Welcome to our dedicated page for PRA Group news (Ticker: PRAA), a resource for investors and traders seeking the latest updates and insights on PRA Group stock.
PRA Group, Inc. (Nasdaq: PRAA) is a global leader in acquiring and collecting nonperforming loans. The company returns capital to banks and other creditors, helping to expand financial services for consumers in the Americas, Europe, and Australia. PRA Group is renowned for its comprehensive debt resolution services, providing a range of revenue and recovery solutions for business and government clients.
The company operates in two main portfolio segments: Core, which focuses on purchasing and collecting nonperforming loans that the original lenders have chosen not to pursue, and Insolvency, which deals with nonperforming loans involving customers in bankruptcy proceedings. Additionally, PRA Group offers fee-based services on class action claims recoveries in the United States.
With thousands of employees worldwide, PRA Group collaborates closely with customers to help them resolve their debt, fostering a spirit of cooperation and financial improvement. The company's commitment to excellence has earned it numerous accolades, including recognition as one of Fortune's 100 fastest-growing companies for three years and Forbes' Best Small Companies in America for eight consecutive years since 2007.
In line with its commitment to diversity and inclusion, PRA Group has launched several Employee Resource Groups (ERGs) to support its workforce. Noteworthy among them is the Black Excellence ERG, which celebrates and embraces Black culture globally. This ERG, along with others like Women in Business Advocates and the Mental and Emotional Well-Being ERG, underscores the company’s dedication to creating an inclusive environment.
Recent achievements include the financial results for the fourth quarter and full year of 2023, where PRA Group reported strong performance in its European sector and significant strides in improving its U.S. operations. The company purchased portfolios worth $285 million in the fourth quarter alone, demonstrating robust growth and investment discipline.
For those interested in the latest developments, PRA Group consistently updates its stakeholders through news releases and financial reports. Notable announcements include the appointment of Steve Macke as Global Operations Officer and the successful launch of the ¡Hola! ERG, aimed at supporting Hispanic and Latino employees.
For further information, visit their official website at www.pragroup.com or follow their latest news and updates.
PRA Group, Inc. (Nasdaq: PRAA) reported Q4 2022 financial results, highlighting total portfolio purchases of $288.1 million and cash collections of $391.7 million, a 17.3% decrease from Q4 2021. The estimated remaining collections stand at $5.7 billion. For the full year, the company recorded a total portfolio revenue of $941.2 million, down from $1.1 billion in 2021, with diluted EPS at $2.94. Despite these challenges, PRAA's European operations achieved record cash collections. The company also had significant share repurchases totaling $99.4 million. Looking ahead, PRAA anticipates increased portfolio supply driven by rising U.S. card balances and delinquency rates.
PRA Group, Inc. (NASDAQ: PRAA) will report its fourth quarter and full year 2022 financial results after market close on February 27, 2023. A webcast and conference call will follow at 5 p.m. E.T. Investors can access the call by calling 844-835-9982 in the U.S. or 412-317-5267 internationally. A replay will be available until March 6, 2023. The company plans to report its first quarter 2023 results after market close on May 8, 2023. PRA Group is a global leader in acquiring and collecting nonperforming loans, servicing clients in the Americas, Europe, and Australia.
PRA Group, Inc. (PRAA) announced the pricing of an upsized offering of $400 million aggregate principal amount of 8.375% Senior Notes due 2028. The offering, initially set at $350 million, was increased by $50 million. The notes are set to close on February 6, 2023, pending customary closing conditions. Proceeds from the offering will primarily be used to retire $345 million of existing 3.50% convertible senior notes due 2023 and to repay $51 million in outstanding revolving borrowings. The notes will be guaranteed by existing and future subsidiaries of PRA Group.
PRA Group, Inc. (NASDAQ: PRAA) announced on January 23, 2023, its intention to offer $350 million in senior notes due 2028 in a private transaction, exempt from SEC registration. The notes will be unsecured and guaranteed by existing and future domestic subsidiaries related to PRAA's North American Credit Agreement. Net proceeds will be used to retire 3.50% convertible senior notes due 2023 or meet related obligations. This private offering is limited to qualified institutional buyers and select non-U.S. persons. The announcement includes standard disclaimers about forward-looking statements and associated risks.
PRA Group, Inc. (Nasdaq: PRAA) has successfully completed the refinancing of its $750 million European revolving credit facility as of November 23, 2022. The refinancing includes a €730 million revolving credit facility and an uncommitted accordion feature allowing for an additional €500 million, subject to specific terms. Executive Vice President and CFO Pete Graham stated this move enhances the company's balance sheet and capital position, enabling further investment in European markets with anticipated portfolio supply growth.
PRA Group, Inc. (Nasdaq: PRAA) reported Q3 2022 financial results, highlighting total portfolio purchases of $183.1 million and cash collections of $412.3 million. Diluted earnings per share were $0.63, down from $0.76 in Q3 2021. Total cash collections decreased by 15.6% year-over-year, largely due to a 29.3% decline in U.S. collections. Operating expenses were reduced by 6.5%, indicating improved cost management. The company repurchased $25.0 million, with $67.7 million remaining under the program. Estimated remaining collections stand at $5.3 billion.
PRA Group, Inc. (Nasdaq: PRAA), a leader in acquiring nonperforming loans, will announce its third quarter 2022 results post-market on November 3, 2022. A conference call will follow at 5 p.m. E.T. for investors and analysts. Additionally, the firm plans to report its fourth quarter and full-year results on February 27, 2023. For more details, stakeholders can access the webcast at PRA Group Events.
PRA Group, Inc. (PRAA) President and CEO Kevin Stevenson delivered a keynote at the Virginia Chamber's 2022 Education and Workforce Conference, attended by over 400 leaders. Stevenson emphasized the need for private sector investment in education to strengthen Virginia's workforce. He proposed three key initiatives: enhancing pathways to in-demand careers, creating equitable philanthropic partnerships, and collaborating with higher education institutions. PRA Group, headquartered in Norfolk, has been committed to Virginia's economic growth for over 25 years, supporting local organizations and promoting work-based learning opportunities.
PRA Group, Inc. (Nasdaq: PRAA) announced the release of a new investor presentation, detailing its business, financials, and role in the nonperforming loans (NPL) industry. Highlights include insights into the NPL market, financial performance, and strategies for increasing portfolio supply. The company emphasizes shareholder value growth and communication with investors. Access the full presentation on their investor relations website for more information.
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