$PRAA

PORTFOLIO RECOVERY ASSOCIATES INC

CIK:0001185348|SEC Filings

Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Financing Receivable, Allowance For Credit Losses, Recoveries Reclassified To Income	$ 267,799	$ 250,934	$ 537,378	$ 491,892
Financing Receivable, Allowance For Credit Loss, Changes In Estimated Recoveries	96,924	33,292	140,810	61,214
Financing Receivable, Allowance For Credit Loss, Portfolio Revenue	364,723	284,226	678,188	553,106
Revenue From Contract With Customer And Fee Revenue, Excluding Assessed Tax	7,451	3,462	8,519	4,201
Revenues, Total	372,174	287,688	686,707	557,307
Operating Expenses [Abstract]
Labor and Related Expense	70,377	75,724	141,115	149,047
Legal Fees	18,386	15,625	35,457	30,855
Legal Costs	52,525	37,583	100,983	70,977
Agency Fees	23,214	22,688	47,795	44,056
Outside Fees And Services Expenses	22,512	21,071	43,396	42,174
Communication	7,664	9,417	16,683	19,894
Rent And Occupancy	3,730	3,504	6,988	6,984
Depreciation, amortization and impairment of long-lived assets	4,724	2,503	6,432	6,272
Other Cost and Expense, Operating	15,760	14,462	31,322	27,360
Operating Expenses, Total	218,892	202,577	430,171	397,619
Operating Income (Loss), Total	153,282	85,111	256,536	159,688
Nonoperating Income (Expense) [Abstract]
Interest Income (Expense), Nonoperating	(64,363)	(62,361)	(127,881)	(123,331)
Gain (Loss), Foreign Currency Transaction, before Tax	(501)	50	553	(1)
Other Nonoperating Income (Expense)	(92)	(75)	(346)	(255)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	88,326	61,128	128,862	74,504
Income Tax Expense (Benefit)	29,385	15,415	38,149	19,727
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	58,941	45,713	90,713	54,777
Net Income (Loss) Attributable to Noncontrolling Interest	1,024	3,339	4,586	8,744
Net Income (Loss) Attributable to Parent, Total	$ 57,917	$ 42,374	$ 86,127	$ 46,033
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 1.52	$ 1.08	$ 2.25	$ 1.17
Diluted (in dollars per share)	$ 1.51	$ 1.08	$ 2.24	$ 1.16
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Basic (shares)	38,104	39,323	38,236	39,436
Diluted (shares)	38,303	39,385	38,407	39,536
Gain on sale of equity method investment	$ 0	$ 38,403	$ 0	$ 38,403

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 90,713	$ 54,777
Adjustments to reconcile net income to net cash used in operating activities:
Share-based compensation	9,103	8,252
Depreciation, amortization and impairment of long-lived assets	6,432	6,272
Gain on sale of equity method investment	0	38,403
Amortization of debt premium and issuance costs	4,239	3,863
Changes in expected recoveries	(140,810)	(61,214)
Deferred income taxes	23,967	(2,733)
Net unrealized foreign currency transaction gain	(943)	(13,055)
Other	(608)	935
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(6,105)	(6,451)
Accrued expenses, accounts payable and other liabilities	2,668	(17,733)
Net cash used in operating activities	(11,344)	(65,490)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment, net	(3,810)	(2,178)
Purchases of nonperforming loan portfolios	(521,713)	(633,308)
Recoveries collected and applied to Finance receivables, net	580,742	554,715
Purchases of investments	(152,233)	(57,898)
Proceeds from sales and maturities of investments	65,504	105,261
Net cash used in investing activities	(31,510)	(33,408)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from lines of credit	357,948	407,127
Principal payments on lines of credit	(264,810)	(245,297)
Principal payments on long-term debt	(5,000)	(5,000)
Repurchases of common stock	(20,000)	(10,000)
Payments of origination costs and fees	(7,748)	(878)
Tax withholdings related to share-based payments	(2,905)	(2,052)
Distributions to noncontrolling interests	(1,522)	(15,040)
Net decrease in interest-bearing deposits	(869)	(22,960)
Net cash provided by financing activities	55,094	105,900
Effect of foreign exchange rates	14,796	20,885
Net increase in cash, cash equivalents and restricted cash	27,036	27,887
Cash, cash equivalents and restricted cash, beginning of period	108,643	107,431
Cash, cash equivalents and restricted cash, end of period	135,679	135,318
Supplemental disclosure of cash flow information
Cash paid for interest	126,959	132,590
Cash paid for income taxes	8,264	19,551
Reconciliation to Balance Sheet accounts
Cash and cash equivalents	132,431	131,592
Cash, cash equivalents and restricted cash	3,248	3,726
Cash, cash equivalents and restricted cash	$ 135,679	$ 135,318

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets [Abstract]
Cash and Cash Equivalent	$ 132,431	$ 104,409
Investments	145,473	66,628
Financing Receivable, after Allowance for Credit Loss, Current	4,717,204	4,688,024
Income Taxes Receivable, Current	20,912	17,702
Deferred Income Tax Assets, Net	64,936	76,955
Operating Lease, Right-of-Use Asset	27,836	29,206
Property, Plant and Equipment, Net	22,213	24,886
Goodwill	26,871	26,871
Other Assets	80,891	68,641
Assets, Total	5,238,767	5,103,322
Liabilities [Abstract]
Accounts Payable and Accrued Liabilities	129,175	131,812
Accrued Income Taxes	36,356	29,845
Deferred Tax Liabilities, Net, After Adjustments	32,240	17,064
Operating Lease, Liability	30,681	32,160
Interest-Bearing Deposit Liabilities	100,460	106,148
Debt, Long-Term and Short-Term, Combined Amount	3,759,353	3,697,338
Other Liabilities, Current	37,605	48,990
Liabilities, Total	4,125,870	4,063,357
Equity, Attributable to Parent [Abstract]
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Outstanding	376	385
Additional Paid in Capital, Common Stock	0	11,474
Retained Earnings (Accumulated Deficit)	1,338,814	1,255,007
Accumulated Other Comprehensive Income (Loss), Net of Tax	(293,721)	(287,015)
Equity, Attributable to Parent, Total	1,045,469	979,851
Equity, Attributable to Noncontrolling Interest	67,428	60,114
Equity, Including Portion Attributable to Noncontrolling Interest, Total	1,112,897	1,039,965
Liabilities and Equity, Total	$ 5,238,767	$ 5,103,322