UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to ________ Commission File Number: 000-50058 PRA Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...

1 PRA Q2 2021 CONFERENCE CALL PRESENTATION 2 Statements in this presentation, other than statements of historical fact, are forward-looking statements, which are based on our current beliefs, projections, assumptions and expectations concerning future operations and financial performance. Such statements involve uncertainties and risks, some of which are not currently known to us, and may be superseded by future events that could cause actual results to differ materially from those expressed or implied in t ...

Pra Group, Inc. (NASDAQ:PRAA) Q2 2021 Earnings Conference Call August 5, 2021 5:00 PM ET Company Participants Darby Schoenfeld – Vice President-Investor Relations Kevin Stevenson – President and Chief Executive Officer Pete Graham – Executive Vice President and Chief Financial Officer Conference Call Participants Bob Napoli – William Blair Mark Hughes – Truist Robert Dodd – Raymond James Operator Good afternoon, and welcome to the PRA Group Conference Call. [Operator Instructions] Please note, this event is ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2021 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to ________ Commission File Number: 000-50058 PRA Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation o ...

Financial Performance - Global cash collections reached a record of $556 million in Q1 2021[4] - Net income attributable to PRA Group was $58 million in Q1 2021[4], a 205% increase compared to $19 million in Q1 2020[12] - Total revenues increased by 15% from $252 million in Q1 2020 to $289 million in Q1 2021[11] - Operating expenses decreased by 7% from $191 million in Q1 2020 to $179 million in Q1 2021[13] - Diluted earnings per share increased by 202% from $0.42 in Q1 2020 to $1.27 in Q1 2021[14] Portfolio and Market - Portfolio purchases totaled $159 million in Q1 2021[4,7], including the first Australian portfolio[7] - Estimated remaining collections (ERC) are $6.1 billion[4] - Americas and Australia Core cash collections were $348 million, while Europe Core cash collections were $149 million in Q1 2021[15] Efficiency and Leverage - The cash efficiency ratio for Q1 2021 was 68%[16] - Total borrowings were $2501 million as of March 31, 2021[22], with a debt to adjusted EBITDA ratio of 1.77x[22] - $1.2 billion is available for portfolio acquisitions[23]

Perdoceo Education Corporation (PRDO) Q1 2021 Earnings Conference Call May 6, 2021 5:30 PM ET Company Participants Wyatt Turk - IR Todd Nelson - President and CEO Ashish Ghia - SVP and CFO Conference Call Participants Alexander Paris - Barrington Research Brendan Popson - CJS Securities Gregory Pendy - Sidoti & Company Operator Hello, and welcome to the Q1 2021 Perdoceo Education Corporation Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] Please ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended March 31, 2021 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to ________ Commission File Number: 000-50058 PRA Group, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 75-3078675 (I.R.S. Employer Identification No.) 120 Corporate Bo ...

Financial Data and Key Metrics Changes - In Q4 2020, global cash collections reached $482 million, an increase of $25 million or 6% compared to Q4 2019, leading to total revenues of $274 million, up $17 million or 7% on an adjusted basis [26][34] - Net income for the quarter was $30 million, resulting in diluted earnings per share of $0.65 [28] - The cash efficiency ratio improved to 61.9% for the quarter, with a full-year ratio of 64.5%, marking a 460 basis point improvement [31][34] Business Line Data and Key Metrics Changes - U.S. core collections saw a record Q4 with cash collections of $323 million, driven by a 22% increase in non-legal collections, while legal collections decreased by 16% due to consumer-friendly practices [18][28] - European cash collections were a record $159 million, growing $20 million or 14%, primarily driven by strong portfolio purchases made in previous years [21][30] - Total portfolio purchases in the Americas during the quarter were $80 million, slightly depressed due to decreased charge-off rates and bankruptcy filings [19] Market Data and Key Metrics Changes - Estimated remaining collections (ERC) ended the quarter at $6.5 billion, with 46% in the U.S. and 49% in Europe, marking the first time ERC in Europe exceeded that of the U.S. [33] - The competitive environment in Europe has shifted favorably, allowing for increased volume and market share [14] Company Strategy and Development Direction - The company aims to focus on purchasing non-performing loans (NPLs) as its primary capital deployment strategy, with expectations for increased supply later in 2021 [47][49] - The management is cautious about M&A, preferring to maintain a strong balance sheet and only considering acquisitions that add tangible value [48] - The company is committed to enhancing customer-friendly practices and maintaining operational efficiency, especially in light of the ongoing pandemic [20][36] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the company's ability to adapt and thrive during the pandemic, emphasizing the importance of employee welfare and customer treatment [16][36] - The company anticipates that the current market conditions will persist in the early part of 2021, but expects increased supply as government forbearance programs expire [19][20] Other Important Information - The company has made significant investments in technology and digital initiatives to enhance operations and improve customer engagement [15][34] - The effective tax rate for the full year was 19.7%, with expectations for a rate in the low-20% range for 2021 [32] Q&A Session Summary Question: Thoughts on capital utilization and potential acquisitions - Management indicated that the primary focus is on purchasing NPLs, with M&A considered only if it adds value without increasing goodwill [47][48] Question: Competitive environment in Europe - Management noted that while some competitors are still deleveraging, the company has maintained a strong position and is optimistic about future opportunities [60][65] Question: Legal channel's future in the industry - Management expressed a desire for the legal channel to diminish but acknowledged that it may still be necessary depending on customer engagement levels post-pandemic [70][71] Question: Insights on European purchase volume and insolvency activity - Management stated that while they appreciate the current activity in insolvency, they do not expect it to be a consistent trend [76][77] Question: Non-controlling interest impact on earnings - The CFO explained that the non-controlling interest was driven by strong performance in Brazil and is expected to grow as the South American business expands [84][86] Question: Buy now, pay later market considerations - Management is open to exploring the buy now, pay later asset class, provided it meets regulatory standards and is beneficial for consumers [88][90]

Part I [Business Overview](index=6&type=section&id=Item%201.%20Business) PRA Group is a global financial services company specializing in purchasing, collecting, and managing nonperforming loan portfolios - PRA Group's primary business is the purchase, collection, and management of portfolios of nonperforming loans[17](index=17&type=chunk) - The company operates globally in the Americas, Europe, and Australia, with one reportable segment[16](index=16&type=chunk)[19](index=19&type=chunk) - Loan portfolios are categorized into Core (nonperforming loans not in insolvent status) and Insolvency (accounts in bankruptcy/insolvency proceedings)[17](index=17&type=chunk) - Fee-based services include class action claims recoveries and servicing consumer bankruptcy accounts in the U.S[17](index=17&type=chunk)[29](index=29&type=chunk) - As of December 31, 2020, PRA Group employed **3,820 full-time equivalents globally**[37](index=37&type=chunk) [Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) The company faces operational, economic, regulatory, and financial risks, including pandemic impacts and debt leverage - The COVID-19 pandemic could adversely affect business, operations, and financial results through economic disruption and consumers' inability to pay[14](index=14&type=chunk)[44](index=44&type=chunk)[47](index=47&type=chunk) - Deterioration in economic or inflationary environments could increase personal bankruptcy filings and adversely impact collections[45](index=45&type=chunk) - Inability to continually replace nonperforming loan portfolios at appropriate prices could lead to reduced profitability and operational inefficiencies[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - International operations expose the company to risks including adverse economic/political conditions, currency fluctuations, and compliance with diverse international laws[60](index=60&type=chunk)[62](index=62&type=chunk)[64](index=64&type=chunk) - The UK's exit from the EU (Brexit) creates uncertainty regarding taxes, foreign currency, and regulatory conditions, potentially impacting the company's UK portfolios (**26% of consolidated ERC as of Dec 31, 2020**)[65](index=65&type=chunk)[66](index=66&type=chunk) - Compliance failures with federal, state, and international collection laws could result in enforcement actions, fines, penalties, and reputational damage[33](index=33&type=chunk)[34](index=34&type=chunk)[42](index=42&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) - The company is subject to investigations by governmental authorities like the CFPB and multi-state Attorneys General, which could lead to business practice changes, fines, or litigation[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - Substantial debt leverage (total consolidated indebtedness of approximately **$2.7 billion as of Dec 31, 2020**) could make it difficult to satisfy obligations and limit financing options[81](index=81&type=chunk)[82](index=82&type=chunk) - Cybersecurity incidents or failures of information technology infrastructure could disrupt operations, compromise confidential information, and damage reputation[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) [Unresolved Staff Comments](index=20&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments from the SEC - No unresolved staff comments[91](index=91&type=chunk) [Properties](index=21&type=section&id=Item%202.%20Properties) PRA Group's corporate headquarters are in Norfolk, Virginia, with operational centers across the Americas, Europe, and Australia - Corporate headquarters and primary domestic operations facilities are in Norfolk, Virginia[92](index=92&type=chunk) - As of December 31, 2020, operational centers included **12 leased and 3 owned facilities in the Americas**, **11 leased facilities in Europe**, and **one leased facility in Australia**[92](index=92&type=chunk) [Legal Proceedings](index=21&type=section&id=Item%203.%20Legal%20Proceedings) PRA Group is routinely involved in legal and regulatory claims, accruing for probable liabilities, with no material excess losses as of December 31, 2020 - The company is subject to routine legal and regulatory claims, inquiries, and proceedings, including lawsuits and counterclaims from customers[93](index=93&type=chunk) - Accruals are established for potential liabilities when a loss is probable and estimable[58](index=58&type=chunk)[456](index=456&type=chunk) - The estimated aggregate range of reasonably possible losses in excess of accrued amounts for legal proceedings was not material as of December 31, 2020[457](index=457&type=chunk) [Mine Safety Disclosure](index=21&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) This item is not applicable to PRA Group, Inc - Not applicable[95](index=95&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=22&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) PRA Group's common stock trades on Nasdaq, with no regular dividends paid in the last three years and no recent share repurchases - Common stock is traded on the Nasdaq Global Select Market under the symbol "**PRAA**"[3](index=3&type=chunk) - The company did not pay regular dividends on its common stock in the three years ended December 31, 2020[102](index=102&type=chunk) - No recent sales of unregistered securities or share repurchase programs were reported[103](index=103&type=chunk)[105](index=105&type=chunk) Stock Performance (December 31, 2015 to December 31, 2020) | Ticker | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | PRA Group, Inc. (PRAA) | $100 | $113 | $96 | $70 | $105 | $114 | | Nasdaq Financial 100 (IXF) | $100 | $126 | $146 | $134 | $173 | $179 | | Nasdaq Global Market Composite Index (NQGM) | $100 | $96 | $120 | $112 | $155 | $255 | [Selected Financial Data](index=23&type=section&id=Item%206.%20Selected%20Financial%20Data) No selected financial data is presented in this item - No selected financial data is provided in this item[106](index=106&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes PRA Group's financial condition and operations, including COVID-19 impacts, revenue trends, liquidity, and cash flow [Overview](index=24&type=section&id=Overview) PRA Group Inc. is a global financial and business services company focused on purchasing, collecting, and managing nonperforming loans - PRA Group is a global financial and business services company with operations in the Americas, Europe, and Australia[108](index=108&type=chunk) - The company's primary business is the purchase, collection, and management of portfolios of nonperforming loans[108](index=108&type=chunk) [COVID-19 Impact](index=24&type=section&id=COVID-19) The COVID-19 pandemic impacted PRA Group's operations in 2020, affecting staffing, collections, legal costs, and portfolio purchases - U.S. staffing was reduced in mid-March 2020 but returned to near normal levels by the end of April[111](index=111&type=chunk) - U.S. Core cash collections increased, believed to be due to consumers having additional discretionary funds and willingness to resolve debts[111](index=111&type=chunk) - Legal collection costs decreased due to a temporary pause in transitioning U.S. accounts to legal status and the closure of courts in many European countries[111](index=111&type=chunk) - Portfolio purchases decreased due to deferrals by sellers and lower levels of bankruptcy filings and charge-offs[111](index=111&type=chunk) - Funds from operations, cash collections, existing cash, and available borrowings were sufficient to finance operations and commitments during the pandemic[111](index=111&type=chunk) [Frequently Used Terms](index=24&type=section&id=Frequently%20Used%20Terms) This section defines key terminology used in the Form 10-K to ensure clear understanding of financial and operational reporting - Provides definitions for key financial and operational terms used in the Form 10-K, including 'Cash collections', 'Core' and 'Insolvency' portfolios, and 'Estimated remaining collections (ERC)'[115](index=115&type=chunk) - Clarifies revenue recognition terms such as 'Portfolio income' and 'Changes in expected recoveries' under the new accounting standards[115](index=115&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) In 2020, total revenues increased by 4.7% to $1,065.4 million, with net income surging by 73.3% to $149.3 million Consolidated Income

Financial Performance - Global cash collections reached $482 million[5], a 6% increase compared to $457 million in Q4 2019[10] - Net income attributable to PRA Group grew by 9% to $30 million in Q4 2020, up from $27 million in Q4 2019[13] - Diluted earnings per share increased by 8% to $0.65 in Q4 2020, compared to $0.60 in Q4 2019[14] - The company's cash efficiency ratio for 2020 was a record 64.5%[20] Portfolio and Investments - Portfolio purchases amounted to $290 million[5] - The estimated remaining collections (ERC) stand at $6.5 billion[5] - Investments in Europe totaled $210 million[8] - Americas saw investments of $80 million[7] Regional Performance - Americas generated cash collections of $323 million[7] - Europe achieved record cash collections of $159 million in Q4[8] - Europe Core cash collections were $141.5 million, while Americas Core collections were $286.5 million[19] Debt and Leverage - The company has $983 million available for portfolio acquisitions[38] - Debt to Adjusted EBITDA ratio decreased to 1.99x as of December 31, 2020, compared to 2.53x as of December 31, 2019[37]