Nasdaq held a closing bell ceremony dedicated to PRA Group yesterday at 4:00 p.m. ET in New York's Times Square
NORFOLK, Va., Nov. 8, 2022 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA), a global leader in the acquisition and collection of delinquent loans, celebrated its 20th anniversary as a public company yesterday afternoon on the Nasdaq MarketSite in Times Square in New York. In honor of the occasion, Kevin Stevenson, President and CEO of PRA Group, link.
The company began trading on the Nasdaq market on November 8, 2002, following its initial public offering (IPO).
"We are grateful to be back in Times Square with Nasdaq celebrating 20 years as a publicly traded company," said Stevenson. "PRA Group's journey has been as challenging as it has been exciting, and when I think of the long list of things I'm grateful for, what really stands out to me is our employees. Their commitment to treating our customers - and each other them - has rightly fueled the current success of PRA Group, brought our mission and vision to life, and made us who we are today."
Stevenson and Steve Fredrickson, Chairman of the Board of Directors, co-founded PRA Group as Portfolio Recovery Associates in 1996 with venture capital investments. Over the past 26 years, the company has grown to own portfolios in 18 countries and employ more than 3,000 people worldwide. PRA Group's management has steered the company through difficult economic environments, such as the global financial crisis and the COVID-19 pandemic, with a focus on long-term success.
In the two decades since its Nasdaq listing, PRA Group has grown its Estimated Remaining Collections (ERC) from $200 million in 2002 to more than $5 billion in the third quarter ended September 30, 2022. The company's total revenues also increased from $56 million in 2002 to Enlace, which represented a record year for PRA Group in terms of collections, revenues, cash efficiency and net income.
One of the main differentiators of the company is its global presence. Since 2014, when PRA Group expanded into Europe and Canada, PRA Group's European business has grown to represent approximately half of its ERCs as of September 30, 2022. The company's further expansion into South America and Australia makes it a one of the only truly global companies in the sector.
"Looking forward, PRA Group will maintain its long-term focus. With customer service as our priority, we will continue to deliver on our strategic goals, deploying capital profitably, effectively cashing in our portfolios and delivering value to shareholders," Stevenson added. . "I am proud that, over the years, PRA Group and its affiliates have helped millions of people, not only by working with our clients to resolve their debts, but also by giving back to the communities in which we work and live, and we're just getting started."
link is available in the investor relations section of the PRA Group website: https://ir.pragroup.com/
Forward-Looking Statements Statements made herein that are not historical in nature, including PRA Group, Inc.'s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions about the future, are forward-looking statements within the meaning of the 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 contained in this press release are based on management's current beliefs, estimates, assumptions and expectations regarding the future operations and financial and economic results of PRA Group, Inc., taking into account currently available information. These statements are not statements of historical fact or guarantees of future results, and there can be no assurance that anticipated events will occur or that our expectations will prove correct. Forward-looking statements involve risks and uncertainties, some of which are not currently known to PRA Group, Inc. Actual events or results may differ materially from those expressed or implied by such forward-looking statements as a result of various factors, including risk factors. and other risks that are described from time to time in documents filed by PRA Group, Inc. with the Securities and Exchange Commission, including PRA Group, Inc.'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 the PRA Group, Inc. website and contain a detailed analysis of the business of PRA Group, Inc., including the risks and uncertainties that may affect the future results.
Due to these uncertainties and risks, you should not place undue reliance on these forward-looking statements, which speak only as of today. The information contained in this press release may be superseded by more recent information or statements, which may be disclosed in subsequent press releases, in subsequent filings with the Securities and Exchange Commission or otherwise. Except as required by law, PRA Group, Inc. undertakes no obligation to publicly update or revise its forward-looking statements contained herein to reflect any change in PRA Group, Inc.'s expectations with respect thereto or to reflect any change in events, conditions or circumstances on which such forward-looking statements are based, in whole or in part.
About PRA GroupAs a world leader in the acquisition and collection of delinquent loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe and Australia. With thousands of employees around the world, PRA Group, Inc. companies collaborate with clients to help them resolve their debts. For more information, visit www.pragroup.com.
Media Contact:Elizabeth KerseySVP of Communications and Public Policy (757) 961-3525Elizabeth.Kersey@PRAGroup.com
Investor Contact:Najim Mostamand, CFAVice President, Investor Relations(757) 431-7913IR@PRAGroup.com
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