PRA Group, Inc. (NASDAQ:PRAA) Q3 2024 Results Conference Call November 4, 2024 5:00 PM ET

Company Participants

Najim Mostamand - Vice President, Investor Relations
Vik Atal - President and Chief Executive Officer
Rakesh Sehgal - Executive Vice President and Chief Financial Officer

Conference Call Participants

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

Operator

Good evening and welcome the PRA Group Third Quarter 2024 Conference Call. All participants will be in a 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. 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 Q3 2024 and Q3 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 September 30, 2024, and December 31, 2023, as well as return on average tangible equity. Please refer to 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. Our third quarter financial results reflected strong cash collections, robust portfolio buying, significant revenue increases and solid net income. We also continue to make significant progress on the journey we started 18 months ago when I took over as CEO.