PRA Group Inc. Files Definitive Proxy Statement (DEF 14A)

Ticker: PRAA · Form: DEF 14A · Filed: Apr 29, 2024 · CIK: 1185348

Pra Group Inc DEF 14A Filing Summary
FieldDetail
CompanyPra Group Inc (PRAA)
Form TypeDEF 14A
Filed DateApr 29, 2024
Risk Level
Pages15
Reading Time18 min
Key Dollar Amounts$1.2 billion, $850.0 million, $1.7 billion, $802.6 million, $966.5 million
Sentimentneutral

Sentiment: neutral

Topics: DEF 14A, Proxy Statement, PRA Group Inc., Executive Compensation, Corporate Governance

TL;DR

<b>PRA Group Inc. has filed its Definitive Proxy Statement (DEF 14A) for the period ending June 13, 2024.</b>

AI Summary

PRA GROUP INC (PRAA) filed a Proxy Statement (DEF 14A) with the SEC on April 29, 2024. PRA Group Inc. filed a Definitive Proxy Statement (DEF 14A) on April 29, 2024. The filing covers the period ending June 13, 2024. The company's Central Index Key is 0001185348. PRA Group Inc. is classified under SIC code 6153 (Short-Term Business Credit Institutions). The filing includes information related to executive compensation for the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking PRA GROUP INC, this filing contains several important signals. This DEF 14A filing is a standard requirement for public companies to provide shareholders with information regarding annual meetings, director nominations, executive compensation, and other corporate governance matters. The detailed information within the proxy statement allows shareholders to make informed decisions when voting on proposals at the company's annual meeting.

Risk Assessment

Risk Level: — PRA GROUP INC shows moderate risk based on this filing. The filing is a routine DEF 14A, which is a standard disclosure document and does not contain new material financial or operational information that would significantly alter the risk profile.

Analyst Insight

Review the executive compensation details and any shareholder proposals within the DEF 14A to understand management's remuneration and potential governance changes.

Key Numbers

  • 2024-04-29 — Filing Date (DEF 14A)
  • 2024-06-13 — Period of Report (DEF 14A)
  • 2023-12-31 — Fiscal Year End (Company Data)

Key Players & Entities

  • PRA GROUP INC (company) — Registrant
  • 0001185348 (company) — Central Index Key
  • 6153 (company) — Standard Industrial Classification
  • 1934 Act (regulator) — SEC Act
  • Vikram A. Atal (person) — Member
  • Kevin P. Stevenson (person) — Member

FAQ

When did PRA GROUP INC file this DEF 14A?

PRA GROUP INC filed this Proxy Statement (DEF 14A) with the SEC on April 29, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by PRA GROUP INC (PRAA).

Where can I read the original DEF 14A filing from PRA GROUP INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by PRA GROUP INC.

What are the key takeaways from PRA GROUP INC's DEF 14A?

PRA GROUP INC filed this DEF 14A on April 29, 2024. Key takeaways: PRA Group Inc. filed a Definitive Proxy Statement (DEF 14A) on April 29, 2024.. The filing covers the period ending June 13, 2024.. The company's Central Index Key is 0001185348..

Is PRA GROUP INC a risky investment based on this filing?

Based on this DEF 14A, PRA GROUP INC presents a moderate-risk profile. The filing is a routine DEF 14A, which is a standard disclosure document and does not contain new material financial or operational information that would significantly alter the risk profile.

What should investors do after reading PRA GROUP INC's DEF 14A?

Review the executive compensation details and any shareholder proposals within the DEF 14A to understand management's remuneration and potential governance changes. The overall sentiment from this filing is neutral.

How does PRA GROUP INC compare to its industry peers?

PRA Group Inc. operates in the financial services sector, specifically within short-term business credit institutions.

Are there regulatory concerns for PRA GROUP INC?

The filing is made under the Securities Exchange Act of 1934, specifically Rule 14a-101, which governs the content of proxy statements.

Industry Context

PRA Group Inc. operates in the financial services sector, specifically within short-term business credit institutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Rule 14a-101, which governs the content of proxy statements.

What Investors Should Do

  1. Analyze the compensation packages for named executive officers.
  2. Review any shareholder proposals and management's recommendations.
  3. Examine director nominations and qualifications.

Year-Over-Year Comparison

This is the initial DEF 14A filing for the reporting period, providing updated information for the upcoming shareholder meeting.

Filing Stats: 4,446 words · 18 min read · ~15 pages · Grade level 14.8 · Accepted 2024-04-29 17:13:20

Key Financial Figures

  • $1.2 billion — lights Total portfolio purchases were $1.2 billion in 2023 compared to $850.0 million in 2
  • $850.0 million — s were $1.2 billion in 2023 compared to $850.0 million in 2022. The increase was primarily dri
  • $1.7 billion — eivables portfolios) remained stable at $1.7 billion for both 2023, and 2022. Total revenu
  • $802.6 million — h 2023, and 2022. Total revenues were $802.6 million in 2023 compared to $966.5 million in 2
  • $966.5 million — were $802.6 million in 2023 compared to $966.5 million in 2022. The decrease was driven by:
  • $140 million — n 2022. The decrease was driven by: a $140 million decrease in changes in expected recover
  • $15 million — to a net decrease during 2023; and a $15 million decrease in portfolio income, largely t
  • $702.1 million — o 2023. Total operating expenses were $702.1 million in 2023 compared to $680.7 million in 2
  • $680.7 million — were $702.1 million in 2023 compared to $680.7 million in 2022. The increase was driven by:
  • $12 million — n 2022. The increase was driven by: a $12 million increase in legal collection costs, pri
  • $11 million — roxy Statement Table of Contents an $11 million increase in agency fees, due to higher
  • $20 million — to higher collections in Brazil; and $20 million of non-recurring expenses, including se
  • $83.5 — (loss) attributable to the Company was ($83.5) million in 2023, compared to $117.1 mi
  • $117.1 million — as ($83.5) million in 2023, compared to $117.1 million in 2022. Our cash efficiency ratio (c
  • $6.4 billion — ned finance receivables portfolios) was $6.4 billion at the end of 2023, compared to $5.7 bi

Filing Documents

SECURITY OWNERSHIP

SECURITY OWNERSHIP 47

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 47 Section 16(a) Beneficial Ownership Reporting Compliance 48 VOTING INSTRUCTIONS AND OTHER INFORMATION 49 Internet Availability of Proxy Materials and Annual Report 49 How to Vote 49 Revoking Your Proxy 49 Inspector of Elections 50 Cost of Proxy Solicitation 50 Broker Non-Votes 50 Stockholder Proposals 50 Other Information 51 Other Matters to be Presented 51 2024 Proxy Statement |PRA Group Table of Contents Proxy Summary This summary highlights certain information contained elsewhere in the Proxy Statement but does not contain all information that you should consider prior to casting your vote. Therefore, you should read the entire Proxy Statement carefully before voting. Annual Meeting Date and Time: Thursday, June 13, 2024, at 9:30 a.m. Eastern Time Location: Virtual Meeting Record Date: April 23, 2024 Voting Matters and Board Vote Recommendations Agenda Item Board Vote Recommendation Page Reference Proposal 1: Elect the 11 director nominees named in this Proxy Statement for a one-year term FOR 11 Proposal 2: Ratify the appointment of Ernst & Young LLP ("EY") as our independent registered public accounting firm for 2024 FOR 18 Proposal 3: Advisory vote to approve our named executive officer ("NEO") compensation ("Say-on-Pay") FOR 22 Corporate Governance Highlights Independent Oversight Our Board of Directors ("Board") is comprised primarily of independent (11 of 12) directors. Our Board Committees are comprised solely of independent directors. We have a Lead Independent Director who, among other responsibilities, presides over executive sessions of our independent directors, which occur at each in-person or virtual Board meeting. The roles of Chairman of the Board and Chief Executive Officer ("CEO") are separate. Our Compensation Committee engages an independent compensation consultant to advise and suppo

: Gender Identity

Part I: Gender Identity Directors 3 9 0 0

: Demographic Background

Part II: Demographic Background African American or Black 1 0 0 0 Alaskan Native or Native American 0 0 0 0 Asian 0 1 0 0 Hispanic or Latinx 1 0 0 0 Native Hawaiian or Pacific Islander 0 0 0 0 White 1 8 0 0 Two or More Races or Ethnicities 0 0 0 0 LGBTQ+ 1 Did Not Disclose Demographic Background 0 2023 Company Performance Highlights Total portfolio purchases were $1.2 billion in 2023 compared to $850.0 million in 2022. The increase was primarily driven by improving portfolio supply in the U.S. Total cash collections (collections on our owned finance receivables portfolios) remained stable at $1.7 billion for both 2023, and 2022. Total revenues were $802.6 million in 2023 compared to $966.5 million in 2022. The decrease was driven by: a $140 million decrease in changes in expected recoveries, primarily due to lower overperformance and a net increase to the estimated remaining collections of certain pools compared to a net decrease during 2023; and a $15 million decrease in portfolio income, largely the result of higher levels of consumer liquidity driving a lower supply of nonperforming loan portfolios in the years leading up to 2023. Total operating expenses were $702.1 million in 2023 compared to $680.7 million in 2022. The increase was driven by: a $12 million increase in legal collection costs, primarily reflecting higher volumes of lawsuits filed in the U.S. during 2023; iiPRA Group| 2024 Proxy Statement Table of Contents an $11 million increase in agency fees, due to higher collections in Brazil; and $20 million of non-recurring expenses, including severance, case-specific litigation, and the impairment of real estate associated with the closing of an owned U.S. call center. Net income/(loss) attributable to the Company was ($83.5) million in 2023, compared to $117.1 million in 2022. Our cash efficiency ratio (cash receipts, which are cash collections plus fee income

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