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10-Q Filing

PRA GROUP INC CIK: 1185348 Q1 2014
Filing Information
Form Type 10-Q
Accession Number 0001185348-14-000011
Period End Date 20140331
Filing Date 20140508
Fiscal Year 2014
Fiscal Period Q1
XBRL Instance praa-20140331.xml
Balance Sheet 70 line items
Line Item Tag Value Unit Period
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, par value PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $32.69M USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 2,000.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $191.82M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $39.11M USD Point-in-time
Preferred stock, shares authorized PreferredStockSharesAuthorized 2,000.00 shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $162.00M USD Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Finance receivables, net CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesCarryingAmountNet $1.17B USD Point-in-time
Finance receivables, net CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesCarryingAmountNet $1.08B USD Point-in-time
Finance receivables, net CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesCarryingAmountNet $1.24B USD Point-in-time
Finance receivables, net CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesCarryingAmountNet $1.25B USD Point-in-time
Accounts receivable, net AccountsReceivableNet $11.55M USD Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Preferred stock, shares outstanding PreferredStockSharesOutstanding 0.00 shares Point-in-time
Accounts receivable, net AccountsReceivableNet $12.36M USD Point-in-time
Income taxes receivable IncomeTaxesReceivable $1.01M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Income taxes receivable IncomeTaxesReceivable $11.71M USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 60,000.00 shares Point-in-time
Net deferred tax asset DeferredTaxAssetsLiabilitiesNet $1.37M USD Point-in-time
Net deferred tax asset DeferredTaxAssetsLiabilitiesNet $1.36M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 60,000.00 shares Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $35.13M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 49,840.00 shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 50,060.00 shares Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $31.54M USD Point-in-time
Goodwill Goodwill $104.09M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 49,840.00 shares Point-in-time
Goodwill Goodwill $109.49M USD Point-in-time
Goodwill Goodwill $106.91M USD Point-in-time
Goodwill Goodwill $103.84M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 50,060.00 shares Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $14.71M USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $15.77M USD Point-in-time
Other assets OtherAssets $28.97M USD Point-in-time
Other assets OtherAssets $23.46M USD Point-in-time
Total assets Assets $1.60B USD Point-in-time
Total assets Assets $1.64B USD Point-in-time
Accounts payable AccountsPayableCurrentAndNoncurrent $24.20M USD Point-in-time
Accounts payable AccountsPayableCurrentAndNoncurrent $14.82M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrentAndNoncurrent $27.66M USD Point-in-time
Accrued expenses and other liabilities AccruedLiabilitiesCurrentAndNoncurrent $28.35M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrentAndNoncurrent $8.68M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrentAndNoncurrent $27.43M USD Point-in-time
Net deferred tax liability DeferredIncomeTaxLiabilities $220.88M USD Point-in-time
Net deferred tax liability DeferredIncomeTaxLiabilities $210.07M USD Point-in-time
Borrowings DebtLongtermAndShorttermCombinedAmount $450.28M USD Point-in-time
Borrowings DebtLongtermAndShorttermCombinedAmount $451.78M USD Point-in-time
Total liabilities Liabilities $731.76M USD Point-in-time
Total liabilities Liabilities $732.39M USD Point-in-time
Commitments and contingencies (Note 9) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 9) CommitmentsAndContingencies - USD Point-in-time
Preferred stock, par value $0.01, authorized shares, 2,000, issued and outstanding shares - 0 PreferredStockValue - USD Point-in-time
Preferred stock, par value $0.01, authorized shares, 2,000, issued and outstanding shares - 0 PreferredStockValue - USD Point-in-time
Common stock, par value $0.01, 60,000 authorized shares, 50,060 issued and outstanding shares at March 31, 2014, and 49,840 issued and outstanding shares at December 31, 2013 CommonStockValueOutstanding $498.00K USD Point-in-time
Common stock, par value $0.01, 60,000 authorized shares, 50,060 issued and outstanding shares at March 31, 2014, and 49,840 issued and outstanding shares at December 31, 2013 CommonStockValueOutstanding $501.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $135.44M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $134.89M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $729.50M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $770.35M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $4.03M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $4.48M USD Point-in-time
Total stockholders' equity StockholdersEquity $910.22M USD Point-in-time
Total stockholders' equity StockholdersEquity $869.48M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.64B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.60B USD Point-in-time
Income Statement 50 line items
Line Item Tag Value Unit Period
Income recognized on finance receivables, net CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesRevenueRecognizedNet $177.97M USD 1 Quarter
Income recognized on finance receivables, net CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesRevenueRecognizedNet $154.79M USD 1 Quarter
Fee income FeesAndCommissionsOther $15.95M USD 1 Quarter
Fee income FeesAndCommissionsOther $14.77M USD 1 Quarter
Total revenues Revenues $169.56M USD 1 Quarter
Total revenues Revenues $193.92M USD 1 Quarter
Compensation and employee services LaborAndRelatedExpense $51.38M USD 1 Quarter
Compensation and employee services LaborAndRelatedExpense $45.00M USD 1 Quarter
Legal collection fees LegalFees $10.83M USD 1 Quarter
Legal collection fees LegalFees $10.53M USD 1 Quarter
Legal collection costs LegalCosts $20.50M USD 1 Quarter
Legal collection costs LegalCosts $26.53M USD 1 Quarter
Agent fees AgencyFees $1.61M USD 1 Quarter
Agent fees AgencyFees $1.45M USD 1 Quarter
Outside fees and services OutsideFeesAndServicesExpenses $7.45M USD 1 Quarter
Outside fees and services OutsideFeesAndServicesExpenses $10.79M USD 1 Quarter
Communications Communication $8.08M USD 1 Quarter
Communications Communication $9.15M USD 1 Quarter
Rent and occupancy RentAndOccupancy $2.15M USD 1 Quarter
Rent and occupancy RentAndOccupancy $1.69M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $3.37M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $3.95M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $6.09M USD 1 Quarter
Other operating expenses OtherCostAndExpenseOperating $5.46M USD 1 Quarter
Total operating expenses OperatingExpenses $103.67M USD 1 Quarter
Total operating expenses OperatingExpenses $122.33M USD 1 Quarter
Income from operations OperatingIncomeLoss $65.89M USD 1 Quarter
Income from operations OperatingIncomeLoss $71.59M USD 1 Quarter
Interest income InvestmentIncomeInterest $1.00K USD 1 Quarter
Interest income InvestmentIncomeInterest - USD 1 Quarter
Interest expense InterestExpense $2.69M USD 1 Quarter
Interest expense InterestExpense $4.86M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $66.73M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $63.20M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $24.68M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $25.89M USD 1 Quarter
Net income ProfitLoss $40.84M USD 1 Quarter
Net income ProfitLoss $38.52M USD 1 Quarter
Adjustment for loss/(net income) attributable to redeemable noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $-83.00K USD 1 Quarter
Adjustment for loss/(net income) attributable to redeemable noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Net income attributable to Portfolio Recovery Associates, Inc. NetIncomeLoss $38.60M USD 1 Quarter
Net income attributable to Portfolio Recovery Associates, Inc. NetIncomeLoss $40.84M USD 1 Quarter
Basic EarningsPerShareBasic $0.76 USD 1 Quarter
Basic EarningsPerShareBasic $0.82 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.81 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.75 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 50.81M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 49.93M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 51.27M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 50.36M shares 1 Quarter
Cash Flow Statement 73 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $40.84M USD 1 Quarter
Net income ProfitLoss $38.52M USD 1 Quarter
Amortization of share-based compensation ShareBasedCompensation $2.99M USD 1 Quarter
Amortization of share-based compensation ShareBasedCompensation $2.84M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $3.37M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $3.95M USD 1 Quarter
Amortization of debt discount AmortizationOfDebtDiscountPremium - USD 1 Quarter
Amortization of debt discount AmortizationOfDebtDiscountPremium $998.00K USD 1 Quarter
Deferred tax (benefit)/expense DeferredIncomeTaxExpenseBenefit $529.00K USD 1 Quarter
Deferred tax (benefit)/expense DeferredIncomeTaxExpenseBenefit $10.81M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $5.50M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $2.07M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-821.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.15M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $588.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $9.36M USD 1 Quarter
Income taxes IncreaseDecreaseInIncomeTaxes $10.70M USD 1 Quarter
Income taxes IncreaseDecreaseInIncomeTaxes $19.09M USD 1 Quarter
Accrued expenses IncreaseDecreaseInOtherAccruedLiabilities $-2.50M USD 1 Quarter
Accrued expenses IncreaseDecreaseInOtherAccruedLiabilities $686.00K USD 1 Quarter
Accrued compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-26.25M USD 1 Quarter
Accrued compensation IncreaseDecreaseInEmployeeRelatedLiabilities $-3.54M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $49.26M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $58.11M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $6.42M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $2.47M USD 1 Quarter
Acquisition of finance receivables, net of buybacks PaymentsToAcquireFinanceReceivables $212.39M USD 1 Quarter
Acquisition of finance receivables, net of buybacks PaymentsToAcquireFinanceReceivables $150.09M USD 1 Quarter
Collections applied to principal on finance receivables ProceedsFromSaleAndCollectionOfFinanceReceivables $135.40M USD 1 Quarter
Collections applied to principal on finance receivables ProceedsFromSaleAndCollectionOfFinanceReceivables $120.67M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-94.18M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-21.11M USD 1 Quarter
Income tax benefit from share-based compensation ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $4.12M USD 1 Quarter
Income tax benefit from share-based compensation ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $2.21M USD 1 Quarter
Proceeds from line of credit ProceedsFromLongTermLinesOfCredit - USD 1 Quarter
Proceeds from line of credit ProceedsFromLongTermLinesOfCredit $95.00M USD 1 Quarter
Principal payments on line of credit RepaymentsOfLongTermLinesOfCredit $50.00M USD 1 Quarter
Principal payments on line of credit RepaymentsOfLongTermLinesOfCredit - USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $50.00M USD Point-in-time
Repurchases of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $1.91M USD 1 Quarter
Cash paid for purchase of portion of noncontrolling interest CashPaidForPurchaseNoncontrollingInterest $1.15M USD 1 Quarter
Cash paid for purchase of portion of noncontrolling interest CashPaidForPurchaseNoncontrollingInterest - USD 1 Quarter
Payments to Noncontrolling Interests PaymentsToMinorityShareholders - USD 1 Quarter
Payments to Noncontrolling Interests PaymentsToMinorityShareholders $51.00K USD 1 Quarter
Principal payments on long-term debt RepaymentsOfOtherLongTermDebt $2.50M USD 1 Quarter
Principal payments on long-term debt RepaymentsOfOtherLongTermDebt $1.38M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $42.71M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.61M USD 1 Quarter
Effect of exchange rate on cash EffectOfExchangeRateOnCashAndCashEquivalents $51.00K USD 1 Quarter
Effect of exchange rate on cash EffectOfExchangeRateOnCashAndCashEquivalents $-215.00K USD 1 Quarter
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $29.82M USD 1 Quarter
Net increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $6.42M USD 1 Quarter
Cash and cash equivalents, beginning of year CashAndCashEquivalentsAtCarryingValue $32.69M USD Point-in-time
Cash and cash equivalents, beginning of year CashAndCashEquivalentsAtCarryingValue $191.82M USD Point-in-time
Cash and cash equivalents, beginning of year CashAndCashEquivalentsAtCarryingValue $39.11M USD Point-in-time
Cash and cash equivalents, beginning of year CashAndCashEquivalentsAtCarryingValue $162.00M USD Point-in-time
Cash and cash equivalents, end of year CashAndCashEquivalentsAtCarryingValue $32.69M USD Point-in-time
Cash and cash equivalents, end of year CashAndCashEquivalentsAtCarryingValue $191.82M USD Point-in-time
Cash and cash equivalents, end of year CashAndCashEquivalentsAtCarryingValue $39.11M USD Point-in-time
Cash and cash equivalents, end of year CashAndCashEquivalentsAtCarryingValue $162.00M USD Point-in-time
Cash paid for interest InterestPaid $5.73M USD 1 Quarter
Cash paid for interest InterestPaid $2.66M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $2.87M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $1.87M USD 1 Quarter
Adjustment of the noncontrolling interest measurement amount AdjustmentOfNoncontrollingInterestMeasurementAmount $60.00K USD 1 Quarter
Adjustment of the noncontrolling interest measurement amount AdjustmentOfNoncontrollingInterestMeasurementAmount - USD 1 Quarter
Distributions payable relating to noncontrolling interest DistributionsPayableToNonControllingInterest - USD 1 Quarter
Distributions payable relating to noncontrolling interest DistributionsPayableToNonControllingInterest $2.00K USD 1 Quarter
Purchase of noncontrolling interest PurchaseOfNoncontrollingInterest - USD 1 Quarter
Purchase of noncontrolling interest PurchaseOfNoncontrollingInterest $9.16M USD 1 Quarter
Employee stock relinquished for payment of taxes AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $4.00M USD 1 Quarter
Employee stock relinquished for payment of taxes AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $7.50M USD 1 Quarter
Stockholders Equity 15 line items
Line Item Tag Value Unit Period
Beginning Balance, Shares CommonStockSharesOutstanding 49,840.00 shares Point-in-time
Beginning Balance, Shares CommonStockSharesOutstanding 50,060.00 shares Point-in-time
Beginning Balance StockholdersEquity $910.22M USD Point-in-time
Beginning Balance StockholdersEquity $869.48M USD Point-in-time
Net income attributable to Portfolio Recovery Associates, Inc. NetIncomeLoss $38.60M USD 1 Quarter
Net income attributable to Portfolio Recovery Associates, Inc. NetIncomeLoss $40.84M USD 1 Quarter
Foreign currency translation adjustment TemporaryEquityForeignCurrencyTranslationAdjustments $448.00K USD 1 Quarter
Vesting of nonvested shares StockIssuedDuringPeriodValueShareBasedCompensationGross - USD 1 Quarter
Amortization of share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.84M USD 1 Quarter
Income tax benefit from share-based compensation AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation $4.12M USD 1 Quarter
Employee stock relinquished for payment of taxes EmployeeStockRelinquishedForPaymentOfTaxes $7.50M USD 1 Quarter
Ending Balance, Shares CommonStockSharesOutstanding 49,840.00 shares Point-in-time
Ending Balance, Shares CommonStockSharesOutstanding 50,060.00 shares Point-in-time
Ending Balance StockholdersEquity $910.22M USD Point-in-time
Ending Balance StockholdersEquity $869.48M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $40.84M USD 1 Quarter
Net income ProfitLoss $38.52M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $448.00K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-4.42M USD 1 Quarter
Total other comprehensive income OtherComprehensiveIncomeLossNetOfTax $-4.42M USD 1 Quarter
Total other comprehensive income OtherComprehensiveIncomeLossNetOfTax $448.00K USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $41.29M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $34.10M USD 1 Quarter
Comprehensive loss/(income) attributable to redeemable noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest - USD 1 Quarter
Comprehensive loss/(income) attributable to redeemable noncontrolling interest ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-83.00K USD 1 Quarter
Comprehensive income attributable to Portfolio Recovery Associates, Inc. ComprehensiveIncomeNetOfTax $41.29M USD 1 Quarter
Comprehensive income attributable to Portfolio Recovery Associates, Inc. ComprehensiveIncomeNetOfTax $34.18M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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