Press release
PRA Group Provides Update on May Cash Collections and Portfolio Purchases
The Company Will Present at the William Blair 40th Annual Growth Stock Conference on June 10th NORFOLK, Va., June 9, 2020 /PRNewswire/ -- PRA Group (Nasdaq:
About this update from Pra Group, Inc.
[{"type":"text","content":"The Company Will Present at the William Blair 40th Annual Growth Stock Conference on June 10th\n\n\nNORFOLK, Va., June 9, 2020 /PRNewswire/ -- PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, provided an update on cash collections for the month of May and portfolio purchasing. \nCash collections highlights for the month of May include:\nGlobal cash collections were 6% ahead, or 8% ahead on a currency adjusted basis, of May 2019 and 27% ahead of the COVID adjusted expected cash collections. In the U.S., cash collections were 15% ahead of the original expected collections and 36% ahead of the COVID adjusted expected collections. In Europe, cash collections were 5% behind of the original expected collections and 7% ahead of the COVID adjusted expected collections. Cash collections highlights for the first two months of the second quarter of 2020 include: \nGlobal cash collections were 2% ahead, or 5% ahead on a currency adjusted basis, of the same period in 2019 and 24% ahead of the COVID adjusted expected cash collections. In the U.S., cash collections were 11% ahead of the original expected collections and 32% ahead of the COVID adjusted expected collections. In Europe, cash collections were 6% behind of the original expected collections and 6% ahead of the COVID adjusted expected collections. Portfolio purchasing highlights for the first two months of the second quarter of 2020 include:\nGlobal portfolio purchases were $100.3 million with investment of $86.5 million in the Americas and $13.8 million in Europe. For comparison, global portfolio purchases were $289.1 million for the full quarter ended June 30, 2019, with $148.1 million in the Americas and $141.1 million in Europe. As anticipated, portfolio purchases have been slower during the first two months of the quarter, particularly in Europe where nonperforming loan sale processes were largely paused.\"While we normally do not disclose cash collections or portfolio purchasing between quarters, we believed it was important to provide an update during these unprecedented times. The trends we observed in April have continued through the month of May,\" said Kevin Stevenson, president and chief executive officer of PRA Group Inc. \"We continue to monitor our performance as we prepare to set future cash collections expectations after the ...