PRA Group, Inc. (NASDAQ:PRAA) Q1 2024 Earnings Conference Call May 6, 2024 5:00 PM ET

Company Participants

Najim Mostamand - Vice President, Investor Relations
Vik Atal - President and CEO
Rakesh Sehgal - Executive Vice President and CFO

Conference Call Participants

David Scharf - Citizens JMP
Mark Hughes - Truist
Robert Dodd - Raymond James

Operator

Good evening. And welcome to PRA Group’s First Quarter 2024 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]

Please note that this event is being recorded. I would now like to turn the call over to Mr. Najim Mostamand, Vice President, Investor Relations for PRA Group. Thank you. Please go ahead.

Najim Mostamand

Thank you. Good evening, everyone, and thank you for joining us. With me today are Vik Atal, President and Chief Executive Officer; and Rakesh Sehgal, Executive Vice President and Chief Financial Officer.

We will make forward-looking statements during the call, which are based on management’s current beliefs, projections, assumptions and expectations. We assume no obligation to revise or update these statements.

We caution listeners that these forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could cause our actual results to differ materially from our expectations.

Please refer to our earnings press release issued today and our SEC filings for a detailed discussion of these factors. The earnings release, the slide presentation that we will use during today’s call and our SEC filings can all be found in the Investor Relations section of our website at www.pragroup.com.

Additionally, a replay of this call will be available shortly after its conclusion and the replay dial-in information is included in the earnings press release. All comparisons mentioned today will be between Q1 2024 and Q1 2023, unless otherwise noted, and our Americas results include Australia.

During our call, we will discuss adjusted EBITDA and debt-to-adjusted EBITDA for the 12 months ended March 31, 2024, and December 31, 2023. Please refer to today’s earnings release and the appendix of the slide presentation used during this call for a reconciliation of the most directly comparable U.S GAAP financial measures to these non-GAAP financial measures.

And with that, I’d now like to turn the call over to Vik Atal, our President and Chief Executive Officer.

Vik Atal

Thank you, Najim, and thank you everyone for joining us this evening. Building on the momentum from last year, we began 2024 on a positive note with the first quarter demonstrating continued progress on driving the turnaround and rebuilding profitability. As I will outline in a moment, the strategic initiatives in our U.S. business remain firmly on track.