NORFOLK, Va., May 9, 2022 /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 2022. The Company reported net income attributable to PRA Group, Inc. of $40.0 million in the first quarter, compared with $58.4 million in the prior year period. Diluted earnings per share were $0.97 versus $1.27 in the first quarter of 2021.
First Quarter Highlights
1. |
Calculated by dividing cash receipts less operating expense by cash receipts. |
2. |
Share repurchases are subject to market conditions and other factors, and the share repurchase program remains subject to the |
3. |
A reconciliation of this non-GAAP financial measure to the most comparable GAAP measure can be found at the end of this press release. |
"We invested $147 million in portfolio purchases in the first quarter, reflecting continuing lower levels of supply in the U.S. and increased competition in Europe. We also returned nearly $40 million of value to shareholders through share repurchases," said Kevin Stevenson, president and chief executive officer. "We believe our strong balance sheet puts us in a great position to deploy capital as U.S. supply returns in the coming quarters. In the interim, we will continue to maintain our discipline and look for alternative ways to provide value to our shareholders."
Cash Collections and Revenues
Cash Collection Source |
2022 |
2021 |
||||||||
($ in thousands) |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|||||
Americas and Australia Core |
$ 270,284 |
$ 257,705 |
$ 276,691 |
$ 324,845 |
$ 347,638 |
|||||
Americas Insolvency |
35,209 |
36,851 |
37,464 |
37,768 |
35,253 |
|||||
Europe Core |
151,162 |
155,853 |
151,625 |
157,637 |
149,486 |
|||||
Europe Insolvency |
24,325 |
23,262 |
22,574 |
23,579 |
23,510 |
|||||
Total Cash Collections |
$ 480,980 |
$ 473,671 |
$ 488,354 |
$ 543,829 |
$ 555,887 |
|||||
Cash Collection Source - |
||||||||||
Constant Currency Adjusted |
2022 |
2021 |
||||||||
($ in thousands) |
Q1 |
Q1 |
||||||||
Americas and Australia Core |
$ 270,284 |
$ 348,494 |
||||||||
Americas Insolvency |
35,209 |
35,252 |
||||||||
Europe Core |
151,162 |
142,230 |
||||||||
Europe Insolvency |
24,325 |
22,785 |
||||||||
Total Cash Collections |
$ 480,980 |
$ 548,761 |
||||||||
Portfolio Acquisitions
Portfolio Purchase Source |
2022 |
2021 |
||||||||
($ in thousands) |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|||||
Americas and Australia Core |
$ 90,639 |
$ 90,263 |
$ 162,451 |
$ 98,901 |
$ 88,912 |
|||||
Americas Insolvency |
9,118 |
21,183 |
9,878 |
14,642 |
9,486 |
|||||
Europe Core |
38,764 |
60,430 |
212,194 |
106,134 |
44,095 |
|||||
Europe Insolvency |
8,929 |
29,820 |
7,424 |
— |
16,468 |
|||||
Total Portfolio Acquisitions |
$ 147,450 |
$ 201,696 |
$ 391,947 |
$ 219,677 |
$ 158,961 |
|||||
Conference Call InformationPRA 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, either visit the same website until May 9, 2023, or call 877-344-7529 in the U.S. or 412-317-0088 outside the U.S. and use access code 5393948 until May 16, 2022.
The Company is also announcing that it currently plans to report second quarter 2022 results after market close on August 8, 2022.
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, Europe and Australia. 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 StatementsStatements made herein that 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 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 more 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 (Amounts in thousands, except per share amounts) |
|||
Three Months Ended March 31, |
|||
2022 |
2021 |
||
Revenues: |
|||
Portfolio income |
$ 207,532 |
$ 231,672 |
|
Changes in expected recoveries |
29,914 |
50,136 |
|
Total portfolio revenue |
237,446 |
281,808 |
|
Fee income |
1,830 |
2,181 |
|
Other revenue |
1,329 |
5,480 |
|
Total revenues |
240,605 |
289,469 |
|
Operating expenses: |
|||
Compensation and employee services |
71,096 |
73,984 |
|
Legal collection fees |
10,873 |
12,926 |
|
Legal collection costs |
16,557 |
21,312 |
|
Agency fees |
17,388 |
15,591 |
|
Outside fees and services |
19,378 |
20,760 |
|
Communication |
12,583 |
12,663 |
|
Rent and occupancy |
4,987 |
4,480 |
|
Depreciation and amortization |
3,778 |
3,981 |
|
Other operating expenses |
11,998 |
13,018 |
|
Total operating expenses |
168,638 |
178,715 |
|
Income from operations |
71,967 |
110,754 |
|
Other income and (expense): |
|||
Interest expense, net |
(31,748) |
(31,552) |
|
Foreign exchange loss |
(532) |
(26) |
|
Other |
(490) |
26 |
|
Income before income taxes |
39,197 |
79,202 |
|
Income tax expense |
4,579 |
17,322 |
|
Net income |
34,618 |
61,880 |
|
Adjustment for net (loss)/income attributable to noncontrolling |
(5,354) |
3,474 |
|
Net income attributable to PRA Group, Inc. |
$ 39,972 |
$ 58,406 |
|
Net income per common share attributable to PRA Group, Inc.: |
|||
Basic |
$ 0.98 |
$ 1.28 |
|
Diluted |
$ 0.97 |
$ 1.27 |
|
Weighted average number of shares outstanding: |
|||
Basic |
40,777 |
45,669 |
|
Diluted |
41,304 |
46,045 |
PRA Group, Inc. Consolidated Balance Sheets (Amounts in thousands) |
|||
(unaudited) |
|||
March 31, |
December 31, |
||
Assets |
|||
Cash and cash equivalents |
$ 79,089 |
$ 87,584 |
|
Investments |
93,249 |
92,977 |
|
Finance receivables, net |
3,310,747 |
3,428,285 |
|
Income taxes receivable |
49,064 |
41,146 |
|
Deferred tax assets, net |
63,965 |
67,760 |
|
Right-of-use assets |
55,093 |
56,713 |
|
Property and equipment, net |
54,401 |
54,513 |
|
Goodwill |
483,380 |
480,263 |
|
Other assets |
68,845 |
57,002 |
|
Total assets |
$ 4,257,833 |
$ 4,366,243 |
|
Liabilities and Equity |
|||
Liabilities: |
|||
Accounts payable |
$ 6,339 |
$ 3,821 |
|
Accrued expenses |
90,282 |
127,802 |
|
Income taxes payable |
13,743 |
19,276 |
|
Deferred tax liabilities, net |
45,365 |
36,630 |
|
Lease liabilities |
59,706 |
61,188 |
|
Interest-bearing deposits |
117,035 |
124,623 |
|
Borrowings |
2,539,462 |
2,608,714 |
|
Other liabilities |
39,734 |
59,352 |
|
Total liabilities |
2,911,666 |
3,041,406 |
|
Equity: |
|||
Preferred stock, $0.01 par value, 2,000 shares authorized, 0 shares |
— |
— |
|
Common stock, $0.01 par value, 100,000 shares authorized, 40,410 shares |
404 |
410 |
|
Additional paid-in capital |
— |
— |
|
Retained earnings |
1,548,845 |
1,552,845 |
|
Accumulated other comprehensive loss |
(243,709) |
(266,909) |
|
Total stockholders' equity - PRA Group, Inc. |
1,305,540 |
1,286,346 |
|
Noncontrolling interest |
40,627 |
38,491 |
|
Total equity |
1,346,167 |
1,324,837 |
|
Total liabilities and equity |
$ 4,257,833 |
$ 4,366,243 |
Select Expenses (Income) Amounts in thousands, pre-tax |
||||||||
Three Months Ended |
||||||||
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
|
Noncash interest |
— |
— |
— |
— |
— |
1,959 |
2,388 |
3,247 |
Noncash interest |
2,627 |
2,455 |
2,406 |
2,391 |
2,256 |
2,393 |
2,476 |
2,743 |
Change in fair value of |
2,726 |
3,115 |
2,982 |
2,911 |
3,102 |
3,875 |
3,701 |
3,284 |
Amortization of |
83 |
(269) |
104 |
105 |
181 |
1,792 |
360 |
351 |
Stock-based |
3,891 |
3,470 |
4,317 |
4,040 |
4,113 |
5,370 |
3,097 |
3,063 |
Purchase Price Multiples as of March 31, 2022 Amounts in thousands |
|||||
Purchase Period |
Purchase Price (1)(2) |
Total Estimated |
Estimated |
Current Purchase |
Original Purchase |
Americas and Australia Core |
|||||
1996-2011 |
$ 1,287,821 |
$ 4,120,576 |
$ 23,760 |
320% |
240% |
2012 |
254,076 |
652,359 |
9,692 |
257% |
226% |
2013 |
390,826 |
895,469 |
15,406 |
229% |
211% |
2014 |
404,117 |
860,995 |
26,686 |
213% |
204% |
2015 |
443,114 |
909,879 |
73,147 |
205% |
205% |
2016 |
455,767 |
1,111,717 |
149,697 |
244% |
201% |
2017 |
532,851 |
1,215,288 |
215,435 |
228% |
193% |
2018 |
653,975 |
1,392,227 |
257,838 |
213% |
202% |
2019 |
581,476 |
1,262,829 |
390,874 |
217% |
206% |
2020 |
435,668 |
940,908 |
465,621 |
216% |
213% |
2021 |
435,846 |
815,458 |
705,018 |
187% |
191% |
2022 |
92,317 |
161,069 |
158,656 |
174% |
174% |
Subtotal |
5,967,854 |
14,338,774 |
2,491,830 |
||
Americas Insolvency |
|||||
1996-2011 |
786,827 |
1,752,738 |
628 |
223% |
174% |
2012 |
251,395 |
393,135 |
48 |
156% |
136% |
2013 |
227,834 |
355,374 |
303 |
156% |
133% |
2014 |
148,420 |
218,938 |
1,175 |
148% |
124% |
2015 |
63,170 |
87,501 |
318 |
139% |
125% |
2016 |
91,442 |
116,398 |
798 |
127% |
123% |
2017 |
275,257 |
354,405 |
16,594 |
129% |
125% |
2018 |
97,879 |
135,030 |
31,899 |
138% |
127% |
2019 |
123,077 |
164,379 |
70,431 |
134% |
128% |
2020 |
62,130 |
86,298 |
58,929 |
139% |
136% |
2021 |
55,187 |
74,991 |
66,027 |
136% |
136% |
2022 |
9,118 |
11,880 |
11,846 |
130% |
130% |
Subtotal |
2,191,736 |
3,751,067 |
258,996 |
||
Total Americas and Australia |
8,159,590 |
18,089,841 |
2,750,826 |
||
Europe Core |
|||||
2012 |
20,409 |
42,893 |
— |
210% |
187% |
2013 |
20,334 |
26,454 |
— |
130% |
119% |
2014 |
773,811 |
2,240,226 |
419,645 |
290% |
208% |
2015 |
411,340 |
718,933 |
184,673 |
175% |
160% |
2016 |
333,090 |
561,591 |
230,564 |
169% |
167% |
2017 |
252,174 |
353,518 |
144,408 |
140% |
144% |
2018 |
341,775 |
526,571 |
264,369 |
154% |
148% |
2019 |
518,610 |
775,328 |
448,151 |
150% |
152% |
2020 |
324,119 |
554,006 |
381,766 |
171% |
172% |
2021 |
412,411 |
701,400 |
620,962 |
170% |
170% |
2022 |
37,943 |
62,847 |
61,040 |
166% |
166% |
Subtotal |
3,446,016 |
6,563,767 |
2,755,578 |
||
Europe Insolvency |
|||||
2014 |
10,876 |
18,447 |
15 |
170% |
129% |
2015 |
18,973 |
28,979 |
628 |
153% |
139% |
2016 |
39,338 |
56,750 |
3,280 |
144% |
130% |
2017 |
39,235 |
49,398 |
8,401 |
126% |
128% |
2018 |
44,908 |
50,640 |
18,113 |
113% |
123% |
2019 |
77,218 |
102,101 |
46,840 |
132% |
130% |
2020 |
105,440 |
135,908 |
82,789 |
129% |
129% |
2021 |
53,230 |
71,526 |
60,699 |
134% |
134% |
2022 |
8,778 |
11,829 |
11,810 |
135% |
135% |
Subtotal |
397,996 |
525,578 |
232,575 |
||
Total Europe |
3,844,012 |
7,089,345 |
2,988,153 |
||
Total PRA Group |
$ 12,003,602 |
$ 25,179,186 |
$ 5,738,979 |
||
(1) Includes the acquisition date finance receivables portfolios that were acquired through our business acquisitions. |
|||||
(2) Non-U.S. amounts are presented at the exchange rate at the end of the year in which the portfolio was purchased. In addition, any purchase price adjustments that occur |
|||||
(3) Non-U.S. amounts are presented at the year-end exchange rate for the respective year of purchase. |
|||||
(4) Non-U.S. amounts are presented at the March 31, 2022 exchange rate. |
|||||
(5) The Original 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, 2022 Amounts in thousands |
|||||
Purchase Period |
Cash Collections (1) |
Portfolio |
Change inExpected |
Total Portfolio |
Net Finance |
Americas and Australia Core |
|||||
1996-2011 |
$ 4,896 |
$ 2,552 |
$ 1,720 |
$ 4,272 |
$ 5,808 |
2012 |
2,175 |
818 |
879 |
1,697 |
3,969 |
2013 |
3,784 |
1,309 |
1,157 |
2,466 |
7,444 |
2014 |
4,536 |
1,656 |
1,562 |
3,218 |
10,945 |
2015 |
6,225 |
3,667 |
(697) |
2,970 |
28,192 |
2016 |
12,851 |
8,970 |
(2,899) |
6,071 |
51,370 |
2017 |
25,253 |
12,009 |
1,300 |
13,309 |
96,421 |
2018 |
46,510 |
15,233 |
21,013 |
36,246 |
157,922 |
2019 |
55,143 |
22,294 |
11,704 |
33,998 |
223,137 |
2020 |
58,529 |
25,954 |
5,189 |
31,143 |
272,211 |
2021 |
48,010 |
32,061 |
(31,445) |
616 |
371,339 |
2022 |
2,372 |
1,872 |
(518) |
1,354 |
91,253 |
Subtotal |
270,284 |
128,395 |
8,965 |
137,360 |
1,320,011 |
Americas Insolvency |
|||||
1996-2011 |
129 |
162 |
(33) |
129 |
— |
2012 |
136 |
19 |
117 |
136 |
— |
2013 |
169 |
70 |
99 |
169 |
— |
2014 |
203 |
241 |
(63) |
178 |
118 |
2015 |
167 |
62 |
98 |
160 |
210 |
2016 |
575 |
116 |
(78) |
38 |
522 |
2017 |
7,694 |
996 |
1,121 |
2,117 |
14,715 |
2018 |
6,845 |
1,055 |
1,032 |
2,087 |
28,539 |
2019 |
10,167 |
1,748 |
1,228 |
2,976 |
62,299 |
2020 |
4,735 |
1,610 |
226 |
1,836 |
47,568 |
2021 |
4,353 |
1,831 |
(11) |
1,820 |
51,125 |
2022 |
36 |
60 |
— |
60 |
9,142 |
Subtotal |
35,209 |
7,970 |
3,736 |
11,706 |
214,238 |
Total Americas and Australia |
305,493 |
136,365 |
12,701 |
149,066 |
1,534,249 |
Europe Core |
|||||
2012 |
259 |
— |
259 |
259 |
— |
2013 |
151 |
— |
151 |
151 |
— |
2014 |
32,690 |
20,539 |
7,829 |
28,368 |
125,532 |
2015 |
12,028 |
5,533 |
41 |
5,574 |
98,264 |
2016 |
10,513 |
5,142 |
100 |
5,242 |
135,768 |
2017 |
7,257 |
2,496 |
395 |
2,891 |
99,579 |
2018 |
15,099 |
4,961 |
791 |
5,752 |
175,277 |
2019 |
25,771 |
7,894 |
2,138 |
10,032 |
304,920 |
2020 |
19,694 |
7,668 |
1,359 |
9,027 |
234,001 |
2021 |
25,868 |
11,318 |
2,086 |
13,404 |
371,587 |
2022 |
1,832 |
409 |
1,033 |
1,442 |
37,385 |
Subtotal |
151,162 |
65,960 |
16,182 |
82,142 |
1,582,313 |
Europe Insolvency |
|||||
2014 |
84 |
8 |
71 |
79 |
9 |
2015 |
223 |
78 |
(21) |
57 |
472 |
2016 |
935 |
231 |
(87) |
144 |
2,531 |
2017 |
2,093 |
204 |
163 |
367 |
7,715 |
2018 |
2,781 |
402 |
(708) |
(306) |
16,303 |
2019 |
5,574 |
1,091 |
331 |
1,422 |
40,308 |
2020 |
8,997 |
1,800 |
801 |
2,601 |
70,849 |
2021 |
3,620 |
1,344 |
458 |
1,802 |
47,173 |
2022 |
18 |
49 |
23 |
72 |
8,825 |
Subtotal |
24,325 |
5,207 |
1,031 |
6,238 |
194,185 |
Total Europe |
175,487 |
71,167 |
17,213 |
88,380 |
1,776,498 |
Total PRA Group |
$ 480,980 |
$ 207,532 |
$ 29,914 |
$ 237,446 |
$ 3,310,747 |
(1) Non-U.S. amounts are presented using the average exchange rates during the current reporting period. |
|||||
(2) Non-U.S. amounts are presented at the March 31, 2022 exchange rate. |
Cash Collections by Year, By Year of Purchase (1) as of March 31, 2022 Amounts in millions |
||||||||||||||
Cash Collections |
||||||||||||||
Purchase Period |
Purchase |
1996-2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
Total |
Americas and Australia Core |
||||||||||||||
1996-2011 |
$ 1,287.8 |
$ 2,419.5 |
$ 486.0 |
$ 381.3 |
$ 266.3 |
$ 183.1 |
$ 119.0 |
$ 78.0 |
$ 56.0 |
$ 45.0 |
$ 29.7 |
$ 20.8 |
$ 4.9 |
4,089.6 |
2012 |
254.1 |
— |
56.9 |
173.6 |
146.2 |
97.3 |
60.0 |
40.0 |
27.8 |
17.9 |
11.8 |
9.0 |
2.2 |
642.7 |
2013 |
390.8 |
— |
— |
101.6 |
247.8 |
194.0 |
120.8 |
78.9 |
56.4 |
36.9 |
23.2 |
16.7 |
3.8 |
880.1 |
2014 |
404.1 |
— |
— |
— |
92.7 |
253.4 |
170.3 |
114.2 |
82.2 |
55.3 |
31.9 |
22.3 |
4.5 |
826.8 |
2015 |
443.1 |
— |
— |
— |
— |
117.0 |
228.4 |
185.9 |
126.6 |
83.6 |
57.2 |
34.9 |
6.2 |
839.8 |
2016 |
455.8 |
— |
— |
— |
— |
138.7 |
256.5 |
194.6 |
140.6 |
105.9 |
74.2 |
12.9 |
923.4 |
|
2017 |
532.9 |
— |
— |
— |
— |
— |
— |
107.3 |
278.7 |
256.5 |
192.5 |
130.0 |
25.3 |
990.3 |
2018 |
654.0 |
— |
— |
— |
— |
— |
— |
— |
122.7 |
361.9 |
337.7 |
239.9 |
46.5 |
1,108.7 |
2019 |
581.5 |
— |
— |
— |
— |
— |
— |
— |
— |
143.8 |
349.0 |
289.8 |
55.1 |
837.7 |
2020 |
435.7 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
133.0 |
284.3 |
58.5 |
475.8 |
2021 |
435.8 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
85.0 |
48.0 |
133.0 |
2022 |
92.3 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
2.4 |
2.4 |
Subtotal |
5,967.9 |
2,419.5 |
542.9 |
656.5 |
753.0 |
844.8 |
837.2 |
860.8 |
945.0 |
1,141.5 |
1,271.9 |
1,206.9 |
270.3 |
11,750.3 |
Americas Insolvency |
||||||||||||||
1996-2011 |
786.8 |
667.4 |
336.8 |
313.7 |
244.7 |
128.2 |
44.6 |
8.4 |
4.0 |
2.1 |
1.3 |
0.8 |
0.1 |
1,752.1 |
2012 |
251.4 |
— |
17.4 |
103.6 |
94.1 |
80.1 |
60.7 |
29.3 |
4.3 |
1.9 |
0.9 |
0.6 |
0.1 |
393.0 |
2013 |
227.8 |
— |
— |
52.5 |
82.6 |
81.7 |
63.4 |
47.8 |
21.9 |
2.9 |
1.3 |
0.8 |
0.2 |
355.1 |
2014 |
148.4 |
— |
— |
— |
37.0 |
50.9 |
44.3 |
37.4 |
28.8 |
15.8 |
2.2 |
1.1 |
0.2 |
217.7 |
2015 |
63.2 |
— |
— |
— |
— |
3.4 |
17.9 |
20.1 |
19.8 |
16.7 |
7.9 |
1.3 |
0.2 |
87.3 |
2016 |
91.4 |
— |
— |
— |
— |
— |
18.9 |
30.4 |
25.0 |
19.9 |
14.4 |
7.4 |
0.6 |
116.6 |
2017 |
275.3 |
— |
— |
— |
— |
— |
— |
49.1 |
97.3 |
80.9 |
58.8 |
44.0 |
7.7 |
337.8 |
2018 |
97.9 |
— |
— |
— |
— |
— |
— |
— |
6.7 |
27.4 |
30.5 |
31.6 |
6.8 |
103.0 |
2019 |
123.1 |
— |
— |
— |
— |
— |
— |
— |
— |
13.4 |
31.4 |
39.1 |
10.2 |
94.1 |
2020 |
62.1 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
6.5 |
16.1 |
4.7 |
27.3 |
2021 |
55.2 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
4.5 |
4.4 |
8.9 |
2022 |
9.1 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Subtotal |
2,191.7 |
667.4 |
354.2 |
469.8 |
458.4 |
344.3 |
249.8 |
222.5 |
207.8 |
181.0 |
155.2 |
147.3 |
35.2 |
3,492.9 |
Total Americas and Australia |
8,159.6 |
3,086.9 |
897.1 |
1,126.3 |
1,211.4 |
1,189.1 |
1,087.0 |
1,083.3 |
1,152.8 |
1,322.5 |
1,427.1 |
1,354.2 |
305.5 |
15,243.2 |
Europe Core |
||||||||||||||
2012 |
20.4 |
— |
11.6 |
9.0 |
5.6 |
3.2 |
2.2 |
2.0 |
2.0 |
1.5 |
1.2 |
1.2 |
0.3 |
39.8 |
2013 |
20.3 |
— |
— |
7.1 |
8.5 |
2.3 |
1.3 |
1.2 |
1.3 |
0.9 |
0.7 |
0.7 |
0.2 |
24.2 |
2014 |
773.8 |
— |
— |
— |
153.2 |
292.0 |
246.4 |
220.8 |
206.3 |
172.9 |
149.8 |
149.2 |
32.7 |
1,623.3 |
2015 |
411.3 |
— |
— |
— |
— |
45.8 |
100.3 |
86.2 |
80.9 |
66.1 |
54.3 |
51.4 |
12.0 |
497.0 |
2016 |
333.1 |
— |
— |
— |
— |
— |
40.4 |
78.9 |
72.6 |
58.0 |
48.3 |
46.7 |
10.5 |
355.4 |
2017 |
252.2 |
— |
— |
— |
— |
— |
— |
17.9 |
56.0 |
44.1 |
36.1 |
34.8 |
7.3 |
196.2 |
2018 |
341.8 |
— |
— |
— |
— |
— |
— |
— |
24.3 |
88.7 |
71.2 |
69.1 |
15.1 |
268.4 |
2019 |
518.6 |
— |
— |
— |
— |
— |
— |
— |
— |
47.9 |
125.7 |
121.4 |
25.8 |
320.8 |
2020 |
324.1 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
32.4 |
91.7 |
19.7 |
143.8 |
2021 |
412.4 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
48.4 |
25.9 |
74.3 |
2022 |
37.9 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1.7 |
1.7 |
Subtotal |
3,445.9 |
— |
11.6 |
16.1 |
167.3 |
343.3 |
390.6 |
407.0 |
443.4 |
480.1 |
519.7 |
614.6 |
151.2 |
3,544.9 |
Europe Insolvency |
||||||||||||||
2014 |
10.9 |
— |
— |
— |
— |
4.3 |
3.9 |
3.2 |
2.6 |
1.5 |
0.8 |
0.3 |
0.1 |
16.7 |
2015 |
19.0 |
— |
— |
— |
— |
3.0 |
4.4 |
5.0 |
4.8 |
3.9 |
2.9 |
1.6 |
0.2 |
25.8 |
2016 |
39.3 |
— |
— |
— |
— |
— |
6.2 |
12.7 |
12.9 |
10.7 |
7.9 |
6.0 |
0.9 |
57.3 |
2017 |
39.2 |
— |
— |
— |
— |
— |
— |
1.2 |
7.9 |
9.2 |
9.8 |
9.4 |
2.1 |
39.6 |
2018 |
44.9 |
— |
— |
— |
— |
— |
— |
— |
0.6 |
8.4 |
10.3 |
11.7 |
2.8 |
33.8 |
2019 |
77.2 |
— |
— |
— |
— |
— |
— |
— |
— |
5.1 |
21.1 |
23.9 |
5.6 |
55.7 |
2020 |
105.4 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
6.1 |
34.6 |
9.0 |
49.7 |
2021 |
53.3 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
5.4 |
3.6 |
9.0 |
2022 |
8.8 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Subtotal |
398.0 |
— |
— |
— |
— |
7.3 |
14.5 |
22.1 |
28.8 |
38.8 |
58.9 |
92.9 |
24.3 |
287.6 |
Total Europe |
3,843.9 |
— |
11.6 |
16.1 |
167.3 |
350.6 |
405.1 |
429.1 |
472.2 |
518.9 |
578.6 |
707.5 |
175.5 |
3,832.5 |
Total PRA Group |
$ 12,003.5 |
$ 3,086.9 |
$ 908.7 |
$ 1,142.4 |
$ 1,378.7 |
$ 1,539.7 |
$ 1,492.1 |
$ 1,512.4 |
$ 1,625.0 |
$ 1,841.4 |
$ 2,005.7 |
$ 2,061.7 |
$ 481.0 |
$ 19,075.7 |
(1) Non-U.S. amounts are presented using the average exchange rates during the cash collection period. |
||||||||||||||
(2) Includes the nonperforming loan portfolios that were acquired through our business acquisitions. |
||||||||||||||
(3) Non-U.S. amounts are presented at the exchange rate at the end of the year in which the portfolio was purchased. In addition, any purchase price adjustments that occur |
Use of Non-GAAP Financial Measures
PRA Group, Inc. reports financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management uses certain non-GAAP financial measures, including Adjusted EBITDA, internally to evaluate the Company's performance and to set performance goals. Adjusted EBITDA is calculated as net income attributable to PRA Group, Inc. plus income tax expense; less foreign exchange gain (or plus foreign exchange loss); plus interest expense, net; plus other expense (or less other income); plus depreciation and amortization; plus adjustment for net income attributable to noncontrolling interests; and plus recoveries applied to negative allowance less changes in expected recoveries. Adjusted EBITDA is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP. PRA Group, Inc. presents Adjusted EBITDA because the Company considers it an important supplemental measure of operations and financial performance. Management believes Adjusted EBITDA helps provide enhanced period-to-period comparability of operations and financial performance and is useful to investors as other companies in the industry report similar financial measures. Adjusted EBITDA should not be considered as an alternative to net income determined in accordance with GAAP. Set forth below is a reconciliation of Adjusted EBITDA for the last twelve months (LTM) ended March 31, 2022 and for the year ended December 31, 2021, to net income, the most directly comparable financial measure calculated and reported in accordance with GAAP. The calculation of Adjusted EBITDA below may not be comparable to the calculation of similarly titled measures reported by other companies.
Reconciliation of Non-GAAP Financial Measures |
||||||
LTM |
For the Year Ended |
|||||
Adjusted EBITDA for PRA Group ($ in millions) |
March 31, 2022 |
December 31, 2021 |
||||
Net income attributable to PRA Group, Inc. |
$ 165 |
$ 183 |
||||
Adjustments: |
||||||
Income tax expense |
42 |
55 |
||||
Foreign exchange losses/(gains) |
1 |
1 |
||||
Interest expense, net |
124 |
124 |
||||
Other expense |
— |
— |
||||
Depreciation and amortization |
15 |
15 |
||||
Adjustment for net income attributable to noncontrolling interests |
4 |
12 |
||||
Recoveries applied to negative allowance less Changes in expected |
958 |
988 |
||||
Adjusted EBITDA |
$ 1,309 |
$ 1,378 |
Additionally, management evaluates the Company's business using certain ratios that use Adjusted EBITDA, including Debt to Adjusted EBITDA, which is calculated by dividing borrowings by Adjusted EBITDA. The following table reflects our Debt to Adjusted EBITDA for LTM as of March 31, 2022 and for the year ended December 31, 2021 (amounts in millions):
Debt to Adjusted EBITDA |
||
LTM |
For the Year Ended |
|
March 31, 2022 |
December 31, 2021 |
|
Borrowings |
$ 2,539 |
$ 2,609 |
LTM Adjusted EBITDA |
1,309 |
1,378 |
Debt to LTM Adjusted EBITDA |
1.94 |
1.89 |
Investor Contact:Lauren PartinSenior Vice President, Finance and Investor Relations(757) 431-7913[email protected]
News Media Contact:Elizabeth KerseySenior Vice President, Communications and Public Policy(757) 431-3398[email protected]
SOURCE PRA Group
НОРФОЛК, Вирджиния, 9 мая 2022 г. /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), мировой лидер в приобретении и взыскании просроченных кредитов, сегодня сообщила о своих финансовых результатах за первый квартал 2022 года. Компания сообщила о чистой прибыли, относящейся к PRA Group, Inc., в размере 40,0 миллионов долларов в первом квартале по сравнению с 58,4 миллионами долларов в предыдущем году. Разводненная прибыль на акцию составила 0,97 доллара против 1,27 доллара в первом квартале 2021 года.
Основные моменты Первого квартала
1. |
Calculated by dividing cash receipts less operating expense by cash receipts. |
2. |
Share repurchases are subject to market conditions and other factors, and the share repurchase program remains subject to the |
3. |
A reconciliation of this non-GAAP financial measure to the most comparable GAAP measure can be found at the end of this press release. |
"В первом квартале мы инвестировали 147 миллионов долларов в портфельные покупки, что отражает продолжающееся снижение уровня предложения в США и усиление конкуренции в Европе. Мы также вернули акционерам почти 40 миллионов долларов стоимости путем обратного выкупа акций", - сказал Кевин Стивенсон, президент и главный исполнительный директор. "Мы считаем, что наш сильный баланс дает нам отличные возможности для привлечения капитала, поскольку поставки в США возобновятся в ближайшие кварталы. Тем временем мы продолжим поддерживать нашу дисциплину и искать альтернативные способы обеспечения ценности для наших акционеров".
Поступления и поступления денежных средств
Cash Collection Source |
2022 |
2021 |
||||||||
($ in thousands) |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|||||
Americas and Australia Core |
$ 270,284 |
$ 257,705 |
$ 276,691 |
$ 324,845 |
$ 347,638 |
|||||
Americas Insolvency |
35,209 |
36,851 |
37,464 |
37,768 |
35,253 |
|||||
Europe Core |
151,162 |
155,853 |
151,625 |
157,637 |
149,486 |
|||||
Europe Insolvency |
24,325 |
23,262 |
22,574 |
23,579 |
23,510 |
|||||
Total Cash Collections |
$ 480,980 |
$ 473,671 |
$ 488,354 |
$ 543,829 |
$ 555,887 |
|||||
Cash Collection Source - |
||||||||||
Constant Currency Adjusted |
2022 |
2021 |
||||||||
($ in thousands) |
Q1 |
Q1 |
||||||||
Americas and Australia Core |
$ 270,284 |
$ 348,494 |
||||||||
Americas Insolvency |
35,209 |
35,252 |
||||||||
Europe Core |
151,162 |
142,230 |
||||||||
Europe Insolvency |
24,325 |
22,785 |
||||||||
Total Cash Collections |
$ 480,980 |
$ 548,761 |
||||||||
Портфельные приобретения
Portfolio Purchase Source |
2022 |
2021 |
||||||||
($ in thousands) |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|||||
Americas and Australia Core |
$ 90,639 |
$ 90,263 |
$ 162,451 |
$ 98,901 |
$ 88,912 |
|||||
Americas Insolvency |
9,118 |
21,183 |
9,878 |
14,642 |
9,486 |
|||||
Europe Core |
38,764 |
60,430 |
212,194 |
106,134 |
44,095 |
|||||
Europe Insolvency |
8,929 |
29,820 |
7,424 |
— |
16,468 |
|||||
Total Portfolio Acquisitions |
$ 147,450 |
$ 201,696 |
$ 391,947 |
$ 219,677 |
$ 158,961 |
|||||
Информация о телефонной конференции PRA Group, Inc. проведет телефонную конференцию сегодня в 17:00 вечера по восточному времени, чтобы обсудить результаты с институциональными инвесторами и биржевыми аналитиками. Чтобы прослушать веб-трансляцию звонка и просмотреть сопроводительные слайды, посетите https://ir.pragroup.com/events-and-presentations . Чтобы прослушать по телефону, позвоните по телефону 844-835-9982 в США или 412-317-5267 за пределами США и запросите конференц-связь PRA Group. Чтобы прослушать повтор звонка, либо посетите тот же веб-сайт до 9 мая 2023 года, либо позвоните по телефону 877-344-7529 в США или 412-317-0088 за пределами США и используйте код доступа 5393948 до 16 мая 2022 года.
Компания также объявляет, что в настоящее время планирует сообщить о результатах за второй квартал 2022 года после закрытия рынка 8 августа 2022 года.
О компании PRA Group, Inc.Являясь мировым лидером в приобретении и взыскании просроченных кредитов, PRA Group, Inc. возвращает капитал банкам и другим кредиторам, чтобы помочь расширить финансовые услуги для потребителей в Северной и Южной Америке, Европе и Австралии. Компании PRA Group, Inc., насчитывающие тысячи сотрудников по всему миру, сотрудничают с клиентами, чтобы помочь им урегулировать свои долги. Для получения дополнительной информации, пожалуйста, посетите www.pragroup.com .
О прогнозных заявлениях Сделанные здесь заявления, которые не являются историческими по своей природе, включая намерения, надежды, убеждения, ожидания, представления, прогнозы, планы или прогнозы руководства PRA Group, Inc. или ее руководства, являются прогнозными заявлениями по смыслу раздела 27A Закона о ценных бумагах 1933 года, с внесенными поправками, и Раздел 21E Закона об обмене ценными бумагами 1934 года с внесенными поправками.
Заявления прогнозного характера, содержащиеся в настоящем пресс-релизе, основаны на текущих убеждениях, оценках, предположениях и ожиданиях руководства относительно будущих операций и финансовых и экономических показателей PRA Group, Inc. с учетом имеющейся в настоящее время информации. Эти заявления не являются констатацией исторического факта или гарантией будущих результатов, и не может быть никакой гарантии, что ожидаемые события произойдут или что наши ожидания окажутся правильными. Прогнозные заявления связаны с рисками и неопределенностями, некоторые из которых в настоящее время неизвестны PRA Group, Inc. Фактические события или результаты могут существенно отличаться от тех, которые выражены или подразумеваются в любых таких прогнозных заявлениях в результате различных факторов, включая факторы риска и другие риски, которые время от времени описываются в заявках PRA Group, Inc. в Комиссию по ценным бумагам и биржам, включая PRA Group, Inc.'годовые отчеты s по форме 10-K, квартальные отчеты по форме 10-Q и текущие отчеты по форме 8-K, которые доступны на веб-сайте PRA Group, Inc. и содержат подробное обсуждение бизнеса PRA Group, Inc., включая риски и неопределенности, которые могут повлиять на будущее результаты.
Из-за таких неопределенностей и рисков мы предостерегаем вас от чрезмерного доверия к таким прогнозным заявлениям, которые действуют только на сегодняшний день. Информация в этом пресс-релизе может быть заменена более свежей информацией или заявлениями, которые могут быть раскрыты в более поздних пресс-релизах, последующих заявках в Комиссию по ценным бумагам и биржам или иным образом. За исключением случаев, предусмотренных законом, PRA Group, Inc. не берет на себя никаких обязательств по публичному обновлению или пересмотру своих прогнозных заявлений, содержащихся в настоящем документе, для отражения любых изменений в ожиданиях PRA Group, Inc. в отношении этого или для отражения любых изменений в событиях, условиях или обстоятельствах, на которых основаны любые такие прогнозные заявления. на основе, полностью или частично.
PRA Group, Inc. Unaudited Consolidated Income Statements (Amounts in thousands, except per share amounts) |
|||
Three Months Ended March 31, |
|||
2022 |
2021 |
||
Revenues: |
|||
Portfolio income |
$ 207,532 |
$ 231,672 |
|
Changes in expected recoveries |
29,914 |
50,136 |
|
Total portfolio revenue |
237,446 |
281,808 |
|
Fee income |
1,830 |
2,181 |
|
Other revenue |
1,329 |
5,480 |
|
Total revenues |
240,605 |
289,469 |
|
Operating expenses: |
|||
Compensation and employee services |
71,096 |
73,984 |
|
Legal collection fees |
10,873 |
12,926 |
|
Legal collection costs |
16,557 |
21,312 |
|
Agency fees |
17,388 |
15,591 |
|
Outside fees and services |
19,378 |
20,760 |
|
Communication |
12,583 |
12,663 |
|
Rent and occupancy |
4,987 |
4,480 |
|
Depreciation and amortization |
3,778 |
3,981 |
|
Other operating expenses |
11,998 |
13,018 |
|
Total operating expenses |
168,638 |
178,715 |
|
Income from operations |
71,967 |
110,754 |
|
Other income and (expense): |
|||
Interest expense, net |
(31,748) |
(31,552) |
|
Foreign exchange loss |
(532) |
(26) |
|
Other |
(490) |
26 |
|
Income before income taxes |
39,197 |
79,202 |
|
Income tax expense |
4,579 |
17,322 |
|
Net income |
34,618 |
61,880 |
|
Adjustment for net (loss)/income attributable to noncontrolling |
(5,354) |
3,474 |
|
Net income attributable to PRA Group, Inc. |
$ 39,972 |
$ 58,406 |
|
Net income per common share attributable to PRA Group, Inc.: |
|||
Basic |
$ 0.98 |
$ 1.28 |
|
Diluted |
$ 0.97 |
$ 1.27 |
|
Weighted average number of shares outstanding: |
|||
Basic |
40,777 |
45,669 |
|
Diluted |
41,304 |
46,045 |
PRA Group, Inc. Consolidated Balance Sheets (Amounts in thousands) |
|||
(unaudited) |
|||
March 31, |
December 31, |
||
Assets |
|||
Cash and cash equivalents |
$ 79,089 |
$ 87,584 |
|
Investments |
93,249 |
92,977 |
|
Finance receivables, net |
3,310,747 |
3,428,285 |
|
Income taxes receivable |
49,064 |
41,146 |
|
Deferred tax assets, net |
63,965 |
67,760 |
|
Right-of-use assets |
55,093 |
56,713 |
|
Property and equipment, net |
54,401 |
54,513 |
|
Goodwill |
483,380 |
480,263 |
|
Other assets |
68,845 |
57,002 |
|
Total assets |
$ 4,257,833 |
$ 4,366,243 |
|
Liabilities and Equity |
|||
Liabilities: |
|||
Accounts payable |
$ 6,339 |
$ 3,821 |
|
Accrued expenses |
90,282 |
127,802 |
|
Income taxes payable |
13,743 |
19,276 |
|
Deferred tax liabilities, net |
45,365 |
36,630 |
|
Lease liabilities |
59,706 |
61,188 |
|
Interest-bearing deposits |
117,035 |
124,623 |
|
Borrowings |
2,539,462 |
2,608,714 |
|
Other liabilities |
39,734 |
59,352 |
|
Total liabilities |
2,911,666 |
3,041,406 |
|
Equity: |
|||
Preferred stock, $0.01 par value, 2,000 shares authorized, 0 shares |
— |
— |
|
Common stock, $0.01 par value, 100,000 shares authorized, 40,410 shares |
404 |
410 |
|
Additional paid-in capital |
— |
— |
|
Retained earnings |
1,548,845 |
1,552,845 |
|
Accumulated other comprehensive loss |
(243,709) |
(266,909) |
|
Total stockholders' equity - PRA Group, Inc. |
1,305,540 |
1,286,346 |
|
Noncontrolling interest |
40,627 |
38,491 |
|
Total equity |
1,346,167 |
1,324,837 |
|
Total liabilities and equity |
$ 4,257,833 |
$ 4,366,243 |
Select Expenses (Income) Amounts in thousands, pre-tax |
||||||||
Three Months Ended |
||||||||
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
|
Noncash interest |
— |
— |
— |
— |
— |
1,959 |
2,388 |
3,247 |
Noncash interest |
2,627 |
2,455 |
2,406 |
2,391 |
2,256 |
2,393 |
2,476 |
2,743 |
Change in fair value of |
2,726 |
3,115 |
2,982 |
2,911 |
3,102 |
3,875 |
3,701 |
3,284 |
Amortization of |
83 |
(269) |
104 |
105 |
181 |
1,792 |
360 |
351 |
Stock-based |
3,891 |
3,470 |
4,317 |
4,040 |
4,113 |
5,370 |
3,097 |
3,063 |
Purchase Price Multiples as of March 31, 2022 Amounts in thousands |
|||||
Purchase Period |
Purchase Price (1)(2) |
Total Estimated |
Estimated |
Current Purchase |
Original Purchase |
Americas and Australia Core |
|||||
1996-2011 |
$ 1,287,821 |
$ 4,120,576 |
$ 23,760 |
320% |
240% |
2012 |
254,076 |
652,359 |
9,692 |
257% |
226% |
2013 |
390,826 |
895,469 |
15,406 |
229% |
211% |
2014 |
404,117 |
860,995 |
26,686 |
213% |
204% |
2015 |
443,114 |
909,879 |
73,147 |
205% |
205% |
2016 |
455,767 |
1,111,717 |
149,697 |
244% |
201% |
2017 |
532,851 |
1,215,288 |
215,435 |
228% |
193% |
2018 |
653,975 |
1,392,227 |
257,838 |
213% |
202% |
2019 |
581,476 |
1,262,829 |
390,874 |
217% |
206% |
2020 |
435,668 |
940,908 |
465,621 |
216% |
213% |
2021 |
435,846 |
815,458 |
705,018 |
187% |
191% |
2022 |
92,317 |
161,069 |
158,656 |
174% |
174% |
Subtotal |
5,967,854 |
14,338,774 |
2,491,830 |
||
Americas Insolvency |
|||||
1996-2011 |
786,827 |
1,752,738 |
628 |
223% |
174% |
2012 |
251,395 |
393,135 |
48 |
156% |
136% |
2013 |
227,834 |
355,374 |
303 |
156% |
133% |
2014 |
148,420 |
218,938 |
1,175 |
148% |
124% |
2015 |
63,170 |
87,501 |
318 |
139% |
125% |
2016 |
91,442 |
116,398 |
798 |
127% |
123% |
2017 |
275,257 |
354,405 |
16,594 |
129% |
125% |
2018 |
97,879 |
135,030 |
31,899 |
138% |
127% |
2019 |
123,077 |
164,379 |
70,431 |
134% |
128% |
2020 |
62,130 |
86,298 |
58,929 |
139% |
136% |
2021 |
55,187 |
74,991 |
66,027 |
136% |
136% |
2022 |
9,118 |
11,880 |
11,846 |
130% |
130% |
Subtotal |
2,191,736 |
3,751,067 |
258,996 |
||
Total Americas and Australia |
8,159,590 |
18,089,841 |
2,750,826 |
||
Europe Core |
|||||
2012 |
20,409 |
42,893 |
— |
210% |
187% |
2013 |
20,334 |
26,454 |
— |
130% |
119% |
2014 |
773,811 |
2,240,226 |
419,645 |
290% |
208% |
2015 |
411,340 |
718,933 |
184,673 |
175% |
160% |
2016 |
333,090 |
561,591 |
230,564 |
169% |
167% |
2017 |
252,174 |
353,518 |
144,408 |
140% |
144% |
2018 |
341,775 |
526,571 |
264,369 |
154% |
148% |
2019 |
518,610 |
775,328 |
448,151 |
150% |
152% |
2020 |
324,119 |
554,006 |
381,766 |
171% |
172% |
2021 |
412,411 |
701,400 |
620,962 |
170% |
170% |
2022 |
37,943 |
62,847 |
61,040 |
166% |
166% |
Subtotal |
3,446,016 |
6,563,767 |
2,755,578 |
||
Europe Insolvency |
|||||
2014 |
10,876 |
18,447 |
15 |
170% |
129% |
2015 |
18,973 |
28,979 |
628 |
153% |
139% |
2016 |
39,338 |
56,750 |
3,280 |
144% |
130% |
2017 |
39,235 |
49,398 |
8,401 |
126% |
128% |
2018 |
44,908 |
50,640 |
18,113 |
113% |
123% |
2019 |
77,218 |
102,101 |
46,840 |
132% |
130% |
2020 |
105,440 |
135,908 |
82,789 |
129% |
129% |
2021 |
53,230 |
71,526 |
60,699 |
134% |
134% |
2022 |
8,778 |
11,829 |
11,810 |
135% |
135% |
Subtotal |
397,996 |
525,578 |
232,575 |
||
Total Europe |
3,844,012 |
7,089,345 |
2,988,153 |
||
Total PRA Group |
$ 12,003,602 |
$ 25,179,186 |
$ 5,738,979 |
||
(1) Includes the acquisition date finance receivables portfolios that were acquired through our business acquisitions. |
|||||
(2) Non-U.S. amounts are presented at the exchange rate at the end of the year in which the portfolio was purchased. In addition, any purchase price adjustments that occur |
|||||
(3) Non-U.S. amounts are presented at the year-end exchange rate for the respective year of purchase. |
|||||
(4) Non-U.S. amounts are presented at the March 31, 2022 exchange rate. |
|||||
(5) The Original 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, 2022 Amounts in thousands |
|||||
Purchase Period |
Cash Collections (1) |
Portfolio |
Change inExpected |
Total Portfolio |
Net Finance |
Americas and Australia Core |
|||||
1996-2011 |
$ 4,896 |
$ 2,552 |
$ 1,720 |
$ 4,272 |
$ 5,808 |
2012 |
2,175 |
818 |
879 |
1,697 |
3,969 |
2013 |
3,784 |
1,309 |
1,157 |
2,466 |
7,444 |
2014 |
4,536 |
1,656 |
1,562 |
3,218 |
10,945 |
2015 |
6,225 |
3,667 |
(697) |
2,970 |
28,192 |
2016 |
12,851 |
8,970 |
(2,899) |
6,071 |
51,370 |
2017 |
25,253 |
12,009 |
1,300 |
13,309 |
96,421 |
2018 |
46,510 |
15,233 |
21,013 |
36,246 |
157,922 |
2019 |
55,143 |
22,294 |
11,704 |
33,998 |
223,137 |
2020 |
58,529 |
25,954 |
5,189 |
31,143 |
272,211 |
2021 |
48,010 |
32,061 |
(31,445) |
616 |
371,339 |
2022 |
2,372 |
1,872 |
(518) |
1,354 |
91,253 |
Subtotal |
270,284 |
128,395 |
8,965 |
137,360 |
1,320,011 |
Americas Insolvency |
|||||
1996-2011 |
129 |
162 |
(33) |
129 |
— |
2012 |
136 |
19 |
117 |
136 |
— |
2013 |
169 |
70 |
99 |
169 |
— |
2014 |
203 |
241 |
(63) |
178 |
118 |
2015 |
167 |
62 |
98 |
160 |
210 |
2016 |
575 |
116 |
(78) |
38 |
522 |
2017 |
7,694 |
996 |
1,121 |
2,117 |
14,715 |
2018 |
6,845 |
1,055 |
1,032 |
2,087 |
28,539 |
2019 |
10,167 |
1,748 |
1,228 |
2,976 |
62,299 |
2020 |
4,735 |
1,610 |
226 |
1,836 |
47,568 |
2021 |
4,353 |
1,831 |
(11) |
1,820 |
51,125 |
2022 |
36 |
60 |
— |
60 |
9,142 |
Subtotal |
35,209 |
7,970 |
3,736 |
11,706 |
214,238 |
Total Americas and Australia |
305,493 |
136,365 |
12,701 |
149,066 |
1,534,249 |
Europe Core |
|||||
2012 |
259 |
— |
259 |
259 |
— |
2013 |
151 |
— |
151 |
151 |
— |
2014 |
32,690 |
20,539 |
7,829 |
28,368 |
125,532 |
2015 |
12,028 |
5,533 |
41 |
5,574 |
98,264 |
2016 |
10,513 |
5,142 |
100 |
5,242 |
135,768 |
2017 |
7,257 |
2,496 |
395 |
2,891 |
99,579 |
2018 |
15,099 |
4,961 |
791 |
5,752 |
175,277 |
2019 |
25,771 |
7,894 |
2,138 |
10,032 |
304,920 |
2020 |
19,694 |
7,668 |
1,359 |
9,027 |
234,001 |
2021 |
25,868 |
11,318 |
2,086 |
13,404 |
371,587 |
2022 |
1,832 |
409 |
1,033 |
1,442 |
37,385 |
Subtotal |
151,162 |
65,960 |
16,182 |
82,142 |
1,582,313 |
Europe Insolvency |
|||||
2014 |
84 |
8 |
71 |
79 |
9 |
2015 |
223 |
78 |
(21) |
57 |
472 |
2016 |
935 |
231 |
(87) |
144 |
2,531 |
2017 |
2,093 |
204 |
163 |
367 |
7,715 |
2018 |
2,781 |
402 |
(708) |
(306) |
16,303 |
2019 |
5,574 |
1,091 |
331 |
1,422 |
40,308 |
2020 |
8,997 |
1,800 |
801 |
2,601 |
70,849 |
2021 |
3,620 |
1,344 |
458 |
1,802 |
47,173 |
2022 |
18 |
49 |
23 |
72 |
8,825 |
Subtotal |
24,325 |
5,207 |
1,031 |
6,238 |
194,185 |
Total Europe |
175,487 |
71,167 |
17,213 |
88,380 |
1,776,498 |
Total PRA Group |
$ 480,980 |
$ 207,532 |
$ 29,914 |
$ 237,446 |
$ 3,310,747 |
(1) Non-U.S. amounts are presented using the average exchange rates during the current reporting period. |
|||||
(2) Non-U.S. amounts are presented at the March 31, 2022 exchange rate. |
Cash Collections by Year, By Year of Purchase (1) as of March 31, 2022 Amounts in millions |
||||||||||||||
Cash Collections |
||||||||||||||
Purchase Period |
Purchase |
1996-2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
Total |
Americas and Australia Core |
||||||||||||||
1996-2011 |
$ 1,287.8 |
$ 2,419.5 |
$ 486.0 |
$ 381.3 |
$ 266.3 |
$ 183.1 |
$ 119.0 |
$ 78.0 |
$ 56.0 |
$ 45.0 |
$ 29.7 |
$ 20.8 |
$ 4.9 |
4,089.6 |
2012 |
254.1 |
— |
56.9 |
173.6 |
146.2 |
97.3 |
60.0 |
40.0 |
27.8 |
17.9 |
11.8 |
9.0 |
2.2 |
642.7 |
2013 |
390.8 |
— |
— |
101.6 |
247.8 |
194.0 |
120.8 |
78.9 |
56.4 |
36.9 |
23.2 |
16.7 |
3.8 |
880.1 |
2014 |
404.1 |
— |
— |
— |
92.7 |
253.4 |
170.3 |
114.2 |
82.2 |
55.3 |
31.9 |
22.3 |
4.5 |
826.8 |
2015 |
443.1 |
— |
— |
— |
— |
117.0 |
228.4 |
185.9 |
126.6 |
83.6 |
57.2 |
34.9 |
6.2 |
839.8 |
2016 |
455.8 |
— |
— |
— |
— |
138.7 |
256.5 |
194.6 |
140.6 |
105.9 |
74.2 |
12.9 |
923.4 |
|
2017 |
532.9 |
— |
— |
— |
— |
— |
— |
107.3 |
278.7 |
256.5 |
192.5 |
130.0 |
25.3 |
990.3 |
2018 |
654.0 |
— |
— |
— |
— |
— |
— |
— |
122.7 |
361.9 |
337.7 |
239.9 |
46.5 |
1,108.7 |
2019 |
581.5 |
— |
— |
— |
— |
— |
— |
— |
— |
143.8 |
349.0 |
289.8 |
55.1 |
837.7 |
2020 |
435.7 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
133.0 |
284.3 |
58.5 |
475.8 |
2021 |
435.8 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
85.0 |
48.0 |
133.0 |
2022 |
92.3 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
2.4 |
2.4 |
Subtotal |
5,967.9 |
2,419.5 |
542.9 |
656.5 |
753.0 |
844.8 |
837.2 |
860.8 |
945.0 |
1,141.5 |
1,271.9 |
1,206.9 |
270.3 |
11,750.3 |
Americas Insolvency |
||||||||||||||
1996-2011 |
786.8 |
667.4 |
336.8 |
313.7 |
244.7 |
128.2 |
44.6 |
8.4 |
4.0 |
2.1 |
1.3 |
0.8 |
0.1 |
1,752.1 |
2012 |
251.4 |
— |
17.4 |
103.6 |
94.1 |
80.1 |
60.7 |
29.3 |
4.3 |
1.9 |
0.9 |
0.6 |
0.1 |
393.0 |
2013 |
227.8 |
— |
— |
52.5 |
82.6 |
81.7 |
63.4 |
47.8 |
21.9 |
2.9 |
1.3 |
0.8 |
0.2 |
355.1 |
2014 |
148.4 |
— |
— |
— |
37.0 |
50.9 |
44.3 |
37.4 |
28.8 |
15.8 |
2.2 |
1.1 |
0.2 |
217.7 |
2015 |
63.2 |
— |
— |
— |
— |
3.4 |
17.9 |
20.1 |
19.8 |
16.7 |
7.9 |
1.3 |
0.2 |
87.3 |
2016 |
91.4 |
— |
— |
— |
— |
— |
18.9 |
30.4 |
25.0 |
19.9 |
14.4 |
7.4 |
0.6 |
116.6 |
2017 |
275.3 |
— |
— |
— |
— |
— |
— |
49.1 |
97.3 |
80.9 |
58.8 |
44.0 |
7.7 |
337.8 |
2018 |
97.9 |
— |
— |
— |
— |
— |
— |
— |
6.7 |
27.4 |
30.5 |
31.6 |
6.8 |
103.0 |
2019 |
123.1 |
— |
— |
— |
— |
— |
— |
— |
— |
13.4 |
31.4 |
39.1 |
10.2 |
94.1 |
2020 |
62.1 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
6.5 |
16.1 |
4.7 |
27.3 |
2021 |
55.2 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
4.5 |
4.4 |
8.9 |
2022 |
9.1 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Subtotal |
2,191.7 |
667.4 |
354.2 |
469.8 |
458.4 |
344.3 |
249.8 |
222.5 |
207.8 |
181.0 |
155.2 |
147.3 |
35.2 |
3,492.9 |
Total Americas and Australia |
8,159.6 |
3,086.9 |
897.1 |
1,126.3 |
1,211.4 |
1,189.1 |
1,087.0 |
1,083.3 |
1,152.8 |
1,322.5 |
1,427.1 |
1,354.2 |
305.5 |
15,243.2 |
Europe Core |
||||||||||||||
2012 |
20.4 |
— |
11.6 |
9.0 |
5.6 |
3.2 |
2.2 |
2.0 |
2.0 |
1.5 |
1.2 |
1.2 |
0.3 |
39.8 |
2013 |
20.3 |
— |
— |
7.1 |
8.5 |
2.3 |
1.3 |
1.2 |
1.3 |
0.9 |
0.7 |
0.7 |
0.2 |
24.2 |
2014 |
773.8 |
— |
— |
— |
153.2 |
292.0 |
246.4 |
220.8 |
206.3 |
172.9 |
149.8 |
149.2 |
32.7 |
1,623.3 |
2015 |
411.3 |
— |
— |
— |
— |
45.8 |
100.3 |
86.2 |
80.9 |
66.1 |
54.3 |
51.4 |
12.0 |
497.0 |
2016 |
333.1 |
— |
— |
— |
— |
— |
40.4 |
78.9 |
72.6 |
58.0 |
48.3 |
46.7 |
10.5 |
355.4 |
2017 |
252.2 |
— |
— |
— |
— |
— |
— |
17.9 |
56.0 |
44.1 |
36.1 |
34.8 |
7.3 |
196.2 |
2018 |
341.8 |
— |
— |
— |
— |
— |
— |
— |
24.3 |
88.7 |
71.2 |
69.1 |
15.1 |
268.4 |
2019 |
518.6 |
— |
— |
— |
— |
— |
— |
— |
— |
47.9 |
125.7 |
121.4 |
25.8 |
320.8 |
2020 |
324.1 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
32.4 |
91.7 |
19.7 |
143.8 |
2021 |
412.4 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
48.4 |
25.9 |
74.3 |
2022 |
37.9 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1.7 |
1.7 |
Subtotal |
3,445.9 |
— |
11.6 |
16.1 |
167.3 |
343.3 |
390.6 |
407.0 |
443.4 |
480.1 |
519.7 |
614.6 |
151.2 |
3,544.9 |
Europe Insolvency |
||||||||||||||
2014 |
10.9 |
— |
— |
— |
— |
4.3 |
3.9 |
3.2 |
2.6 |
1.5 |
0.8 |
0.3 |
0.1 |
16.7 |
2015 |
19.0 |
— |
— |
— |
— |
3.0 |
4.4 |
5.0 |
4.8 |
3.9 |
2.9 |
1.6 |
0.2 |
25.8 |
2016 |
39.3 |
— |
— |
— |
— |
— |
6.2 |
12.7 |
12.9 |
10.7 |
7.9 |
6.0 |
0.9 |
57.3 |
2017 |
39.2 |
— |
— |
— |
— |
— |
— |
1.2 |
7.9 |
9.2 |
9.8 |
9.4 |
2.1 |
39.6 |
2018 |
44.9 |
— |
— |
— |
— |
— |
— |
— |
0.6 |
8.4 |
10.3 |
11.7 |
2.8 |
33.8 |
2019 |
77.2 |
— |
— |
— |
— |
— |
— |
— |
— |
5.1 |
21.1 |
23.9 |
5.6 |
55.7 |
2020 |
105.4 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
6.1 |
34.6 |
9.0 |
49.7 |
2021 |
53.3 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
5.4 |
3.6 |
9.0 |
2022 |
8.8 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Subtotal |
398.0 |
— |
— |
— |
— |
7.3 |
14.5 |
22.1 |
28.8 |
38.8 |
58.9 |
92.9 |
24.3 |
287.6 |
Total Europe |
3,843.9 |
— |
11.6 |
16.1 |
167.3 |
350.6 |
405.1 |
429.1 |
472.2 |
518.9 |
578.6 |
707.5 |
175.5 |
3,832.5 |
Total PRA Group |
$ 12,003.5 |
$ 3,086.9 |
$ 908.7 |
$ 1,142.4 |
$ 1,378.7 |
$ 1,539.7 |
$ 1,492.1 |
$ 1,512.4 |
$ 1,625.0 |
$ 1,841.4 |
$ 2,005.7 |
$ 2,061.7 |
$ 481.0 |
$ 19,075.7 |
(1) Non-U.S. amounts are presented using the average exchange rates during the cash collection period. |
||||||||||||||
(2) Includes the nonperforming loan portfolios that were acquired through our business acquisitions. |
||||||||||||||
(3) Non-U.S. amounts are presented at the exchange rate at the end of the year in which the portfolio was purchased. In addition, any purchase price adjustments that occur |
Использование финансовых показателей, не относящихся к ОПБУ
PRA Group, Inc. отчитывается о финансовых результатах в соответствии с общепринятыми принципами бухгалтерского учета США (GAAP). Тем не менее, руководство использует определенные финансовые показатели, не относящиеся к GAAP, включая скорректированную EBITDA, для внутренней оценки результатов деятельности Компании и определения целей в области эффективности. Скорректированный показатель EBITDA рассчитывается как чистая прибыль, относящаяся к PRA Group, Inc. плюс расходы по налогу на прибыль; минус прибыль от курсовых разниц (или плюс убыток от курсовых разниц); плюс процентные расходы, нетто; плюс прочие расходы (или минус прочие доходы); плюс износ и амортизация; плюс корректировка чистой прибыли, относящейся к неконтролирующим долям участия; и плюс возмещение, применяемое к отрицательному резерву, за вычетом изменений в ожидаемом возмещении. Скорректированный показатель EBITDA является дополнительным показателем эффективности, который не требуется или не представлен в соответствии с GAAP. PRA Group, Inc. представляет скорректированную EBITDA, поскольку Компания считает ее важным дополнительным показателем операционной и финансовой деятельности. Руководство считает, что скорректированный показатель EBITDA помогает повысить сопоставимость операций и финансовых показателей от периода к периоду и полезен для инвесторов, поскольку другие компании отрасли сообщают о аналогичных финансовых показателях. Скорректированный показатель EBITDA не следует рассматривать в качестве альтернативы чистому доходу, определяемому в соответствии с GAAP. Ниже приводится сверка скорректированной EBITDA за последние двенадцать месяцев (LTM), закончившихся 31 марта 2022 года, и за год, закончившийся 31 декабря 2021 года, с чистой прибылью, наиболее непосредственно сопоставимым финансовым показателем, рассчитанным и представленным в соответствии с GAAP. Приведенный ниже расчет скорректированной EBITDA может быть несопоставим с расчетом показателей с аналогичным названием, представленных другими компаниями.
Reconciliation of Non-GAAP Financial Measures |
||||||
LTM |
For the Year Ended |
|||||
Adjusted EBITDA for PRA Group ($ in millions) |
March 31, 2022 |
December 31, 2021 |
||||
Net income attributable to PRA Group, Inc. |
$ 165 |
$ 183 |
||||
Adjustments: |
||||||
Income tax expense |
42 |
55 |
||||
Foreign exchange losses/(gains) |
1 |
1 |
||||
Interest expense, net |
124 |
124 |
||||
Other expense |
— |
— |
||||
Depreciation and amortization |
15 |
15 |
||||
Adjustment for net income attributable to noncontrolling interests |
4 |
12 |
||||
Recoveries applied to negative allowance less Changes in expected |
958 |
988 |
||||
Adjusted EBITDA |
$ 1,309 |
$ 1,378 |
Кроме того, руководство оценивает бизнес Компании, используя определенные коэффициенты, которые используют Скорректированную EBITDA, включая отношение долга к Скорректированной EBITDA, которое рассчитывается путем деления заимствований на Скорректированную EBITDA. В следующей таблице отражен наш долг по отношению к скорректированной EBITDA для LTM по состоянию на 31 марта 2022 года и за год, закончившийся 31 декабря 2021 года (суммы в миллионах):
Debt to Adjusted EBITDA |
||
LTM |
For the Year Ended |
|
March 31, 2022 |
December 31, 2021 |
|
Borrowings |
$ 2,539 |
$ 2,609 |
LTM Adjusted EBITDA |
1,309 |
1,378 |
Debt to LTM Adjusted EBITDA |
1.94 |
1.89 |
Контактное лицо для инвесторов: Лорен Партинсен, вице-президент по финансам и связям с инвесторами (757) 431-7913[email protected]
Контакты для СМИ: Элизабет Керсейсен, вице-президент по коммуникациям и государственной политике (757) 431-3398[email protected]
ИСХОДНЫЕ PRA Group
Показать большеПоказать меньше