Press release
PRA Group Reports First Quarter 2023 Results
NORFOLK, Va., May 8, 2023 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring and collecting nonperforming loans,
About this update from Pra Group, Inc.
[{"type":"text","content":"NORFOLK, Va., May 8, 2023 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA) (the \"Company\"), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the first quarter of 2023 (\"Q1 2023\").\n\n \n \n \n \n \n \n\n \nQ1 2023 Highlights \nTotal portfolio purchases of $230.2 million.Total cash collections were $411.3 million.Estimated remaining collections (ERC)1 of $5.7 billion.Cash efficiency ratio2 of 54.3%.Diluted earnings per share were $(1.50).Debt to Adjusted EBITDA3 for the 12 months ended March 31, 2023 was 2.89x.Pro forma Debt to Adjusted EBITDA3 for the 12 months ended March 31, 2023 was 2.55x, considering prefunding of 2023 convertible notes maturity.Available capacity under the Company's credit facilities of $1.6 billion; $436.8 million after considering borrowing base restrictions.Appointed Vikram Atal as president and chief executive officer in March 2023 and Owen James as global investments officer in April 2023.Three Months Ended Mar 31,\n($ in thousands, except per share amounts)\n2023\n2022\nNet (loss)/income attributable to PRA Group, Inc.\n$ (58,629)\n$ 39,972\nDiluted earnings per share\n$ (1.50)\n$ 0.97\n\"While the first quarter earnings presented some challenges, including a softer-than-expected U.S. tax season, we met our collections expectations on a consolidated basis, delivering total cash collections of $411 million globally. We also had another strong purchasing quarter, investing $230 million in portfolios, which was up 56% year-over-year, as we further capitalize on what we believe to be an increasingly improving supply environment,\" said Vikram Atal, president and chief executive officer. \"We continue to have a solid base of deeply experienced employees, business fundamentals that remain strong, and a financial profile and global presence that provide the flexibility to invest across markets as opportunities become available. Looking ahead, our strategy remains intact, and I am committed to accelerating the pace and intensity of our efforts to deliver sustained performance and create value for our shareholders.\"\n1.\nRefers to the sum of all future projected cash collections on the Company's nonperforming loan portfolios.\n2.\nCalculated by dividing cash receipts less operating expenses by cash receipts. Cash receipts refers to cash collections on...