Press release
PRA Group Reports Third Quarter 2021 Results
NORFOLK, Va., Nov. 8, 2021 /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., Nov. 8, 2021 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the third quarter of 2021. The Company reported net income attributable to PRA Group, Inc. of $34.5 million in the third quarter, compared with $42.5 million in the prior year period. Diluted earnings per share were $0.76 versus $0.92 in the third quarter of 2020. For the nine months ended September 30, 2021, net income attributable to PRA Group, Inc. was $148.9 million, or $3.24 per diluted share, compared with $119.5 million, or $2.60 per diluted share, during the same period in 2020. \n Third Quarter Highlights \nTotal portfolio purchases of $391.9 million, an increase of $172.3 million, or 78%, from the second quarter of 2021. Purchases in Europe were $219.6 million, bringing the year to date total to $386.3 million, a record for the first nine months of the year. Purchases in Americas and Australia were $172.3 million, reflecting strong geographic diversity with substantial deployment in South America.Estimated remaining collections (ERC) of $6.1 billion, an increase of $91 million from the second quarter of 2021. Total cash collections were $488.4 million. Total revenues were $263.7 million. Cash efficiency ratio1 of 62.4%. Diluted earnings per share were $0.76. Common stock repurchases of $74 million, or 1.8 million shares, at an average price of $41.10. Debt to Adjusted EBITDA2 for the last 12 months was 1.81x. $1.4 billion available for portfolio purchases.\"We deployed almost $400 million in the third quarter, making it one of our largest portfolio purchasing quarters. In Europe, we invested $220 million, where we have seen a very healthy pipeline of deals coming to market and we also secured a large multi-year forward flow agreement. We invested $172 million in the Americas and Australia, highlighted by sizeable portfolio spot purchases in South America, which further demonstrates the benefits of our geographic diversification,\" said Kevin Stevenson, president and chief executive officer. \"We also made excellent progress in returning capital to shareholders through the $150 million share repurchase program launched during the third quarter, repurchasing $74 million of our common stock at an average price of $41.10. Our leverage ratios rem...