.5
|
108.5
|
751.0
|
|
2018
|
654.0
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
122.7
|
361.9
|
183.0
|
667.6
|
|
2019
|
581.5
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
143.8
|
175.0
|
318.8
|
|
2020
|
283.0
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
-
|
37.1
|
37.1
|
|
Subtotal
|
5,287.1
|
1,647.7
|
342.8
|
429.1
|
542.9
|
656.5
|
752.9
|
844.8
|
837.1
|
860.9
|
945.0
|
1,141.5
|
649.1
|
$ 9,650.3
|
|
Americas Insolvency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1996-2009
|
397.5
|
204.3
|
147.1
|
156.7
|
145.4
|
109.3
|
57.0
|
7.6
|
3.6
|
2.2
|
1.1
|
0.7
|
0.2
|
835.2
|
|
2010
|
208.9
|
—
|
39.5
|
104.5
|
125.0
|
121.7
|
101.9
|
43.6
|
5.0
|
2.4
|
1.4
|
0.7
|
0.3
|
546.0
|
|
2011
|
180.4
|
—
|
—
|
15.2
|
66.4
|
82.8
|
85.8
|
76.9
|
36.0
|
3.7
|
1.6
|
0.7
|
0.3
|
369.4
|
|
2012
|
251.4
|
—
|
—
|
—
|
17.4
|
103.6
|
94.1
|
80.1
|
60.7
|
29.3
|
4.3
|
1.9
|
0.5
|
391.9
|
|
2013
|
227.8
|
—
|
—
|
—
|
—
|
52.5
|
82.6
|
81.7
|
63.4
|
47.8
|
21.9
|
2.9
|
0.7
|
353.5
|
|
2014
|
148.4
|
—
|
—
|
—
|
—
|
—
|
37.0
|
50.9
|
44.3
|
37.4
|
28.8
|
15.8
|
1.4
|
215.6
|
|
2015
|
63.2
|
—
|
—
|
—
|
—
|
—
|
—
|
3.4
|
17.9
|
20.1
|
19.8
|
16.7
|
5.6
|
83.5
|
|
2016
|
91.4
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
18.9
|
30.4
|
25.0
|
19.9
|
7.7
|
101.9
|
|
2017
|
275.3
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
49.1
|
97.3
|
80.9
|
32.3
|
259.6
|
|
2018
|
97.9
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
6.7
|
27.4
|
15.4
|
49.5
|
|
2019
|
123.1
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
13.4
|
14.8
|
28.2
|
|
2020
|
35.3
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
2.7
|
2.7
|
|
Subtotal
|
2,100.6
|
204.3
|
186.6
|
276.4
|
354.2
|
469.9
|
458.4
|
344.2
|
249.8
|
222.4
|
207.9
|
181.0
|
81.9
|
3,237.0
|
|
Total Americas
|
7,387.7
|
1,852.0
|
529.4
|
705.5
|
897.1
|
1,126.4
|
1,211.3
|
1,189.0
|
1,086.9
|
1,083.3
|
1,152.9
|
1,322.5
|
731.0
|
12,887.3
|
|
Europe Core
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
20.4
|
—
|
—
|
—
|
11.6
|
9.0
|
5.6
|
3.2
|
2.2
|
2.0
|
2.0
|
1.5
|
0.6
|
37.7
|
|
2013
|
20.3
|
—
|
—
|
—
|
—
|
7.1
|
8.5
|
2.3
|
1.3
|
1.2
|
1.3
|
0.9
|
0.3
|
22.9
|
|
2014
|
773.8
|
—
|
—
|
—
|
—
|
—
|
153.2
|
292.0
|
246.4
|
220.8
|
206.3
|
172.9
|
72.6
|
1,364.2
|
|
2015
|
411.3
|
—
|
—
|
—
|
—
|
—
|
—
|
45.8
|
100.3
|
86.2
|
80.9
|
66.1
|
26.7
|
406.0
|
|
2016
|
333.1
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
40.4
|
78.9
|
72.6
|
58.0
|
23.3
|
273.2
|
|
2017
|
252.2
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
17.9
|
56.0
|
44.1
|
17.9
|
135.9
|
|
2018
|
341.8
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
24.3
|
88.7
|
35.8
|
148.8
|
|
2019
|
518.6
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
48.0
|
61.8
|
109.8
|
|
2020
|
94.8
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
7.5
|
7.5
|
|
Subtotal
|
2,766.3
|
-
|
-
|
-
|
11.6
|
16.1
|
167.3
|
343.3
|
390.6
|
407.0
|
443.4
|
480.2
|
246.5
|
2,506.0
|
|
Europe Insolvency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
10.9
|
—
|
—
|
—
|
—
|
—
|
-
|
4.3
|
3.9
|
3.2
|
2.6
|
1.5
|
0.4
|
15.9
|
|
2015
|
19.0
|
—
|
—
|
—
|
—
|
—
|
—
|
3.0
|
4.4
|
5.0
|
4.8
|
3.9
|
1.6
|
22.7
|
|
2016
|
39.3
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
6.2
|
12.7
|
12.9
|
10.7
|
4.0
|
46.5
|
|
2017
|
39.2
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1.2
|
7.9
|
9.2
|
4.8
|
23.1
|
|
2018
|
44.9
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
0.6
|
8.4
|
4.9
|
13.9
|
|
2019
|
77.2
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
5.0
|
10.3
|
15.3
|
|
2020
|
23.0
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1.0
|
1.0
|
|
Subtotal
|
253.5
|
-
|
-
|
-
|
-
|
-
|
-
|
7.3
|
14.5
|
22.1
|
28.8
|
38.7
|
27.0
|
138.4
|
|
Total Europe
|
3,019.8
|
-
|
-
|
-
|
11.6
|
16.1
|
167.3
|
350.6
|
405.1
|
429.1
|
472.2
|
518.9
|
273.5
|
2,644.4
|
|
Total PRA Group
|
$ 10,407.5
|
$ 1,852.0
|
$ 529.4
|
$ 705.5
|
$ 908.7
|
$ 1,142.5
|
$ 1,378.6
|
$ 1,539.6
|
$ 1,492.0
|
$ 1,512.4
|
$ 1,625.1
|
$ 1,841.4
|
$ 1,004.5
|
$ 15,531.7
|
|
|
(1) For our non-U.S. amounts, Cash Collections are presented using the average exchange rates during the cash collection period.
|
|
(2) Includes the acquisition date finance receivables portfolios that were acquired through our business acquisitions.
|
|
(3) For our non-US amounts, purchase price is presented at the exchange rate at the end of the year in which the pool 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.
|
Investor Contact:
Darby Schoenfeld, CPA
Vice President, Investor Relations
(757) 431-7913
Darby.Schoenfeld@PRAGroup.com
News Media Contact:
Elizabeth Kersey
Vice President, Communications and Public Policy
(757) 431-3398
Elizabeth.Kersey@PRAGroup.com
View original content:http://www.prnewswire.com/news-releases/pra-group-reports-second-quarter-2020-results-301107849.html
SOURCE PRA Group, Inc.