Financial Performance - Net income for Q2 2024 was $21.5 million, with diluted earnings per share of $0.54, a significant improvement from a net loss of $3.8 million in Q2 2023[1] - Total revenues for Q2 2024 reached $284,229,000, a 36% increase from $209,236,000 in Q2 2023[13] - Net income attributable to PRA Group, Inc. was $21,516,000 in Q2 2024, compared to a net loss of $3,804,000 in Q2 2023[13] - Total revenue for PRA Group in 2023 was $22,907.6 million, with a significant increase from $14,494.2 million in 2022, representing a growth of approximately 58.5%[20] - Adjusted EBITDA for the last twelve months ended June 30, 2024, was $1,065 million, compared to $1,007 million for the year ended December 31, 2023, indicating a year-over-year increase of about 5.8%[20] - The net income attributable to PRA Group, Inc. for the year ended December 31, 2023, was a loss of $83 million, reflecting a decline from the previous year[20] Cash Collections and Revenue Growth - Total cash collections in Q2 2024 increased by 13.0% year-over-year to $473.9 million, driven by higher collections in both the U.S. and Europe[2] - Total portfolio revenue for Q2 2024 rose by 37.6% to $282.6 million compared to $205.4 million in Q2 2023[2] - The company expects to achieve double-digit cash collections growth and maintain a cash efficiency ratio of approximately 60% for the full year 2024[8] - The company anticipates continued growth in cash collections and portfolio performance across all regions in the upcoming quarters[17] Operating Expenses and Financial Health - Operating expenses in Q2 2024 increased by $31.3 million, or 19.1%, to $195.0 million, primarily due to higher legal collection costs and compensation expenses[4] - Interest expense in Q2 2024 was $55.4 million, an increase of 28.7% compared to $43.0 million in Q2 2023, reflecting higher interest rates and debt levels[5] - Total operating expenses for Q2 2024 were $195,007,000, compared to $163,675,000 in Q2 2023, reflecting a 19% increase[13] - Total stockholders' equity decreased to $1,145,463,000 as of June 30, 2024, down from $1,167,112,000 at the end of 2023[14] Asset and Portfolio Management - Total assets increased to $4,661,940,000 as of June 30, 2024, up from $4,525,354,000 at the end of 2023[14] - Finance receivables, net, rose to $3,820,186,000, an increase from $3,656,598,000 at the end of 2023[14] - The company purchased $379.4 million in nonperforming loan portfolios in Q2 2024, marking the third highest quarterly purchase level in the past five years[6] - Total estimated collections for the Americas and Australia core from 1996 to 2013 amount to $5,745,296, with a current purchase price multiple of 297%[16] Regional Performance - The Americas and Australia segment generated cash collections of $572.87 million, with a total portfolio of $1.83 billion[17] - The Europe segment reported cash collections of $350.53 million, contributing to a total portfolio of $1.99 billion[17] - The Americas Core portfolio revenue increased to $373.39 million in 2024, reflecting a significant growth trend[17] - The Europe Core portfolio revenue reached $167.84 million in 2024, indicating a strong performance in that region[17] Strategic Outlook - The company is focusing on market expansion strategies to enhance its competitive position in the industry[18] - Ongoing mergers and acquisitions are part of the company's strategy to strengthen its market presence and operational capabilities[18] - The revenue from new product launches and technology developments is expected to contribute significantly to future growth[18] - The company plans to continue focusing on market expansion and new product development to drive future growth[19]

About PRA Group "One of the things I am most proud of is how well we integrated the two companies, not only by sharing knowledge, but also by leveraging the incredible talent PRA Group gained in 2014," said Chair of the Board Steve Fredrickson, one of PRA Group's co-founders. "That talent continues to be an asset to our teams, not to mention our global leadership." Members of the PRA Group Board of Directors and senior leaders gathered in London to commence the company's milestone celebration of global expa ...

Core Viewpoint - PRA Group, Inc. is set to report its second quarter 2024 financial results on August 5, 2024, after market close, followed by a conference call and webcast [1] Financial Reporting - The second quarter 2024 results will be announced after market close on August 5, 2024 [1] - The third quarter 2024 results are planned to be reported after market close on November 4, 2024 [3] Company Overview - PRA Group, Inc. is a global leader in acquiring and collecting nonperforming loans, aiming to return capital to banks and creditors to enhance financial services for consumers across the Americas, Europe, and Australia [4] - The company employs thousands of individuals worldwide and collaborates with customers to assist in debt resolution [4]

It's been a while since I've updated my thoughts on PRA Group (NASDAQ:PRAA), and a lot has been going on at this underperforming debt collector in the meantime. When I last wrote about PRA, I thought the company was in for a rough 2023 ahead of better results in 2024 and 2025. As it turned out, "rough" didn't really cover it, and the company's 2023 results (and share price) were hammered by operational inefficiencies and poor collections performance. The shares are down about 40% since that last article, re ...

Core Points - PRA Group, Inc. launched its Pride Alliance Employee Resource Group (ERG) to support LGBTQ+ employees and promote inclusivity within the workplace [1][5] - The Pride Alliance is the fifth ERG in the U.S. and the third to be launched globally, with executive co-sponsors Kim Carr and Leigh Bates leading the initiative [5][7] - The virtual launch event included over 70 employees and focused on fostering community and inclusivity through volunteer opportunities and educational resources [6] Company Overview - PRA Group, Inc. is a global leader in acquiring and collecting nonperforming loans, helping to return capital to banks and creditors while expanding financial services for consumers in the Americas, Europe, and Australia [4] - The company has a diverse workforce and also supports other ERGs such as Women in Business Advocates, Well-Being, Black Excellence, and ¡Hola!, which aim to provide mentorship and community engagement [8]

Core Points - PRA Group has launched the ¡Hola! Employee Resource Group (ERG) to support Hispanic and Latino employees, promoting a community that celebrates Hispanic culture globally [1][2] - The ¡Hola! ERG is the fourth ERG in PRA Group's U.S. business and the second to be launched globally, co-sponsored by Giovanna Genard and Victor Andrade [2][5] - The launch event included over 60 employees and featured discussions on Hispanic history and culture to foster a sense of community [4] Company Overview - PRA Group is a global leader in acquiring and collecting nonperforming loans, helping to return capital to banks and creditors, thereby expanding financial services for consumers in the Americas, Europe, and Australia [7] - The company has multiple ERGs, including Women in Business Advocates, Well-Being, and Black Excellence, which have successfully developed mentorship networks and coordinated philanthropic initiatives [6]

Seasoned Acquisitions Leader Takes on Expanded Role within PRA Group NORFOLK, Va., May 21, 2024 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today announced the appointment of Dr. Marcel Köchling as European Investments Officer, effective immediately. Köchling, who holds a doctorate in business administration, is based in Germany and has been with PRA Group for over 12 years. He will continue as managing director of PRA Group Deutschland Gm ...

NORFOLK, Va., May 15, 2024 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring and collecting nonperforming loans, announced today the pricing on May 15, 2024 of its offering of $400.0 million aggregate principal amount of 8.875% Senior Notes due 2030 (the "notes"), in a private transaction that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The offering of the notes is expected to close on or about May ...

NORFOLK, Va., May 15, 2024 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring and collecting nonperforming loans, announced today that it plans, subject to market and other conditions, to offer $400.0 million aggregate principal amount of senior notes due 2030 (the "notes") in a private transaction that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The notes will be guaranteed on a senior unsecured bas ...

The former Virgin Money CEO is one of Britain's most prominent businesswomen Investor Contact: Najim Mostamand, CFA Vice President, Investor Relations (757) 431-7913 [email protected] In recognition of Gadhia's extraordinary achievements and service, the U.K. government awarded her the titles of Commander of the Most Excellent Order of the British Empire (CBE) in the 2014 New Year's Honours list; Dame in the 2019 Honours list; and Commander of the Royal Victorian Order (CVO) in the 2022 Queen's Birthday Pla ...