Pra Group Inc - PRAA STOCK NEWS

PRA Group (PRAA) has announced a leadership transition, with Martin Sjolund, current President of PRA Group Europe, appointed as the new President and Chief Executive Officer effective June 17, 2025. He will succeed Vikram Atal, who will retire and serve as a senior advisor through December 31, 2025.

Sjolund will join the Board of Directors upon assuming his new role, while Atal will step down from the Board at that time. Under recent leadership, the company has achieved notable milestones including record global portfolio purchases, double-digit cash growth, expanded leadership team, improved operational processes, and strengthened capital structure.

PRA Group (Nasdaq: PRAA) and StepChange Debt Charity hosted a key roundtable debate in the UK House of Lords on February 4, 2025, focusing on financial inclusion and consumer resilience. The event, chaired by Credit Services Association CEO Chris Leslie, brought together stakeholders from banks, credit monitoring agencies, non-profits, and regulatory bodies.

The discussion centered on the Financial Conduct Authority's Credit Information Market Study findings, which revealed that current credit reporting frameworks may not deliver consistent outcomes for consumers. Research by both organizations showed that concerns about credit scores often prevent people from seeking financial help, while those recovering from financial difficulties face prolonged financial exclusion.

The roundtable aimed to advance practical credit reporting solutions to support greater financial inclusion, enabling individuals paying off debt to re-enter the financial ecosystem and access affordable credit.

PRA Group (PRAA) reported strong Q4 and full year 2024 results, marking a transformational year with enhanced profitability. The company achieved record portfolio purchases of $1.4 billion, up 22% year-over-year, and cash collections growth of 13% to $1.9 billion.

Q4 2024 highlights include net income of $18.5 million ($0.47 per diluted share), portfolio purchases of $432.7 million, and cash collections of $468.1 million. Full year 2024 delivered net income of $70.6 million ($1.79 per diluted share) and Adjusted EBITDA of $1.1 billion.

The company updated its 2025 targets, raising portfolio purchases target to $1.2 billion and aiming for high single-digit cash collections growth, 60%+ cash efficiency ratio, and ~12% return on average tangible equity.

PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, has announced it will release its fourth quarter and full year 2024 financial results after market close on Wednesday, February 19, 2025. The company will host a webcast and conference call at 5 p.m. E.T. on the same day.

Investors can access the webcast and presentation slides at the company's investor relations website. For those joining by phone, U.S. participants can call 646-357-8785, while international callers should dial 1-800-836-8184. A replay will be available until February 19, 2026, on the website, or by phone until February 26, 2025. Additionally, PRA Group has scheduled its first quarter 2025 results announcement for May 5, 2025, after market close.

PRA Group (NASDAQ: PRAA) has announced the election of Adrian Butler as an independent director, effective January 1, 2025. Butler, currently the Chief Technology Officer at Foot Locker, brings over 25 years of technology leadership experience to the board. In his current role, he oversees technology strategy, innovation, and delivery across digital, data and analytics, supply chain/merchandising, and omni-channel experiences.

Butler's previous positions include CIO at Casey's General Stores and Dine Brands Global, and VP of technology services at Target He has received numerous industry recognitions and currently serves on the boards of Potbelly and Grambling University Foundation. As a former U.S. Air Force captain, Butler brings extensive experience in driving technology innovations across global organizations.

PRA Group announced the pricing of an upsized offering of $150.0 million aggregate principal amount of 8.875% Senior Notes due 2030, increased from the previously announced $100.0 million. The notes are priced at 103.625% of their principal amount and will be issued under the same indenture as the existing $400.0 million notes from May 20, 2024. The notes will be guaranteed by the Company's domestic subsidiaries and the proceeds will be used to repay approximately $150.0 million of outstanding borrowings under its North American revolving credit facility. The offering is expected to close around November 25, 2024.

PRA Group (Nasdaq: PRAA) announced plans to offer $100.0 million in senior notes due 2030, subject to market conditions. These notes will be an additional issuance to their existing 8.875% Senior Notes due 2030, of which $400.0 million was previously issued in May 2020. The notes will be guaranteed by the company's domestic subsidiaries that are borrowers or guarantors under its North American Credit Agreement. The proceeds will be used to repay approximately $100.0 million of outstanding borrowings under their North American revolving credit facility. The offering is to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S.

PRA Group (PRAA), a global leader in nonperforming loan acquisition and collection, has announced its participation in four major investor conferences during November and December 2024. The company will attend the Citizens JMP Securities Financial Services Conference on November 12 in New York, the Furey Research Partners Hidden Gems Conference on November 26 virtually, the Bank of America Leveraged Finance Conference on December 3 in Boca Raton, and the Sidoti Virtual Small-Cap Conference on December 5. The schedule includes one-on-one meetings and presentations, with some events featuring fireside chats and virtual presentations.

PRA Group (PRAA) reported strong Q3 2024 results with net income of $27.2 million, or $0.69 per diluted share, including a $7.7 million tax benefit. The company achieved total portfolio purchases of $350.0 million and total cash collections of $477.1 million, representing a 13.7% year-over-year increase. The company reached a record estimated remaining collections (ERC) of $7.3 billion and maintained a cash efficiency ratio of 60.1%. Portfolio revenue increased 30.5% to $276.7 million compared to Q3 2023. The company is on track to exceed its 2024 targets and has announced new targets for 2025, including portfolio investments exceeding $1.0 billion and cash collections growth of 8-10%.