PRA Group reports Q1 loss of $58.6M; EPS $(1.50) on falling collections and revenue

PRA GROUP INC

2023-Q1 EPS reported -$1.50 revenue$155,470,000

Net loss $58.6M; diluted EPS $(1.50) vs net income $40.0M and EPS $0.97 in Q1 2022.
Total cash collections $411.3M, down 14.5% YoY; U.S. call center collections down 30.2%.
Portfolio purchases $230.2M, up 56% YoY; total portfolio revenue fell to $151.3M from $237.4M.
Appointed Vikram Atal as president and CEO (March 2023) and Owen James as global investments officer (April 2023).
Operating expenses up 12.1% driven by $7.5M severance and $7.6M litigation costs.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PRA GROUP INC reported first quarter of 2023 results: net income $ (58,629), EPS $(1.50).

Period: first quarter of 2023
Net income: $ (58,629)
EPS: $(1.50)
Result: reported results

Exact text from the filing

On May 8, 2023, PRA Group, Inc. (the “Company”) issued a press release announcing its first quarter 2023 results. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated into this Item 2.02 by reference.

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PRA GROUP INC filing history →

Source: SEC EDGAR

accession 0001185348-23-000017

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