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]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2020 ☐ 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. (888) 772-7326 (Address of principal executive offices, zip code, telephone number) Securities registered ...

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]

Financial Data and Key Metrics Changes - Global cash collections reached a record $519 million, an increase of $66 million or 15% compared to the same quarter last year [17] - Total revenues for the quarter were $268 million, up $22 million or 9% year-over-year, primarily due to significant overperformance in collections [17] - Net income was $42 million, resulting in diluted earnings per share of $0.92 [19] - Operating expenses decreased to $179 million, a $2 million reduction from the previous year [19] - The debt to trailing 12-month adjusted EBITDA ratio improved to 1.9 times from over 2.5 times at the end of 2019 [25] Business Line Data and Key Metrics Changes - U.S. non-legal collections increased by 37%, contributing significantly to the overall cash collections growth [19] - Cash collections in the Americas (excluding the U.S.) grew by $6 million or 21%, led by Brazil [19] - Legal cash collections in the U.S. decreased by 6%, while insolvency collections in the Americas fell by 18% [20] - European cash collections grew by $18 million or 14%, driven by record portfolio purchases in 2019 [20] Market Data and Key Metrics Changes - Estimated remaining collections (ERC) at the end of the quarter were $6.3 billion, with 50% in the U.S. and 45% in Europe [23] - Portfolio purchases in the Americas totaled $178 million, with a slight decrease in volume due to lower charge-off rates and bankruptcy filings [10][13] - European portfolio purchases were $79 million, marking the third highest Q3 in the company's history [15] Company Strategy and Development Direction - The company aims to maintain a strong capital position with over $1 billion available for portfolio investment, preparing for anticipated higher purchasing volumes in 2021 [26] - Management believes that the current operational structure allows for flexibility and capacity to raise additional capital if needed [30] - The company is focused on fair treatment of consumers and is adapting to new regulations under the Fair Debt Collection Practices Act [6][8] Management's Comments on Operating Environment and Future Outlook - Management anticipates a significant increase in charge-off rates, which could lead to more portfolio sales from banks [27] - The company expects strong volumes in both the U.S. and Europe in 2021, driven by increased charge-offs and provisioning by banks [34] - Management remains cautious about the sustainability of current collection performance, treating it as acceleration rather than a permanent improvement [21][46] Other Important Information - The company completed its first unsecured notes offering in the U.S. for its sector, receiving strong ratings from Moody's and Fitch [23] - The company retired $288 million of convertible notes that matured in August and amended its North American credit facility [23] Q&A Session Summary Question: Insights on the resurgence of volumes in Europe - Management indicated that the increase in volumes was largely due to portfolios that were paused earlier in the year, with expectations for strong volumes in 2021 [34] Question: Qualitative feedback from sellers regarding charge-offs - Management noted that there is an expectation of significant charge-off increases, with sellers trying to time their sales accordingly [37] Question: Legal expenses and their future trajectory - Management explained that the current lower legal expenses are a result of increased voluntary payments, which may lead to fewer accounts entering the legal process [39] Question: Changes in collections trajectory through the quarter - Management observed expected seasonal degradation in contact rates but noted that overall performance was significantly higher than the previous year [43] Question: Dynamics between U.S. and Europe regarding charge-offs - Management expressed optimism about both markets, indicating that Europe may recognize charge-offs sooner than the U.S. due to structural differences [54]

Financial Performance - Global cash collections reached a record of $519 million[3], a 15% increase compared to $453 million in Q3 2019[8] - Net income increased by 70% from $25 million in Q3 2019 to $42 million in Q3 2020[11] - Diluted earnings per share increased by 67% from $0.55 in Q3 2019 to $0.92 in Q3 2020[11] - The company's YTD cash efficiency ratio is 65.3%[17] Investments and Portfolio - Portfolio purchases amounted to $178 million[3] - The company estimates remaining collections of $6.3 billion[3] - The company invested $98 million in the Americas[5] and $79 million in Europe[6] Regional Performance - Cash collections in the Americas were $374 million[5] - Europe achieved record cash collections of $146 million[6] Debt and Leverage - The company has $1 billion available for portfolio acquisitions[35] - Total borrowings decreased from $2.808 billion to $2.524 billion[34] - Debt to adjusted EBITDA decreased from 2.54x to 1.90x[34]

PRA Group, Inc. (NASDAQ:PRAA) Q2 2020 Earnings Conference Call August 6, 2020 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 Mark Hughes – SunTrust David Scharf – JMP Securities Eric Hagen – KBW Robert Dodd – Raymond James Dominick Gabriele – Oppenheimer Operator Welcome to the PRA Group Conference Call. All participants ...