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PRA Group Q3 2025 Conference Call Presentation Nasdaq: PRAA
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Forward-Looking Statements Statements in this presentation, other than statements of historical fact, are forward-looking statements, which are based on our current beliefs, projections, assumptions and expectations concerning future operations and financial performance. Such statements involve uncertainties and risks, some of which are not currently known to us, and may be superseded by future events that could cause actual results to differ materially from those expressed or implied in this presentation. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation and are qualified in their entirety by these cautionary statements. Information regarding risks and other factors that could cause our actual results to differ materially from our expectations can be found in our most recent Annual Report on Form 10-K and in subsequent SEC filings and should be considered when evaluating the forward-looking statements in this presentation. Except as required by law, we assume no obligation to update or revise these statements to reflect changes in the events, conditions, or circumstances upon which any such forward-looking statements are based. Unless otherwise noted, our Americas results include Australia. 1 Nasdaq: PRAA
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Q3 2025 Highlights Selective Buying, Double-Digit Growth in Cash-Based Metrics & Decreasing Leverage 2 Nasdaq: PRAA $350 $433 $292 $347 $255 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 -27% $477 $468 $497 $536 $542 60% 58% 61% 62% -15% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 +14% Cash Collections, Cash Efficiency Ratio1 and Adjusted Cash Efficiency Ratio1 Portfolio Purchases Adjusted EBITDA3, Net Leverage4, and Net Leverage Excluding Non-Recurring Seller Payment5 Net Income/(Loss) Attributable to PRA, Adjusted Net Income Attributable to PRA2, and Adjusted ROATE2 $ in millions $1,100 $1,138 $1,184 $1,240 $1,265 2.87x 2.83x 2.82x 2.81x 2.77x Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 +15% $27 $18 $4 $42 $27 $18 $4 $13 $21 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 ($408) 0 0 0 1. Cash efficiency ratio = (cash receipts – operating expenses)/cash receipts. Cash receipts refers to cash collections on the Company's nonperforming loan portfolios, fees and revenue recognized from the Company's class action claims recovery services. Adjusted cash efficiency ratio is calculated by dividing cash receipts less operating expenses, excluding the effect of goodwill impairment, by cash receipts. A reconciliation of Total operating expenses to Adjusted operating expenses can be found at the end of this presentation. 2 A reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted net income attributable to PRA Group, Inc. and a reconciliation of Total stockholders' equity - PRA Group, Inc. as reported in accordance with GAAP to average tangible equity can be found at the end of this presentation. 3. A reconciliation of Net income/(loss) attributable to PRA Group, Inc., the most directly comparable financial measure calculated and reported in accordance with GAAP, to Adjusted EBITDA can be found at the end of this presentation. 4. A reconciliation of Borrowings, the most directly comparable financial measure calculated and reported in accordance with GAAP, to net debt can be found at the end of this presentation. 5. Excludes a non-recurring purchase price adjustment payment of $15 million to a seller that modifies the terms and conditions of the contract and increases estimated remaining collections for the related portfolio acquired. 2.73x5 14% 10% 2% 6% 9% Cash Collections Cash Efficiency Adjusted Cash Efficiency 61% Net Income/(Loss) Attributable to PRA Adjusted Net Income Attributable to PRA X% Adjusted ROATE 0 0 0 Goodwill Impairment • $413 million non-recurring, non-cash charge • Related to historical acquisitions, primarily in Europe • Triggered by accounting standards related to sustained decline in stock price • Underlying Europe business continues to perform well • No impact on business, portfolios or ERC • 110% overperformance YTD • Positive NPV adjustments to ERC in Q3
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Delivered Strong Progress in First 100 Days Under New CEO Putting in Place the Foundation for Improved Performance 3 Nasdaq: PRAA Themes 1 2 4 5 3 Accomplishments & ProgressPriority Cost Efficiency U.S. Organization Talent Hub Return to Office IT Modernization • Review corporate and overhead costs • Optimize costs across operations • Reorganize the U.S. business • Create a talent hub in U.S. to access specialized talent • Bring U.S. corporate and overhead staff back to the office to improve teamwork and collaboration • Review technology modernization roadmap ✓ Eliminated 115+ corporate and overhead roles, resulting in $20M gross annualized cost savings ✓ U.S.-focused call center agents reduced by 170 ✓ Continued to invest in areas that drive cash, including legal collections ✓ U.S. reorganization implemented. Goal is faster decision- making and increased accountability ✓ Identified Charlotte as our location and surveying office- space ✓ Started hiring specialist talent in that location ✓ Implemented headquarters corporate and overhead staff return to office ✓ Surveyed a range of suppliers and external bank partners to assess best options for longer-term tech roadmap ✓ Piloting AI across a range of applications
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“COVID Vintages” Deep Dive Analysis of Our U.S. Vintages 4 Nasdaq: PRAA 2% 2% 6% 2021 U.S. Core 2022 U.S. Core 2023 U.S. Core Rest of Global ERC 90% U.S. “COVID vintages”1 10% of global ERC 1. “COVID vintages” refer to the 2021, 2022, and 2023 U.S. Core vintages. 2. Purchase price multiples (PPMs) are calculated by dividing the total expected collections of a vintage by the purchase price. Original PPMs are set at the time of purchase and never change. The X-axis of the charts outlines the original and current PPM for each specific vintage • Conducted regular quarterly reforecasting process plus deep dive analysis of U.S. vintages • Focused on the U.S. “COVID vintages”1 • Positive NPV adjustments in select European & U.S. vintages • Offset negative adjustments in the U.S. “COVID vintages” • Highlights the benefits of a globally diversified ERC Americas Core PPMs2 150% 200% 250% 15 16 17 18 19 20 21 22 23 24 25 Original PPM Current PPM Europe Core PPMs2 100% 150% 200% 250% 15 16 17 18 19 20 21 22 23 24 25 Vintages Vintages
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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $230 $328 $311 $285 $246 $379 $350 $433 $292 $347 $255 Continued Purchasing Discipline with Purchase Price Multiples (PPMs)1 Up Significantly Vs. 2023 and Stable in Recent Periods 5 Nasdaq: PRAA 2023 2024 2025 Quarterly Portfolio Purchases1 ERC2 3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31 3/31 6/30 9/30 $5.7 $5.9 $6.0 $6.4 $6.5 $6.8 $7.3 $7.5 $7.8 $8.3 $8.4 +15% 1. PPMs are calculated by dividing the total expected collections of a vintage by the purchase price. 2. In millions. 3. In billions. Core PPMs1 and Portfolio Purchases2 Consolidated ERC3 2023 2024 2025 Europe Americas Q1 2023: 1.72x 2024: 1.80x YTD 2025: 1.88x Q1 2023: 1.75x 2024: 2.11x YTD 2025: 2.14x Purchases Core PPM
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✓ Total cash collections growth of 14%; U.S. legal cash collections growth of 27% ✓ Legal is an important channel but not the channel we lead with ✓ There is a lag between when we invest in legal collection costs and start generating cash collections ✓ Investment in the legal collections channel has led to significant cash generation Strong Global Execution Driven by U.S. Legal Cash Collections 6 Nasdaq: PRAA 2023 2024 2025 Total Cash Collections U.S. Legal Collections Channel Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $38 $15 $67 $18 $66 Q1 $65 $14 $66 $15 $84 $20 $96 $25 $98 $19 $98 $25 $111 $25 $119 $28 $125 +89% +27% $ in millions 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $411 $419 $420 $410 $450 $474 $477 $468 $497 $536 $542+14% +14% Americas Europe U.S. Legal Cash Collections U.S. Legal Collection Costs
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Portfolio Revenue1 ($41) ($4) $4 $5 $16 $19 $26 $23 $11 ($7) $24 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Continued Portfolio Income Growth Drove 12% Portfolio Revenue Growth 7 Nasdaq: PRAA 2023 2024 2025 Expected Future Recoveries – NPV Adjustment of Future Collections $ in millions 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $151 $205 $212 $217 $254 $283 $277 $285 $269 $284 $310 +12% $188 $184 $190 $195 $202 $209 $216 $230 $241 $251 $259 +36% +20% Portfolio Income $4 $25 $18 $18 $36 $54 $34 $32 $17 $40 $27 Collected in Excess of Forecast – Cash Overperformance • Strong purchases at improved returns continue to drive portfolio income growth • Q3 Recoveries collected in excess of forecast of $27 million included a $15 million one-time cash payment to a seller • Enables us to expand use of legal collections and increases U.S. ERC; excluding this, the amount would have been $42 million 1. Portfolio Revenue = Portfolio Income + Changes in Expected Recoveries (Recoveries Collected in Excess of Forecast + Changes in Expected Future Recoveries) Portfolio Income Changes in Expected Recoveries Changes in Expected Recoveries
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Adjusted Net Income Remained Stable Higher Multiples, Strong Performance and Efficiency, and Disciplined Expense Management 8 $ in millions Nasdaq: PRAA $281 $293 $270 $288 $311 Revenues $191 $199 $195 $203 $627 Operating Expenses $27 $18 $4 $13 $21 $11 $18 $18 $15 $14 0 10 20 30 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Adjusted Net Income Attributable to PRA Group2 1. A reconciliation of Total operating expenses to Adjusted operating expenses can be found at the end of this presentation. 2. A reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted net income attributable to PRA Group, Inc. can be found at the end of this presentation. Adjusted Net Income Attributable to PRA Trailing 4-Quarter Average Adjusted Net Income Attributable to PRA • Revenue growth driven primarily by stable and predictable portfolio income $214 Operating Expenses Adjusted Operating Expenses1 • Adjusted operating expenses1 exclude non-recurring, non- cash goodwill impairment charge of $413 million • Adjusted net income trend remained stable
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Adjusted EBITDA Continued to Grow, Supporting De- leveraging Over the Past Year $ in millions 9 Nasdaq: PRAA Note: bars shown are the LTM period for each quarter-end. 1. A reconciliation of Net income/(loss) attributable to PRA Group, Inc., the most directly comparable financial measure calculated and reported in accordance with GAAP, to Adjusted EBITDA can be found at the end of this presentation. 2. A reconciliation of Borrowings, the most directly comparable financial measure calculated and reported in accordance with GAAP, to net debt can be found at the end of this presentation. 3. Excludes a non-recurring purchase price adjustment payment of $15 million to a seller that modified the terms and conditions of the contract and increases estimated remaining collections for the related portfolio acquired. 2023 2024 2025 Adjusted EBITDA1 Net Leverage2 $1,015 $993 $998 $1,007 $1,044 $1,065 $1,100 $1,138 $1,184 $1,240 $1,265 2.78x 2.65x 2.73x 2.78x 2.73x 2.81x 2.87x 2.83x 2.82x 2.81x 2.77x 3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31 3/31 6/30 9/30 +15% 2.73x3 Borrowings $3,466 $3,614 $3,607
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Diversified and Strong Capital Structure Recent Eurobond Provided Access to New Investor Base and Rebalanced Secured/Unsecured $ in millions 10 Nasdaq: PRAA • $1.2 billion available under credit facilities as of September 30, 2025 • $301 million available based on current ERC • $889 million of additional availability subject to borrowing base and debt covenants, including advance rates • Inaugural €300M bond issuance in Europe • Expanded investor base • Staggered maturity with 7-year paper • Matches currency of assets/liabilities • Rebalanced secured/unsecured mix Debt Maturity Profile $551 $398 $550 $352 2025 2026 2027 2028 2029 2030 2031+ $1,768 UK RCF NA RCF NA Term Loan Europe RCF Senior Unsecured Notes $0 $0 Nov
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Stable Customer Profile Global and Channel Diversification Help Mitigate Potential Collections Impact 11 Nasdaq: PRAA Note: Cash collections mix is for the quarter ended September 30, 2025, and only includes “Core” accounts that are not in bankruptcy or insolvency status at the time of purchase. 48% Total Core Cash Collections from Outside the U.S. ✓ One of the most geographically diverse debt buyers in the world 43% of Total Core Collections from Global Legal Channel ✓ Provides longer time period to collect cash vs. call center & other channels ✓ Less susceptible to near-term consumer pressure
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Successful Execution in First 100 Days Under New CEO with Momentum Heading into 2026 12 Nasdaq: PRAA ✓ Continued strong European performance ✓ Restructured U.S. operations ✓ Eliminated 250+ roles, including 115+ corporate and overhead roles ✓ Made progress on establishing new talent hub in Charlotte ✓ Completed return-to-office for headquarters corporate and support staff ✓ Ongoing efforts to define our technology roadmap ✓ Lowered leverage and strengthened capital structure through €300 million bond issuance
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Q&A 13 Nasdaq: PRAA
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Non-GAAP Financial Measures 14 Nasdaq: PRAA The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management uses certain non-GAAP financial measures, including Adjusted EBITDA, internally to evaluate the Company’s performance and to set performance goals. This presentation includes certain non-GAAP financial measures that exclude the impact of certain items and are not required by, or presented in accordance with, GAAP. The Company presents Adjusted EBITDA because the Company considers it an important supplemental measure of operational and financial performance. Adjusted EBITDA is calculated as net income (or loss) attributable to PRA Group, Inc. plus income tax expense (or less income tax benefit); plus foreign exchange loss (or less foreign exchange gain); plus interest expense, net and other; plus depreciation and amortization; plus impairment of real estate; plus goodwill impairment; plus net income attributable to noncontrolling interests; less gain on sale of equity method investment; and plus recoveries collected and applied to Finance receivables, net less Changes in expected recoveries. Adjusted EBITDA is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP. Management believes Adjusted EBITDA helps provide enhanced period-to-period comparability of the Company’s operational and financial performance as it excludes certain items whose fluctuations from period-to-period do not necessarily correspond to changes in the operations of the Company’s business and is useful to investors as other companies in the industry report similar financial measures. Adjusted EBITDA should not be considered as an alternative to net income determined in accordance with GAAP. The Company uses an adjusted cash efficiency ratio, which is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP, to monitor and evaluate operating expenses, excluding goodwill impairment ("Adjusted operating expenses"), relative to cash collections plus fees and revenue recognized from our class action claims recovery services. Management believes the adjusted cash efficiency ratio is a useful financial measure for investors in evaluating the Company's management of operating expenses. The adjusted cash efficiency ratio is calculated by dividing cash receipts less Adjusted operating expenses by cash receipts. In addition, the Company uses return on average tangible equity ("ROATE"), which is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP, to monitor and evaluate operating performance relative to the Company's equity. Management believes ROATE is a useful financial measure for investors in evaluating the effective use of equity, and is an important component of its long-term stockholder return. Average tangible equity is defined as average Total stockholders' equity - PRA Group, Inc. less average goodwill and average other intangible assets. ROATE is calculated by dividing annualized Net (loss)/income attributable to PRA Group, Inc. by average tangible equity. ROATE may include certain items that are not indicative of the ongoing operating results of the Company's business. Accordingly, the Company also uses Adjusted ROATE to monitor and evaluate operating performance relative to the Company's equity. Management believes that Adjusted ROATE is a useful financial measure for investors because it excludes the impact of certain transactions that are either unusual or infrequent in nature, or both ("Adjusted net income attributable to PRA Group, Inc."). Adjusted ROATE is calculated by dividing Adjusted net income attributable to PRA Group, Inc. by average tangible equity. The Company uses an adjusted effective tax rate, which is a supplemental measure of performance that is not required by, or presented in accordance with, GAAP, to monitor and evaluate its effective tax rate, excluding goodwill impairment ("Adjusted effective tax rate”). Management believes the Adjusted effective tax rate is a useful financial measure for investors in evaluating the Company's effective tax rate because it excludes the impact of non-recurring goodwill impairment charges. The Adjusted effective tax rate is calculated by dividing Income tax expense, excluding the tax adjustment for goodwill impairment (“Adjusted income tax expense”) by (Loss)/income before income taxes, excluding the goodwill impairment charge (“Adjusted income before income taxes”).
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3/31 6/30 9/30 12/31 3/31 6/30 9/30 12/31 3/31 6/30 9/30 Net income/(loss) attributable to PRA Group, Inc. 19$ (22)$ (59)$ (83)$ (21)$ 4$ 43$ 71$ 71$ 92$ (343)$ (+) Income tax expense/(benefit) 14 1 (8) (16) 5 12 10 21 23 30 55 (+) Foreign exchange loss (gain) (2) (1) (1) — (1) — 1 — — — — (+) Interest expense, net and other 138 150 168 183 198 209 221 230 239 246 248 (+) Depreciation and amortization 15 15 14 13 13 12 11 11 11 11 10 (+) Impairment of real estate — — 5 5 5 5 — — 1 1 1 (+) Goodwill impairment — — — — — — — — — — 413 (+) Net income attributable to noncontrolling interests 11 13 15 17 20 19 17 18 15 15 17 (-) Gain on sale of equity method investment — — — — — — — — — (38) (38) (+) Recoveries collected and applied to Finance receivables, net less Changes in expected recoveries 820 837 864 888 825 804 797 787 824 885 903 LTM Adjusted EBITDA 1,015$ 993$ 998$ 1,007$ 1,044$ 1,065$ 1,100$ 1,138$ 1,184$ 1,240$ 1,265$ (+) Non-recurring seller payment1 — — — — — — — — — — 15 LTM Adjusted EBITDA excluding non-recurring seller payment 1,015$ 993$ 998$ 1,007$ 1,044$ 1,065$ 1,100$ 1,138$ 1,184$ 1,240$ 1,280$ Borrowings 2,938$ 2,740$ 2,832$ 2,914$ 2,953$ 3,114$ 3,296$ 3,327$ 3,466$ 3,614$ 3,607$ Cash and cash equivalents 116 111 105 113 108 119 141 106 129 132 107 Net debt 2,822 2,629 2,727 2,801 2,845 2,995 3,155 3,221 3,337 3,483 3,500 Net leverage 2.78x 2.65x 2.73x 2.78x 2.73x 2.81x 2.87x 2.83x 2.82x 2.81x 2.77x Net leverage excluding non-recurring seller payment 2.78x 2.65x 2.73x 2.78x 2.73x 2.81x 2.87x 2.83x 2.82x 2.81x 2.73x 2023 2024 LTM Ended 2025 Reconciliation of Net Income/(Loss) to Adjusted EBITDA and Calculation of Net Leverage 15 Nasdaq: PRAA Use of Non-GAAP Financial Measures Set forth below is a reconciliation of net income/(loss), the most directly comparable financial measure calculated and reported in accordance with GAAP, to Adjusted EBITDA for the last twelve months (LTM) as of March 31, 2023 through the LTM as of September 30, 2025. The calculation of Adjusted EBITDA below may not be comparable to the calculation of similarly titled measures reported by other companies. Additionally, the Company evaluates its business using certain ratios that use Adjusted EBITDA. Net leverage is calculated by dividing Borrowings less Cash and cash equivalents by Adjusted EBITDA. Net leverage excluding non-recurring seller payment is calculated by dividing Borrowings less Cash and cash equivalents by Adjusted EBITDA excluding non-recurring seller payment. The following table also reflects the Company’s net leverage and net leverage excluding non-recurring seller payment for the LTM as of March 31, 2023 through the LTM as of September 30, 2025. $ in millions Note: amounts may not add up due to rounding 1. One-time non-recurring purchase price adjustment payment to a seller that modifies the terms and conditions of the contract and increases estimated remaining collections for the related portfolio acquired.
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Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Cash collections 477,110$ 468,066$ 497,436$ 536,288$ 542,244$ Fee income 3,138 5,987 369 2,754 622 Cash receipts (A) 480,248$ 474,053$ 497,805$ 539,042$ 542,866$ Total operating expenses 191,499 199,096 195,042 202,577 626,687 Less: Goodwill impairment — — — — 412,611 Adjusted operating expenses (B) 191,499$ 199,096$ 195,042$ 202,577$ 214,076$ Adjusted cash efficiency ratio (A - B) / A 60% 58% 61% 62% 61% Calculation of Adjusted Cash Efficiency Ratio 16 Nasdaq: PRAA Use of Non-GAAP Financial Measures The following table provides a reconciliation of Total operating expenses to Adjusted operating expenses and presents the Company's Adjusted cash efficiency ratios for the periods indicated (in thousands, except for ratio data)
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September 30, 2024 December 31, 2025 March 31, 2025 June 30, 2025 September 30, 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Total stockholders' equity - PRA Group, Inc.2 1,218,882$ 1,135,032$ 1,219,108$ 1,336,925$ 928,493$ 1,182,173$ 1,176,957$ 1,177,070$ 1,278,017$ 1,132,709$ Less: Goodwill 423,011 396,357 420,715 439,449 26,871 419,329 409,684 408,536 430,082 233,160 Less: Other intangible assets 1,620 1,453 1,488 1,541 1,470 1,609 1,537 1,471 1,515 1,506 Average tangible equity 761,235$ 765,736$ 767,063$ 846,420$ 898,043$ 761,235$ Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net income/(loss) attributable to PRA Group, Inc. 27,154$ 18,456$ 3,659$ 42,374$ (407,703)$ Return on average tangible equity 14.3% 9.6% 1.9% 20.0% (181.6%) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net income/(loss) attributable to PRA Group, Inc. 27,154$ 18,456$ 3,659$ 42,374$ (407,703)$ Less: Gain on sale of equity method investment, net of tax — — — (29,686) — Plus: Goodwill impairment, net of tax — — — — 428,580$ Adjusted net income attributable to PRA Group, Inc. 27,154 18,456 3,659 12,688 20,877$ Adjusted ROATE 14.3% 9.6% 1.9% 6.0% 9.3% Average Tangible Equity Reconciliation1Balance as of Period End ROATE3 Adjusted Net Income Attributable to PRA Group, Inc. Reconciliation and Adjusted ROATE4 Reconciliation of Total Stockholders’ Equity – PRA Group, Inc. to Average Tangible Equity and Reconciliation of Net Income/(Loss) Attributable to PRA Group, Inc. to Adjusted Net Income Attributable to PRA Group, Inc. 17 Nasdaq: PRAA Use of Non-GAAP Financial Measures The following table provides a reconciliation of Total stockholders' equity - PRA Group, Inc. as reported in accordance with GAAP to average tangible equity and a reconciliation of Net income/(loss) attributable to PRA Group, Inc. to Adjusted net income attributable to PRA Group, Inc., and provides the Company's ROATE and Adjusted ROATE for the periods indicated (in thousands, except for ratio data): 1. Amounts represent the average balances for the respective periods. 2 Amounts not adjusted for Gain on sale of equity method investment due to the de minimus effect. 3. Based on annualized Net (loss)/income attributable to PRA Group, Inc. 4. Based on annualized Adjusted net income attributable to PRA Group, Inc.
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Q3 2025 Income tax expense 24,361$ Loss before income taxes (379,605) Effective tax rate (6%) Loss before income taxes (379,605)$ Goodwill impairment 412,611 Adjusted income before income taxes (A) 33,006$ Income tax expense 24,361$ Tax adjustment for goodwill impairment1 (15,969) Adjusted income tax expense (B) 8,392 Adjusted effective tax rate (B/A) 25% Calculation of Adjusted Effective Tax Rate 18 Nasdaq: PRAA Use of Non-GAAP Financial Measures The following table provides a reconciliation of Loss before income taxes and Adjusted income before taxes and a reconciliation of Income tax expense to Adjusted income tax expense (in thousands, except for ratio data) 1. Adjustment made to account for a portion of the goodwill that was deemed non-tax deductible
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I R . P R A G R O U P . C O M Najim Mostamand, CFA VP, Investor Relations (757) 431-7913 IR@pragroup.com