Press release
PRA Group Rings Nasdaq's Closing Bell in Honor of its 20-Year Anniversary as a Publicly Traded Company
Nasdaq Held Closing Bell Ceremony Dedicated to PRA Group Yesterday at 4:00 p.m. E.T. in New York's Times Square NORFOLK, Va., Nov. 8, 2022 /PRNewswire/ -- PRA
About this update from Pra Group, Inc.
[{"type":"text","content":"Nasdaq Held Closing Bell Ceremony Dedicated to PRA Group Yesterday at 4:00 p.m. E.T. in New York's Times Square\nNORFOLK, Va., Nov. 8, 2022 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, celebrated its 20th anniversary as a publicly traded company at Nasdaq MarketSite in New York's Times Square yesterday afternoon. In honor of the occasion, Kevin Stevenson, president and CEO of PRA Group, rang the Nasdaq Stock Market Closing Bell.\n\n \n \n \n \n \n \n\n \nThe company began trading on the Nasdaq exchange on November 8, 2002, following its initial public offering (IPO).\n\"We are grateful to be back at Times Square with Nasdaq celebrating 20 years as a publicly traded company,\" said Stevenson. \"PRA Group's journey has been both challenging and exciting, and when I think about the long list of things for which I am grateful, what really stands out to me is our employees. Their commitment to treating our customers—and each other—the right way has driven PRA Group's current success, brought our mission and vision to life and made us who we are today.\"\nStevenson and Board Chairman Steve Fredrickson co-founded PRA Group as Portfolio Recovery Associates in 1996 with venture capital investments. Over the past 26 years, the company has grown to own portfolios in 18 countries and employ over 3,000 people across the globe. PRA Group's management has steered the company through challenging economic environments, including the Global Financial Crisis and the COVID-19 pandemic, with a focus on long-term success.\nIn the two decades since listing with Nasdaq, PRA Group has grown its estimated remaining collections (ERC) from $200 million in 2002 to over $5 billion as of the third quarter ended September 30, 2022. The company's total revenues also increased from $56 million in 2002 to more than $1 billion in 2021, which represented a record year for PRA Group in terms of collections, revenue, cash efficiency and net income.\nOne of the company's main differentiators is its global presence. Since 2014, when PRA Group expanded into Europe and Canada, PRA Group's European business has grown to represent roughly half of its ERC as of September 30, 2022. The company's further expansion into South America and Australia makes it one of the only truly global companies in the industry...