Press release
PRA Group Reports First Quarter 2022 Results
NORFOLK, Va., May 9, 2022 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its
About this update from Pra Group, Inc.
[{"type":"text","content":"NORFOLK, Va., May 9, 2022 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the first quarter of 2022. The Company reported net income attributable to PRA Group, Inc. of $40.0 million in the first quarter, compared with $58.4 million in the prior year period. Diluted earnings per share were $0.97 versus $1.27 in the first quarter of 2021. \n\n \n \n \n \n \n \n\n \n First Quarter Highlights \nTotal cash collections were $481.0 million.Total revenues were $240.6 million.Cash efficiency ratio1 of 65.1%.Diluted earnings per share were $0.97.Common stock repurchases2 of $39.5 million, or 0.9 million shares, at an average price of $45.88.At March 31, 2022, $127.7 million remaining under share repurchase authorization.Debt to Adjusted EBITDA3 for the last 12 months was 1.94x.Available capacity under credit facilities of $1.4 billion; $571.1 million after considering borrowing base restrictions.Total portfolio purchases of $147.5 million.Estimated remaining collections (ERC) of $5.7 billion.Refinanced Europe's credit facilities.1.\nCalculated by dividing cash receipts less operating expense by cash receipts.\n2.\nShare repurchases are subject to market conditions and other factors, and the share repurchase program remains subject to the discretion of PRA Group, Inc.'s board of directors. \n3.\nA reconciliation of this non-GAAP financial measure to the most comparable GAAP measure can be found at the end of this press release. \n\"We invested $147 million in portfolio purchases in the first quarter, reflecting continuing lower levels of supply in the U.S. and increased competition in Europe. We also returned nearly $40 million of value to shareholders through share repurchases,\" said Kevin Stevenson, president and chief executive officer. \"We believe our strong balance sheet puts us in a great position to deploy capital as U.S. supply returns in the coming quarters. In the interim, we will continue to maintain our discipline and look for alternative ways to provide value to our shareholders.\" \nCash Collections and Revenues\nThe following table presents cash collections by quarter and by source on an as reported and constant currency-adjusted basis:Cash Collection Source\n2022\n2021\n($ in thousands)\nQ1\nQ4\nQ3\nQ2\nQ1\nAmericas a...