PRA Group Reports Fourth Quarter and Full Year 2023 Results
Total Portfolio Purchases of
Addressing
Q4 2023 Highlights
- Total portfolio purchases of
$284.9 million . - Total cash collections of
$410.3 million . - Estimated remaining collections (ERC)1 of
$6.4 billion . - Cash efficiency ratio2 of 57.3%.
- Diluted earnings per share of
$(0.22) .
Full Year 2023 Highlights
- Total portfolio purchases of
$1.2 billion . - Total cash collections of
$1.7 billion . - Cash efficiency ratio of 58.0%.
- Diluted earnings per share of
$(2.13) . - Debt to Adjusted EBITDA3 was 2.89x.
- Total availability under the Company's credit facilities as of
December 31, 2023 was$1.3 billion , comprised of$344.4 million based on current ERC and$938.5 million of additional availability subject to debt covenants, including advance rates.
|
||||||||
|
|
Three Months Ended |
|
Year Ended |
||||
($ in thousands, except per share amounts) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income/(loss) attributable to |
|
$ (8,782) |
|
$ 15,959 |
|
$ (83,477) |
|
$ 117,147 |
Diluted earnings per share |
|
$ (0.22) |
|
$ 0.41 |
|
$ (2.13) |
|
$ 2.94 |
|
|
1. |
Refers to the sum of all future projected cash collections on the Company's nonperforming loan portfolios. |
2. |
Calculated by dividing cash receipts less operating expenses by cash receipts. Cash receipts refers to cash collections on the Company's nonperforming loan portfolios, fees and revenue recognized from the Company's class action claims recovery services. |
3. |
A reconciliation of net income, the most directly comparable financial measure calculated and reported in accordance with GAAP, to Adjusted EBITDA can be found at the end of this press release. |
"2023 was an important and pivotal transition year for PRA. We delivered strong performance in our European business and worked with speed and intensity to address the shortcomings in our
Cash Collections and Revenues
The following table presents cash collections by quarter and by source on an as reported and constant currency-adjusted basis:
|
||||||||||
Cash Collection Source |
|
2023 |
|
2022 |
||||||
($ in thousands) |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
|
Q4 |
|
|
$ 220,127 |
|
$ 223,714 |
|
$ 220,886 |
|
$ 227,960 |
|
$ 205,619 |
Americas Insolvency |
|
24,293 |
|
27,809 |
|
26,384 |
|
25,751 |
|
27,971 |
Europe Core |
|
144,361 |
|
144,402 |
|
149,324 |
|
134,005 |
|
134,016 |
Europe Insolvency |
|
21,502 |
|
23,639 |
|
22,725 |
|
23,568 |
|
24,051 |
Total Cash Collections |
|
$ 410,283 |
|
$ 419,564 |
|
$ 419,319 |
|
$ 411,284 |
|
$ 391,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Collection Source - |
|
|
|
|
|
|
|
|
|
|
Constant Currency Adjusted |
|
2023 |
|
|
|
|
|
|
|
2022 |
($ in thousands) |
|
Q4 |
|
|
|
|
|
|
|
Q4 |
|
|
$ 220,127 |
|
|
|
|
|
|
|
$ 208,013 |
Americas Insolvency |
|
24,293 |
|
|
|
|
|
|
|
27,970 |
Europe Core |
|
144,361 |
|
|
|
|
|
|
|
140,393 |
Europe Insolvency |
|
21,502 |
|
|
|
|
|
|
|
25,417 |
Total Cash Collections |
|
$ 410,283 |
|
|
|
|
|
|
|
$ 401,793 |
|
|
|
|
|
|
|
|
|
|
|
- Total cash collections in Q4 2023 increased 4.8%, or 2.1% on a constant currency-adjusted basis, to
$410.3 million compared to$391.7 million in the fourth quarter of 2022 ("Q4 2022"). The increase was driven by higher cash collections inBrazil andEurope , which were partially offset by lower cash collections in theU.S. For the full year, total cash collections decreased$68.6 million compared to the full year of 2022, driven primarily by lower cash collections in theU.S. - Total portfolio revenue in Q4 2023 was
$217.4 million compared to$219.0 million in Q4 2022. For the full year, total portfolio revenue was$786.3 million compared to$941.2 million in 2022.
Expenses
- Operating expenses in Q4 2023 increased
$12.4 million , or 7.6%, compared to Q4 2022. The increase was primarily driven by expenses related to growth in the Company's portfolio:- a
$3.8 million increase in legal collection costs due to a higher volume of accounts placed in the legal channel; - a
$3.8 million increase in agency fees due to higher cash collections inBrazil ; and - a
$2.8 million increase in communication expenses due to higher business volumes related to customer contact strategies.
- a
- For the full year, operating expenses increased
$21.4 million , or 3.1%, to$702.1 million compared to$680.7 million in the same period last year. - Interest expense, net was
$181.7 million in 2023, an increase of$51.0 million , or 39.1%, compared to$130.7 million in 2022, primarily reflecting a higher average debt balance and increased interest rates. - The effective tax benefit rate for the full year was 19.5%.
Portfolio Acquisitions
- The Company purchased
$284.9 million in portfolios of nonperforming loans in Q4 2023. - At the end of Q4 2023, the Company had in place estimated forward flow commitments1 of
$550 .0 million over the next 12 months, comprised of$400 .0 million in theAmericas andAustralia and$150 .0 million in Europe.
|
|
|
|
|
|
|
|
|
|
|
Portfolio Purchase Source |
|
2023 |
|
2022 |
||||||
($ in thousands) |
|
Q4 |
|
Q3 |
|
Q2 |
|
Q1 |
|
Q4 |
|
|
$ 143,052 |
|
$ 187,554 |
|
$ 171,440 |
|
$ 116,867 |
|
$ 118,581 |
Americas Insolvency |
|
18,608 |
|
44,279 |
|
12,189 |
|
15,701 |
|
8,967 |
Europe Core |
|
110,780 |
|
60,628 |
|
136,834 |
|
90,454 |
|
140,011 |
Europe Insolvency |
|
12,476 |
|
18,722 |
|
7,296 |
|
7,203 |
|
20,535 |
Total Portfolio Acquisitions |
|
$ 284,916 |
|
$ 311,183 |
|
$ 327,759 |
|
$ 230,225 |
|
$ 288,094 |
|
|
|
|
|
|
|
|
|
|
|
Conference Call Information
About
As a global leader in acquiring and collecting nonperforming loans,
About Forward-Looking Statements
Statements made herein that are not historical in nature, including
The forward-looking statements in this press release are based upon management's current beliefs, estimates, assumptions and expectations of
Due to such uncertainties and risks, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of today. Information in this press release may be superseded by more recent information or statements, which may be disclosed in later press releases, subsequent filings with the
1. |
Contractual agreements with sellers of nonperforming loans that allow for the purchase of nonperforming portfolios at pre-established prices. These amounts consider sellers' estimates of future flow sales and our expectations about how the agreements will perform over the next 12 months, and are dependent on actual delivery compared to these estimates. Accordingly, amounts purchased under these agreements may vary significantly. |
|
|||||||
|
|||||||
|
(unaudited) |
|
(unaudited) |
|
|
||
|
Three Months Ended |
|
Year Ended |
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues: |
|
|
|
|
|
|
|
Portfolio income |
$ 194,636 |
|
$ 184,921 |
|
$ 757,128 |
|
$ 772,315 |
Changes in expected recoveries |
22,754 |
|
34,087 |
|
29,134 |
|
168,904 |
Total portfolio revenue |
217,390 |
|
219,008 |
|
786,262 |
|
941,219 |
Other revenue |
4,028 |
|
3,843 |
|
16,292 |
|
25,305 |
Total revenues |
221,418 |
|
222,851 |
|
802,554 |
|
966,524 |
Operating expenses: |
|
|
|
|
|
|
|
Compensation and employee services |
71,070 |
|
69,922 |
|
288,778 |
|
285,537 |
Legal collection fees |
9,844 |
|
9,060 |
|
38,072 |
|
38,450 |
Legal collection costs |
22,903 |
|
19,063 |
|
89,131 |
|
76,757 |
Agency fees |
20,208 |
|
16,434 |
|
74,699 |
|
63,808 |
Outside fees and services |
20,555 |
|
20,866 |
|
82,619 |
|
92,355 |
Communication |
9,905 |
|
7,143 |
|
40,430 |
|
39,205 |
Rent and occupancy |
4,126 |
|
4,299 |
|
17,319 |
|
18,589 |
Depreciation and amortization |
3,032 |
|
3,859 |
|
13,376 |
|
15,243 |
Impairment of real estate |
202 |
|
— |
|
5,239 |
|
— |
Other operating expenses |
14,044 |
|
12,893 |
|
52,399 |
|
50,778 |
Total operating expenses |
175,889 |
|
163,539 |
|
702,062 |
|
680,722 |
Income from operations |
45,529 |
|
59,312 |
|
100,492 |
|
285,802 |
Other income and (expense): |
|
|
|
|
|
|
|
Interest expense, net |
(50,946) |
|
(34,912) |
|
(181,724) |
|
(130,677) |
Foreign exchange gain/(loss), net |
(695) |
|
194 |
|
289 |
|
985 |
Other |
(564) |
|
(572) |
|
(1,944) |
|
(1,325) |
Income/(loss) before income taxes |
(6,676) |
|
24,022 |
|
(82,887) |
|
154,785 |
Income tax expense/(benefit) |
(816) |
|
6,960 |
|
(16,133) |
|
36,787 |
Net income/(loss) |
(5,860) |
|
17,062 |
|
(66,754) |
|
117,998 |
Adjustment for net income |
2,922 |
|
1,103 |
|
16,723 |
|
851 |
Net income/(loss) attributable to |
$ (8,782) |
|
$ 15,959 |
|
$ (83,477) |
|
$ 117,147 |
Net income/(loss) per common share attributable to |
|
|
|
|
|
|
|
Basic |
$ (0.22) |
|
$ 0.41 |
|
$ (2.13) |
|
$ 2.96 |
Diluted |
$ (0.22) |
|
$ 0.41 |
|
$ (2.13) |
|
$ 2.94 |
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
Basic |
39,245 |
|
38,978 |
|
39,177 |
|
39,638 |
Diluted |
39,245 |
|
39,177 |
|
39,177 |
|
39,888 |
|
|||
|
|||
|
(unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Cash and cash equivalents |
$ 112,528 |
|
$ 83,376 |
Investments |
72,404 |
|
79,948 |
Finance receivables, net |
3,656,598 |
|
3,295,008 |
Income taxes receivable |
27,713 |
|
31,774 |
Deferred tax assets, net |
74,694 |
|
56,908 |
Right-of-use assets |
45,877 |
|
54,506 |
Property and equipment, net |
36,450 |
|
51,645 |
|
431,564 |
|
435,921 |
Other assets |
67,526 |
|
86,588 |
Total assets |
$ 4,525,354 |
|
$ 4,175,674 |
Liabilities and Equity |
|
|
|
Liabilities: |
|
|
|
Accounts payable |
$ 6,325 |
|
$ 7,329 |
Accrued expenses |
131,893 |
|
111,395 |
Income taxes payable |
17,912 |
|
25,693 |
Deferred tax liabilities, net |
17,051 |
|
42,918 |
Lease liabilities |
50,300 |
|
59,384 |
Interest-bearing deposits |
115,589 |
|
112,992 |
Borrowings |
2,914,270 |
|
2,494,858 |
Other liabilities |
32,638 |
|
34,355 |
Total liabilities |
3,285,978 |
|
2,888,924 |
Equity: |
|
|
|
Preferred stock, |
— |
|
— |
Common stock, |
392 |
|
390 |
Additional paid-in capital |
7,071 |
|
2,172 |
Retained earnings |
1,489,548 |
|
1,573,025 |
Accumulated other comprehensive loss |
(329,899) |
|
(347,926) |
Total stockholders' equity - |
1,167,112 |
|
1,227,661 |
Noncontrolling interests |
72,264 |
|
59,089 |
Total equity |
1,239,376 |
|
1,286,750 |
Total liabilities and equity |
$ 4,525,354 |
|
$ 4,175,674 |
Select Expenses (Income) Amounts in thousands, pre-tax |
||||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|||||||
|
|
|
|
|
|
|
|
|
Noncash interest |
2,177 |
2,220 |
2,384 |
2,441 |
2,444 |
2,555 |
2,471 |
2,627 |
Change in fair value of |
(6,734) |
(6,545) |
(6,960) |
(5,470) |
(3,309) |
(1,042) |
1,525 |
2,726 |
Amortization of |
69 |
69 |
68 |
66 |
73 |
73 |
77 |
83 |
Impairment of real estate |
202 |
5,037 |
— |
— |
— |
— |
— |
— |
Stock-based |
2,952 |
1,629 |
2,715 |
3,799 |
2,206 |
3,101 |
3,849 |
3,891 |
Purchase Price Multiples
as of Amounts in thousands |
|||||
Purchase Period |
Purchase Price (2)(3) |
Total Estimated |
Estimated |
Current Purchase |
Original Purchase |
|
|
|
|
|
|
1996-2013 |
$ 1,932,722 |
$ 5,725,248 |
$ 52,146 |
296 % |
233 % |
2014 |
404,117 |
884,911 |
27,461 |
219 % |
204 % |
2015 |
443,114 |
899,839 |
35,758 |
203 % |
205 % |
2016 |
455,767 |
1,078,122 |
65,679 |
237 % |
201 % |
2017 |
532,851 |
1,200,599 |
105,245 |
225 % |
193 % |
2018 |
653,975 |
1,482,269 |
152,931 |
227 % |
202 % |
2019 |
581,476 |
1,294,462 |
182,487 |
223 % |
206 % |
2020 |
435,668 |
951,929 |
216,016 |
218 % |
213 % |
2021 |
435,846 |
749,966 |
362,191 |
172 % |
191 % |
2022 |
406,082 |
708,070 |
460,475 |
174 % |
179 % |
2023 |
622,583 |
1,227,985 |
1,118,683 |
197 % |
197 % |
Subtotal |
6,904,201 |
16,203,400 |
2,779,072 |
|
|
Americas Insolvency |
|
|
|
|
|
1996-2013 |
1,266,056 |
2,502,614 |
91 |
198 % |
159 % |
2014 |
148,420 |
218,811 |
98 |
147 % |
124 % |
2015 |
63,170 |
88,009 |
73 |
139 % |
125 % |
2016 |
91,442 |
117,987 |
256 |
129 % |
123 % |
2017 |
275,257 |
356,839 |
1,121 |
130 % |
125 % |
2018 |
97,879 |
135,530 |
1,939 |
138 % |
127 % |
2019 |
123,077 |
168,658 |
18,261 |
137 % |
128 % |
2020 |
62,130 |
90,690 |
28,225 |
146 % |
136 % |
2021 |
55,187 |
73,803 |
33,804 |
134 % |
136 % |
2022 |
33,442 |
46,811 |
34,461 |
140 % |
139 % |
2023 |
91,282 |
122,780 |
113,508 |
135 % |
135 % |
Subtotal |
2,307,342 |
3,922,532 |
231,837 |
|
|
Total |
9,211,543 |
20,125,932 |
3,010,909 |
|
|
Europe Core |
|
|
|
|
|
2012-2013 |
40,742 |
71,982 |
1 |
177 % |
153 % |
2014 (1) |
773,811 |
2,465,052 |
394,133 |
319 % |
208 % |
2015 |
411,340 |
743,591 |
141,158 |
181 % |
160 % |
2016 |
333,090 |
567,702 |
162,940 |
170 % |
167 % |
2017 |
252,174 |
363,813 |
107,971 |
144 % |
144 % |
2018 |
341,775 |
544,970 |
194,808 |
159 % |
148 % |
2019 |
518,610 |
838,326 |
353,219 |
162 % |
152 % |
2020 |
324,119 |
561,192 |
262,884 |
173 % |
172 % |
2021 |
412,411 |
695,544 |
428,779 |
169 % |
170 % |
2022 |
359,447 |
582,380 |
489,333 |
162 % |
162 % |
2023 |
410,593 |
692,580 |
640,924 |
169 % |
169 % |
Subtotal |
4,178,112 |
8,127,132 |
3,176,150 |
|
|
Europe Insolvency |
|
|
|
|
|
2014 (1) |
10,876 |
18,882 |
— |
174 % |
129 % |
2015 |
18,973 |
29,301 |
29 |
154 % |
139 % |
2016 |
39,338 |
57,673 |
932 |
147 % |
130 % |
2017 |
39,235 |
51,995 |
2,020 |
133 % |
128 % |
2018 |
44,908 |
52,658 |
4,862 |
117 % |
123 % |
2019 |
77,218 |
112,260 |
20,970 |
145 % |
130 % |
2020 |
105,440 |
156,670 |
42,614 |
149 % |
129 % |
2021 |
53,230 |
72,736 |
33,441 |
137 % |
134 % |
2022 |
44,604 |
60,935 |
46,620 |
137 % |
137 % |
2023 |
46,558 |
64,411 |
60,029 |
138 % |
138 % |
Subtotal |
480,380 |
677,521 |
211,517 |
|
|
Total |
4,658,492 |
8,804,653 |
3,387,667 |
|
|
|
$ 13,870,035 |
$ 28,930,585 |
$ 6,398,576 |
|
|
|
|
(1) |
Includes finance receivables portfolios that were acquired through the acquisition of Aktiv Kapital AS in 2014. |
(2) |
Includes the acquisition date finance receivables portfolios that were acquired through our business acquisitions. |
(3) |
Non- |
(4) |
Non- |
(5) |
Non- |
(6) |
The Original Purchase Price Multiple represents the purchase price multiple at the end of the year of acquisition. |
Portfolio Financial Information
For the Year Ended Amounts in thousands |
|||||
Purchase Period |
Cash |
Portfolio |
Changes in |
Total Portfolio |
Net Finance |
|
|
|
|
|
|
1996-2013 |
$ 28,414 |
$ 14,689 |
$ 11,698 |
$ 26,387 |
$ 15,661 |
2014 |
11,826 |
5,085 |
6,623 |
11,708 |
10,416 |
2015 |
14,084 |
8,296 |
(352) |
7,944 |
15,107 |
2016 |
24,898 |
16,456 |
(973) |
15,483 |
21,960 |
2017 |
43,765 |
24,863 |
(5,960) |
18,904 |
43,205 |
2018 |
92,931 |
38,221 |
13,105 |
51,326 |
84,611 |
2019 |
110,278 |
49,393 |
287 |
49,681 |
100,749 |
2020 |
125,832 |
55,634 |
(3,681) |
51,953 |
121,292 |
2021 |
136,807 |
78,122 |
(52,274) |
25,848 |
190,907 |
2022 |
195,438 |
95,009 |
(5,798) |
89,211 |
281,983 |
2023 |
108,414 |
75,234 |
3,074 |
78,307 |
591,032 |
Subtotal |
892,687 |
461,002 |
(34,251) |
426,752 |
1,476,923 |
Americas Insolvency |
|
|
|
|
|
1996-2013 |
1,089 |
336 |
756 |
1,092 |
— |
2014 |
430 |
249 |
136 |
385 |
— |
2015 |
325 |
105 |
121 |
226 |
39 |
2016 |
893 |
120 |
521 |
641 |
228 |
2017 |
4,852 |
438 |
1,457 |
1,895 |
1,013 |
2018 |
12,677 |
1,085 |
(1,751) |
(667) |
1,858 |
2019 |
28,698 |
3,149 |
651 |
3,800 |
17,310 |
2020 |
19,470 |
4,202 |
1,000 |
5,202 |
25,023 |
2021 |
17,474 |
4,590 |
924 |
5,515 |
28,874 |
2022 |
9,163 |
3,831 |
716 |
4,547 |
27,851 |
2023 |
9,166 |
4,998 |
2,237 |
7,234 |
85,331 |
Subtotal |
104,237 |
23,103 |
6,768 |
29,870 |
187,527 |
Total |
996,924 |
484,105 |
(27,483) |
456,622 |
1,664,450 |
Europe Core |
|
|
|
|
|
2012-2013 |
1,029 |
1 |
1,028 |
1,029 |
— |
2014 (1) |
107,571 |
67,749 |
24,528 |
92,277 |
101,742 |
2015 |
33,779 |
16,091 |
2,643 |
18,734 |
72,591 |
2016 |
29,663 |
15,334 |
(3,008) |
12,326 |
96,274 |
2017 |
20,166 |
7,471 |
1,012 |
8,484 |
73,646 |
2018 |
41,613 |
15,083 |
1,326 |
16,409 |
128,861 |
2019 |
75,074 |
23,993 |
23,157 |
47,150 |
238,759 |
2020 |
56,078 |
21,772 |
3,436 |
25,207 |
163,027 |
2021 |
73,017 |
32,638 |
(5,931) |
26,707 |
258,670 |
2022 |
83,782 |
34,199 |
986 |
35,185 |
307,528 |
2023 |
50,320 |
20,129 |
(1,029) |
19,099 |
377,193 |
Subtotal |
572,092 |
254,460 |
48,148 |
302,607 |
1,818,291 |
Europe Insolvency |
|
|
|
|
|
2014 (1) |
235 |
— |
235 |
235 |
— |
2015 |
395 |
26 |
289 |
315 |
27 |
2016 |
1,315 |
248 |
330 |
578 |
429 |
2017 |
3,800 |
259 |
821 |
1,080 |
1,753 |
2018 |
7,154 |
650 |
39 |
690 |
4,417 |
2019 |
17,460 |
2,479 |
1,266 |
3,745 |
18,413 |
2020 |
29,687 |
4,643 |
3,180 |
7,823 |
38,342 |
2021 |
14,734 |
3,556 |
1,405 |
4,961 |
28,669 |
2022 |
12,352 |
4,588 |
195 |
4,783 |
36,875 |
2023 |
4,302 |
2,114 |
709 |
2,823 |
44,932 |
Subtotal |
91,434 |
18,563 |
8,469 |
27,033 |
173,857 |
Total |
663,526 |
273,023 |
56,617 |
329,640 |
1,992,148 |
|
$ 1,660,450 |
$ 757,128 |
$ 29,134 |
$ 786,262 |
$ 3,656,598 |
|
|
(1) |
Includes finance receivables portfolios that were acquired through the acquisition of Aktiv Kapital AS in 2014. |
(2) |
Non- |
(3) |
Non- |
Cash Collections by Year, By Year of Purchase (1)
as of Amounts in millions |
|||||||||||||
|
|
Cash Collections |
|
||||||||||
Purchase Period |
Purchase |
1996-2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
||
1996-2013 |
$ 1,932.7 |
$ 3,618.9 |
$ 660.3 |
$ 474.4 |
$ 299.7 |
$ 197.0 |
$ 140.3 |
$ 99.7 |
$ 64.7 |
$ 46.5 |
$ 36.0 |
$ 28.4 |
$ 5,665.9 |
2014 |
404.1 |
— |
92.7 |
253.4 |
170.3 |
114.2 |
82.2 |
55.3 |
31.9 |
22.3 |
15.0 |
11.8 |
849.1 |
2015 |
443.1 |
— |
— |
117.0 |
228.4 |
185.9 |
126.6 |
83.6 |
57.2 |
34.9 |
19.5 |
14.1 |
867.2 |
2016 |
455.8 |
— |
— |
— |
138.7 |
256.5 |
194.6 |
140.6 |
105.9 |
74.2 |
38.4 |
24.9 |
973.8 |
2017 |
532.9 |
— |
— |
— |
— |
107.3 |
278.7 |
256.5 |
192.5 |
130.0 |
76.3 |
43.8 |
1085.1 |
2018 |
654.0 |
— |
— |
— |
— |
— |
122.7 |
361.9 |
337.7 |
239.9 |
146.1 |
92.9 |
1301.2 |
2019 |
581.5 |
— |
— |
— |
— |
— |
— |
143.8 |
349.0 |
289.8 |
177.7 |
110.3 |
1070.6 |
2020 |
435.7 |
— |
— |
— |
— |
— |
— |
— |
132.9 |
284.3 |
192.0 |
125.8 |
735.0 |
2021 |
435.8 |
— |
— |
— |
— |
— |
— |
— |
— |
85.0 |
177.3 |
136.8 |
399.1 |
2022 |
406.1 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
67.7 |
195.4 |
263.1 |
2023 |
622.6 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
108.5 |
108.5 |
Subtotal |
6,904.3 |
3,618.9 |
753.0 |
844.8 |
837.1 |
860.9 |
945.1 |
1,141.4 |
1,271.8 |
1,206.9 |
946.0 |
892.7 |
13,318.6 |
Americas Insolvency |
|
|
|
|
|
|
|
|
|
|
|
||
1996-2013 |
1,266.1 |
1,491.4 |
421.4 |
289.9 |
168.7 |
85.5 |
30.3 |
6.8 |
3.6 |
2.2 |
1.6 |
1.1 |
2,502.5 |
2014 |
148.4 |
— |
37.0 |
50.9 |
44.3 |
37.4 |
28.8 |
15.8 |
2.2 |
1.1 |
0.7 |
0.4 |
218.6 |
2015 |
63.2 |
— |
— |
3.4 |
17.9 |
20.1 |
19.8 |
16.7 |
7.9 |
1.3 |
0.6 |
0.3 |
88.0 |
2016 |
91.4 |
— |
— |
— |
18.9 |
30.4 |
25.0 |
19.9 |
14.4 |
7.4 |
1.8 |
0.9 |
118.7 |
2017 |
275.3 |
— |
— |
— |
— |
49.1 |
97.3 |
80.9 |
58.8 |
44.0 |
20.8 |
4.9 |
355.8 |
2018 |
97.9 |
— |
— |
— |
— |
— |
6.7 |
27.4 |
30.5 |
31.6 |
24.6 |
12.7 |
133.5 |
2019 |
123.1 |
— |
— |
— |
— |
— |
— |
13.4 |
31.4 |
39.1 |
37.8 |
28.7 |
150.4 |
2020 |
62.1 |
— |
— |
— |
— |
— |
— |
— |
6.5 |
16.1 |
20.4 |
19.5 |
62.5 |
2021 |
55.2 |
— |
— |
— |
— |
— |
— |
— |
— |
4.6 |
17.9 |
17.5 |
40.0 |
2022 |
33.4 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
3.2 |
9.2 |
12.4 |
2023 |
91.3 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
9.0 |
9.0 |
Subtotal |
2,307.4 |
1,491.4 |
458.4 |
344.2 |
249.8 |
222.5 |
207.9 |
180.9 |
155.3 |
147.4 |
129.4 |
104.2 |
3,691.4 |
Total |
9,211.7 |
5,110.3 |
1,211.4 |
1,189.0 |
1,086.9 |
1,083.4 |
1,153.0 |
1,322.3 |
1,427.1 |
1,354.3 |
1,075.4 |
996.9 |
17,010.0 |
Europe Core |
|
|
|
|
|
|
|
|
|
|
|
||
2012-2013 |
40.7 |
27.7 |
14.2 |
5.5 |
3.5 |
3.3 |
3.3 |
2.4 |
1.9 |
1.8 |
1.4 |
1.0 |
66.0 |
2014 (2) |
773.8 |
— |
153.2 |
292.0 |
246.4 |
220.8 |
206.3 |
172.9 |
149.8 |
149.2 |
122.2 |
107.6 |
1,820.4 |
2015 |
411.3 |
— |
— |
45.8 |
100.3 |
86.2 |
80.9 |
66.1 |
54.3 |
51.4 |
40.7 |
33.8 |
559.5 |
2016 |
333.1 |
— |
— |
— |
40.4 |
78.9 |
72.6 |
58.0 |
48.3 |
46.7 |
36.9 |
29.7 |
411.5 |
2017 |
252.2 |
— |
— |
— |
— |
17.9 |
56.0 |
44.1 |
36.1 |
34.8 |
25.2 |
20.2 |
234.3 |
2018 |
341.8 |
— |
— |
— |
— |
— |
24.3 |
88.7 |
71.3 |
69.1 |
50.7 |
41.6 |
345.7 |
2019 |
518.6 |
— |
— |
— |
— |
— |
— |
48.0 |
125.7 |
121.4 |
89.8 |
75.1 |
460.0 |
2020 |
324.1 |
— |
— |
— |
— |
— |
— |
— |
32.3 |
91.7 |
69.0 |
56.1 |
249.1 |
2021 |
412.4 |
— |
— |
— |
— |
— |
— |
— |
— |
48.5 |
89.9 |
73.0 |
211.4 |
2022 |
359.4 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
33.9 |
83.8 |
117.7 |
2023 |
410.6 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
50.2 |
50.2 |
Subtotal |
4,178.0 |
27.7 |
167.4 |
343.3 |
390.6 |
407.1 |
443.4 |
480.2 |
519.7 |
614.6 |
559.7 |
572.1 |
4,525.8 |
Europe Insolvency |
|
|
|
|
|
|
|
|
|
|
|
||
2014 (2) |
10.9 |
— |
— |
4.3 |
3.9 |
3.2 |
2.6 |
1.5 |
0.8 |
0.3 |
0.2 |
0.2 |
17.0 |
2015 |
19.0 |
— |
— |
3.0 |
4.4 |
5.0 |
4.8 |
3.9 |
2.9 |
1.6 |
0.6 |
0.4 |
26.6 |
2016 |
39.3 |
— |
— |
— |
6.2 |
12.7 |
12.9 |
10.7 |
7.9 |
6.0 |
2.7 |
1.3 |
60.4 |
2017 |
39.2 |
— |
— |
— |
— |
1.2 |
7.9 |
9.2 |
9.8 |
9.4 |
6.5 |
3.8 |
47.8 |
2018 |
44.9 |
— |
— |
— |
— |
— |
0.6 |
8.4 |
10.3 |
11.7 |
9.8 |
7.2 |
48.0 |
2019 |
77.2 |
— |
— |
— |
— |
— |
— |
5.0 |
21.1 |
23.9 |
21.0 |
17.5 |
88.5 |
2020 |
105.4 |
— |
— |
— |
— |
— |
— |
— |
6.0 |
34.6 |
34.1 |
29.7 |
104.4 |
2021 |
53.2 |
— |
— |
— |
— |
— |
— |
— |
— |
5.5 |
14.4 |
14.7 |
34.6 |
2022 |
44.6 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
4.5 |
12.4 |
16.9 |
2023 |
46.6 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
4.2 |
4.2 |
Subtotal |
480.3 |
— |
— |
7.3 |
14.5 |
22.1 |
28.8 |
38.7 |
58.8 |
93.0 |
93.8 |
91.4 |
448.4 |
Total |
4,658.3 |
27.7 |
167.4 |
350.6 |
405.1 |
429.2 |
472.2 |
518.9 |
578.5 |
707.6 |
653.5 |
663.5 |
4,974.2 |
|
|
$ 5,138.0 |
$ 1,378.8 |
$ 1,539.6 |
$ 1,492.0 |
$ 1,512.6 |
$ 1,625.2 |
$ 1,841.2 |
$ 2,005.6 |
$ 2,061.9 |
$ 1,728.9 |
$ 1,660.4 |
$ 21,984.2 |
|
|
(1) |
Non- |
(2) |
Includes finance receivables portfolios that were acquired through the acquisition of Aktiv Kapital AS in 2014. |
(3) |
Includes the nonperforming loan portfolios that were acquired through our business acquisitions. |
(4) |
Non- |
Use of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures |
||||||
Adjusted EBITDA for |
|
|
||||
Net income/(loss) attributable to |
$ (83) |
$ 117 |
||||
Adjustments: |
|
|
|
|
|
|
Income tax expense/(benefit) |
(16) |
37 |
||||
Foreign exchange (gain)/loss, net |
— |
(1) |
||||
Interest expense, net |
181 |
131 |
||||
Other expense |
2 |
1 |
||||
Depreciation and amortization |
13 |
15 |
||||
Impairment of real estate |
5 |
— |
||||
Adjustment for net income attributable to noncontrolling interests |
17 |
1 |
||||
Recoveries applied to negative allowance less Changes in |
|
|
|
|
888 |
806 |
Adjusted EBITDA |
$ 1,007 |
$ 1,107 |
Additionally, the Company evaluates its business using certain ratios that use Adjusted EBITDA. Debt to Adjusted EBITDA is calculated by dividing borrowings by Adjusted EBITDA. The following table reflects the Company's Debt to Adjusted EBITDA for the years ended
Debt to Adjusted EBITDA |
||
|
|
|
|
|
|
Borrowings |
$ 2,914 |
$ 2,495 |
Adjusted EBITDA |
1,007 |
1,107 |
Debt to Adjusted EBITDA |
2.89 |
2.25 |
Investor Contact:
Vice President, Investor Relations
(757) 431-7913
IR@PRAGroup.com
News Media Contact:
Senior Vice President, Communications and Public Policy
(757) 641-0558
Elizabeth.Kersey@PRAGroup.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/pra-group-reports-fourth-quarter-and-full-year-2023-results-302063510.html
SOURCE