PRA GROUP INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Changes in Equity
| Common Stock · Additional Paid-in Capital · Retained Earnings · Accumulated Other Comprehensive Loss · Noncontrolling Interests · Total Equity | |||||||
|---|---|---|---|---|---|---|---|
| Shares · Amount | |||||||
| Balance as of December 31, 2020 | 45,585 | $456 | $75,282 | $1,511,970 | $(245,791) | $31,609 | $1,373,526 |
| Effect of change in accounting principle (1) | — | — | (26,697) | 12,008 | — | — | (14,689) |
| Balance as of January 1, 2021 | 45,585 | $456 | $48,585 | $1,523,978 | $(245,791) | $31,609 | $1,358,837 |
| Components of comprehensive income, net of tax: | |||||||
| Net income | — | — | — | 183,158 | — | 12,351 | 195,509 |
| Currency translation adjustments | — | — | — | — | (48,748) | (7,471) | (56,219) |
| Cash flow hedges | — | — | — | — | 27,978 | — | 27,978 |
| Debt securities available-for-sale | — | — | — | — | (348) | — | (348) |
| Distributions to noncontrolling interests | — | — | — | — | — | (21,411) | (21,411) |
| Contributions from noncontrolling interests | — | — | — | — | — | 23,413 | 23,413 |
| Vesting of restricted stock | 264 | 2 | (2) | — | — | — | — |
| Repurchase and cancellation of common stock | (4,841) | (48) | (58,531) | (154,291) | — | — | (212,870) |
| Share-based compensation expense | — | — | 15,940 | — | — | — | 15,940 |
| Employee stock relinquished for payment of taxes | — | — | (5,992) | — | — | — | (5,992) |
| Balance as of December 31, 2021 | 41,008 | $410 | $— | $1,552,845 | $(266,909) | $38,491 | $1,324,837 |
| Components of comprehensive income, net of tax: | |||||||
| Net income | — | — | — | 117,147 | — | 851 | 117,998 |
| Currency translation adjustments | — | — | — | — | (114,176) | 8,884 | (105,292) |
| Cash flow hedges | — | — | — | — | 33,175 | — | 33,175 |
| Debt securities available-for-sale | — | — | — | — | (16) | — | (16) |
| Distributions to noncontrolling interests | — | — | — | — | — | (6,691) | (6,691) |
| Contributions from noncontrolling interests | — | — | — | — | — | 17,554 | 17,554 |
| Vesting of restricted stock | 303 | 4 | (4) | — | — | — | — |
| Repurchase and cancellation of common stock | (2,331) | (24) | (2,399) | (96,967) | — | — | (99,390) |
| Share-based compensation expense | — | — | 13,047 | — | — | — | 13,047 |
| Employee stock relinquished for payment of taxes | — | — | (8,472) | — | — | — | (8,472) |
| Balance as of December 31, 2022 | 38,980 | $390 | $2,172 | $1,573,025 | $(347,926) | $59,089 | $1,286,750 |
| Components of comprehensive income, net of tax: | |||||||
| Net income/(loss) | — | — | — | (83,477) | — | 16,723 | (66,754) |
| Currency translation adjustments | — | — | — | — | 38,932 | 6,592 | 45,524 |
| Cash flow hedges | — | — | — | — | (21,207) | — | (21,207) |
| Debt securities available-for-sale | — | — | — | — | 302 | — | 302 |
| Distributions to noncontrolling interests | — | — | — | — | — | (10,140) | (10,140) |
| Vesting of restricted stock | 267 | 2 | (2) | — | — | — | — |
| Share-based compensation expense | — | — | 11,095 | — | — | — | 11,095 |
| Employee stock relinquished for payment of taxes | — | — | (6,194) | — | — | — | (6,194) |
| Balance as of December 31, 2023 | 39,247 | $392 | $7,071 | $1,489,548 | $(329,899) | $72,264 | $1,239,376 |
(1) Beginning January 1, 2021, the Company implemented ASU 2020-06 Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. For additional information, see Note 1 "General and Summary of Significant Accounting Policies" to the Company's Consolidated Financial Statements included in its Annual Report on Form 10-K for the year ended December 31, 2021.
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