PRA (US:PRAA)2024-08-05 23:32Financial Performance - Portfolio income increased by 14% from $184 million in Q2 2023 to $209 million in Q2 2024[17] - Total revenues increased by 19% from $232 million in Q2 2023 to $284 million in Q2 2024[17] - Net income attributable to PRA Group increased significantly from a loss of $4 million in Q2 2023 to a profit of $22 million in Q2 2024[18] - Cash collections increased by 13% year-over-year[21] Portfolio Investments and ERC - Portfolio investments totaled $379 million, up 16% year-over-year[10] - Estimated Remaining Collections (ERC) increased by 15% year-over-year to $68 billion[25] Expenses and Debt - Interest expense, net increased by 29% from $43 million in Q2 2023 to $55 million in Q2 2024[17] - The company intends to borrow $298 million under North American Revolving Credit Facility on or about September 1, 2024, to redeem Senior Notes due 2025[31] Operational Efficiency - Over 25% of collectors supporting the U S business are now based offshore[6] - The company is targeting a cash efficiency ratio of approximately 60% in 2024[32]