PRA Group Reports Fourth Quarter and Full Year 2017 Results

NORFOLK, Va., Feb. 27, 2018 (GLOBE NEWSWIRE) -- PRA Group (Nasdaq:PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the fourth quarter and full year of 2017. The company reported net income of $86.9 million in the fourth quarter, compared with a net loss of $17.6 million in the prior year period. Diluted earnings per share were $1.92 versus a loss of $0.38 in the fourth quarter of 2016. For the full year of 2017 net income was $162.3 million, or $3.54 per diluted share, versus $85.1 million or $1.83 per diluted share in the prior year. Financial performance in the quarter was impacted by certain special items including a one-time, net after-tax benefit of $73.2 million due to the Tax Cuts and Jobs Act, pre-tax expense of $1.7 million from the impairment of a legacy PRA Group Europe passive investment, and after-tax expense of $2.0 million related to redeemable noncontrolling interest in a Polish securitization fund.

“PRA Group had a productive fourth quarter increasing cash collections 8%, investing significant capital with a record quarter in Americas Core, increasing estimated remaining collections (ERC) to $5.70 billion and increasing the number of net new full-time U.S. based collectors to over 2,725,” said Kevin Stevenson, president and chief executive officer. “In 2017, we raised capital to prepare for additional portfolio investment, invested record amounts in Americas Core and Americas Insolvency, announced the opening of two new call centers in the U.S., added over 1,100 net new full-time U.S. based collectors, and collected more cash than ever in Europe Core. I am extremely pleased by what we have accomplished this year.”

Fourth Quarter Highlights

  • Cash collections of $376.3 million, an increase of 8% versus the fourth quarter of 2016.
    • Americas Insolvency collections increased 12% versus the prior year quarter.
    • Europe Core cash collections increased 10%.
    • Americas Core cash collections increased 6% with U.S. call center cash collections increasing 16%.
  • Investment in portfolios was $374.6 million, an increase of 87% versus the prior year quarter.
  • Over 2,725 full-time U.S. based collectors, an increase of 70% versus the fourth quarter of 2016.
  • ERC of $5.70 billion, an increase of 5% versus the third quarter of 2017.

Full Year Highlights

  • Raised capital in anticipation of increased investment opportunity in the U.S.
  • Set a record level of total investment of $1.11 billion, excluding business acquisitions, as well as set records in both Americas Core and Americas Insolvency.
  • Opened two new call centers in the U.S. to accommodate increased portfolio investment.
  • Added over 1,100 net new full-time U.S. based collectors.
  • Collected more cash than ever before in Europe Core.
  • Made significant operational improvements in Europe.
  • Cash collections of $1.51 billion, an increase of 1% versus 2016 driven largely by a 6% increase in U.S. call center cash collections.
  • ERC increased $656 million, or 13%, from the end of 2016.

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 2017
2016
($ in thousands) Q4Q3Q2Q1 Q4
Americas-Core $ 204,245 $ 212,756 $ 217,020 $ 226,906 $ 193,360
Americas-Insolvency 59,103 60,436 53,163 49,813 52,988
Europe-Core 107,124 102,681 99,121 98,081 97,429
Europe-Insolvency 5,794 5,961 5,371 5,030 4,974
Total Cash Collections $ 376,266 $ 381,834 $ 374,675 $ 379,830 $ 348,751
Cash Collection Source -
Constant Currency Adjusted 2017 2016
($ in thousands) Q4 Q4
Americas-Core $ 204,245 $ 193,867
Americas-Insolvency 59,103 53,170
Europe-Core 107,124 104,892
Europe-Insolvency 5,794 5,354
Total Cash Collections $ 376,266 $ 357,283

  • Cash collections in the quarter increased 8% versus the prior year quarter. U.S. call center cash collections increased 16% primarily from hiring additional collectors and portfolio acquisitions. Americas Insolvency cash collections increased 12% primarily as a result of increased portfolio purchases in 2017. This was partially offset by a decrease of 5% in U.S. legal cash collections. Full year cash collections increased 1% driven primarily by growth in U.S. call center cash collections.
  • Net finance receivable revenue increased 50% versus the prior year quarter due to an outsized allowance charge in the fourth quarter of 2016. Additionally, net finance receivable revenue was increased by significant portfolio investment and yield increases on certain pools. For the full year, net finance receivable revenue increased 5%.
  • Fee income declined 71% primarily as a result of the sale of two fee-based subsidiaries earlier in the year. For the full year, fee income declined 68%.

Expenses

  • Operating expenses in the quarter increased from the previous year largely due to increases in compensation and employee services expense. This is due to the increase in the number of U.S. based collectors as the Company accommodates growth in supply of nonperforming loans domestically. This was partially offset by lower legal collection expenses due to fewer accounts qualifying for the legal collections channel and lower agency fees due to the sale of subsidiaries earlier in the year. For the full year, operating expenses decreased 2%.
  • During the quarter, the Company recorded $5.3 million in pre-tax, noncash interest expense and amortization of debt issuance costs, a $0.4 million expense on interest rate swap agreements, and $1.0 million in amortization of intangible assets.
  • The full year effective tax rate was negative due to a revaluation of deferred tax assets and liabilities as a result of the Tax Cuts and Jobs Act. The revaluation resulted in a provisional decrease to net deferred tax liabilities. The net, after-tax impact related to the revaluation of the deferred tax liability was $73.2 million.

Portfolio Acquisitions

  • PRA Group invested $374.6 million in new finance receivables in the fourth quarter.
  • The Company had in place forward flow commitments as of the end of 2017 for the purchase of nonperforming loans during 2018 with a maximum purchase price of $203.2 million.

Portfolio Purchase Source 2017
2016
($ in thousands) Q4Q3Q2Q1 Q4
Americas-Core $ 160,278 $ 115,572 $ 144,871 $ 115,166 $ 91,800
Americas-Insolvency 44,195 73,497 100,040 67,123 20,929
Europe-Core 152,417 14,695 42,876 39,505 80,129
Europe-Insolvency 17,698 7,146 7,860 6,020 6,943
Total Portfolio Purchasing $ 374,588 $ 210,910 $ 295,647 $ 227,814 $ 199,801

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.cfm. To listen by phone, call 888-695-7639 in the U.S. or 970-315-0482 outside the U.S. The conference ID is 4276657. To listen to a replay of the call until March 6, 2018, call 855-859-2056 in the U.S. or 404-537-3406 outside the U.S. and use conference ID 4276657.

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 nearly 5,100 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.
Unaudited Consolidated Income Statements
(in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
2017 2016 2017 2016
Revenues:
Income recognized on finance receivables, net$ 198,177 $ 131,965 $ 780,803 $ 745,119
Fee income 6,043 21,171 24,916 77,381
Other revenue 1,454 2,122 7,855 8,080
Total revenues 205,674 155,258 813,574 830,580
Operating expenses:
Compensation and employee services 69,253 61,390 273,033 258,846
Legal collection expenses 28,842 34,726 119,398 132,202
Agency fees 7,877 10,695 35,530 44,922
Outside fees and services 15,815 16,683 62,792 63,098
Communication 8,028 7,652 33,132 33,771
Rent and occupancy 3,985 4,001 14,823 15,710
Depreciation and amortization 4,666 6,020 19,763 24,359
Other operating expenses 12,032 7,023 44,103 39,466
Total operating expenses 150,498 148,190 602,574 612,374
Income from operations 55,176 7,068 211,000 218,206
Other income and (expense):
Gain on sale of subsidiaries - - 48,474 -
Interest expense, net (28,379) (21,026) (98,041) (80,864)
Foreign exchange gain/(loss) 317 (2,619) (1,104) 2,564
Other (2,790) (5,823) (2,790) (5,823)
Income/(loss) before income taxes 24,324 (22,400) 157,539 134,083
Income tax (benefit)/expense (64,393) (7,053) (11,536) 43,191
Net income/(loss)$ 88,717 $ (15,347) $ 169,075 $ 90,892
Adjustment for net income attributable to noncontrolling interests 1,847 2,301 6,810 5,795
Net income/(loss) attributable to PRA Group, Inc.$ 86,870 $ (17,648) $ 162,265 $ 85,097
Net income per common share attributable to PRA Group, Inc.:
Basic $ 1.92 $ (0.38) $ 3.55 $ 1.84
Diluted $ 1.92 $ (0.38) $ 3.54 $ 1.83
Weighted average number of shares outstanding:
Basic 45,170 46,346 45,671 46,316
Diluted 45,318 46,346 45,823 46,388


PRA Group, Inc.
Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, December 31,
ASSETS 2017 2016
Cash and cash equivalents$ 120,516 $ 94,287
Investments 78,290 68,543
Finance receivables, net 2,771,921 2,307,969
Other receivables, net 15,770 11,650
Income taxes receivable 21,686 9,427
Net deferred tax asset 57,529 28,482
Property and equipment, net 49,311 38,744
Goodwill 526,513 499,911
Intangible assets, net 23,572 27,935
Other assets 32,656 33,808
Assets held for sale - 43,243
Total assets$ 3,697,764 $ 3,163,999
LIABILITIES AND EQUITY
Liabilities:
Accounts payable$ 4,992 $ 2,459
Accrued expenses 85,993 82,699
Income taxes payable 10,771 19,631
Net deferred tax liability 171,185 258,344
Interest-bearing deposits 98,580 76,113
Borrowings 2,170,182 1,784,101
Other liabilities 9,018 10,821
Liabilities held for sale - 4,220
Total liabilities 2,550,721 2,238,388
Redeemable noncontrolling interest 9,534 8,448
Equity:
Preferred stock, par value $0.01, authorized shares, 2,000,
issued and outstanding shares, 0 - -
Common stock, par value $0.01, 100,000 shares authorized, 45,189 shares
issued and outstanding at December 31, 2017; 100,000 shares authorized,
46,356 shares issued and outstanding at December 31, 2016 452 464
Additional paid-in capital 53,870 66,414
Retained earnings 1,211,632 1,049,367
Accumulated other comprehensive loss (178,607) (251,944)
Total stockholders' equity - PRA Group, Inc. 1,087,347 864,301
Noncontrolling interest 50,162 52,862
Total equity 1,137,509 917,163
Total liabilities and equity$ 3,697,764 $ 3,163,999


Select Expenses (Income)
(in thousands)Three Months Ended
December 31, 2017September 30, 2017June 30, 2017March 31, 2017December 31, 2016September 30, 2016June 30, 2016March 31, 2016
CFPB expenses including penalty and redress - - - - - 20 21 52
Acquisition/divestiture-related expenses - - - 2,100 458 216 557 1,034
Legal costs not associated with normal operations 160 218 2,615 1,024 3,741 1,511 1,623 435
Noncash interest expense - amortization of debt discount 2,823 2,796 1,809 1,155 1,136 1,127 1,109 1,100
Noncash interest expense - amortization of debt issuance costs 2,501 2,505 2,635 1,928 1,929 1,647 2,277 2,263
Change in fair value on Interest rate swap agreements 420 (1,025) (1,578) 158 (1,064) (669) 1,399 1,557
Amortization of intangibles 1,016 1,037 869 1,410 929 1,661 1,808 1,775
Stock-based compensation expense 2,415 2,218 1,846 2,199 (3,330) 3,332 2,699 3,437


Purchase Price Mutiples
as of December 31, 2017
Amounts in thousands
Purchase PeriodPurchase 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$ 638,461 $ 7,219 $ 33,725 $ 2,047,118 $ 33,725 321%240%
2008 166,443 4,388 15,250 374,591 15,250225%220%
2009 125,155 1,061 31,648 460,268 31,648368%252%
2010 148,205 3,511 51,797 538,470 51,797363%247%
2011 209,641 13,204 71,734 724,082 71,734345%245%
2012 254,321 25,362 104,895 678,874 104,895267%226%
2013 391,380 77,559 228,470 971,627 228,470248%211%
2014 405,672 128,029 343,236 980,416 340,320242%204%
2015 444,699 192,170 422,657 951,477 424,503214%205%
2016 455,882 283,245 599,155 987,174 604,147217%201%
2017 536,889 498,896 931,168 1,038,636 930,246193%193%
Subtotal 3,776,748 1,234,644 2,833,735 9,752,733 2,836,735
Americas-Insolvency
2004-2007 132,917 669 197,234 669148%148%
2008 108,550 582 168,656 582155%163%
2009 155,996 2,305 470,951 2,305302%214%
2010 208,962 3,642 547,318 3,642262%184%
2011 180,477 1,328 368,130 1,328204%155%
2012 251,459 2,971 388,242 2,971154%136%
2013 227,909 7,700 25,508 353,478 25,508155%133%
2014 148,727 26,834 40,295 210,136 40,249141%124%
2015 63,214 32,239 40,821 82,251 40,821130%125%
2016 92,381 52,221 62,163 111,592 62,530121%123%
2017 278,066 238,178 297,770 346,861 297,770125%125%
Subtotal 1,848,658 357,172 478,054 3,244,849 478,375
Total Americas 5,625,406 1,591,816 3,311,789 12,997,582 3,315,110
Europe-Core
2012 20,428 2,762 38,159 2,291187%187%
2013 20,362 558 1,810 23,557 1,473116%119%
2014 797,672 328,018 1,072,708 2,094,303 971,396263%208%
2015 422,610 244,024 485,692 731,464 461,521173%160%
2016 348,864 287,117 467,051 585,199 492,745168%167%
2017 250,596 242,800 343,106 360,511 350,842144%144%
Subtotal 1,860,532 1,102,517 2,373,129 3,833,193 2,280,268
Europe-Insolvency
2014 10,876 2,149 5,716 18,291 5,444168%129%
2015 19,409 8,219 15,323 28,808 13,950148%139%
2016 42,216 28,163 38,516 57,666 39,948137%130%
2017 38,841 39,057 48,496 49,716 49,530128%128%
Subtotal 111,342 77,588 108,051 154,481 108,872
Total Europe 1,971,874 1,180,105 2,481,180 3,987,674 2,389,140
Total PRA Group$ 7,597,280 $ 2,771,921 $ 5,792,969 $ 16,985,256 $ 5,704,250
(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 December 31, 2017 exchange rate.
(4) For our international amounts, ERC-Historical Period Exchange Rates is presented at the period-end exchange rate for the respective quarter of purchase.
(5) For our international amounts, TEC 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 December 31, 2017 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 December 31, 2017
Amounts in thousands
Purchase PeriodPurchase
Price (1)(2)
Cash
Collections (3)
Gross
Revenue (3)
Amortization (3)Allowance (3)Net Revenue (3)Net Finance
Receivables Balance
as of December 31,
2017 (4)
Americas-Core
1996-2007$ 638,461 $ 13,427 $ 9,788 $ 3,639 $ 332 $ 9,456 $ 7,219
2008 166,443 6,031 3,330 2,701 252 3,078 4,388
2009 125,155 10,994 9,242 1,752 200 9,042 1,061
2010 148,205 15,587 10,650 4,937 10,650 3,511
2011 209,641 31,991 25,700 6,291 510 25,190 13,204
2012 254,321 40,042 25,577 14,465 100 25,477 25,362
2013 391,380 78,880 56,589 22,291 2,620 53,969 77,559
2014 405,672 114,219 80,097 34,122 1,464 78,633 128,029
2015 444,699 185,898 94,430 91,468 1,451 92,979 192,170
2016 455,882 256,531 138,663 117,868 447 138,216 283,245
2017 536,889 107,327 69,743 37,584 69,743 498,896
Subtotal 3,776,748 860,927 523,809 337,118 7,376 516,433 1,234,644
Americas-Insolvency
2004-2007 132,917 321 235 86 60 175
2008 108,550 332 119 213 472 -353
2009 155,996 1,581 1,581 1,581
2010 208,962 2,425 2,373 52 20 2,353
2011 180,477 3,726 3,726 3,726
2012 251,459 29,337 20,126 9,211 20,126
2013 227,909 47,781 14,315 33,466 14,315 7,700
2014 148,727 37,350 9,650 27,700 (125) 9,775 26,834
2015 63,214 20,143 4,061 16,082 4,061 32,239
2016 92,381 30,426 5,955 24,471 1,030 4,925 52,221
2017 278,066 49,093 9,204 39,889 9,204 238,178
Subtotal 1,848,658 222,515 71,345 151,170 1,457 69,888 357,172
Total Americas 5,625,406 1,083,442 595,154 488,288 8,833 586,321 1,591,816
Europe-Core
2012 20,428 2,038 2,058 -20 2,058
2013 20,362 1,239 844 395 62 782 558
2014 797,672 220,765 122,904 97,861 -141 123,045 328,018
2015 422,610 86,156 33,022 53,134 1,280 31,742 244,024
2016 348,864 78,915 27,325 51,590 1,589 25,736 287,117
2017 250,596 17,894 5,177 12,717 141 5,036 242,800
Subtotal 1,860,532 407,007 191,330 215,677 2,931 188,399 1,102,517
Europe-Insolvency
2014 10,876 3,207 1,459 1,748 1,459 2,149
2015 19,409 5,013 1,331 3,682 134 1,197 8,219
2016 42,216 12,703 2,800 9,903 2,800 28,163
2017 38,841 1,233 627 606 627 39,057
Subtotal 111,342 22,156 6,217 15,939 134 6,083 77,588
Total Europe 1,971,874 429,163 197,547 231,616 3,065 194,482 1,180,105
Total PRA Group$ 7,597,280 $ 1,512,605 $ 792,701 $ 719,904 $ 11,898 $ 780,803 $ 2,771,921
(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 December 31, 2017 exchange rate.


Cash Collections by Year, By Year of Purchase (1)
as of December 31, 2017
Amounts in thousands
Purchase
Cash Collections
Purchase Period Price (2)(3)1996-2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Total
Americas-Core
1996-2007$ 638,461 $ 1,096,153 $ 222,628 $ 168,849 $ 137,689 $ 115,551 $ 89,405 $ 63,955 $ 45,247 $ 32,491 $ 20,745 $ 13,427 $ 2,006,140
2008 166,443 47,253 72,080 62,363 53,654 42,850 31,307 21,027 13,786 8,989 6,031 359,340
2009 125,155 40,703 95,627 84,339 69,385 51,121 35,555 24,896 16,000 10,994 428,620
2010 148,205 47,076 113,554 109,873 82,014 55,946 38,110 24,515 15,587 486,675
2011 209,641 61,971 174,461 152,908 108,513 73,793 48,711 31,991 652,348
2012 254,321 56,901 173,589 146,198 97,267 59,981 40,042 573,978
2013 391,380 101,614 247,849 194,026 120,789 78,880 743,158
2014 405,672 92,660 253,448 170,311 114,219 630,638
2015 444,699 116,951 228,432 185,898 531,281
2016 455,882 138,723 256,531 395,254
2017 536,889 107,327 107,327
Subtotal 3,776,748 1,096,153 269,881 281,632 342,755 429,069 542,875 656,508 752,995 844,768 837,196 860,927 6,914,759
Americas-Insolvency
2004-2007 132,917 61,154 42,794 33,842 27,347 18,234 8,574 1,884 1,151 802 463 321 196,566
2008 108,550 14,024 35,894 37,974 35,690 28,956 11,650 1,884 1,034 635 332 168,073
2009 155,996 16,635 81,780 102,780 107,888 95,725 53,945 5,781 2,531 1,581 468,646
2010 208,962 39,486 104,499 125,020 121,717 101,873 43,649 5,008 2,425 543,677
2011 180,477 15,218 66,379 82,752 85,816 76,915 35,996 3,726 366,802
2012 251,459 17,388 103,610 94,141 80,079 60,715 29,337 385,270
2013 227,909 52,528 82,596 81,679 63,386 47,781 327,970
2014 148,727 37,045 50,880 44,313 37,350 169,588
2015 63,214 3,395 17,892 20,143 41,430
2016 92,381 18,869 30,426 49,295
2017 278,066 49,093 49,093
Subtotal 1,848,658 61,154 56,818 86,371 186,587 276,421 354,205 469,866 458,451 344,214 249,808 222,515 2,766,410
Total Americas 5,625,406 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 9,681,169
Europe-Core
2012 20,428 11,604 8,995 5,641 3,175 2,198 2,038 33,651
2013 20,362 7,068 8,540 2,347 1,326 1,239 20,520
2014 797,672 153,180 291,980 246,365 220,765 912,290
2015 422,610 45,760 100,263 86,156 232,179
2016 348,864 40,368 78,915 119,283
2017 250,596 17,894 17,894
Subtotal 1,860,532 11,604 16,063 167,361 343,262 390,520 407,007 1,335,817
Europe-Insolvency
2014 10,876 5 4,297 3,921 3,207 11,430
2015 19,409 2,954 4,366 5,013 12,333
2016 42,216 6,175 12,703 18,878
2017 38,841 1,233 1,233
Subtotal 111,342 5 7,251 14,462 22,156 43,874
Total Europe 1,971,874 11,604 16,063 167,366 350,513 404,982 429,163 1,379,691
Total PRA Group$ 7,597,280 $ 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 $ 11,060,860
(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
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

Source:PRA Group, Inc.