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07.05.2020 22:05:00
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PRA Group Reports First Quarter 2020 Results
NORFOLK, Va., May 7, 2020 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the first quarter of 2020. Net income attributable to PRA Group, Inc. was $19.1 million compared to $15.2 million in the first quarter of 2019. Diluted earnings per share were $0.42 compared to $0.34 in the first quarter of 2019.
First Quarter Highlights
- Record global cash collections of $494.6 million, an increase of 7%, or 9% on a currency adjusted basis, compared to the first quarter of 2019.
- Estimated Remaining Collections (ERC) of $6.5 billion, an increase of $273.8 million, or 4%, compared to the first quarter of 2019. The strengthening U.S. Dollar caused a $239.0 million decrease in ERC compared to year-end 2019.
- Total portfolio purchases were $273.2 million.
- Portfolio income of $262.0 million.
- Income from operations of $60.5 million, an increase of 24% compared to the first quarter of 2019.
- Cash efficiency ratio of 61.5% during the quarter compared to 59.2% in the first quarter of 2019.
"PRA Group began 2020 with very strong performance building on the momentum of record portfolio purchases in 2019, investments made over the last few years, and favorable industry trends. Global cash collections during the quarter were a record led by an increase in Europe after record portfolio purchases there last year," said Kevin Stevenson, president and chief executive officer. "In late March, as COVID-19 spread across the globe, we started to see an impact on cash production through a combination of reduced workforce and slightly decreased collection rates. We have implemented our normal consumer-friendly actions employed during times such as these and continue to work with our customers as necessary. Our thoughts go out to those impacted by this pandemic."
Update on Operations
- For the month of April, total cash collections increased on a constant currency basis compared to April of 2019, trending ahead of the cash forecast revised for the impact of COVID-19. These results were strengthened by collector attendance rates in the U.S. returning to pre-COVID-19 levels, portfolio acquisitions, consumer payment trends, and the relaxation of restrictions in some localities globally.
- Currently, the Company is operating through a combination of work from home and in office, depending on the locality and the related requirements.
- In the U.S., call centers remain open, with the exception of Henderson, Nevada. Nearly all support departments are working from home and are productive.
- In Europe, most employees are working from home and the total number of employees working is now close to normal levels. The Company has begun to open certain sites in countries where requirements are being relaxed in May.
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) | Q1 | Q4 | Q3 | Q2 | Q1 | ||
Americas Core | $ 305,780 | $ 276,639 | $ 279,902 | $ 294,243 | $ 290,723 | ||
Americas Insolvency | 43,210 | 40,801 | 45,759 | 49,770 | 44,613 | ||
Europe Core | 131,340 | 126,649 | 118,917 | 117,635 | 116,858 | ||
Europe Insolvency | 14,243 | 12,520 | 8,639 | 8,626 | 8,977 | ||
Total Cash Collections | $ 494,573 | $ 456,609 | $ 453,217 | $ 470,274 | $ 461,171 | ||
Cash Collection Source | |||||||
Constant Currency Adjusted | 2020 | 2019 | |||||
($ in thousands) | Q1 | Q1 | |||||
Americas Core | $ 305,780 | $ 287,689 | |||||
Americas Insolvency | 43,210 | 44,611 | |||||
Europe Core | 131,340 | 113,594 | |||||
Europe Insolvency | 14,243 | 8,760 | |||||
Total Cash Collections | $ 494,573 | $ 454,654 | |||||
- Cash collections in the quarter increased $33.4 million compared to the first quarter of 2019. The increase was primarily due to a 16% increase in Europe cash collections and a 10% increase in the U.S. legal channel. This growth was primarily driven by increased portfolio purchases in Europe and the sustained legal channel investment in the U.S.
- Portfolio income was $262.0 million compared to $238.8 million in income recognized on finance receivables in the first quarter of 2019.
- Changes in expected recoveries were a decrease of $12.8 million. This reflects a $20.6 million net, negative adjustment to estimated future recoveries primarily related to an expected delay in cash collections from the impact of COVID-19, partially offset by $7.8 million in recoveries in excess of expectations in the quarter. This compares to a $6.1 million allowance charge in the first quarter of 2019.
Expenses
- Operating expenses in the quarter were almost flat when compared to the first quarter of 2019. Increases in legal collection fees and outside fees and services were partially offset by decreases in compensation and employee benefits. The increase in legal collection fees is directly related to the increase in external legal cash collections. The decrease in compensation and employee benefits was driven by a decrease in U.S. collector FTEs mainly due to balancing the call center staff with the legal channel. The increase in outside fees and services was related to multiple items, none of which were material individually.
- Interest expense increased $3.2 million compared to the first quarter of 2019 primarily due to higher levels of average borrowings mainly related to increased portfolio acquisitions.
- The effective tax rate for the first quarter of 2020 was 12.1% primarily due to some discrete items in the quarter.
Portfolio Acquisitions
- The Company purchased $273.2 million in finance receivables in the first quarter of 2020.
- At the end of the first quarter, the Company had in place forward flow commitments of $629.2 million with $443.5 million in the Americas and $185.8 million in Europe.
Portfolio Acquisition Source | 2020 | 2019 | ||||
($ in thousands) | Q1 | Q4 | Q3 | Q2 | Q1 | |
Americas Core | $ 172,697 | $ 118,153 | $ 168,185 | $ 121,996 | $ 169,189 | |
Americas Insolvency | 20,772 | 22,650 | 26,311 | 26,092 | 48,243 | |
Europe Core | 60,990 | 218,919 | 64,728 | 136,344 | 94,283 | |
Europe Insolvency | 18,778 | 42,613 | 19,772 | 4,715 | 7,134 | |
Total Portfolio Acquisitions | $ 273,237 | $ 402,335 | $ 278,996 | $ 289,147 | $ 318,849 | |
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 May 14, 2020, call 877-344-7529 in the U.S. or 412-317-0088 outside the U.S. and use access code 10136176.
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 | |||||||||
March 31, | |||||||||
2020 | 2019 | ||||||||
Revenues: | |||||||||
Portfolio income | $ 262,022 | $ - | |||||||
Changes in expected recoveries | (12,816) | - | |||||||
Income recognized on finance receivables | - | 238,836 | |||||||
Fee income | 2,209 | 6,374 | |||||||
Other revenue | 369 | 667 | |||||||
Total revenues | 251,784 | 245,877 | |||||||
Net allowance charges | - | (6,095) | |||||||
Operating expenses: | |||||||||
Compensation and employee services | 75,171 | 79,645 | |||||||
Legal collection fees | 14,572 | 13,059 | |||||||
Legal collection costs | 34,447 | 35,229 | |||||||
Agency fees | 13,376 | 14,032 | |||||||
Outside fees and services | 19,394 | 15,248 | |||||||
Communication | 13,511 | 13,201 | |||||||
Rent and occupancy | 4,484 | 4,363 | |||||||
Depreciation and amortization | 4,084 | 4,572 | |||||||
Other operating expenses | 12,205 | 11,585 | |||||||
Total operating expenses | 191,244 | 190,934 | |||||||
Income from operations | 60,540 | 48,848 | |||||||
Other income and (expense): | |||||||||
Interest expense, net | (37,211) | (33,981) | |||||||
Foreign exchange gain | 2,283 | 6,264 | |||||||
Other | (76) | (352) | |||||||
Income before income taxes | 25,536 | 20,779 | |||||||
Income tax expense | 3,100 | 3,867 | |||||||
Net income | 22,436 | 16,912 | |||||||
Adjustment for net income attributable to noncontrolling interests | 3,301 | 1,685 | |||||||
Net income attributable to PRA Group, Inc. | $ 19,135 | $ 15,227 | |||||||
Net income per common share attributable to PRA Group, Inc.: | |||||||||
Basic | $ 0.42 | $ 0.34 | |||||||
Diluted | $ 0.42 | $ 0.34 | |||||||
Weighted average number of shares outstanding: | |||||||||
Basic | 45,452 | 45,338 | |||||||
Diluted | 45,784 | 45,419 | |||||||
PRA Group, Inc. | ||||||||
Consolidated Balance Sheets | ||||||||
(in thousands, except per share amounts) | ||||||||
(Amounts in thousands) | ||||||||
(unaudited) | ||||||||
March 31, | December 31, | |||||||
ASSETS | 2020 | 2019 | ||||||
Cash and cash equivalents | $ 179,995 | $ 119,774 | ||||||
Investments | 52,711 | 56,176 | ||||||
Finance receivables, net | 3,408,074 | 3,514,165 | ||||||
Other receivables, net | 11,383 | 10,606 | ||||||
Income taxes receivable | 29,372 | 17,918 | ||||||
Deferred tax asset, net | 63,911 | 63,225 | ||||||
Property and equipment, net | 59,882 | 56,501 | ||||||
Right-of-use assets | 66,655 | 68,972 | ||||||
Goodwill | 418,565 | 480,794 | ||||||
Intangible assets, net | 4,003 | 4,497 | ||||||
Other assets | 55,548 | 31,263 | ||||||
Total assets | $ 4,350,099 | $ 4,423,891 | ||||||
LIABILITIES AND EQUITY | ||||||||
Liabilities: | ||||||||
Accounts payable | $ 4,328 | $ 4,258 | ||||||
Accrued expenses | 76,583 | 88,925 | ||||||
Income taxes payable | 18,596 | 4,046 | ||||||
Deferred tax liability, net | 69,845 | 85,390 | ||||||
Lease liabilities | 71,102 | 73,377 | ||||||
Interest-bearing deposits | 97,465 | 106,246 | ||||||
Borrowings | 2,828,002 | 2,808,425 | ||||||
Other liabilities | 63,502 | 26,211 | ||||||
Total liabilities | 3,229,423 | 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, 45,540 shares | ||||||||
issued and outstanding at March 31, 2020; 100,000 shares authorized, | ||||||||
45,416 shares issued and outstanding at December 31, 2019 | 455 | 454 | ||||||
Additional paid-in capital | 67,021 | 67,321 | ||||||
Retained earnings | 1,381,766 | 1,362,631 | ||||||
Accumulated other comprehensive loss | (375,617) | (261,018) | ||||||
Total stockholders' equity - PRA Group, Inc. | 1,073,625 | 1,169,388 | ||||||
Noncontrolling interests | 47,051 | 57,625 | ||||||
Total equity | 1,120,676 | 1,227,013 | ||||||
Total liabilities and equity | $ 4,350,099 | $ 4,423,891 | ||||||
Select Expenses (Income) | ||||||||
(in thousands, pre-tax) | Three Months Ended | |||||||
March 31, | December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | June 30, | |
Acquisition/divestiture-related expenses | - | - | - | 227 | 223 | - | - | 4 |
Legal costs not associated with normal operations | - | - | - | - | - | 647 | 95 | 231 |
Noncash interest expense - amortization of debt discount | 3,217 | 3,157 | 3,128 | 3,071 | 3,042 | 2,986 | 2,958 | 2,904 |
Noncash interest expense - amortization of debt issuance costs | 2,640 | 2,649 | 2,649 | 2,655 | 2,636 | 2,723 | 2,524 | 2,532 |
Change in fair value on derivatives | 2,039 | 1,247 | 1,126 | 1,645 | 349 | 673 | (504) | 972 |
Amortization of intangibles | 349 | 407 | 400 | 418 | 347 | 907 | 994 | 1,133 |
Share-based compensation expense | 2,857 | 2,809 | 2,974 | 2,620 | 2,314 | 1,600 | 2,361 | 2,146 |
Purchase Price Multiples | |||||||
as of March 31, 2020 | |||||||
Amounts in thousands | |||||||
Purchase Period | Purchase Price | ERC-Historical | Total Estimated | ERC-Current | Current | Original | |
Americas Core | |||||||
1996-2009 | $ 930,026 | $ 38,390 | $ 2,886,117 | $ 38,390 | 310% | 238% | |
2010 | 148,193 | 26,621 | 535,652 | 26,621 | 361% | 247% | |
2011 | 209,602 | 44,992 | 738,981 | 44,992 | 353% | 245% | |
2012 | 254,076 | 56,991 | 680,187 | 56,991 | 268% | 226% | |
2013 | 390,826 | 85,283 | 928,709 | 85,283 | 238% | 211% | |
2014 | 404,117 | 138,067 | 921,659 | 135,051 | 228% | 204% | |
2015 | 443,114 | 206,581 | 960,145 | 205,976 | 217% | 205% | |
2016 | 455,767 | 327,345 | 1,093,346 | 314,819 | 240% | 201% | |
2017 | 532,851 | 468,942 | 1,167,610 | 464,659 | 219% | 193% | |
2018 | 653,975 | 762,474 | 1,337,704 | 749,410 | 205% | 202% | |
2019 | 581,476 | 969,495 | 1,198,926 | 933,976 | 206% | 206% | |
2020 | 172,697 | 329,648 | 336,822 | 329,648 | 195% | 195% | |
Subtotal | 5,176,720 | 3,454,829 | 12,785,858 | 3,385,816 | |||
Americas Insolvency | |||||||
2004-2009 | 397,453 | 794 | 835,929 | 794 | 210% | 178% | |
2010 | 208,942 | 1,016 | 546,844 | 1,016 | 262% | 184% | |
2011 | 180,432 | 848 | 370,113 | 848 | 205% | 155% | |
2012 | 251,395 | 688 | 392,419 | 688 | 156% | 136% | |
2013 | 227,834 | 1,728 | 354,918 | 1,728 | 156% | 133% | |
2014 | 148,420 | 2,252 | 217,283 | 2,232 | 146% | 124% | |
2015 | 63,170 | 6,655 | 87,791 | 6,655 | 139% | 125% | |
2016 | 91,442 | 18,596 | 116,061 | 18,536 | 127% | 123% | |
2017 | 275,257 | 104,624 | 349,186 | 104,624 | 127% | 125% | |
2018 | 97,879 | 85,846 | 127,700 | 85,846 | 130% | 127% | |
2019 | 123,077 | 137,797 | 158,639 | 137,556 | 129% | 128% | |
2020 | 20,772 | 25,768 | 27,344 | 25,768 | 132% | 132% | |
Subtotal | 2,086,073 | 386,612 | 3,584,227 | 386,291 | |||
Total Americas | 7,262,793 | 3,841,441 | 16,370,085 | 3,772,107 | |||
Europe Core | |||||||
2012 | 20,409 | 533 | 40,607 | 406 | 199% | 187% | |
2013 | 20,334 | 262 | 25,056 | 196 | 123% | 119% | |
2014 | 773,811 | 759,304 | 2,202,629 | 640,238 | 285% | 208% | |
2015 | 411,340 | 323,139 | 734,838 | 285,151 | 179% | 160% | |
2016 | 333,090 | 310,630 | 557,579 | 291,054 | 167% | 167% | |
2017 | 252,174 | 229,143 | 361,268 | 204,423 | 143% | 144% | |
2018 | 341,775 | 385,373 | 518,022 | 369,842 | 152% | 148% | |
2019 | 518,610 | 706,719 | 790,270 | 665,335 | 152% | 152% | |
2020 | 60,990 | 105,783 | 108,540 | 105,783 | 178% | 178% | |
Subtotal | 2,732,533 | 2,820,886 | 5,338,809 | 2,562,428 | |||
Europe Insolvency | |||||||
2014 | 10,876 | 798 | 18,164 | 678 | 167% | 129% | |
2015 | 18,973 | 4,969 | 29,054 | 4,162 | 153% | 139% | |
2016 | 39,338 | 14,946 | 56,971 | 15,133 | 145% | 130% | |
2017 | 39,235 | 27,096 | 48,706 | 24,854 | 124% | 128% | |
2018 | 44,908 | 43,766 | 55,331 | 42,403 | 123% | 123% | |
2019 | 77,218 | 91,096 | 102,236 | 85,535 | 132% | 130% | |
2020 | 18,778 | 23,947 | 24,090 | 23,947 | 128% | 128% | |
Subtotal | 249,326 | 206,618 | 334,552 | 196,712 | |||
Total Europe | 2,981,859 | 3,027,504 | 5,673,361 | 2,759,140 | |||
Total PRA Group | $ 10,244,652 | $ 6,868,945 | $ 22,043,446 | $ 6,531,247 | |||
(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 March 31, 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 March 31, 2020 | |||||
Amounts in thousands | |||||
Purchase Period | Cash | Portfolio | Changes in | Total Portfolio | Net Finance |
Americas Core | |||||
1996-2009 | $ 3,940 | $ 2,922 | $ 228 | $ 3,150 | $ 8,489 |
2010 | 2,016 | 1,826 | (31) | 1,795 | 3,263 |
2011 | 3,383 | 3,081 | (176) | 2,905 | 7,229 |
2012 | 3,556 | 3,115 | (160) | 2,955 | 15,406 |
2013 | 6,966 | 5,299 | (2,285) | 3,014 | 29,641 |
2014 | 9,452 | 7,547 | (4,072) | 3,475 | 48,628 |
2015 | 16,050 | 10,589 | (4,661) | 5,928 | 83,039 |
2016 | 27,017 | 17,389 | (2,817) | 14,572 | 126,158 |
2017 | 53,489 | 26,613 | (1,857) | 24,756 | 212,544 |
2018 | 89,601 | 40,978 | (2,418) | 38,560 | 404,887 |
2019 | 83,127 | 49,886 | (3,509) | 46,377 | 477,513 |
2020 | 7,183 | 5,611 | 365 | 5,976 | 170,995 |
Subtotal | 305,780 | 174,856 | (21,393) | 153,463 | 1,587,792 |
Americas Insolvency | |||||
2004-2009 | 95 | $ 123 | (28) | 95 | - |
2010 | 137 | 165 | (28) | 137 | - |
2011 | 135 | 125 | 11 | 136 | - |
2012 | 307 | 265 | 42 | 307 | - |
2013 | 410 | 415 | (4) | 411 | - |
2014 | 837 | 1,085 | (500) | 585 | 503 |
2015 | 3,280 | 1,661 | 21 | 1,682 | 4,182 |
2016 | 4,076 | 1,130 | 220 | 1,350 | 14,704 |
2017 | 17,250 | 4,813 | 377 | 5,190 | 83,360 |
2018 | 7,717 | 2,409 | 450 | 2,859 | 69,595 |
2019 | 7,390 | 2,992 | 1,240 | 4,232 | 111,219 |
2020 | 1,576 | 300 | (1) | 299 | 19,433 |
Subtotal | 43,210 | 15,483 | 1,800 | 17,283 | 302,996 |
Total Americas | 348,990 | 190,339 | (19,593) | 170,746 | 1,890,788 |
Europe Core | |||||
2012 | 321 | 270 | 51 | 321 | - |
2013 | 178 | 131 | 47 | 178 | - |
2014 | 38,124 | 28,465 | (92) | 28,373 | 168,327 |
2015 | 14,761 | 8,134 | (58) | 8,076 | 146,671 |
2016 | 12,548 | 7,010 | 44 | 7,054 | 165,489 |
2017 | 9,631 | 3,587 | (186) | 3,401 | 141,100 |
2018 | 19,535 | 6,900 | 454 | 7,354 | 240,588 |
2019 | 33,449 | 11,457 | 2,958 | 14,415 | 440,409 |
2020 | 2,793 | 846 | 1,698 | 2,544 | 59,008 |
Subtotal | 131,340 | 66,800 | 4,916 | 71,716 | 1,361,592 |
Europe Insolvency | |||||
2014 | 240 | 177 | 10 | 187 | 243 |
2015 | 928 | 422 | 110 | 532 | 2,506 |
2016 | 2,200 | 911 | (74) | 837 | 10,497 |
2017 | 2,401 | 556 | 69 | 625 | 21,319 |
2018 | 2,472 | 788 | (16) | 772 | 35,749 |
2019 | 5,854 | 1,773 | 1,589 | 3,362 | 67,269 |
2020 | 148 | 256 | 173 | 429 | 18,111 |
Subtotal | 14,243 | 4,883 | 1,861 | 6,744 | 155,694 |
Total Europe | 145,583 | 71,683 | 6,777 | 78,460 | 1,517,286 |
Total PRA Group | $ 494,573 | $ 262,022 | $ (12,816) | $ 249,206 | $ 3,408,074 |
(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 March 31, 2020 exchange rate. | |||||
Cash Collections by Year, By Year of Purchase(1) | ||||||||||||||
as of March 31, 2020 | ||||||||||||||
Amounts in millions | ||||||||||||||
Purchase Period | Purchase Price | 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 | $ 3.9 | $ 2,840.5 |
2010 | 148.2 | — | 47.1 | 113.6 | 109.9 | 82.0 | 55.9 | 38.1 | 24.5 | 15.6 | 11.1 | 9.2 | 2.0 | 509.0 |
2011 | 209.6 | — | — | 62.0 | 174.5 | 152.9 | 108.5 | 73.8 | 48.7 | 32.0 | 21.6 | 16.6 | 3.4 | 694.0 |
2012 | 254.1 | — | — | — | 56.9 | 173.6 | 146.2 | 97.3 | 60.0 | 40.0 | 27.8 | 17.9 | 3.6 | 623.3 |
2013 | 390.8 | — | — | — | — | 101.6 | 247.8 | 194.0 | 120.8 | 78.9 | 56.4 | 36.9 | 7.0 | 843.4 |
2014 | 404.1 | — | — | — | — | — | 92.7 | 253.4 | 170.3 | 114.2 | 82.2 | 55.3 | 9.5 | 777.6 |
2015 | 443.1 | — | — | — | — | — | — | 117.0 | 228.4 | 185.9 | 126.6 | 83.6 | 16.1 | 757.6 |
2016 | 455.8 | — | — | — | — | — | — | — | 138.7 | 256.5 | 194.6 | 140.6 | 27.0 | 757.4 |
2017 | 532.9 | — | — | — | — | — | — | — | — | 107.3 | 278.7 | 256.5 | 53.5 | 696.0 |
2018 | 654.0 | — | — | — | — | — | — | — | — | — | 122.7 | 361.9 | 89.6 | 574.2 |
2019 | 581.5 | — | — | — | — | — | — | — | — | — | — | 143.8 | 83.1 | 226.9 |
2020 | 172.7 | — | — | — | — | — | — | — | — | — | — | - | 7.1 | 7.1 |
Subtotal | 5,176.8 | 1,647.7 | 342.8 | 429.1 | 542.9 | 656.5 | 752.9 | 844.8 | 837.1 | 860.9 | 945.0 | 1,141.5 | 305.8 | $ 9,307.0 |
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 | 0.1 | 835.1 |
2010 | 208.9 | — | 39.5 | 104.5 | 125.0 | 121.7 | 101.9 | 43.6 | 5.0 | 2.4 | 1.4 | 0.7 | 0.1 | 545.8 |
2011 | 180.4 | — | — | 15.2 | 66.4 | 82.8 | 85.8 | 76.9 | 36.0 | 3.7 | 1.6 | 0.7 | 0.1 | 369.2 |
2012 | 251.4 | — | — | — | 17.4 | 103.6 | 94.1 | 80.1 | 60.7 | 29.3 | 4.3 | 1.9 | 0.3 | 391.7 |
2013 | 227.8 | — | — | — | — | 52.5 | 82.6 | 81.7 | 63.4 | 47.8 | 21.9 | 2.9 | 0.4 | 353.2 |
2014 | 148.4 | — | — | — | — | — | 37.0 | 50.9 | 44.3 | 37.4 | 28.8 | 15.8 | 0.8 | 215.0 |
2015 | 63.2 | — | — | — | — | — | — | 3.4 | 17.9 | 20.1 | 19.8 | 16.7 | 3.3 | 81.2 |
2016 | 91.4 | — | — | — | — | — | — | — | 18.9 | 30.4 | 25.0 | 19.9 | 4.1 | 98.3 |
2017 | 275.3 | — | — | — | — | — | — | — | — | 49.1 | 97.3 | 80.9 | 17.3 | 244.6 |
2018 | 97.9 | — | — | — | — | — | — | — | — | — | 6.7 | 27.4 | 7.7 | 41.8 |
2019 | 123.1 | — | — | — | — | — | — | — | — | — | — | 13.4 | 7.4 | 20.8 |
2020 | 20.8 | — | — | — | — | — | — | — | — | — | — | — | 1.6 | 1.6 |
Subtotal | 2,086.1 | 204.3 | 186.6 | 276.4 | 354.2 | 469.9 | 458.4 | 344.2 | 249.8 | 222.4 | 207.9 | 181.0 | 43.2 | 3,198.3 |
Total Americas | 7,262.9 | 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 | 349.0 | 12,505.3 |
Europe Core | ||||||||||||||
2012 | 20.4 | — | — | — | 11.6 | 9.0 | 5.6 | 3.2 | 2.2 | 2.0 | 2.0 | 1.5 | 0.3 | 37.4 |
2013 | 20.3 | — | — | — | — | 7.1 | 8.5 | 2.3 | 1.3 | 1.2 | 1.3 | 0.9 | 0.2 | 22.8 |
2014 | 773.8 | — | — | — | — | — | 153.2 | 292.0 | 246.4 | 220.8 | 206.3 | 172.9 | 38.1 | 1,329.7 |
2015 | 411.3 | — | — | — | — | — | — | 45.8 | 100.3 | 86.2 | 80.9 | 66.1 | 14.8 | 394.1 |
2016 | 333.1 | — | — | — | — | — | — | — | 40.4 | 78.9 | 72.6 | 58.0 | 12.5 | 262.4 |
2017 | 252.2 | — | — | — | — | — | — | — | — | 17.9 | 56.0 | 44.1 | 9.6 | 127.6 |
2018 | 341.8 | — | — | — | — | — | — | — | — | — | 24.3 | 88.7 | 19.5 | 132.5 |
2019 | 518.6 | — | — | — | — | — | — | — | — | — | — | 48.0 | 33.4 | 81.4 |
2020 | 61.0 | — | — | — | — | — | — | — | — | — | — | — | 2.9 | 2.9 |
Subtotal | 2,732.5 | - | - | - | 11.6 | 16.1 | 167.3 | 343.3 | 390.6 | 407.0 | 443.4 | 480.2 | 131.3 | 2,390.8 |
Europe Insolvency | ||||||||||||||
2014 | 10.9 | — | — | — | — | — | - | 4.3 | 3.9 | 3.2 | 2.6 | 1.5 | 0.2 | 15.7 |
2015 | 19.0 | — | — | — | — | — | — | 3.0 | 4.4 | 5.0 | 4.8 | 3.9 | 0.9 | 22.0 |
2016 | 39.3 | — | — | — | — | — | — | — | 6.2 | 12.7 | 12.9 | 10.7 | 2.2 | 44.7 |
2017 | 39.2 | — | — | — | — | — | — | — | — | 1.2 | 7.9 | 9.2 | 2.4 | 20.7 |
2018 | 44.9 | — | — | — | — | — | — | — | — | — | 0.6 | 8.4 | 2.5 | 11.5 |
2019 | 77.2 | — | — | — | — | — | — | — | — | — | — | 5.0 | 5.9 | 10.9 |
2020 | 18.8 | — | — | — | — | — | — | — | — | — | — | — | 0.1 | 0.1 |
Subtotal | 249.3 | - | - | - | - | - | - | 7.3 | 14.5 | 22.1 | 28.8 | 38.7 | 14.2 | 125.6 |
Total Europe | 2,981.8 | - | - | - | 11.6 | 16.1 | 167.3 | 350.6 | 405.1 | 429.1 | 472.2 | 518.9 | 145.5 | 2,516.4 |
Total PRA Group | $ 10,244.7 | $ 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 | $ 494.5 | $ 15,021.7 |
(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-first-quarter-2020-results-301055173.html
SOURCE PRA Group, Inc.
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