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 9, 2018
PRA Group, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware | 000-50058 | 75-3078675 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
120 Corporate Boulevard, Norfolk, Virginia 23502 |
(Address of Principal Executive Offices) (Zip Code) |
888-772-7326
(Registrant's telephone number, including area code)
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)) |
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 9, 2018, PRA Group, Inc. (the “Company”) issued a press release announcing its first quarter 2018 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 9, 2018 webcast and conference call to discuss its first quarter 2018 results is available in the Investor Relations section of the Company’s website at http://ir.pragroup.com/events.cfm. 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
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 9, 2018 | By: | /s/ Peter M. Graham |
Peter M. Graham | ||
Executive Vice President and Chief Financial Officer | ||
Exhibit Index
Exhibit No. | Description | |
99.1 | Press Release dated May 9, 2018 |
EXHIBIT 99.1
PRA Group Reports First Quarter 2018 Results
NORFOLK, Va., May 09, 2018 (GLOBE NEWSWIRE) -- PRA Group (Nasdaq:PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the first quarter of 2018. The Company reported diluted earnings per share of $0.47 compared to $1.03 in the first quarter of 2017. The first quarter of 2017 included a net, after-tax gain of approximately $27 million on the sale of the Government Services business.
First Quarter Business Highlights
First Quarter Financial Highlights
“Since the middle of 2016, PRA has been hiring U.S. based collectors and has opened two new call centers to meet the needs of our existing portfolios and future purchases. This quarter shows the results of those efforts with a 22% increase in cash collections in the U.S. call centers and a record quarter of global cash collections,” said Kevin Stevenson, president and chief executive officer of PRA Group. “Hiring and operational improvements, together with record portfolio purchases in 2017, continue to drive increases in cash collections. The hiring of additional collectors has done exactly what we communicated it would – allowed us to address our portfolios more appropriately, and that is reflected in our results. I am impressed, but not surprised, that our team has been able to accommodate this growth.”
Cash Collections and Revenues
Cash Collection Source | 2018 | 2017 | ||||||||||
($ in thousands) | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||
Americas-Core | $ | 246,237 | $ | 204,245 | $ | 212,756 | $ | 217,020 | $ | 226,906 | ||
Americas-Insolvency | 55,280 | 59,103 | 60,436 | 53,163 | 49,813 | |||||||
Europe-Core | 118,109 | 107,124 | 102,681 | 99,121 | 98,081 | |||||||
Europe-Insolvency | 6,954 | 5,794 | 5,961 | 5,371 | 5,030 | |||||||
Total Cash Collections | $ | 426,580 | $ | 376,266 | $ | 381,834 | $ | 374,675 | $ | 379,830 | ||
Cash Collection Source - | ||||||||||||
Constant Currency Adjusted | 2018 | 2017 | ||||||||||
($ in thousands) | Q1 | Q1 | ||||||||||
Americas-Core | $ | 246,237 | $ | 226,405 | ||||||||
Americas-Insolvency | 55,280 | 49,997 | ||||||||||
Europe-Core | 118,109 | 111,143 | ||||||||||
Europe-Insolvency | 6,954 | 5,699 | ||||||||||
Total Cash Collections | $ | 426,580 | $ | 393,244 | ||||||||
Expenses
Portfolio Acquisitions
Portfolio Purchase Source | 2018 | 2017 | ||||||||||
($ in thousands) | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||
Americas-Core | $ | 131,427 | $ | 160,278 | $ | 115,572 | $ | 144,871 | $ | 115,166 | ||
Americas-Insolvency | 13,436 | 44,195 | 73,497 | 100,040 | 67,123 | |||||||
Europe-Core | 18,000 | 152,417 | 14,695 | 42,876 | 39,505 | |||||||
Europe-Insolvency | 5,392 | 17,698 | 7,146 | 7,860 | 6,020 | |||||||
Total Portfolio Purchasing | $ | 168,255 | $ | 374,588 | $ | 210,910 | $ | 295,647 | $ | 227,814 | ||
Conference Call Information
PRA Group 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 http://ir.pragroup.com/events-and-presentations. To listen by phone, call 888-695-7639 in the U.S. or 970-315-0482 outside the U.S. The conference ID is 5969585. To listen to a replay of the call until May 16, 2018, call 855-859-2056 in the U.S. or 404-537-3406 outside the U.S. and use conference ID 5969585.
About PRA Group
As a global leader in acquiring and collecting nonperforming loans, PRA Group returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe. With over 5,600 employees worldwide, PRA Group 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’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’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. 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’s filings with the Securities and Exchange Commission including but not limited to PRA Group’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's website and contain a detailed discussion of PRA Group'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 assumes no obligation to publicly update or revise its forward-looking statements contained herein to reflect any change in PRA Group’s expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.
PRA Group, Inc. | |||||||||||||||
Consolidated Income Statements | |||||||||||||||
For the three months ended March 31, 2018 and 2017 | |||||||||||||||
(unaudited) | |||||||||||||||
(Amounts in thousands, except per share amounts) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 31, | |||||||||||||||
2018 | 2017 | ||||||||||||||
Revenues: | |||||||||||||||
Income recognized on finance receivables, net | $ | 217,699 | $ | 194,535 | |||||||||||
Fee income | 5,327 | 9,858 | |||||||||||||
Other revenue | 157 | 2,165 | |||||||||||||
Total revenues | 223,183 | 206,558 | |||||||||||||
Operating expenses: | |||||||||||||||
Compensation and employee services | 81,237 | 68,468 | |||||||||||||
Legal collection expenses | 32,912 | 31,728 | |||||||||||||
Agency fees | 8,278 | 10,800 | |||||||||||||
Outside fees and services | 14,158 | 13,285 | |||||||||||||
Communication | 11,557 | 9,137 | |||||||||||||
Rent and occupancy | 4,314 | 3,783 | |||||||||||||
Depreciation and amortization | 4,929 | 5,215 | |||||||||||||
Other operating expenses | 12,184 | 10,885 | |||||||||||||
Total operating expenses | 169,569 | 153,301 | |||||||||||||
Income from operations | 53,614 | 53,257 | |||||||||||||
Other income and (expense): | |||||||||||||||
Gain on sale of subsidiaries | - | 46,845 | |||||||||||||
Interest expense, net | (25,781 | ) | (21,257 | ) | |||||||||||
Foreign exchange gain | 1,293 | 2,179 | |||||||||||||
Other | 243 | - | |||||||||||||
Income before income taxes | 29,369 | 81,024 | |||||||||||||
Income tax expense | 6,137 | 31,409 | |||||||||||||
Net income | $ | 23,232 | $ | 49,615 | |||||||||||
Adjustment for net income attributable to noncontrolling interests | 2,126 | 1,448 | |||||||||||||
Net income attributable to PRA Group, Inc. | $ | 21,106 | $ | 48,167 | |||||||||||
Net income per common share attributable to PRA Group, Inc.: | |||||||||||||||
Basic | $ | 0.47 | $ | 1.04 | |||||||||||
Diluted | $ | 0.47 | $ | 1.03 | |||||||||||
Weighted average number of shares outstanding: | |||||||||||||||
Basic | 45,231 | 46,406 | |||||||||||||
Diluted | 45,370 | 46,627 | |||||||||||||
PRA Group, Inc. | ||||||||||||||
Consolidated Balance Sheets | ||||||||||||||
March 31, 2018 and December 31, 2017 | ||||||||||||||
(Amounts in thousands) | ||||||||||||||
(unaudited) | ||||||||||||||
March 31, | December 31, | |||||||||||||
ASSETS | 2018 | 2017 | ||||||||||||
Cash and cash equivalents | $ | 101,418 | $ | 120,516 | ||||||||||
Investments | 87,764 | 78,290 | ||||||||||||
Finance receivables, net | 2,767,131 | 2,771,921 | ||||||||||||
Other receivables, net | 14,308 | 15,770 | ||||||||||||
Income taxes receivable | 10,271 | 21,686 | ||||||||||||
Net deferred tax asset | 60,446 | 57,529 | ||||||||||||
Property and equipment, net | 53,788 | 49,311 | ||||||||||||
Goodwill | 544,293 | 526,513 | ||||||||||||
Intangible assets, net | 22,523 | 23,572 | ||||||||||||
Other assets | 37,639 | 32,656 | ||||||||||||
Total assets | $ | 3,699,581 | $ | 3,697,764 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Accounts payable | $ | 2,330 | $ | 4,992 | ||||||||||
Accrued expenses | 85,137 | 85,993 | ||||||||||||
Income taxes payable | 23,872 | 10,771 | ||||||||||||
Net deferred tax liability | 146,410 | 171,185 | ||||||||||||
Interest-bearing deposits | 90,769 | 98,580 | ||||||||||||
Borrowings | 2,150,873 | 2,170,182 | ||||||||||||
Other liabilities | 15,146 | 9,018 | ||||||||||||
Total liabilities | 2,514,537 | 2,550,721 | ||||||||||||
Redeemable noncontrolling interest | 9,697 | 9,534 | ||||||||||||
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, 45,275 shares | ||||||||||||||
issued and outstanding at March 31, 2018; 100,000 shares authorized, | ||||||||||||||
45,189 shares issued and outstanding at December 31, 2017 | 453 | 452 | ||||||||||||
Additional paid-in capital | 54,271 | 53,870 | ||||||||||||
Retained earnings | 1,228,808 | 1,211,632 | ||||||||||||
Accumulated other comprehensive loss | (155,687 | ) | (178,607 | ) | ||||||||||
Total stockholders' equity - PRA Group, Inc. | 1,127,845 | 1,087,347 | ||||||||||||
Noncontrolling interest | 47,502 | 50,162 | ||||||||||||
Total equity | 1,175,347 | 1,137,509 | ||||||||||||
Total liabilities and equity | $ | 3,699,581 | $ | 3,697,764 | ||||||||||
Select Expenses (Income) | |||||||||||||
(in thousands) | Three Months Ended | ||||||||||||
March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | June 30, 2016 | ||||||
CFPB expenses including penalty and redress | - | - | - | - | - | - | 20 | 21 | |||||
Acquisition/divestiture-related expenses | - | - | - | - | 2,100 | 458 | 216 | 557 | |||||
Legal costs not associated with normal operations | 92 | 160 | 218 | 2,615 | 1,024 | 3,741 | 1,511 | 1,623 | |||||
Noncash interest expense - amortization of debt discount | 2,877 | 2,823 | 2,796 | 1,809 | 1,155 | 1,136 | 1,127 | 1,109 | |||||
Noncash interest expense - amortization of debt issuance costs | 2,553 | 2,501 | 2,505 | 2,635 | 1,928 | 1,929 | 1,647 | 2,277 | |||||
Change in fair value on Interest rate swap agreements | (3,673 | ) | 420 | (1,025 | ) | (1,578 | ) | 158 | (1,064 | ) | (669 | ) | 1,399 |
Amortization of intangibles | 1,222 | 1,016 | 1,037 | 869 | 1,410 | 929 | 1,661 | 1,808 | |||||
Stock-based compensation expense | 2,415 | 2,415 | 2,218 | 1,846 | 2,199 | (3,330 | ) | 3,332 | 2,699 | ||||
Purchase Price Multiples | ||||||||||||||
as of March 31, 2018 | ||||||||||||||
Amounts in thousands | ||||||||||||||
Purchase Period | Purchase Price (1)(2) | Net Finance Receivables Balance (3) | ERC-Historical Period Exchange Rates (4) | Total Estimated Collections (5) | ERC-Current Period Exchange Rates (6) | Current Estimated Purchase Price Multiple | Original Estimated Purchase Price Multiple (7) | |||||||
Americas-Core | ||||||||||||||
1996-2007 | $ | 638,460 | $ | 7,015 | $ | 30,278 | $ | 2,046,593 | $ | 30,278 | 321 | % | 240 | % |
2008 | 166,434 | 3,603 | 14,173 | 374,917 | 14,173 | 225 | % | 220 | % | |||||
2009 | 125,155 | 865 | 27,803 | 458,854 | 27,803 | 367 | % | 252 | % | |||||
2010 | 148,204 | 4,985 | 46,845 | 536,785 | 46,845 | 362 | % | 247 | % | |||||
2011 | 209,625 | 12,606 | 66,779 | 725,666 | 66,779 | 346 | % | 245 | % | |||||
2012 | 254,247 | 23,753 | 97,231 | 679,874 | 97,231 | 267 | % | 226 | % | |||||
2013 | 391,247 | 70,571 | 220,876 | 980,948 | 220,876 | 251 | % | 211 | % | |||||
2014 | 405,653 | 117,573 | 322,221 | 985,160 | 318,909 | 243 | % | 204 | % | |||||
2015 | 444,516 | 173,302 | 399,613 | 967,727 | 401,173 | 218 | % | 205 | % | |||||
2016 | 455,595 | 254,573 | 560,793 | 1,007,980 | 565,577 | 221 | % | 201 | % | |||||
2017 | 536,130 | 466,780 | 880,523 | 1,060,591 | 879,773 | 198 | % | 193 | % | |||||
2018 | 131,849 | 130,415 | 260,311 | 266,947 | 260,311 | 202 | % | 202 | % | |||||
Subtotal | 3,907,115 | 1,266,041 | 2,927,446 | 10,092,042 | 2,929,728 | |||||||||
Americas-Insolvency | ||||||||||||||
2004-2007 | 132,917 | — | 494 | 197,106 | 494 | 148 | % | 148 | % | |||||
2008 | 108,549 | — | 517 | 168,662 | 517 | 155 | % | 163 | % | |||||
2009 | 155,989 | — | 1,769 | 470,653 | 1,769 | 302 | % | 214 | % | |||||
2010 | 208,947 | — | 3,215 | 547,333 | 3,215 | 262 | % | 184 | % | |||||
2011 | 180,447 | — | 947 | 368,231 | 947 | 204 | % | 155 | % | |||||
2012 | 251,433 | — | 1,375 | 388,349 | 1,375 | 154 | % | 136 | % | |||||
2013 | 227,905 | 3,920 | 18,342 | 354,844 | 18,342 | 156 | % | 133 | % | |||||
2014 | 148,720 | 20,772 | 33,630 | 211,087 | 33,583 | 142 | % | 124 | % | |||||
2015 | 63,199 | 28,113 | 35,834 | 82,204 | 35,834 | 130 | % | 125 | % | |||||
2016 | 92,290 | 46,194 | 55,800 | 111,922 | 55,887 | 121 | % | 123 | % | |||||
2017 | 276,637 | 216,719 | 268,797 | 342,254 | 268,797 | 124 | % | 125 | % | |||||
2018 | 13,588 | 13,587 | 17,012 | 17,100 | 17,012 | 126 | % | 126 | % | |||||
Subtotal | 1,860,621 | 329,305 | 437,732 | 3,259,745 | 437,772 | |||||||||
Total Americas | 5,767,736 | 1,595,346 | 3,365,178 | 13,351,787 | 3,367,500 | |||||||||
Europe-Core | ||||||||||||||
2012 | 20,426 | — | 2,319 | 38,398 | 1,998 | 188 | % | 187 | % | |||||
2013 | 20,358 | 442 | 1,477 | 23,682 | 1,248 | 116 | % | 119 | % | |||||
2014 | 797,539 | 312,494 | 1,038,365 | 2,121,937 | 966,698 | 266 | % | 208 | % | |||||
2015 | 422,595 | 238,428 | 474,480 | 743,376 | 465,341 | 176 | % | 160 | % | |||||
2016 | 348,857 | 282,181 | 442,083 | 578,493 | 483,364 | 166 | % | 167 | % | |||||
2017 | 250,089 | 239,234 | 331,287 | 363,123 | 351,038 | 145 | % | 144 | % | |||||
2018 | 17,913 | 17,562 | 25,449 | 25,935 | 25,449 | 145 | % | 145 | % | |||||
Subtotal | 1,877,777 | 1,090,341 | 2,315,460 | 3,894,944 | 2,295,136 | |||||||||
Europe-Insolvency | ||||||||||||||
2014 | 10,876 | 1,765 | 4,880 | 18,234 | 4,786 | 168 | % | 129 | % | |||||
2015 | 19,408 | 7,696 | 14,038 | 28,829 | 13,261 | 149 | % | 139 | % | |||||
2016 | 42,215 | 27,141 | 38,073 | 60,340 | 40,977 | 143 | % | 130 | % | |||||
2017 | 38,836 | 39,405 | 46,996 | 49,742 | 49,731 | 128 | % | 128 | % | |||||
2018 | 5,454 | 5,437 | 6,521 | 6,546 | 6,521 | 120 | % | 120 | % | |||||
Subtotal | 116,789 | 81,444 | 110,508 | 163,691 | 115,276 | |||||||||
Total Europe | 1,994,566 | 1,171,785 | 2,425,968 | 4,058,635 | 2,410,412 | |||||||||
Total PRA Group | $ | 7,762,302 | $ | 2,767,131 | $ | 5,791,146 | $ | 17,410,422 | $ | 5,777,912 | ||||
(1) The amount reflected in the Purchase Price also includes the acquisition date finance receivables portfolios that were acquired through our various business acquisitions. | ||||||||||||||
(2) For our international amounts, Purchase Price is presented at the exchange rate at the end of the quarter in which the pool was purchased. In addition, any purchase price adjustments that occur throughout the life of the pool are presented at the period-end exchange rate for the respective quarter of purchase. | ||||||||||||||
(3) For our international amounts, Net Finance Receivables are presented at the March 31, 2018 exchange rate. | ||||||||||||||
(4) For our international amounts, Estimated Remaining Collections ("ERC")-Historical Period Exchange Rates is presented at the period-end exchange rate for the respective quarter of purchase. | ||||||||||||||
(5) For our international amounts, Total Estimated Collections is presented at the period-end exchange rate for the respective quarter of purchase. | ||||||||||||||
(6) For our international amounts, ERC-Current Period Exchange Rates is presented at the March 31, 2018 exchange rate. | ||||||||||||||
(7) 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 March 31, 2018 | ||||||||||||||||
Amounts in thousands | ||||||||||||||||
Purchase Period | Purchase Price (1)(2) | Cash Collections (3) | Gross Revenue (3) | Amortization (3) | Allowance (3) | Net Revenue (3) | Net Finance Receivables as of March 31, 2018 (4) | |||||||||
Americas-Core | ||||||||||||||||
1996-2007 | $ | 638,460 | $ | 2,922 | $ | 2,259 | $ | 663 | $ | (460 | ) | $ | 2,719 | $ | 7,015 | |
2008 | 166,434 | 1,403 | 627 | 776 | — | 627 | 3,603 | |||||||||
2009 | 125,155 | 2,431 | 2,361 | 70 | 125 | 2,236 | 865 | |||||||||
2010 | 148,204 | 3,266 | 2,417 | 849 | (2,325 | ) | 4,742 | 4,985 | ||||||||
2011 | 209,625 | 6,539 | 5,388 | 1,151 | (570 | ) | 5,958 | 12,606 | ||||||||
2012 | 254,247 | 8,664 | 5,129 | 3,535 | (2,000 | ) | 7,129 | 23,753 | ||||||||
2013 | 391,247 | 16,915 | 12,005 | 4,910 | 1,945 | 10,060 | 70,571 | |||||||||
2014 | 405,653 | 25,535 | 17,251 | 8,284 | 1,925 | 15,326 | 117,573 | |||||||||
2015 | 444,516 | 39,516 | 20,877 | 18,639 | — | 20,877 | 173,302 | |||||||||
2016 | 455,595 | 59,875 | 31,913 | 27,962 | 316 | 31,597 | 254,573 | |||||||||
2017 | 536,130 | 72,534 | 41,712 | 30,822 | 380 | 41,332 | 466,780 | |||||||||
2018 | 131,849 | 6,637 | 5,003 | 1,634 | — | 5,003 | 130,415 | |||||||||
Subtotal | 3,907,115 | 246,237 | 146,942 | 99,295 | (664 | ) | 147,606 | 1,266,041 | ||||||||
Americas-Insolvency | ||||||||||||||||
1996-2007 | 132,917 | 48 | 48 | — | — | 48 | — | |||||||||
2008 | 108,549 | 72 | 72 | — | — | 72 | — | |||||||||
2009 | 155,989 | 238 | 238 | — | — | 238 | — | |||||||||
2010 | 208,947 | 441 | 441 | — | — | 441 | — | |||||||||
2011 | 180,447 | 482 | 482 | — | — | 482 | — | |||||||||
2012 | 251,433 | 1,704 | 1,704 | — | — | 1,704 | — | |||||||||
2013 | 227,905 | 8,532 | 4,833 | 3,699 | — | 4,833 | 3,920 | |||||||||
2014 | 148,720 | 7,609 | 1,554 | 6,055 | — | 1,554 | 20,772 | |||||||||
2015 | 63,199 | 4,941 | 830 | 4,111 | — | 830 | 28,113 | |||||||||
2016 | 92,290 | 6,761 | 1,193 | 5,568 | 210 | 983 | 46,194 | |||||||||
2017 | 276,637 | 24,364 | 4,335 | 20,029 | — | 4,335 | 216,719 | |||||||||
2018 | 13,588 | 88 | 88 | — | — | 88 | 13,587 | |||||||||
Subtotal | 1,860,621 | 55,280 | 15,818 | 39,462 | 210 | 15,608 | 329,305 | |||||||||
Total Americas | 5,767,736 | 301,517 | 162,760 | 138,757 | (454 | ) | 163,214 | 1,595,346 | ||||||||
Europe-Core | ||||||||||||||||
2012 | 20,426 | 583 | 585 | (2 | ) | — | 585 | — | ||||||||
2013 | 20,358 | 385 | 251 | 134 | — | 251 | 442 | |||||||||
2014 | 797,539 | 58,099 | 33,059 | 25,040 | (140 | ) | 33,199 | 312,494 | ||||||||
2015 | 422,595 | 23,130 | 9,130 | 14,000 | (224 | ) | 9,354 | 238,428 | ||||||||
2016 | 348,857 | 20,190 | 6,581 | 13,609 | 1,743 | 4,838 | 282,181 | |||||||||
2017 | 250,089 | 15,236 | 3,550 | 11,686 | — | 3,550 | 239,234 | |||||||||
2018 | 17,913 | 486 | 136 | 350 | — | 136 | 17,562 | |||||||||
Subtotal | 1,877,777 | 118,109 | 53,292 | 64,817 | 1,379 | 51,913 | 1,090,341 | |||||||||
Europe-Insolvency | ||||||||||||||||
2014 | 10,876 | 765 | 316 | 449 | — | 316 | 1,765 | |||||||||
2015 | 19,408 | 1,228 | 396 | 832 | — | 396 | 7,696 | |||||||||
2016 | 42,215 | 3,335 | 1,303 | 2,032 | — | 1,303 | 27,141 | |||||||||
2017 | 38,836 | 1,600 | 548 | 1,052 | — | 548 | 39,405 | |||||||||
2018 | 5,454 | 26 | 9 | 17 | — | 9 | 5,437 | |||||||||
Subtotal | 116,789 | 6,954 | 2,572 | 4,382 | — | 2,572 | 81,444 | |||||||||
Total Europe | 1,994,566 | 125,063 | 55,864 | 69,199 | 1,379 | 54,485 | 1,171,785 | |||||||||
Total PRA Group | $ | 7,762,302 | $ | 426,580 | $ | 218,624 | $ | 207,956 | $ | 925 | $ | 217,699 | $ | 2,767,131 | ||
(1) The amount reflected in the Purchase Price also includes the acquisition date finance receivables portfolios that were acquired through our various business acquisitions. | ||||||||||||||||
(2) For our international amounts, Purchase Price is presented at the exchange rate at the end of the quarter in which the pool was purchased. In addition, any purchase price adjustments that occur throughout the life of the pool are presented at the period-end exchange rate for the respective quarter of purchase. | ||||||||||||||||
(3) For our international amounts, amounts are presented using the average exchange rates during the current reporting period. | ||||||||||||||||
(4) For our international amounts, Net Finance Receivables are presented at the March 31, 2018 exchange rate. | ||||||||||||||||
Cash Collections by Year, By Year of Purchase (1) | ||||||||||||||||||||||||||||
as of March 31, 2018 | ||||||||||||||||||||||||||||
Amounts in thousands | ||||||||||||||||||||||||||||
Purchase Period | Purchase Price (2)(3) | Cash Collections | ||||||||||||||||||||||||||
1996-2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | Total | ||||||||||||||||
Americas-Core | ||||||||||||||||||||||||||||
1996-2007 | $ | 638,460 | $ | 1,096,153 | $ | 222,628 | $ | 168,849 | $ | 137,689 | $ | 115,551 | $ | 89,405 | $ | 63,955 | $ | 45,247 | $ | 32,491 | $ | 20,745 | $ | 13,427 | $ | 2,922 | $ | 2,009,062 |
2008 | 166,434 | — | 47,253 | 72,080 | 62,363 | 53,654 | 42,850 | 31,307 | 21,027 | 13,786 | 8,989 | 6,031 | 1,403 | 360,743 | ||||||||||||||
2009 | 125,155 | — | — | 40,703 | 95,627 | 84,339 | 69,385 | 51,121 | 35,555 | 24,896 | 16,000 | 10,994 | 2,431 | 431,051 | ||||||||||||||
2010 | 148,204 | — | — | — | 47,076 | 113,554 | 109,873 | 82,014 | 55,946 | 38,110 | 24,515 | 15,587 | 3,266 | 489,941 | ||||||||||||||
2011 | 209,625 | — | — | — | — | 61,971 | 174,461 | 152,908 | 108,513 | 73,793 | 48,711 | 31,991 | 6,539 | 658,887 | ||||||||||||||
2012 | 254,247 | — | — | — | — | — | 56,901 | 173,589 | 146,198 | 97,267 | 59,981 | 40,042 | 8,664 | 582,642 | ||||||||||||||
2013 | 391,247 | — | — | — | — | — | — | 101,614 | 247,849 | 194,026 | 120,789 | 78,880 | 16,915 | 760,073 | ||||||||||||||
2014 | 405,653 | — | — | — | — | — | — | — | 92,660 | 253,448 | 170,311 | 114,219 | 25,535 | 656,173 | ||||||||||||||
2015 | 444,516 | — | — | — | — | — | — | — | — | 116,951 | 228,432 | 185,898 | 39,516 | 570,797 | ||||||||||||||
2016 | 455,595 | — | — | — | — | — | — | — | — | — | 138,723 | 256,531 | 59,875 | 455,129 | ||||||||||||||
2017 | 536,130 | — | — | — | — | — | — | — | — | — | — | 107,327 | 72,534 | 179,861 | ||||||||||||||
2018 | 131,849 | — | — | — | — | — | — | — | — | — | — | — | 6,637 | 6,637 | ||||||||||||||
Subtotal | 3,907,115 | 1,096,153 | 269,881 | 281,632 | 342,755 | 429,069 | 542,875 | 656,508 | 752,995 | 844,768 | 837,196 | 860,927 | 246,237 | 7,160,996 | ||||||||||||||
Americas-Insolvency | ||||||||||||||||||||||||||||
1996-2007 | 132,917 | 61,154 | 42,794 | 33,842 | 27,347 | 18,234 | 8,574 | 1,884 | 1,151 | 802 | 463 | 321 | 48 | 196,614 | ||||||||||||||
2008 | 108,549 | — | 14,024 | 35,894 | 37,974 | 35,690 | 28,956 | 11,650 | 1,884 | 1,034 | 635 | 332 | 72 | 168,145 | ||||||||||||||
2009 | 155,989 | — | — | 16,635 | 81,780 | 102,780 | 107,888 | 95,725 | 53,945 | 5,781 | 2,531 | 1,581 | 238 | 468,884 | ||||||||||||||
2010 | 208,947 | — | — | — | 39,486 | 104,499 | 125,020 | 121,717 | 101,873 | 43,649 | 5,008 | 2,425 | 441 | 544,118 | ||||||||||||||
2011 | 180,447 | — | — | — | — | 15,218 | 66,379 | 82,752 | 85,816 | 76,915 | 35,996 | 3,726 | 482 | 367,284 | ||||||||||||||
2012 | 251,433 | — | — | — | — | — | 17,388 | 103,610 | 94,141 | 80,079 | 60,715 | 29,337 | 1,704 | 386,974 | ||||||||||||||
2013 | 227,905 | — | — | — | — | — | — | 52,528 | 82,596 | 81,679 | 63,386 | 47,781 | 8,532 | 336,502 | ||||||||||||||
2014 | 148,720 | — | — | — | — | — | — | — | 37,045 | 50,880 | 44,313 | 37,350 | 7,609 | 177,197 | ||||||||||||||
2015 | 63,199 | — | — | — | — | — | — | — | — | 3,395 | 17,892 | 20,143 | 4,941 | 46,371 | ||||||||||||||
2016 | 92,290 | — | — | — | — | — | — | — | — | — | 18,869 | 30,426 | 6,761 | 56,056 | ||||||||||||||
2017 | 276,637 | — | — | — | — | — | — | — | — | — | — | 49,093 | 24,364 | 73,457 | ||||||||||||||
2018 | 13,588 | — | — | — | — | — | — | — | — | — | — | — | 88 | 88 | ||||||||||||||
Subtotal | 1,860,621 | 61,154 | 56,818 | 86,371 | 186,587 | 276,421 | 354,205 | 469,866 | 458,451 | 344,214 | 249,808 | 222,515 | 55,280 | 2,821,690 | ||||||||||||||
Total Americas | 5,767,736 | 1,157,307 | 326,699 | 368,003 | 529,342 | 705,490 | 897,080 | 1,126,374 | 1,211,446 | 1,188,982 | 1,087,004 | 1,083,442 | 301,517 | 9,982,686 | ||||||||||||||
Europe-Core | ||||||||||||||||||||||||||||
2012 | 20,426 | — | — | — | — | — | 11,604 | 8,995 | 5,641 | 3,175 | 2,198 | 2,038 | 583 | 34,234 | ||||||||||||||
2013 | 20,358 | — | — | — | — | — | — | 7,068 | 8,540 | 2,347 | 1,326 | 1,239 | 385 | 20,905 | ||||||||||||||
2014 | 797,539 | — | — | — | — | — | — | — | 153,180 | 291,980 | 246,365 | 220,765 | 58,099 | 970,389 | ||||||||||||||
2015 | 422,595 | — | — | — | — | — | — | — | — | 45,760 | 100,263 | 86,156 | 23,130 | 255,309 | ||||||||||||||
2016 | 348,857 | — | — | — | — | — | — | — | — | — | 40,368 | 78,915 | 20,190 | 139,473 | ||||||||||||||
2017 | 250,089 | — | — | — | — | — | — | — | — | — | — | 17,894 | 15,236 | 33,130 | ||||||||||||||
2018 | 17,913 | — | — | — | — | — | — | — | — | — | — | — | 486 | 486 | ||||||||||||||
Subtotal | 1,877,777 | — | — | — | — | — | 11,604 | 16,063 | 167,361 | 343,262 | 390,520 | 407,007 | 118,109 | 1,453,926 | ||||||||||||||
Europe-Insolvency | ||||||||||||||||||||||||||||
2014 | 10,876 | — | — | — | — | — | — | — | 5 | 4,297 | 3,921 | 3,207 | 765 | 12,195 | ||||||||||||||
2015 | 19,408 | — | — | — | — | — | — | — | — | 2,954 | 4,366 | 5,013 | 1,228 | 13,561 | ||||||||||||||
2016 | 42,215 | — | — | — | — | — | — | — | — | — | 6,175 | 12,703 | 3,335 | 22,213 | ||||||||||||||
2017 | 38,836 | — | — | — | — | — | — | — | — | — | — | 1,233 | 1,600 | 2,833 | ||||||||||||||
2018 | 5,454 | — | — | — | — | — | — | — | — | — | — | — | 26 | 26 | ||||||||||||||
Subtotal | 116,789 | — | — | — | — | — | — | — | 5 | 7,251 | 14,462 | 22,156 | 6,954 | 50,828 | ||||||||||||||
Total Europe | 1,994,566 | — | — | — | — | — | 11,604 | 16,063 | 167,366 | 350,513 | 404,982 | 429,163 | 125,063 | 1,504,754 | ||||||||||||||
Total PRA Group | $ | 7,762,302 | $ | 1,157,307 | $ | 326,699 | $ | 368,003 | $ | 529,342 | $ | 705,490 | $ | 908,684 | $ | 1,142,437 | $ | 1,378,812 | $ | 1,539,495 | $ | 1,491,986 | $ | 1,512,605 | $ | 426,580 | $ | 11,487,440 |
(1) For our international amounts, Cash Collections are presented using the average exchange rates during the cash collection period. | ||||||||||||||||||||||||||||
(2) The amount reflected in the Purchase Price also includes the acquisition date finance receivables portfolios that were acquired through our various business acquisitions. | ||||||||||||||||||||||||||||
(3) For our international amounts, Purchase Price is presented at the exchange rate at the end of the quarter in which the portfolio was purchased. In addition, any purchase price adjustments that occur throughout the life of the pool are presented at the period end exchange rate for the respective quarter of purchase. | ||||||||||||||||||||||||||||
Investor Contact:
Darby Schoenfeld, CPA
Vice President, Investor Relations
(757) 431-7913
Darby.Schoenfeld@PRAGroup.com
News Media Contact:
Nancy Porter
Vice President, Corporate Marketing
(757) 431-7950
Nancy.Porter@PRAGroup.com