PRA GROUP INC
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
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10. Income Taxes
- Income Taxes:
The Company's effective tax rate for the three and nine months ended September 30, 2024 and 2023 was as follows (amounts in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Income/(loss) before income taxes | $28,250 | $(6,363) | $76,205 | $(76,211) |
| Income tax expense/(benefit) | (672) | $1,788 | 10,416 | $(15,317) |
| Effective tax rate | (2.4)% | (28.1)% | 13.7% | 20.1% |
During the three and nine months ended September 30, 2024, the relationship between Income/(loss) before income taxes and Income tax expense/(benefit) was impacted by a $7.7 million reduction in tax expense due to the reversal of a valuation allowance associated with the resolution of a tax matter in Europe.
We are subject to income taxes in the U.S. and a number of international jurisdictions. These tax laws are complex and are subject to different interpretations by the taxpayer and the relevant government taxing authorities. As of September 30, 2024, the tax years subject to examination by the major federal, state and international taxing jurisdictions are 2014 and subsequent years. The Company has received tax assessments from the Norwegian Tax Administration related to certain intercompany transactions that took place during the 2014 and 2015 tax years. The Company is evaluating these assessments and plans to appeal them; however, it could take a number of years to reach a resolution.
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