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PRA Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total portfolio revenue to $276.7 million from $212.1 million in the same quarter the previous year. This increase is driven by higher portfolio income and changes in expected recoveries.
Cash collections for the quarter rose to $477.1 million, up from $419.6 million in the previous year. The increase is attributed to higher collections in both the U.S. and Europe.
Operating expenses for the quarter were $191.5 million, an increase from $173.4 million in the previous year, primarily due to higher compensation and legal collection costs.
The company reported a net income attributable to PRA Group, Inc. of $27.2 million for the quarter, compared to a net loss of $12.3 million in the previous year.
Interest expense, net for the quarter was $61.1 million, up from $49.5 million in the previous year, due to higher average debt balances.
The company purchased $350.0 million of portfolios during the quarter, with $263.6 million in the Americas and $86.4 million in Europe.
As of September 30, 2024, PRA Group had total assets of $4.9 billion and total liabilities of $3.7 billion. The company had $1.2 billion in stockholders' equity.
The filing also details various financial agreements, including amendments to the North American, UK, and European credit agreements.
PRA Group does not currently pay regular dividends on its common stock, and no shares were repurchased during the quarter.
The company continues to focus on increasing its cash collections and managing its operating expenses, while expanding its portfolio purchases in both the U.S. and Europe.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PRA Group Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.