PRA Group, Inc. (NASDAQ:PRAA) Q2 2017 Earnings Conference Call - Final Transcript

Aug 08, 2017 • 05:00 pm ET

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PRA Group, Inc. (NASDAQ:PRAA) Q2 2017 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon and welcome to the PRA Group Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time.

[Operator Instructions]

As a reminder, this conference call is being recorded. I would now like to turn the conference over to Ms. Darby Schoenfeld, Vice President of Investor Relations for PRA Group.

Executive
Darby Schoenfeld

Thank you. Good afternoon, everyone, and thank you for joining us. With me today are Kevin Stevenson, President and Chief Executive Officer, and Pete Graham, Executive Vice President and CFO.

We will make forward-looking statements during the call, which are based on management's current expectations. We caution listeners that these forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations. Please refer to the earnings press release and our SEC filings for a detailed discussion of these factors. The earnings release and the slide presentation that we will use during today's webcast and call and our SEC filings can be found on 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 information needed to listen is in the earnings press release. All comparisons mentioned today will be between Q2, 2017 and Q2, 2016, unless otherwise noted. I'd now like to turn the call over to Kevin Stevenson, our President and Chief Executive Officer.

Executive
Kevin Stevenson

Thank you, Darby, and good afternoon, everyone. Thank you for joining us on our 2017 second quarter earnings conference call. Before we discuss the result of the quarter there are few items I would like to mention.

First, I cannot begin my tenure as CEO without publically acknowledging the incredible job that Steve Fredrickson has done over these past 21 years. Sounding PRA was Steve's idea and none of us would be on this call this evening if we were not for his vision, hard work and determination. I worked side-by-side with Steve for over two decades and when I look back on those years I realize how fortunate I've been to have joined him on this journey. Steve has now moved into the Executive Chairmen role and I want to take just a moment to thank him for his many years of leadership, vision, and hard work. Steve commented last quarter that it was his 58th and final earnings conference call as CEO.

Today marks my 59th earnings conference call and my first as CEO. I thought it's appropriate at this time to reiterate just a few of PRA's long held philosophies. First, we do not name the company we purchased from, nor we identify companies that are generally in or out in the market. We held this philosophy since our IPO in 2002 for a host of reasons. One of which is that selling distressed assets is a strategic decision for the financial institutions and any color on that decision should come from them