PRA Reports First Quarter 2014 Results

PRA Reports First Quarter 2014 Results  NORFOLK, Va., April 30, 2014 (GLOBE NEWSWIRE) -- Portfolio Recovery Associates, Inc. (Nasdaq:PRAA), a financial and business services company operating in the U.S., Canada and U.K., today reported its financial results for the first quarter 2014.  First Quarter Highlights    *Cash collections of $313.4 million, up 14% from the first quarter of 2013.   *Revenues of $193.9 million, up 14%.   *Net income of $40.8 million, up 6%.   *$0.81 diluted earnings per share, compared with $0.75 a year ago, up 8%.     The Company incurred costs of $0.05 per diluted share in connection with     the Aktiv Kapital acquisition. Excluding those costs, earnings per diluted     share would have been $0.86.   *18.2% return on average equity, annualized.   *$152.7 million in portfolio acquisitions.  "PRA is pleased to announce that first quarter collections, revenues and net income were up year-over-year. Our results in the first quarter met our expectations and we've made good progress toward expanding our debt buying business throughout Europe with our announced acquisition of Aktiv Kapital. We are working hard to close the Aktiv acquisition along with the acquisition of Pamplona's IVA platform," said Steve Fredrickson, chairman, president and chief executive officer, PRA.  "While the supply of available debt to acquire in the U.S. remains lower than in years past, PRA invested $153 million across North America and the U.K." Fredrickson said.                                     REVENUES    *Revenues of $193.9 million in the first quarter, largely driven by cash     collections, included finance receivables income net of principal     amortization and allowance charges or reversals. Net finance receivables     income was $178.0 million, up 15% from $154.8 million in the year-ago     quarter.  Cash Collections from Finance Receivables    *Cash collections increased 14% in the first quarter from the year-ago     quarter to $313.4 million, and included collections from these finance     receivables sources:  Cash Collection Source  Q12014     Q42013     Q32013     Q22013     Q12013 ($ in thousands) Call Center and Other   $ 97,736   $ 84,375   $89,512   $90,229  $89,037 Collections External Legal          50,990    46,066    48,274    50,131    47,910 Collections Internal Legal          43,939    34,101    33,288    30,365    29,283 Collections Bankruptcy Court        120,702   114,384   120,577   125,672   109,233 Trustee Payments Total Cash Collections  $313,367 $278,926 $291,651 $296,397 $275,463    *Principal amortization of finance receivables in the first quarter was     $135.4 million or 43.2% of cash collections, compared with 43.8% in the     year-ago quarter. Principal amortization included a net allowance reversal     of $2.0 million recorded against certain pools of finance receivables in     the quarter, compared with a net allowance charge of $2.2 million recorded     in the year-ago quarter.   Fee Income    *Revenues in the first quarter also included income from PRA's fee-based     businesses of $15.9 million, compared with $14.8 million in the year-ago     quarter.                           EXPENSES AND OPERATING INCOME    *Operating expenses were $122.3 million in the first quarter of 2014,     compared with $103.7 million a year ago, an increase of 18%.In     association with the Company's legal collection strategy, external legal     collection expenses (attorney's fees and court costs) increased $6.3     million from the year-ago quarter.The Company also incurred approximately     $4.4 million of expenses during the quarter related to its pending     acquisition of Aktiv Kapital.The Company anticipates approximately $10     million in expenses related to the acquisition of Aktiv Kapital in the     second quarter.        *Operating income increased 9% to $71.6 million, compared with $65.9     million in the year-ago quarter.The operating margin was 36.9% in the     first quarter of 2014.        *The provision for income taxes was $25.9 million in the first quarter, up     5% from the year-ago quarter.PRA's provision for income taxes was 38.8%     of income before taxes in the first quarter, compared with 39.1% in the     year-ago quarter.                              PORTFOLIO ACQUISITIONS    *PRA invested $152.7 million in new finance receivables from North American     and U.K. creditors in the first quarter of 2014, compared with $214.9     million in the year-ago quarter. Receivables purchased were acquired in     104 portfolios from 14 different sellers.                                                                  Portfolio Purchase       Q12014     Q42013    Q32013     Q22013     Q12013 Source($ in thousands) Core Customer Debt       $80,711  $67,522 $100,081 $118,195 $128,338 Bankruptcy Court Claims  72,003    31,987   41,794    82,273    86,595 Total Portfolio          $152,714 $99,509 $141,875 $200,468 $214,933 Purchases    *Core customer debt purchased in the first quarter included $79.1 million     in North American accounts and $1.6 million in U.K. accounts.                                  BALANCE SHEET    *Borrowings totaled $450.3 million at March 31, 2014, and consisted of     $257.8 million in convertible senior notes and $192.5 million in other     long-term debt.Total borrowings were $371.2 million at March 31,     2013.Remaining borrowing availability, subject to normal borrowing and     collateral provisions, under PRA's credit facility was $435.5 million at     March 31, 2014.On April 1, 2014, the Company increased the availability     of its credit facility to $650 million, all of which was available to be     drawn.        *Cash and cash equivalents were $191.8 million at March 31, 2014, compared     with $39.1 million at March 31, 2013.        *Net deferred tax liabilities were $220.9 million at March 31, 2014,     compared with $185.8 million a year ago.        *Stockholders' equity increased to $910.2 million at March 31, 2014, from     $751.0 million at March 31, 2013.  Conference Call Information  PRA will hold a conference call today at 5:30 p.m. ET to discuss results with institutional investors and stock analysts.A webcast of the call, both live and archived, will be available at http://ir.PortfolioRecovery.com/events.cfm. Please access the call by dialing 888-695-7639 in the U.S. or 970-315-0482 outside the U.S. The conference ID is 30835658.A question-and-answer session will be open only to institutional investors and analysts.A replay of the call and webcast will be available until May 7, 2014.Call 855-859-2056 in the U.S. or 404-537-3406 outside the U.S. to hear a replay of the call.The conference ID is 30835658.  About PRA  As a leader in the U.S. debt buying industry, Portfolio Recovery Associates, Inc. (PRA) returns capital to client banks and other creditors to help expand financial services for all consumers. PRA collaborates with customers to create affordable, realistic repayment plans. PRA also provides a broad range of collection and recovery services to business and government clients.  In 2013 and 2012, PRA was ranked among Fortune's100 Fastest-Growing Companies and Forbes'Top 25 Best Small Companies in America.For more information, please visitwww.PortfolioRecovery.com.  About Forward Looking Statements  Statements made herein which are not historical, including Portfolio Recovery Associates' (PRA's) or its management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, including, but not limited to, statements with respect to future revenue and earnings, and statements with respect to future contributions of Aktiv Kapital; our ability to satisfy closing conditions or successfully, if ever, complete the acquisition of Aktiv Kapital; our ability to fully realize the expected benefits of the acquisition of Aktiv Kapital; the ability of Aktiv Kapital, or of any of PRA's subsidiaries, to contribute to earnings and future portfolio-purchase opportunities, all of which, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.These forward-looking statements are based upon management's beliefs, assumptions and expectations of PRA's future operations and economic performance, taking into account currently available information. These statements are not statements of historical fact.  The forward-looking statements in this press release are based upon management's beliefs, assumptions and expectations of PRA's future operations and economic performance, taking into account currently available information. These statements are not statements of historical fact.Forward-looking statements involve risks and uncertainties, some of which are not currently known to PRA. Actual events or results may differ materially from those expressed or implied in any such forward-looking statements as a result of various factors, including the risk factors and other risks that are described from time to time in PRA's filings with the Securities and Exchange Commission including but not limited to PRA'sannual reports on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K, filed with the Securities and Exchange Commission and available through PRA's website, which contain detailed discussion of PRA's business, including risks and uncertainties that may affect future results.  Due to such uncertainties and risks, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of today.Information in this presentation may be superseded by recent information or statements, which may be disclosed in later press releases, subsequent filings with the Securities and Exchange Commission or otherwise. Except as required by law, PRA assumes no obligation topublicly update or revise its forward-looking statements contained herein to reflect any change in PRA's expectations with regard thereto or to reflect any change in events, conditions or circumstances on which any such forward-looking statements are based, in whole or in part.    Portfolio Recovery Associates, Inc. Unaudited Consolidated Income Statements (in thousands, except per share amounts)                                                                                                                      Three Months Three Months                                                     Ended        Ended                                                     March 31,    March 31,                                                     2014         2013                                                                  Revenues:                                                         Income recognized on finance receivables, net        $177,970    $154,792 Fee income                                           15,952       14,767                                                                  Total revenues                                       193,922      169,559                                                                  Operating expenses:                                               Compensation and employee services                  51,385       44,997 Legal collection fees                               10,833       10,529 Legal collection costs                              26,533       20,501 Agent fees                                          1,450        1,609 Outside fees and services                           10,791       7,447 Communications                                      9,154        8,079 Rent and occupancy                                  2,147        1,687 Depreciation and amortization                       3,947        3,366 Other operating expenses                            6,092        5,457                                                                  Total operating expenses                             122,332      103,672                                                                  Income from operations                               71,590       65,887                                                                  Other income and (expense):                                       Interest income                                      1            -- Interest expense                                     (4,860)      (2,689)                                                                  Income before income taxes                           66,731       63,198                                                                  Provision for income taxes                           25,891       24,681                                                                  Net income                                           $40,840     $38,517                                                                  Adjustment for net loss attributable to redeemable   --           83 noncontrolling interest                                                                  Net income attributable to Portfolio Recovery        $40,840     $38,600 Associates, Inc.                                                                  Net income per common share attributable to                       Portfolio Recovery Associates, Inc.: Basic                                                $0.82      $0.76 Diluted                                              $0.81      $0.75                                                                  Weighted average number of shares outstanding:                    Basic                                                49,929       50,811 Diluted                                              50,363       51,273    Portfolio Recovery Associates, Inc. Unaudited Consolidated Balance Sheets (in thousands, except per share amounts)                                                                                                                       March 31,   December 31, ASSETS                                                2014        2013                                                                  Cash and cash equivalents                             $191,819   $162,004 Finance receivables, net                              1,253,961   1,239,191 Accounts receivable, net                              11,551      12,359 Income taxes receivable                               1,015       11,710 Property and equipment, net                           35,130      31,541 Net deferred tax asset                                1,369       1,361 Goodwill                                              104,086     103,843 Intangible assets, net                                14,714      15,767 Other assets                                          28,968      23,456                                                                  Total assets                                          $1,642,613 $1,601,232                                                                  LIABILITIES AND EQUITY                                                                                                             Liabilities:                                                      Accounts payable                                      $24,199    $14,819 Accrued expenses and other liabilities                28,351      27,655 Accrued compensation                                  8,684       27,431 Net deferred tax liability                            220,883     210,071 Borrowings                                            450,278     451,780                                                                  Total liabilities                                     732,395     731,756                                                                  Stockholders' equity:                                             Preferred stock, par value $0.01, authorized shares,  --          -- 2,000, issued and outstanding shares - 0 Common stock, par value $0.01, 60,000 authorized shares, 50,060 issued and outstanding shares at March 501         498 31, 2014, and 49,840 issued and outstanding shares at December 31, 2013 Additional paid-in capital                            134,892     135,441 Retained earnings                                     770,345     729,505 Accumulated other comprehensive income                4,480       4,032 Total stockholders' equity                            910,218     869,476                                                                  Total liabilities and equity                          $1,642,613 $1,601,232    Portfolio Recovery Associates, Inc. Unaudited Consolidated Statements of Cash Flows (in thousands)                                                                                                                                                                                                                                                  Three Months Ended March 31,                                                  2014           2013 Cash flows from operating activities:                            Net income                                        $40,840       $38,517 Adjustments to reconcile net income to net cash                  provided by operating activities: Amortization of share-based compensation          2,836          2,986 Depreciation and amortization                     3,947          3,366 Amortization of debt discount                     998            -- Deferred tax expense                              10,812         529 Changes in operating assets and liabilities:                     Other assets                                      (5,496)        (2,070) Accounts receivable                               821            1,149 Accounts payable                                  9,361          588 Income tax payable/receivable, net                10,695         19,088 Accrued expenses                                  686            (2,503) Accrued compensation                              (26,245)       (3,537)                                                                 Net cash provided by operating activities         49,255         58,113                                                                 Cash flows from investing activities:                            Purchases of property and equipment               (6,416)        (2,466) Acquisition of finance receivables, net of        (150,087)      (212,389) buybacks Collections applied to principal on finance       135,397        120,671 receivables                                                                 Net cash used in investing activities             (21,106)       (94,184)                                                                 Cash flows from financing activities:                            Income tax benefit from share-based compensation  4,115          2,207 Proceeds from line of credit                      --             95,000 Principal payments on line of credit              --             (50,000) Repurchases of common stock                       --             (1,912) Cash paid for noncontrolling interest             --             (1,150) Distributions paid to noncontrolling interest     --             (51) Principal payments on long-term debt              (2,500)        (1,384)                                                                 Net cash provided by financing activities         1,615          42,710                                                                 Effect of exchange rate on cash                   51             (215)                                                                 Net increase in cash and cash equivalents         29,815         6,424                                                                 Cash and cash equivalents, beginning of period    162,004        32,687                                                                 Cash and cash equivalents, end of period          $191,819      $39,111                                                                 Supplemental disclosure of cash flow information:                Cash paid for interest                            $5,731        $2,656 Cash paid for income taxes                        1,868         2,866                                                                 Noncash investing and financing activities:                      Adjustment of the redeemable noncontrolling       $--           $(60) interest measurement amount Purchase of noncontrolling interest               --           9,162 Distributions payable relating to noncontrolling  --           2 interest Employee stock relinquished for payment of taxes  (7,498)       (4,002)    FINANCIAL HIGHLIGHTS                                As of and for the Three Months Ended                                   March31,                              %                                2014                2013               Change EARNINGS (in thousands)                                               Income recognized on finance    $177,970          $154,792         15% receivables, net Fee income                      15,952             14,767            8% Total revenues                  193,922            169,559           14% Operating expenses              122,332            103,672           18% Income from operations          71,590             65,887            9% Net interest expense            4,859              2,689             81% Net income                      40,840             38,517            6% Net income attributable to Portfolio Recovery Associates,  40,840             38,600            6% Inc.                                                                      PERIOD-END BALANCES (in                                               thousands) Cash and cash equivalents       $191,819          $39,111          390% Finance receivables, net        1,253,961          1,169,747         7% Goodwill and intangible assets, 118,800            125,462           -5% net Total assets                    1,642,613          1,382,739         19% Borrowings                      450,278            371,159           21% Total liabilities               732,395            621,413           18% Total equity                    910,218            750,990           21%                                                                      FINANCE RECEIVABLE COLLECTIONS                                        (dollars in thousands) Cash collections                $313,367          $275,463         14% Cash collections on fully       16,516             6,345             160% amortized pools Principal amortization without  137,350            118,498           16% allowance charges Principal amortization with     135,397            120,671           12% allowance charges Principal amortization w/ allowance charges as % of cash                                        collections: Including fully amortized pools 43.2%               43.8%              -1% Excluding fully amortized pools 45.6%               44.8%              2%                                                                      ALLOWANCE FOR FINANCE RECEIVABLES (dollars in                                               thousands) Allowance (reversal)/charge     (1,953)            2,173             -190% Allowance (reversal)/charge to period-end net finance          -0.2%               0.2%               -184% receivables Allowance (reversal)/charge to  -1.1%               1.4%               -178% net finance receivable income Allowance (reversal)/charge to  -0.6%               0.8%               -179% cash collections                                                                      PURCHASES OF FINANCE RECEIVABLES (dollars in                                               thousands) Purchase price - core           $79,085           $126,951         -38% Face value - core               837,036            1,398,960         -40% Purchase price - bankruptcy     65,501             86,595            -24% Face value - bankruptcy         557,220            436,508           28% Purchase price - other          8,128              1,387             486% Face value - other              519,118            18,570            2695% Purchase price - total          152,714            214,933           -29% Face value - total              1,913,374          1,854,038         3% Number of portfolios - total    104                 91                 14%                                                                      ESTIMATED REMAINING COLLECTIONS                                       (in thousands) Estimated remaining collections $1,891,511        $1,547,644       22% - core Estimated remaining collections 788,774            924,520           -15% - bankruptcy Estimated remaining collections 24,439             14,739            66% - other Estimated remaining collections 2,704,724          2,486,903         9% - total                                                                      SHARE DATA-ADJUSTED (7) (share                                        amounts in thousands) Net income per common share -   $0.81             $0.75            8% diluted Weighted average number of      50,363             51,273            -2% shares outstanding - diluted Shares repurchased              --                 48                -100% Average price paid per share repurchased (including          $--              $39.34           -100% acquisitions costs) Closing market price            $57.86            $42.31           37%                                                                      RATIOS AND OTHER DATA (dollars                                        in thousands) Return on average equity (1)    18.2%               21.1%              -14% Return on revenue (2)           21.1%               22.7%              -7% Return on average assets (3)    10.0%               11.3%              -12% Operating margin (4)            36.9%               38.9%              -5% Operating expense to cash       37.1%               35.7%              4% receipts (5) Debt to equity (6)              49.5%               49.4%              0% Number of collectors            2,379               2,159              10% Number of full-time equivalent  3,621               3,250              11% employees Cash receipts (5)               $329,319          $290,230         13% Line of credit - unused portion 435,500            228,000           91% at period end  (1)Calculated as annualized net income divided by average equity for the period (2)Calculated as net income divided by total revenues (3)Calculated as annualized net income divided by average assets for the period (4)Calculated as income from operations divided by total revenues (5)"Cash receipts" is defined as cash collections plus fee income (6)For purposes of this ratio, "debt" equals borrowings (7) All per share data has been adjusted for a 3 for 1 stock split by means of a stock dividend which was declared on June 10, 2013 and payable August 1, 2013 to holders of record as of July 1, 2013    FINANCIAL HIGHLIGHTS                  For the Quarter Ended                  March 31     December 31  September 30 June 30      March 31                  2014         2013         2013         2013         2013 EARNINGS (in                                                       thousands) Income recognized on finance        $177,970   $168,728   $171,456   $168,570   $154,792 receivables, net Fee income        15,952      16,125      26,306      14,391      14,767 Total revenues    193,922     184,853     197,762     182,961     169,559 Operating         122,332     106,503     118,294     109,135     103,672 expenses Income from       71,590      78,350      79,468      73,826      65,887 operations Net interest      4,859       4,860       3,995       2,923       2,689 expense Net income        40,840      45,777      49,211      43,414      38,517 Net income attributable to Portfolio         40,840      45,777      47,338      43,599      38,600 Recovery Associates, Inc.                                                                   PERIOD-END BALANCES (in                                                       thousands) Cash and cash     $191,819   $162,004   $108,705   $43,459    $39,111 equivalents Finance           1,253,961   1,239,191   1,256,822   1,236,859   1,169,747 receivables, net Goodwill and intangible        118,800     119,610     119,636     124,349     125,462 assets, net Total assets      1,642,613   1,601,232   1,547,985   1,457,246   1,382,739 Borrowings        450,278     451,780     452,229     413,774     371,159 Total liabilities 732,395     731,756     721,001     655,012     621,413 Total equity      910,218     869,476     816,647     791,898     750,990                                                                   FINANCE RECEIVABLE COLLECTIONS                                                        (dollars in thousands) Cash collections  $313,367   $278,926   $291,651   $296,397   $275,463 Cash collections on fully          16,516      9,801       8,762       10,612      6,345 amortized pools Principal amortization      137,350     110,626     122,776     129,012     118,498 without allowance charges Principal amortization with 135,397     110,197     120,195     127,827     120,671 allowance charges Principal amortization w/ allowance charges                                                  as % of cash collections: Including fully   43.2%        39.5%        41.2%        43.1%        43.8% amortized pools Excluding fully   45.6%        40.9%        42.5%        44.7%        44.8% amortized pools                                                                   ALLOWANCE FOR FINANCE RECEIVABLES                                                        (dollars in thousands) Allowance         (1,953)     (429)       (2,581)     (1,185)     2,173 (reversal)/charge Allowance (reversal)/charge to period-end net -0.2%        0.0%         -0.2%        -0.1%        0.2% finance receivables Allowance (reversal)/charge -1.1%        -0.3%        -1.5%        -0.7%        1.4% to net finance receivable income Allowance (reversal)/charge -0.6%        -0.2%        -0.9%        -0.4%        0.8% to cash collections                                                                   PURCHASES OF FINANCE RECEIVABLES                                                        (dollars in thousands) Purchase price -  $79,085    $65,759    $89,044    $113,314   $126,951 core Face value - core 837,036     774,543     1,352,877   1,178,229   1,398,960 Purchase price -  65,501      31,987      41,794      82,273      86,595 bankruptcy Face value -      557,220     235,064     215,957     1,926,515   436,508 bankruptcy Purchase price -  8,128       1,763       11,037      4,881       1,387 other Face value -      519,118     22,493      218,528     81,852      18,570 other Purchase price -  152,714     99,509      141,875     200,468     214,933 total Face value -      1,913,374   1,032,100   1,787,362   3,186,596   1,854,038 total Number of portfolios -      104          83           79           94           91 total                                                                   ESTIMATED REMAINING                                                          COLLECTIONS (in thousands) Estimated remaining         $1,891,511 $1,824,132 $1,762,369 $1,694,262 $1,547,644 collections - core Estimated remaining         788,774     822,988     877,722     925,223     924,520 collections - bankruptcy Estimated remaining         24,439      22,150      32,272      16,744      14,739 collections - other Estimated remaining         2,704,724   2,669,270   2,672,363   2,636,229   2,486,903 collections - total                                                                   SHARE DATA-ADJUSTED (7)                                                  (share amounts in thousands) Net income per common share -    $0.81      $0.91      $0.93      $0.85      $0.75 diluted Weighted average number of shares  50,363      50,375      50,660      51,183      51,273 outstanding - diluted Shares            --          --          989         166         48 repurchased Average price paid per share repurchased       $--       $--       $50.55     $39.82     $39.34 (including acquisitions costs) Closing market    $57.86     $52.84     $59.93     $51.21     $42.31 price                                                                   RATIOS AND OTHER DATA (dollars in                                                   thousands) Return on average 18.2%        21.5%        23.5%        22.5%        21.1% equity (1) Return on revenue 21.1%        24.8%        24.9%        23.7%        22.7% (2) Return on average 10.0%        11.5%        12.5%        12.1%        11.3% assets (3) Operating margin  36.9%        42.4%        40.2%        40.4%        38.9% (4) Operating expense to cash receipts  37.1%        36.1%        37.2%        35.1%        35.7% (5) Debt to equity    49.5%        52.0%        55.4%        52.3%        49.4% (6) Number of         2,379        2,313        2,054        2,190        2,159 collectors Number of full-time         3,621        3,543        3,223        3,362        3,250 equivalent employees Cash receipts (5) $329,319   $295,051   $317,957   $310,788   $290,230 Line of credit - unused portion at 435,500     435,500     435,500     184,000     228,000 period end  (1)Calculated as annualized net income divided by average equity for the period (2)Calculated as net income divided by total revenues (3)Calculated as annualized net income divided by average assets for the period (4)Calculated as income from operations divided by total revenues (5)"Cash receipts" is defined as cash collections plus fee income (6)For purposes of this ratio, "debt" equals borrowings (7) All per share data has been adjusted to reflect the 3-for-1 stock split by means of a stock dividend which was declared on June 10, 2013 and payable August 1, 2013 to holders of record as of July 1, 2013   Summary Portfolio Data at March 31, 2014, Entire Domestic Portfolio ($ in thousands)                                                                                                     Actual Cash                                    Total        Net Finance  Collections  Estimated    Total                                                                            Estimated Purchase  Purchase     Estimated    Receivables  Including    Remaining   Collections                                                  Cash                      to Period    Price        Collections  Balance      Sales        Collections  Purchase                                                                            Price 1996      $3,080     $10,227    $--       $10,211    $16        332% 1997      7,685       25,600      --         25,521      79          333% 1998      11,089      37,581      --         37,384      197         339% 1999      18,898      69,836      --         69,433      403         370% 2000      25,020      118,678     --         116,918     1,760       474% 2001      33,481      178,936     --         176,364     2,572       534% 2002      42,325      203,979     --         199,228     4,751       482% 2003      61,447      273,719     --         266,348     7,371       445% 2004      59,176      206,294     --         199,213     7,081       349% 2005      143,167     328,076     5,725       313,029     15,047      229% 2006      107,667     222,758     5,878       210,205     12,553      207% 2007      258,367     526,977     19,091      484,621     42,356      204% 2008      275,121     533,621     24,564      480,864     52,757      194% 2009      281,333     912,530     22,742      776,617     135,913     324% 2010      357,810     1,048,010   68,117      786,876     261,134     293% 2011      392,929     1,018,831   142,431     606,679     412,152     259% 2012      508,683     1,018,297   299,429     419,298     598,999     200% 2013      627,917     1,133,180   508,564     235,921     897,259     180% 2014      144,899     238,052     138,336     10,167      227,885     164% Total     $3,360,094 $8,105,182 $1,234,877 $5,424,897 $2,680,285 241%                                                                       Summary Portfolio Data at March 31, 2014, Purchased Bankruptcy Portfolio - Domestic ($ in thousands)                                                                                                     Actual Cash                                    Total        Net Finance  Collections  Estimated    Total                                                                            Estimated Purchase  Purchase     Estimated    Receivables  Including    Remaining   Collections                                                  Cash                      to Period    Price        Collections  Balance      Sales        Collections  Purchase                                                                            Price 1996-2003 $--       $--       $--       $--       $--       0% 2004      7,468       14,580      --         14,520      60          195% 2005      29,301      43,774      16          43,673      101         149% 2006      17,627      31,957      47          31,659      298         181% 2007      78,526      106,177     221         104,337     1,840       135% 2008      108,586     168,841     1,814       164,846     3,995       155% 2009      156,030     471,250     6,453       425,189     46,061      302% 2010      209,164     519,964     37,920      417,853     102,111     249% 2011      181,897     310,097     77,312      185,643     124,454     170% 2012      252,383     347,328     156,771     145,384     201,944     138% 2013      234,193     304,089     184,899     71,823      232,266     130% 2014      65,501      81,666      60,192      6,022       75,644      125% Total     $1,340,676 $2,399,723 $525,645   $1,610,949 $788,774   179%                                                                       Summary Portfolio Data at March 31, 2014, Core Portfolio - Domestic ($ in thousands)                                                                                                     Actual Cash                                    Total        Net Finance  Collections  Estimated    Total                                                                            Estimated Purchase  Purchase     Estimated    Receivables  Including    Remaining   Collections                                                  Cash                      to Period    Price        Collections  Balance      Sales        Collections  Purchase                                                                            Price 1996      $3,080     $10,227    $--       $10,211    $16        332% 1997      7,685       25,600      --         25,521      79          333% 1998      11,089      37,581      --         37,384      197         339% 1999      18,898      69,836      --         69,433      403         370% 2000      25,020      118,678     --         116,918     1,760       474% 2001      33,481      178,936     --         176,364     2,572       534% 2002      42,325      203,979     --         199,228     4,751       482% 2003      61,447      273,719     --         266,348     7,371       445% 2004      51,708      191,714     --         184,693     7,021       371% 2005      113,866     284,302     5,709       269,356     14,946      250% 2006      90,040      190,801     5,831       178,546     12,255      212% 2007      179,841     420,800     18,870      380,284     40,516      234% 2008      166,535     364,780     22,750      316,018     48,762      219% 2009      125,303     441,280     16,289      351,428     89,852      352% 2010      148,646     528,046     30,197      369,023     159,023     355% 2011      211,032     708,734     65,119      421,036     287,698     336% 2012      256,300     670,969     142,658     273,914     397,055     262% 2013      393,724     829,091     323,665     164,098     664,993     211% 2014      79,398      156,386     78,144      4,145       152,241     197% Total     $2,019,418 $5,705,459 $709,232   $3,813,948 $1,891,511 283%  CONTACT: Investor Contact:                   Darby Schoenfeld          Director of Investor Relations          Portfolio Recovery Associates, Inc.          (757) 431-7913          DCSchoenfeld@PortfolioRecovery.com                   News Media Contact:                   Rick Goulart          Vice President, Corporate Communications          Portfolio Recovery Associates, Inc.          (757) 961-3525          RickGoulart@PortfolioRecovery.com  company logo  
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