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 PRA Group Reports Fourth Quarter and Full Year 2017 Results
   Tuesday, February 27, 2018 4:06:02 PM ET

PRA Group (PRAA ), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the fourth quarter and full year of 2017. The company reported net income of $86.9 million in the fourth quarter, compared with a net loss of $17.6 million in the prior year period. Diluted earnings per share were $1.92 versus a loss of $0.38 in the fourth quarter of 2016. For the full year of 2017 net income was $162.3 million, or $3.54 per diluted share, versus $85.1 million or $1.83 per diluted share in the prior year. Financial performance in the quarter was impacted by certain special items including a one-time, net after-tax benefit of $73.2 million due to the Tax Cuts and Jobs Act, pre-tax expense of $1.7 million from the impairment of a legacy PRA Group Europe passive investment, and after-tax expense of $2.0 million related to redeemable noncontrolling interest in a Polish securitization fund.

"PRA Group had a productive fourth quarter increasing cash collections 8%, investing significant capital with a record quarter in Americas Core, increasing estimated remaining collections (ERC) to $5.70 billion and increasing the number of net new full-time U.S. based collectors to over 2,725," said Kevin Stevenson, president and chief executive officer. "In 2017, we raised capital to prepare for additional portfolio investment, invested record amounts in Americas Core and Americas Insolvency, announced the opening of two new call centers in the U.S., added over 1,100 net new full-time U.S. based collectors, and collected more cash than ever in Europe Core. I am extremely pleased by what we have accomplished this year."

Fourth Quarter Highlights

-- Cash collections of $376.3 million, an increase of 8% versus the fourth quarter of 2016. <ul type="circle"><p>-- Americas Insolvency collections increased 12% versus the prior year quarter.

-- Americas Insolvency collections increased 12% versus the prior year quarter.

-- Europe Core cash collections increased 10%.

-- Americas Core cash collections increased 6% with U.S. call center cash collections increasing 16%.

-- Investment in portfolios was $374.6 million, an increase of 87% versus the prior year quarter.

-- Over 2,725 full-time U.S. based collectors, an increase of 70% versus the fourth quarter of 2016.

-- ERC of $5.70 billion, an increase of 5% versus the third quarter of 2017.

Full Year Highlights

-- Raised capital in anticipation of increased investment opportunity in the U.S.

-- Set a record level of total investment of $1.11 billion, excluding business acquisitions, as well as set records in both Americas Core and Americas Insolvency.

-- Opened two new call centers in the U.S. to accommodate increased portfolio investment.

-- Added over 1,100 net new full-time U.S. based collectors.

-- Collected more cash than ever before in Europe Core.

-- Made significant operational improvements in Europe.

-- Cash collections of $1.51 billion, an increase of 1% versus 2016 driven largely by a 6% increase in U.S. call center cash collections.

-- ERC increased $656 million, or 13%, from the end of 2016.

Cash Collections and Revenues

-- The following table presents cash collections by quarter and by source on an as reported and currency-adjusted basis:

 Cash Collection Source      2017                                      2016
 ($ in thousands)            Q4         Q3        Q2        Q1         Q4
 Americas-Core               $  204,245 $ 212,756 $ 217,020 $ 226,906  $  193,360
 Americas-Insolvency            59,103    60,436    53,163    49,813      52,988
 Europe-Core                    107,124   102,681   99,121    98,081      97,429
 Europe-Insolvency              5,794     5,961     5,371     5,030       4,974
 Total Cash Collections      $  376,266 $ 381,834 $ 374,675 $ 379,830  $  348,751
 Cash Collection Source -
 Constant Currency Adjusted  2017                                      2016
 ($ in thousands)            Q4                                        Q4
 Americas-Core               $  204,245                                $  193,867
 Americas-Insolvency            59,103                                    53,170
 Europe-Core                    107,124                                   104,892
 Europe-Insolvency              5,794                                     5,354
 Total Cash Collections      $  376,266                                $  357,283

-- Cash collections in the quarter increased 8% versus the prior year quarter. U.S. call center cash collections increased 16% primarily from hiring additional collectors and portfolio acquisitions. Americas Insolvency cash collections increased 12% primarily as a result of increased portfolio purchases in 2017. This was partially offset by a decrease of 5% in U.S. legal cash collections. Full year cash collections increased 1% driven primarily by growth in U.S. call center cash collections.

-- Net finance receivable revenue increased 50% versus the prior year quarter due to an outsized allowance charge in the fourth quarter of 2016. Additionally, net finance receivable revenue was increased by significant portfolio investment and yield increases on certain pools. For the full year, net finance receivable revenue increased 5%.

-- Fee income declined 71% primarily as a result of the sale of two fee-based subsidiaries earlier in the year. For the full year, fee income declined 68%.

Expenses

-- Operating expenses in the quarter increased from the previous year largely due to increases in compensation and employee services expense. This is due to the increase in the number of U.S. based collectors as the Company accommodates growth in supply of nonperforming loans domestically. This was partially offset by lower legal collection expenses due to fewer accounts qualifying for the legal collections channel and lower agency fees due to the sale of subsidiaries earlier in the year. For the full year, operating expenses decreased 2%.

-- During the quarter, the Company recorded $5.3 million in pre-tax, noncash interest expense and amortization of debt issuance costs, a $0.4 million expense on interest rate swap agreements, and $1.0 million in amortization of intangible assets.

-- The full year effective tax rate was negative due to a revaluation of deferred tax assets and liabilities as a result of the Tax Cuts and Jobs Act. The revaluation resulted in a provisional decrease to net deferred tax liabilities. The net, after-tax impact related to the revaluation of the deferred tax liability was $73.2 million.

Portfolio Acquisitions

-- PRA Group invested $374.6 million in new finance receivables in the fourth quarter.

-- The Company had in place forward flow commitments as of the end of 2017 for the purchase of nonperforming loans during 2018 with a maximum purchase price of $203.2 million.

 Portfolio Purchase Source   2017                                     2016
 ($ in thousands)            Q4        Q3        Q2        Q1         Q4
 Americas-Core               $ 160,278 $ 115,572 $ 144,871 $ 115,166  $  91,800
 Americas-Insolvency           44,195    73,497    100,040   67,123      20,929
 Europe-Core                   152,417   14,695    42,876    39,505      80,129
 Europe-Insolvency             17,698    7,146     7,860     6,020       6,943
 Total Portfolio Purchasing  $ 374,588 $ 210,910 $ 295,647 $ 227,814  $  199,801

Conference Call Information

PRA Group will hold a conference call today at 5:00 p.m. ET to discuss results with institutional investors and stock analysts. To listen to a webcast of the call and view the accompanying slides, visit http://ir.pragroup.com/events.cfm . To listen by phone, call 888-695-7639 in the U.S. or 970-315-0482 outside the U.S. The conference ID is 4276657. To listen to a replay of the call until March 6, 2018, call 855-859-2056 in the U.S. or 404-537-3406 outside the U.S. and use conference ID 4276657.

About PRA Group

As a global leader in acquiring and collecting nonperforming loans, PRA Group returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe. With nearly 5,100 employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.

About Forward Looking Statements

Statements made herein which are not historical in nature, including PRA Group’s or its management’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

The forward-looking statements in this press release are based upon management’s current beliefs, estimates, assumptions and expectations of PRA Group’s future operations and financial and economic performance, taking into account currently available information. These statements are not statements of historical fact or guarantees of future performance, and there can be no assurance that anticipated events will transpire or that our expectations will prove to be correct. Forward-looking statements involve risks and uncertainties, some of which are not currently known to PRA Group. Actual events or results may differ materially from those expressed or implied in any such forward-looking statements as a result of various factors, including risk factors and other risks that are described from time to time in PRA Group’s filings with the Securities and Exchange Commission including but not limited to PRA Group’s annual reports on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K, which are available through PRA Group’s website and contain a detailed discussion of PRA Group’s business, including risks and uncertainties that may affect future results.

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 recent information or statements, which may be disclosed in later press releases, subsequent filings with the Securities and Exchange Commission or otherwise. Except as required by law, PRA assumes no obligation to publicly update or revise its forward-looking statements contained herein to reflect any change in PRA Group’s expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.

PRA Group, Inc.
Unaudited Consolidated Income Statements
(in thousands, except per share amounts)
                                                                                                        Three Months Ended            Twelve Months Ended
                                                                                                        December 31,                  December 31,
                                                                                                           2017           2016           2017           2016
Revenues:
         Income recognized on finance receivables, net                                                  $  198,177     $  131,965     $  780,803     $  745,119
         Fee income                                                                                        6,043          21,171         24,916         77,381
         Other revenue                                                                                     1,454          2,122          7,855          8,080
                    Total revenues                                                                         205,674        155,258        813,574        830,580
Operating expenses:
         Compensation and employee services                                                                69,253         61,390         273,033        258,846
         Legal collection expenses                                                                         28,842         34,726         119,398        132,202
         Agency fees                                                                                       7,877          10,695         35,530         44,922
         Outside fees and services                                                                         15,815         16,683         62,792         63,098
         Communication                                                                                     8,028          7,652          33,132         33,771
         Rent and occupancy                                                                                3,985          4,001          14,823         15,710
         Depreciation and amortization                                                                     4,666          6,020          19,763         24,359
         Other operating expenses                                                                          12,032         7,023          44,103         39,466
                    Total operating expenses                                                               150,498        148,190        602,574        612,374
                    Income from operations                                                                 55,176         7,068          211,000        218,206
Other income and (expense):
         Gain on sale of subsidiaries                                                                      -              -              48,474         -
         Interest expense, net                                                                             (28,379 )      (21,026 )      (98,041 )      (80,864 )
         Foreign exchange gain/(loss)                                                                      317            (2,619  )      (1,104  )      2,564
         Other                                                                                             (2,790  )      (5,823  )      (2,790  )      (5,823  )
                    Income/(loss) before income taxes                                                      24,324         (22,400 )      157,539        134,083
                    Income tax (benefit)/expense                                                           (64,393 )      (7,053  )      (11,536 )      43,191
                    Net income/(loss)                                                                   $  88,717      $  (15,347 )   $  169,075     $  90,892
                                     Adjustment for net income attributable to noncontrolling interests    1,847          2,301          6,810          5,795
                    Net income/(loss) attributable to PRA Group, Inc.                                   $  86,870      $  (17,648 )   $  162,265     $  85,097
Net income per common share attributable to PRA Group, Inc.:
         Basic                                                                                          $  1.92        $  (0.38   )   $  3.55        $  1.84
         Diluted                                                                                        $  1.92        $  (0.38   )   $  3.54        $  1.83
Weighted average number of shares outstanding:
         Basic                                                                                             45,170         46,346         45,671         46,316
         Diluted                                                                                           45,318         46,346         45,823         46,388
PRA Group, Inc.
Consolidated Balance Sheets
(in thousands)
                                                                                                 (unaudited)
                                                                                                     December 31,        December 31,
ASSETS                                                                                               2017                2016
Cash and cash equivalents                                                                        $   120,516           $ 94,287
Investments                                                                                          78,290              68,543
Finance receivables, net                                                                             2,771,921           2,307,969
Other receivables, net                                                                               15,770              11,650
Income taxes receivable                                                                              21,686              9,427
Net deferred tax asset                                                                               57,529              28,482
Property and equipment, net                                                                          49,311              38,744
Goodwill                                                                                             526,513             499,911
Intangible assets, net                                                                               23,572              27,935
Other assets                                                                                         32,656              33,808
Assets held for sale                                                                                 -                   43,243
                                                             Total assets                        $   3,697,764         $ 3,163,999
LIABILITIES AND EQUITY
Liabilities:
     Accounts payable                                                                            $   4,992             $ 2,459
     Accrued expenses                                                                                85,993              82,699
     Income taxes payable                                                                            10,771              19,631
     Net deferred tax liability                                                                      171,185             258,344
     Interest-bearing deposits                                                                       98,580              76,113
     Borrowings                                                                                      2,170,182           1,784,101
     Other liabilities                                                                               9,018               10,821
     Liabilities held for sale                                                                       -                   4,220
                                                             Total liabilities                       2,550,721           2,238,388
Redeemable noncontrolling interest                                                                   9,534               8,448
Equity:
          Preferred stock, par value $0.01, authorized shares, 2,000,
                         issued and outstanding shares, 0                                            -                   -
          Common stock, par value $0.01, 100,000 shares authorized, 45,189 shares
                         issued and outstanding at December 31, 2017; 100,000 shares authorized,
                         46,356 shares issued and outstanding at December 31, 2016                   452                 464
          Additional paid-in capital                                                                 53,870              66,414
          Retained earnings                                                                          1,211,632           1,049,367
          Accumulated other comprehensive loss                                                       (178,607     )      (251,944     )
                         Total stockholders’ equity - PRA Group, Inc.                                1,087,347           864,301
                                           Noncontrolling interest                                   50,162              52,862
                                           Total equity                                              1,137,509           917,163
                                                             Total liabilities and equity        $   3,697,764         $ 3,163,999
Select Expenses (Income)
(in thousands)                                                 Three Months Ended
                                                               December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016
CFPB expenses including penalty and redress                    -                 -                  -             -              -                 20                 21            52
Acquisition/divestiture-related expenses                       -                 -                  -             2,100          458               216                557           1,034
Legal costs not associated with normal operations              160               218                2,615         1,024          3,741             1,511              1,623         435
Noncash interest expense - amortization of debt discount       2,823             2,796              1,809         1,155          1,136             1,127              1,109         1,100
Noncash interest expense - amortization of debt issuance costs 2,501             2,505              2,635         1,928          1,929             1,647              2,277         2,263
Change in fair value on Interest rate swap agreements          420               (1,025    )        (1,578 )      158            (1,064   )        (669      )        1,399         1,557
Amortization of intangibles                                    1,016             1,037              869           1,410          929               1,661              1,808         1,775
Stock-based compensation expense                               2,415             2,218              1,846         2,199          (3,330   )        3,332              2,699         3,437
Purchase Price Mutiples
as of December 31, 2017
Amounts in thousands
Purchase Period       Purchase Price                              Net Finance                                 ERC-Historical                              Total Estimated                             ERC-Current                                 Current                 Original
                                                                  Receivables                                 Period                                      Collections                                 Period                                      Estimated               Estimated
                                                                  Balance                                     Exchange                                                                                Exchange                                    Purchase Price          Purchase Price
                                                                                                              Rates                                                                                   Rates                                       Multiple                Multiple
Americas-Core
1996-2007             $                     638,461               $                     7,219                 $                     33,725                $                     2,047,118             $                     33,725                321                   % 240                   %
2008                                        166,443                                     4,388                                       15,250                                      374,591                                     15,250                225                   % 220                   %
2009                                        125,155                                     1,061                                       31,648                                      460,268                                     31,648                368                   % 252                   %
2010                                        148,205                                     3,511                                       51,797                                      538,470                                     51,797                363                   % 247                   %
2011                                        209,641                                     13,204                                      71,734                                      724,082                                     71,734                345                   % 245                   %
2012                                        254,321                                     25,362                                      104,895                                     678,874                                     104,895               267                   % 226                   %
2013                                        391,380                                     77,559                                      228,470                                     971,627                                     228,470               248                   % 211                   %
2014                                        405,672                                     128,029                                     343,236                                     980,416                                     340,320               242                   % 204                   %
2015                                        444,699                                     192,170                                     422,657                                     951,477                                     424,503               214                   % 205                   %
2016                                        455,882                                     283,245                                     599,155                                     987,174                                     604,147               217                   % 201                   %
2017                                        536,889                                     498,896                                     931,168                                     1,038,636                                   930,246               193                   % 193                   %
Subtotal                                    3,776,748                                   1,234,644                                   2,833,735                                   9,752,733                                   2,836,735
Americas-Insolvency
2004-2007                                   132,917                                     --                                          669                                         197,234                                     669                   148                   % 148                   %
2008                                        108,550                                     --                                          582                                         168,656                                     582                   155                   % 163                   %
2009                                        155,996                                     --                                          2,305                                       470,951                                     2,305                 302                   % 214                   %
2010                                        208,962                                     --                                          3,642                                       547,318                                     3,642                 262                   % 184                   %
2011                                        180,477                                     --                                          1,328                                       368,130                                     1,328                 204                   % 155                   %
2012                                        251,459                                     --                                          2,971                                       388,242                                     2,971                 154                   % 136                   %
2013                                        227,909                                     7,700                                       25,508                                      353,478                                     25,508                155                   % 133                   %
2014                                        148,727                                     26,834                                      40,295                                      210,136                                     40,249                141                   % 124                   %
2015                                        63,214                                      32,239                                      40,821                                      82,251                                      40,821                130                   % 125                   %
2016                                        92,381                                      52,221                                      62,163                                      111,592                                     62,530                121                   % 123                   %
2017                                        278,066                                     238,178                                     297,770                                     346,861                                     297,770               125                   % 125                   %
Subtotal                                    1,848,658                                   357,172                                     478,054                                     3,244,849                                   478,375
Total Americas                              5,625,406                                   1,591,816                                   3,311,789                                   12,997,582                                  3,315,110
Europe-Core
2012                                        20,428                                      --                                          2,762                                       38,159                                      2,291                 187                   % 187                   %
2013                                        20,362                                      558                                         1,810                                       23,557                                      1,473                 116                   % 119                   %
2014                                        797,672                                     328,018                                     1,072,708                                   2,094,303                                   971,396               263                   % 208                   %
2015                                        422,610                                     244,024                                     485,692                                     731,464                                     461,521               173                   % 160                   %
2016                                        348,864                                     287,117                                     467,051                                     585,199                                     492,745               168                   % 167                   %
2017                                        250,596                                     242,800                                     343,106                                     360,511                                     350,842               144                   % 144                   %
Subtotal                                    1,860,532                                   1,102,517                                   2,373,129                                   3,833,193                                   2,280,268
Europe-Insolvency
2014                                        10,876                                      2,149                                       5,716                                       18,291                                      5,444                 168                   % 129                   %
2015                                        19,409                                      8,219                                       15,323                                      28,808                                      13,950                148                   % 139                   %
2016                                        42,216                                      28,163                                      38,516                                      57,666                                      39,948                137                   % 130                   %
2017                                        38,841                                      39,057                                      48,496                                      49,716                                      49,530                128                   % 128                   %
Subtotal                                    111,342                                     77,588                                      108,051                                     154,481                                     108,872
Total Europe                                1,971,874                                   1,180,105                                   2,481,180                                   3,987,674                                   2,389,140
Total PRA Group       $                     7,597,280             $                     2,771,921             $                     5,792,969             $                     16,985,256            $                     5,704,250
(1) The amount reflected in the Purchase Price also includes the acquisition date finance receivables portfolios that were acquired through our various business acquisitions.
(2) For our international amounts, Purchase Price is presented at the exchange rate at the end of the quarter in which the pool was purchased. In addition, any purchase price adjustments that occur throughout the life of the pool are presented at the period-end exchange rate for the respective quarter of purchase.
(3) For our international amounts, Net Finance Receivables are presented at the December 31, 2017 exchange rate.
(4) For our international amounts, ERC-Historical Period Exchange Rates is presented at the period-end exchange rate for the respective quarter of purchase.
(5) For our international amounts, TEC is presented at the period-end exchange rate for the respective quarter of purchase.
(6) For our international amounts, ERC-Current Period Exchange Rates is presented at the December 31, 2017 exchange rate.
(7) The Original Estimated Purchase Price Multiple represents the purchase price multiple at the end of the year of acquisition.
Portfolio Financial Information
Year-to-date as of December 31, 2017
Amounts in thousands
Purchase Period     Purchase                                Cash                                    Gross                                   Amortization                            Allowance                                 Net Revenue                             Net Finance
                    Price                                   Collections                             Revenue                                                                                                                                                           Receivables Balance
                                                                                                                                                                                                                                                                      as of December 31,
                                                                                                                                                                                                                                                                      2017
Americas-Core
1996-2007           $                   638,461             $                   13,427              $                   9,788               $                   3,639               $                   332                   $                   9,456               $                   7,219
2008                                    166,443                                 6,031                                   3,330                                   2,701                                   252                                       3,078                                   4,388
2009                                    125,155                                 10,994                                  9,242                                   1,752                                   200                                       9,042                                   1,061
2010                                    148,205                                 15,587                                  10,650                                  4,937                                   --                                        10,650                                  3,511
2011                                    209,641                                 31,991                                  25,700                                  6,291                                   510                                       25,190                                  13,204
2012                                    254,321                                 40,042                                  25,577                                  14,465                                  100                                       25,477                                  25,362
2013                                    391,380                                 78,880                                  56,589                                  22,291                                  2,620                                     53,969                                  77,559
2014                                    405,672                                 114,219                                 80,097                                  34,122                                  1,464                                     78,633                                  128,029
2015                                    444,699                                 185,898                                 94,430                                  91,468                                  1,451                                     92,979                                  192,170
2016                                    455,882                                 256,531                                 138,663                                 117,868                                 447                                       138,216                                 283,245
2017                                    536,889                                 107,327                                 69,743                                  37,584                                  --                                        69,743                                  498,896
Subtotal                                3,776,748                               860,927                                 523,809                                 337,118                                 7,376                                     516,433                                 1,234,644
Americas-Insolvency
2004-2007                               132,917                                 321                                     235                                     86                                      60                                        175                                     --
2008                                    108,550                                 332                                     119                                     213                                     472                                       -353                                    --
2009                                    155,996                                 1,581                                   1,581                                   --                                      --                                        1,581                                   --
2010                                    208,962                                 2,425                                   2,373                                   52                                      20                                        2,353                                   --
2011                                    180,477                                 3,726                                   3,726                                   --                                      --                                        3,726                                   --
2012                                    251,459                                 29,337                                  20,126                                  9,211                                   --                                        20,126                                  --
2013                                    227,909                                 47,781                                  14,315                                  33,466                                  --                                        14,315                                  7,700
2014                                    148,727                                 37,350                                  9,650                                   27,700                                  (125                )                     9,775                                   26,834
2015                                    63,214                                  20,143                                  4,061                                   16,082                                  --                                        4,061                                   32,239
2016                                    92,381                                  30,426                                  5,955                                   24,471                                  1,030                                     4,925                                   52,221
2017                                    278,066                                 49,093                                  9,204                                   39,889                                  --                                        9,204                                   238,178
Subtotal                                1,848,658                               222,515                                 71,345                                  151,170                                 1,457                                     69,888                                  357,172
Total Americas                          5,625,406                               1,083,442                               595,154                                 488,288                                 8,833                                     586,321                                 1,591,816
Europe-Core
2012                                    20,428                                  2,038                                   2,058                                   -20                                     --                                        2,058                                   --
2013                                    20,362                                  1,239                                   844                                     395                                     62                                        782                                     558
2014                                    797,672                                 220,765                                 122,904                                 97,861                                  -141                                      123,045                                 328,018
2015                                    422,610                                 86,156                                  33,022                                  53,134                                  1,280                                     31,742                                  244,024
2016                                    348,864                                 78,915                                  27,325                                  51,590                                  1,589                                     25,736                                  287,117
2017                                    250,596                                 17,894                                  5,177                                   12,717                                  141                                       5,036                                   242,800
Subtotal                                1,860,532                               407,007                                 191,330                                 215,677                                 2,931                                     188,399                                 1,102,517
Europe-Insolvency
2014                                    10,876                                  3,207                                   1,459                                   1,748                                   --                                        1,459                                   2,149
2015                                    19,409                                  5,013                                   1,331                                   3,682                                   134                                       1,197                                   8,219
2016                                    42,216                                  12,703                                  2,800                                   9,903                                   --                                        2,800                                   28,163
2017                                    38,841                                  1,233                                   627                                     606                                     --                                        627                                     39,057
Subtotal                                111,342                                 22,156                                  6,217                                   15,939                                  134                                       6,083                                   77,588
Total Europe                            1,971,874                               429,163                                 197,547                                 231,616                                 3,065                                     194,482                                 1,180,105
Total PRA Group     $                   7,597,280           $                   1,512,605           $                   792,701             $                   719,904             $                   11,898                $                   780,803             $                   2,771,921
(1) The amount reflected in the Purchase Price also includes the acquisition date finance receivables portfolios that were acquired through our various business acquisitions.
(2) For our international amounts, Purchase Price is presented at the exchange rate at the end of the quarter in which the pool was purchased. In addition, any purchase price adjustments that occur throughout the life of the pool are presented at the period-end exchange rate for the respective quarter of purchase.
(3) For our international amounts, amounts are presented using the average exchange rates during the current reporting period.
(4) For our international amounts, Net Finance Receivables are presented at the December 31, 2017 exchange rate.
Cash Collections by Year, By Year of Purchase
as of December 31, 2017
Amounts in thousands
                Purchase                Cash Collections
Purchase Period Price                   1996-2007                 2008          2009          2010          2011          2012          2013          2014          2015          2016          2017        Total
Americas-Core
1996-2007       $           638,461     $           1,096,153   $ 222,628     $ 168,849     $ 137,689     $ 115,551     $ 89,405      $ 63,955      $ 45,247      $ 32,491      $ 20,745      $ 13,427      $           2,006,140
2008                        166,443                               47,253        72,080        62,363        53,654        42,850        31,307        21,027        13,786        8,989         6,031                   359,340
2009                        125,155                               --            40,703        95,627        84,339        69,385        51,121        35,555        24,896        16,000        10,994                  428,620
2010                        148,205                               --            --            47,076        113,554       109,873       82,014        55,946        38,110        24,515        15,587                  486,675
2011                        209,641                               --            --            --            61,971        174,461       152,908       108,513       73,793        48,711        31,991                  652,348
2012                        254,321                               --            --            --            --            56,901        173,589       146,198       97,267        59,981        40,042                  573,978
2013                        391,380                               --            --            --            --            --            101,614       247,849       194,026       120,789       78,880                  743,158
2014                        405,672                               --            --            --            --            --            --            92,660        253,448       170,311       114,219                 630,638
2015                        444,699                               --            --            --            --            --            --            --            116,951       228,432       185,898                 531,281
2016                        455,882                               --            --            --            --            --            --            --            --            138,723       256,531                 395,254
2017                        536,889                               --            --            --            --            --            --            --            --            --            107,327                 107,327
Subtotal                    3,776,748               1,096,153     269,881       281,632       342,755       429,069       542,875       656,508       752,995       844,768       837,196       860,927                 6,914,759
Americas-Insolvency
2004-2007                   132,917                 61,154        42,794        33,842        27,347        18,234        8,574         1,884         1,151         802           463           321                     196,566
2008                        108,550                 --            14,024        35,894        37,974        35,690        28,956        11,650        1,884         1,034         635           332                     168,073
2009                        155,996                 --            --            16,635        81,780        102,780       107,888       95,725        53,945        5,781         2,531         1,581                   468,646
2010                        208,962                 --            --            --            39,486        104,499       125,020       121,717       101,873       43,649        5,008         2,425                   543,677
2011                        180,477                 --            --            --            --            15,218        66,379        82,752        85,816        76,915        35,996        3,726                   366,802
2012                        251,459                 --            --            --            --            --            17,388        103,610       94,141        80,079        60,715        29,337                  385,270
2013                        227,909                 --            --            --            --            --            --            52,528        82,596        81,679        63,386        47,781                  327,970
2014                        148,727                 --            --            --            --            --            --            --            37,045        50,880        44,313        37,350                  169,588
2015                        63,214                  --            --            --            --            --            --            --            --            3,395         17,892        20,143                  41,430
2016                        92,381                  --            --            --            --            --            --            --            --            --            18,869        30,426                  49,295
2017                        278,066                 --            --            --            --            --            --            --            --            --            --            49,093                  49,093
Subtotal                    1,848,658               61,154        56,818        86,371        186,587       276,421       354,205       469,866       458,451       344,214       249,808       222,515                 2,766,410
Total Americas              5,625,406               1,157,307     326,699       368,003       529,342       705,490       897,080       1,126,374     1,211,446     1,188,982     1,087,004     1,083,442               9,681,169
Europe-Core
2012                        20,428                  --            --            --            --            --            11,604        8,995         5,641         3,175         2,198         2,038                   33,651
2013                        20,362                  --            --            --            --            --            --            7,068         8,540         2,347         1,326         1,239                   20,520
2014                        797,672                 --            --            --            --            --            --            --            153,180       291,980       246,365       220,765                 912,290
2015                        422,610                 --            --            --            --            --            --            --            --            45,760        100,263       86,156                  232,179
2016                        348,864                 --            --            --            --            --            --            --            --            --            40,368        78,915                  119,283
2017                        250,596                 --            --            --            --            --            --            --            --            --            --            17,894                  17,894
Subtotal                    1,860,532               --            --            --            --            --            11,604        16,063        167,361       343,262       390,520       407,007                 1,335,817
Europe-Insolvency
2014                        10,876                  --            --            --            --            --            --            --            5             4,297         3,921         3,207                   11,430
2015                        19,409                  --            --            --            --            --            --            --            --            2,954         4,366         5,013                   12,333
2016                        42,216                  --            --            --            --            --            --            --            --            --            6,175         12,703                  18,878
2017                        38,841                  --            --            --            --            --            --            --            --            --            --            1,233                   1,233
Subtotal                    111,342                 --            --            --            --            --            --            --            5             7,251         14,462        22,156                  43,874
Total Europe                1,971,874               --            --            --            --            --            11,604        16,063        167,366       350,513       404,982       429,163                 1,379,691
Total PRA Group $           7,597,280   $           1,157,307   $ 326,699     $ 368,003     $ 529,342     $ 705,490     $ 908,684     $ 1,142,437   $ 1,378,812   $ 1,539,495   $ 1,491,986   $ 1,512,605   $           11,060,860
(1) For our international amounts, Cash Collections are presented using the average exchange rates during the cash collection period.
(2) The amount reflected in the Purchase Price also includes the acquisition date finance receivables portfolios that were acquired through our various business acquisitions.
(3) For our international amounts, Purchase Price is presented at the exchange rate at the end of the quarter in which the portfolio was purchased. In addition, any purchase price adjustments that occur throughout the life of the pool are presented at the period end exchange rate for the respective quarter of purchase.

Investor Contact:

Darby Schoenfeld

Vice President, Investor Relations

(757) 431-7913

Darby.Schoenfeld@PRAGroup.com

News Media Contact:

Nancy Porter

Vice President, Corporate Marketing

(757) 431-7950

Nancy.Porter@PRAGroup.com

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