PRA GROUP INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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5 – Leases
- Leases:
The components of lease expense for the years ended December 31, 2023 and 2022, were as follows (amounts in thousands):
| 2023 | 2022 | |
|---|---|---|
| Operating lease expense | $10,632 | $11,981 |
| Short-term lease expense | 2,007 | 2,374 |
| Sublease income | (317) | (486) |
| Total lease expense | $12,322 | $13,869 |
Supplemental cash flow information and non-cash activity related to leases for the years ended December 31, 2023 and 2022, were as follows (amounts in thousands):
| 2023 | 2022 | |
|---|---|---|
| Cash paid for amounts included in the measurement of operating lease liabilities | $11,514 | $11,852 |
| ROU assets obtained in exchange for operating lease obligations (1) | $1,060 | $8,882 |
(1) Includes the impact of new leases as well as remeasurements and modifications of existing leases.
Lease term and discount rate information related to operating leases were as follows:
| 2023 | 2022 | |
|---|---|---|
| Weighted-average remaining lease term (years) | 7.4 | 8.0 |
| Weighted-average discount rate | 4.7% | 4.5% |
Maturities of lease liabilities as of December 31, 2023, were as follows for the years ending December 31, (amounts in thousands):
| Operating Leases | |
|---|---|
| 2024 | $10,015 |
| 2025 | 9,791 |
| 2026 | 8,658 |
| 2027 | 5,789 |
| 2028 | 5,661 |
| Thereafter | 19,928 |
| Total lease payments | 59,842 |
| Less: imputed interest | (9,542) |
| Total present value of lease liabilities | $50,300 |
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