Pra Group Inc Stock Price, News & Analysis

PRA Group (NASDAQ: PRAA) has announced that it will report its first quarter 2023 results on May 8, 2023, after market close. Following the report, there will be a webcast and conference call at 5 p.m. E.T. Interested parties can access the call by dialing 844-835-9982 in the U.S. or 412-317-5267 internationally. Additionally, a replay of the call will be available until May 15, 2023.

The company is also scheduled to report its second quarter 2023 results on August 7, 2023. PRA Group focuses on acquiring and collecting nonperforming loans, providing capital back to creditors to enhance financial services for consumers across Americas, Europe, and Australia.

PRA Group, Inc. (NASDAQ: PRAA) announced the appointment of Vikram Atal as the new president and CEO, effective immediately, following the departure of Kevin Stevenson. Mr. Atal, a board member since 2015, has a 27-year career at Citigroup, leading significant financial operations globally. Under his leadership, PRA Group aims to enhance operational performance, expand into new markets, and capitalize on growth in the receivables pipeline. The company reported a purchase of $850 million in loan portfolios and cash collections of $1.7 billion in 2022, highlighting its growth trajectory and solid market position.

PRA Group, Inc. (NASDAQ: PRAA), a leader in managing nonperforming loans, announced a settlement with the U.S. Consumer Financial Protection Bureau (CFPB) on March 23, 2023. Under this agreement, PRA will pay a $12 million penalty and approximately $15 million to affected consumers, impacting less than 0.1% of active accounts. Most of the financial implications were already recognized in the December 31, 2022 financial statements. PRA's leadership emphasizes their commitment to compliance and consumer service, expressing satisfaction in resolving this matter to focus on their core mission of aiding consumer financial recovery.

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.