NORFOLK, VA – PRA Group Inc. (NASDAQ:PRAA), a global leader in acquiring and collecting nonperforming loans, announced the results of its annual stockholders' meeting held on June 13, 2024. Shareholders voted on several key issues, including the election of directors and the ratification of the company's independent auditor.
During the meeting, all nine nominees for the board of directors were elected to serve until the next annual meeting in 2025 or until their successors are duly elected and qualified. The directors elected include Vikram A. Atal, Danielle M. Brown, Marjorie M. Connelly, Steven D. Fredrickson, Jayne Anne-Gadhia, Glenn P. Marino, Geir L. Olsen, Brett L. Paschke, Scott M. Tabakin, Peggy P. Turner, and Lance L. Weaver. The results showed strong support for each director, with the majority receiving over 33 million votes in favor.
Additionally, the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with an overwhelming majority of over 36 million votes for and only 25,582 votes against.
The company's stockholders also approved the compensation of the named executive officers, often referred to as "Say-on-Pay." This advisory vote garnered over 31 million votes in favor, indicating shareholder satisfaction with the executive compensation strategy.
In other recent news, PRA Group has been making significant strides in its financial operations. The company has priced a $400 million offering in senior notes, set to mature in 2030. This offering is intended to repay approximately $396 million of the company's existing debts, with plans to use the credit facility again to redeem $298 million of its 7.375% senior notes due in 2025.
In addition, PRA Group announced the nomination of Dame Jayne-Anne Gadhia as a new independent director, pending approval at the company's Annual Meeting of stockholders.
Turning to financial performance, PRA Group reported a 7% increase in portfolio purchases in its first-quarter earnings for 2024. Total revenues reached $256 million, with cash collections rising to $450 million, driven by performance in the US and Brazil.
InvestingPro Insights
As PRA Group Inc. (NASDAQ:PRAA) continues to navigate the intricacies of the nonperforming loans market, recent data and analysis from InvestingPro offer investors a deeper look into the company's financial health and market performance. With a market capitalization of $824.82 million and a notable quarterly revenue growth of 64.4%, PRA Group demonstrates potential in scaling its operations. However, it's important to note the company's current P/E ratio stands at -38.09, reflecting challenges in profitability over the last twelve months.
InvestingPro Tips suggest that while PRA Group has been grappling with profitability, analysts are optimistic about the company's future. Net income is expected to grow this year, and two analysts have revised their earnings upwards for the upcoming period. Additionally, despite a significant price drop over the last three months, the company's liquid assets exceed its short-term obligations, indicating a solid financial position to meet immediate liabilities.
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