Press release
PRA Group Reports Fourth Quarter and Full Year 2022 Results
NORFOLK, Va., Feb. 27, 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., Feb. 27, 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 fourth quarter (\"Q4 2022\") and full year of 2022. \n\n \n \n \n \n \n \n\n \nQ4 2022 Highlights \nTotal portfolio purchases of $288.1 million.Total cash collections of $391.7 million.Estimated remaining collections (ERC)1 of $5.7 billion (or $6.0 billion on a constant currency-adjusted basis).Cash efficiency ratio2 of 58.6%.Diluted earnings per share of $0.41.Full Year 2022 Highlights\nTotal portfolio purchases of $850.0 million.Total cash collections of $1.7 billion.Cash efficiency ratio of 61.0%Diluted earnings per share of $2.94.Debt to Adjusted EBITDA3 was 2.25x.Common stock repurchases4 of $99.4 million, or 2.3 million shares.Available capacity under the Company's credit facilities of $1.6 billion; $465.1 million after considering borrowing base restrictions. \nThree Months Ended Dec 31,\nTwelve Months Ended Dec 31,\n($ in thousands, except per share amounts)\n2022\n2021\n2022\n2021\nNet income attributable to PRA Group, Inc.\n$ 15,959\n$ 34,276\n$ 117,147\n$ 183,158\nDiluted earnings per share\n$ 0.41\n$ 0.79\n$ 2.94\n$ 4.04\n \n\"Our performance in 2022 was led by our European operations, which achieved an annual record for cash collections on a constant currency-adjusted basis and purchased portfolios in nearly all of our operational markets. On a global basis, our fourth quarter portfolio purchases of $288 million represented our highest investment level since the third quarter of 2021,\" said Kevin Stevenson, president and chief executive officer. \"We made significant progress in 2022 executing our key strategic objectives, including growing our digital platform, leveraging our geographic reach to invest in the most attractive markets, and completing our first full year of collections in Australia. Looking ahead, we are seeing U.S. card balances, delinquency rates, charge-off rates, and bank loan loss reserves continue to increase which we believe will lead to more portfolio supply in the coming months. We also expect to continue to purchase at healthy levels in Europe. We are well-positioned to capitalize on this anticipated increased supply due to our funding capacity, global presence, operational efficiency, and ...