PRA Group, Inc. (NASDAQ:PRAA) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 05:00 pm ET

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PRA Group, Inc. (NASDAQ:PRAA) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Welcome to the PRA Group Conference Call.

[Operator Instructions]

I would now like to hand the conference over to Ms. Darby Schoenfeld, Vice President Investor Relations for the PRA Group. Please go ahead.

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 Chief Financial Officer. We will make forward-looking statements during the call, which are based on management's current 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 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 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 2020 and Q2 2019, unless otherwise noted.

During our call, we will discuss total revenues for the second quarter of 2019 on an adjusted basis as well as debt-to-adjusted EBITDA for the 12 months ended June 30, 2020. Please refer to the appendix of the slide presentation utilized during this call for a reconciliation of these non-GAAP financial measures to the most directly comparable US GAAP financial measures and our rationale for providing them. The slide presentation, including the US GAAP reconciliation, can be found on the Investors section -- Investor Relations section of our website.

I'd now like to turn the call over to Kevin Stevenson, our President and Chief Executive Officer.

Executive
Kevin Stevenson

Well, thank you, Darby, and good evening, everyone, and thank you for joining our call.

I want to begin this evening just as I did last quarter. I'd like to acknowledge this pandemic is a human tragedy, the likes of which the world has not seen in a very, very long time. As a company that was started to do the right things for the right reasons, we are extremely sensitive to the impact this is having on everyone globally, and our thoughts continue to go out to all of those affected.

But the world will get through this and our economies will recover. And it's in that recovery that this positive outlook we're sharing this evening for PRA is largely explained. We have a significant role to play, ushering people through financial challenges. We started this company almost 25 years ago with the singular purpose of buying non-performing loans and helping people recover in a very professional, respectful and patient way. So today, everyone is focused on this crisis and how it impacts people's economic reality. But it's important to remember that PRA does not work with