PRAA - Earnings call 4 2023

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Operator

Good evening, and welcome to the PRA Group's Fourth Quarter and Full Year 2023 Conference Call. [Operator Instructions] Please note this event is being recorded.I would now like to turn the conference over to Mr. Najim Mostamand, Vice President, Investor Relations for PRA Group. Please go ahead.

Najim Mostamand

Thank you. thank joining and everyone, evening, you us. for Good Atal, Chief Vice Executive me and today and and Vik are Executive With Officer; President Rakesh Financial Officer. Chief President Sehgal,

expectations. forward-looking actual assumptions, assumptions, and subject forward-looking our We from our found are press call earnings today's we materially could make to the We update in at call, of a to revise release obligation statements and to that expectations. and Please that during listeners these section during cause be current projections, www.pragroup.com. management's are factors.The our statements.We refer assume detailed and which Investor Relations the caution our our release, these will other differ website for presentation beliefs, use factors based statements earnings results to on uncertainties, the SEC slide or no SEC risks, of filings the filings will these that all discussion can

call available today unless will included and QX this press results noted, mentioned in comparisons of is Americas replay and Australia. QX release.All XXXX will include the information our its a shortly conclusion, be the dial-in be otherwise Additionally, earnings replay and XXXX, after between

President appendix like discuss will directly the our call, turn the debt-to-adjusted XXXX, and the the our U.S. measures.And to of EBITDA slide call for months financial EBITDA During we to most that, non-GAAP comparable with presentation during Officer. ended over Executive Vik the December for XXXX. to reconciliation a now of this adjusted earnings Please financial these Chief and GAAP call today's Atal, I'd measures release and XX, XX used and XX, December refer to

Vikram Atal

their each the could sacrifice, challenging you, their us every of everyone, work, and for contributions. hard a be Najim, start, one and thanking for moment not you, At a year. dedication joining Thank our I want members of to I team spend evening. prouder and this thank through

As expectations in necessary XXXX. year, due back regard it is, to time it new business, loss course, performance we quarter U.S. last in if us move disappointing Equally, performance.Our more opportune of look imperatives importantly, crystallize we for our first an underperformance share that of largely not to of the our into our to the at our with our XXXX in year. balance perspectives and future the is through

and strategy stabilize outline through performance. areas of performance identified in detail the time results in some have on involved flow which quarter complex the of to First, changes financial this team had up XXXX.As and the returning of reminding April for majority performance or responsibilities. my made the a I policy have to have changes It's the stabilize where during XXXX Together, as and our parallel, these made employees we have process since a I few to organizational to operations and expected A in some team. I of significant and our focus.Furthermore, shareholder urgency, and everyone drive numerous of In year underscores alignment senior progress experienced the on confidence, making important roles that March of excellence, cover call. and in commencing we the late the collective of redesign, to assumed leaders in vast on the have concentrated and taken the senior progress and financial developed. fourth in performance full will strategy will have turnaround. play we worth substantive later significant gaps implement whose are operational XXXX that position highest teamwork, I CEO we moment, our sense XXXX year, keen rebinding properly in Rakesh to stepped as whom company realign C-suite greater

these it's our that, of financial to turnaround Following provide the expectations.With Rakesh. and I the will associated progress regarding over and details pacing, scope, remarks,

Rakesh Sehgal

controlling generating and portfolio a affirms, our made our At portfolio with prior quarter expenses.Turning operational now our micro We the with additional initiatives $XXX quarter, grew Vik. debt to as management year XXXX, on level, of Thanks, on purchases. investments, our portfolios and during starting during results, team fourth tangible our purchased million the we period. progress consistent integrated rating cash with business our globally,

the $XXX diversification achieved of year-over-year. the Americas lower the being full the and $XXX XXXX pricing the is would the transactions at is million these XX% returns For purchase when the portfolio the the year-over-year. amount changes Europe. We and and was the the million, during million fewer to than This of year, The XXXX $XXX business. of income company that U.S. quarter recorded of reflected in recoveries the time across were years. purchased vintage, revenue sequentially, we coming by the year-over-year. we million demonstrated financial core XXXX last period, at at but $XX prices highest quarter, by markets with revenues portfolio of which globally.In third our we improved million expected last in year. see This XX% initially our driven QX $XXX in end X.XXx.Moving expected of level level first investment was U.S. in market you ended large are tight invested was spot low up represents for compared improved the million, $XXX supply This quarter was full we million year volume XX% billion European demonstrating portfolios, for Americas, results. Total the compared invested up marked consider to U.S., investments X up quarter, our on what year history particularly million. QX.Moving $XXX in year, pricing multiple Total and to quarter, the the X.XXx and multiple strongest to to but typically $XXX for by $X.X which in at price up deployed In in was when the in which encouraging QX our to

of portfolio the is our yield component income reminder, a As revenue.

can see the row income on portfolio quarter the grown the represented a fourth second has on that chart You left quarter year-over-year. the in that

expect We pricing not the portfolio.Turning only in purchases reflecting portfolio already the continue, to on that this projected place, are that and income chart new investments have changes to right. growth also grow taken to the but expected

that overperforming value, which our P&L from would agency we growth were which $XXX portfolio in income, X%, our changes by of for changes current up encompasses in by recoveries.During on expenses, was our the in the consolidated benefit are in basis include through incremental quarter XXXX. legal million operational $X to Americas This in that flowing portfolio for Operating and which initiatives driven fees, the by compared recoveries, a such period, exceeding Europe linked addition volume expenses in X%. were from growth period quarter. the by importantly legal higher million expected collected increase period. expected expected overperformance combination and present Legal In million flow prior extent quarter, create to with channel ERC. To underperformance underlying of the prior million, a for a in expected value recoveries, or and expectations revenues our largely $XX fourth underway $XX XX.X% cash our to the year all into was X% X% of portfolio.Cash collection the costs, net our changes the communication were the excess which year as are by quarter, the was overperforming driven the of costs collection efficiency up accounts the

the that continue as variable million timing a cost XXXX. to collections lawsuit As reported a there in there fourth then collections $X primarily is invest increased experience court for in benefit when were $X when million, cash to interest Communication in of expense million, starting increase was up quarter reminder, of legal this $XX to a lag volumes. largely Typically, quarter expanded up Brazil in filed, tax build.Agency expenses by reflecting and several quarter, which balances followed business debt is later this million which to we fees, interest driven channel. due and were an an $XX the is market. million higher cash Net $XX a collections we months by growth upfront strong fees cash rates.We is are our

$X.XX We mix effective income be low tax the expect and other earnings our negative attributable share. diluted to on to per loss in XX% rate in $X range or depending million XXXX, Net PRA was factors. for

for year Brazil. or For X% the full share. were from currency net as the $X.XX negative and quarter to X% the by constant a in collections U.S. period decreased primarily result the This off. XXXX purchase should quarter, and reverse to price X% multiples as yields as the vintages from a and XXXX or quarter of flat and cash rolled increased largely collections older million constant cash collections the increased diluted basis. $XX constant or XXXX PRA higher for lower impact the higher-yielding the vintages on driven currency higher X% of a $XXX prior a cash loss early X% up per for attributable we basis.For Americas earnings million, on up the quarter, volumes result Cash multiples reported was in collections roughly part collections XXXX.European a on gradually in of currency basis, X% year,

in versus X% Europe expectations consumer, regard been or XX, X% pressures December quarter our having performance Our the on on overperformance and had in living XXXX markets of to underperformance in consolidated at the certain mentioned last overperformance that an has Americas X% impact. cost European XXXX, a experienced basis. With the cash we

collections dynamic to the that us of stable.Within customer environment be experiencing see stable onetime paying impact the relatively proportion continue remained payments, a large stress. and any we U.S., significant We from segments in are see although resulting may customers has seeing this not fewer

expansion strategies, However, billion million, year. XX offer increasing On dynamically evident, by compared consumer intend basis, combination XX where and December billion, U.S. an the various we was at strategies, at last collections.ERC with manage in to such $XXX ERC was a ERC of $X.X becomes million. contact a sequential up through the stress of to legal applicable alternative $X.X extent December XX% $XXX which to this increased

adjusted portfolio. multiples next to It average months.Based cash that We on made XX include reflects our expect balance to increasing frame to would exceed the and number of current XX structure months. over this approximately collect we $XXX leverage during purchases recorded It's environment $X.X expect to a investment ERC grow existing In expect the note of time new replace capital EBITDA collect ERC to price runoff levels. can we we the level expect globally over the not of remains on the we XXXX, this from this in the purchase at XXXX.Our does December same with ERC need that debt amount important we million strong to XX. collect this X.XXx supply, billion ratio and invest only maintain next we to during our

have to draw all is funding of under most goal have to our decade.In sustained facilities. capacity, which deep long-term X billion $X.X facilities, our our back a in leverage In relationships, Our in credit of terms our stretch have range. over total of committed the fee to banking we Xx credit we Xx capital

bank have that points to XXX benchmark ranging Our attractive from lines cost an of provide margins XXX capital. over basis

capital covenants, our are $X.X build total from facilities, $XXX that including maturing of that, portfolio to the XX, draw based generated us billion, U.S. we cash Europe, on ERC year, I'll in December business the monitoring rates.Lastly, position the markets favorably can in from credit we of capital As and and our next given supply.With We to and it we senior markets. fall back debt Vik. availability both of believe $XXX have under we million available the our comprised capital in to advance additional million of availability expected XXXX subject notes the turn actively access accommodate the have our of to current

Vikram Atal

Thank you, Rakesh.

profitability on and new by turnaround performance to operational speed particular Over ERC business to needed the emphasis leadership is allows us our consultants the The team, drive turn all, map X industry to grow and above focused First, U.S. on enhance of of around the with pillars: U.S. significant months stabilize is through key with portfolio by decisive action significant have discipline. initiatives supplemented and December emphasis business the supported a our on commitment taken the XXXX, experience, we execution.Our which onboarding with a road X to the with of the pricing, to and our quality broad scope operations.

geared book. dollar operational address focuses Second, which these existing cash effectiveness, to me expense on now each back is in turn. our management, maximizing pillars collected optimizing of our which And structure.Let on per third, invested cost

and pricing. ERC First,

growth XXXX. in benefited from within in the U.S. have portfolio supply significant We

on the our strong correlation purchases. by the shown there credit charge-off slide, card the rates and of between As a chart is left portfolio industry U.S.

As and supply in portfolio expect by another very driven higher purchases. rising industry charge-off year and continues credit delinquency U.S. card strong build, the to U.S. for we rates, balances

On certain the forward to European in in underwrite part proactively are arrangements preponderance pricing respect timing the placed have the in to through transactions large fully cycle. opportunities allocation historic responsibly less market with the other predictable.We both our latter of took capital given existing new investment reiterate, XXXX. flow and to significant spot purchases remain amount The the forward we and we are of effect focused And intensely pricing flows of Europe hand, on precise pricing, ensuring portfolios reflect the repricing disciplined emphasis conditions. managing market, on in and can on and purchase of

As it success X shortfalls materialize own. an to we the have business, realizing to improvements a numerous April central XXXX. referred pricing #X, cash growth execution effectiveness, launched result, operational as value the from we year-over-year to that were will are factors as uplift which portfolio along driving already we've portfolios there associated in collections will and U.S. This in operational XXXX.While we actions. absolutely to our our is across extract seeks figure and revenues, ultimate income pricing initiatives important principal multiple in begin that and portfolio Recognizing

encouraging our activities.With rolled of of second, our call processes with and gaps we additional dialer strategies out to quarter and optimized customer operational strategies, regard to inventory addressed has engagement. enhanced effectiveness results centers, actions; reconfigured payment on capacity our growth. axis processes, to focuses support emphasis established.The the fourth led was customer legal a regard end-to-end Further, to very post management, center our plans engagement process to being activity. on ongoing fully incremental drive legal with processes XXXX, contact change rebuilt in This our in shown call second during First, and particular in review testing offers portfolio judgment an

which these to opportunities regard the our post-judgment identified have Our the second of meaningful require opportunities of early commenced to as significant of has seen the was relationships, largely quarter quarter.Following multiple review value enhancements inventory third-party very we with the increase in XXXX processes well Addressing fourth as existing internal establishment in judgements. rollout, a new and completed in creation.

the of in We XXXX. flow excess by to expect majority identified the date opportunities in associated anticipated to be cash commencing through million, the collection of the $XXX half from first with year-end to XXXX,

legal continue ahead, additional processes. to collection improvements Looking to our we evaluate

that apply and my making. focus enhancements processes While remarks investments portfolios, the legal on regarding also will center existing these to new we call are

we is Since Over portfolios.The more expense buyer while competitive, cyclical the us is turnaround marginal our a long make that expense flexible ensure business term, pillar and to outcomes. continuing industry our both is structure of and customer to optimal it this have costs management. more lower drive highly competitive us is third should management enables imperative profitable an to and important that

management B, to In a designed and processes; build cycle. in processes cost operate in and resources investments changes completed business. legal expenses appropriate for costs quarter program capabilities.Our call the overall U.S. inflationary in expected real number center to first pressures, the lower our by analytics with contributing cost; both simplify and the leverage Our impacts The impact and management has, of and channel, across expense C, operational to; a our with business globally, intensity and actions to our to A, this rebalance our of in reflect factors nonessential are largely focused force strategy locations. countering reexamine the digital growth and management are U.S. increased in restructure flexibility cost of to in XXXX eliminate contact efficiently volumes, the year-over-year the benefit include and actions U.S., restructured therefore, we business Italy cost program. investments These reduction and on offset XXXX, in

new the it U.S. a resources fourth implemented we also steps that over to productivity. business, and nonstrategic quarter XXX call vendor we center initiatives our of restructured quarter. call Further, third and XXXX, closed relates through We the processes reexamining Australia the in we in supporting automation numerous increase U.S. to processes, eliminated center taken simplifying business.As have

have We and workforce enhanced processes management are our oversight. deploying management also tools and new vendor

this a implemented focused our been supported prioritization early began of second Starting the global U.S. offshored process the marginal partnership to has PRA's of of To and was Historically, upwards in almost shift we resources. quarter. domestic the has drive implementing our with well-recognized a quarter an these we by X cost dynamic of requisite an expansion to In progress strategic decision.Finally, a providers. successfully fourth front, addition, intensely business of lowering on we speed of relationships XXX in business in process resources required establishment existing on are that entirely which led operations. the service operational efforts, XXXX, demonstrate

have less we XXXX. and end up the utilization up had in by be scale our XXXX. of of by We XXXX.Additionally, target rapidly this a fourth center in offshore we first XXXX on call from Based full-time the XX% team to of the that the are moving others based will we level locations in to U.S. that be resources have these end operations have in the XXXX half initiatives an XXX the planned, quarter lower-cost piloted almost successfully of to are anticipate the than underway of and in of employees

meaningfully high others expense out in to compared [indiscernible] targeting map cash our to outcomes. expense it flight, are overall levels a 'XX themes and as actions completed laid to that the pace in year-over-year a broad collections.Having to confidence that and measurable are summarize grow is mitigation in at we important turnaround, to slower the With key been have

First, by supply. largely we the expect strong portfolio driven U.S. levels, portfolio projected increase investment in

that, XXXX.To to Second, execution double double-digit modest scaled. our and year growth portfolio required to transition become to we We we in efficiency purchases turnaround the important digits but turnaround, on To through to the are while stakeholders and as low set context operating Further, on of including XX% their into continue compared capturing as for building our compared pacing our as anticipate for continued tangible by cash by are we and aspirations generating beyond value, this metric view place support are And grow a through importantly, and momentum recognize the additional cash high-performing road to that XXXX shareholder the creation of measures with by back driving and broader we gain growth expected a introducing achieving initiatives book. tangible end, and drive are of requires progress existing initiatives cash we we as the average improved driven improvement a now our focus. wish higher and we value uplift the collections of and generation that expect to return equity collections, map, are into with XXXX, by we range move conclude expense to as an to cash to for pricing, year expect levels see to that cash added ready return shareholder the It's X% provide ongoing on thanking move beyond.I closing, overall average business financial to metric at note important capacity year. organizational we for the encouraged PRA. to on of X% metric XXXX.In an performance, the company achieve into a of questions. additional our shareholders existing full to expectation expect an needs on is equity by

Operator

from comes Citizens Your David line first Instructions] JMP. the [Operator question of Scharf from

David Scharf

tangible quick the you're and what regarding viewing But enough. the I feel Vik, write comments how on I without kind assets company taking little for of we your mix that call -- both can call leverage? both center give U.S. the piloting. down been is model you're initiatives, maybe the years. of close the about collection versus at? equity sense you to based India your competitor a substantial background didn't you at collecting based and provide company? the think center cost can longer-term analysis, you how targeting more on has collections operational U.S. offshore your for your for what the appreciate a I out you mix all a And place on piloting specifically, offshore?Obviously, domestic us kind follow-up wanted substantial also to being give whether ought current just and the sense can largest collections Can achieve the of move to And of a returns Maybe on XX offshoring differential us is on targeted

Vikram Atal

you there. tell we take of purpose have to the can the in of which be the But want too right, to program. So to say, offshore part let would part the we second myself your question, what first regard first, started advantage determine we of don't U.S. And we will in where any terms other this view the first to that we U.S. it of the just U.S. get what between phase are the question to remarks, me our and between out taking of tangible disclose pointed is don't piloted, and between have see of as the I be into, And the and ultimate we in differential balance David, means and factors. we cost the labor mature offshore to the ahead take believe cost your I overseas.With of is overseas. the differential that early

to the first the only that with program operating getting getting pilot ensure of that through we probably of are go benefit the rigorously have file team. and And regard digital the up, expansion presence. not might the the tracking will the We continue with made scaling as labor while to ultimate addition, to we been need you costs, as speed, regard we have we scale from half view our of that for are the year, balance.In be better are to appropriate on that requisite with decisions but half are working it performance second metrics a along we, looking lower the know, to a performance through we up XXXX, expand to with of

So better be into there's our been at lot these we pilots And place I a conversation go learnings a and end have of that in factors have this. into once this understanding. to think others this the will embedded year with back of you the business and

David Scharf

for And and maybe in for highs there change rates unload your is than U.S. of whether collection a whether differently in you? to a more to returned any balances I'm X do, of sense pre-pandemic typically Just they top follow-up purchase outlook Obviously, behaving behavior at maybe just than sellers, among to a they're sellers whether levels. in have agencies any expect record looking key to the trying cycle? just on part the volumes you loss they're your the of using curious, get would is this selling instead

Rakesh Sehgal

Rakesh. Hello, take one. that David, it's I'll

of the here. another expect not getting score, see changing. we perspective. we significantly have to where not stable in very is selling as mentioned a yet also from earlier seeing, And seller From improved, holding U.S., year strong pricing better from a on remarks if the market the we're our we perspective, my importantly, we the look, environment are. structure So buying expect levels I be Americas at which up that In

pricing. good buying perspective, as a well Vik as his from good, for U.S. in a mentioned feel XXXX, we feel So perspective from outlook from both as very we

Operator

of from Truist. Hughes Your line next question comes from Mark the

Mark Hughes

the balance equity AOCI to just opposed include $X.X Does [ exclude as looking the billion billion? AOCI? $X.X I'm stockholders' or of sheet ]

Rakesh Sehgal

billion, reflected Mark. So $X.X of that's net AOCI, you have the

Mark Hughes

And we the at of that Right. should less goodwill the is bogey $XXX million? looking be

Rakesh Sehgal

That's exactly right.

Mark Hughes

to just of to clear, then after-tax an X%? is that X% And return be

Rakesh Sehgal

Yes.

color, give so talking to about just so at X% We little we're are return average to a looking equity. on maybe -- tangible X% a

keep for PRA going thing, we're guidance to on to you've about around And stabilizing income importantly, And is the 'XX giving of So and to mentioned as year. net talking basis. about after-tax results to around attributable an the then imperative business QX and be full grow. mind, in we're the the continuing other that XXXX. seen we and turning in And our it in

to expenses in time, of we that move is get time, same call. then scaled the cash going going months. at the outlined lot importantly, modestly we are on So a over coming that as we're be, into working to growth initiatives That on grow. XXXX XXXX, to up And Vik earlier expect

So cash and of collections, lot in we the going quarters a then expect over double-digit coming see growth we're XXXX. to and expenses coming modestly, benefits the

Mark Hughes

those of appreciate income, all The grow I collections? Yes. detail. it portfolio cash should faster than

Rakesh Sehgal

Yes.

full optimistic would improvement I XXXX to dependent direction. the portfolio basis, moving portfolio year-over-year that growing the frame it income So now we're to also have we've that a that And slightly there are to continue you'll to going portfolio cash book. last the look, up see continue right we has going that's to X Mark, the in quarters very be in that quarterly should started seen the But income purchased then impact lower-yielding is But And say see income grow. Remember would cash collections. collections income. here, doing we digit. recently our the is as time under double on vintages for on XXXX portfolio as

of few that expect next going the quarters into to continue We XXXX.

Operator

Rowan line of comes John from Janney. from the question next Your

John Rowan

understand want to sure all I correctly. just the make guidance I

of guiding with ERC, So put to up of number expense to cash I That billion ratio north $X.X trying there's the the collections, is get to the correct? collections would imply be something I for but guidance. up just of but billion. current sure collections Am efficiency in the double correct you're make that's under just I'm number digits. $X.X the

is $X.X for take, assuming rate? give So of a year cash the kind the least growth the at or XX% for billion, baseline figure collections

Rakesh Sehgal

Yes.

the as account our which buying You to billion happen it correctly, well new is does as the That $X.X is just about cash collections. into are take the ERC. going thinking that's not

think direction $X.X So headed north of number collection talking you're about the a that we're in right is billion. that cash I that

And the right in so direction. you're headed absolutely

John Rowan

to But -- expense the then just make sure and numbers correct. are

So you're in $XXX there's growth, this saying that expenses had million year. you modest

in the a or third there first items nonoperational in the couple were that Now quarters. there were nonrecurring and of

just supposed we I growth are XXXX? operating north -- is be mean, million $XXX our expecting expense of for So to

Rakesh Sehgal

is program. Yes. expense management business would we to is, the continue as way to The that to going I Vik in said, invest the and grow business, there approach are the

so there in is will going than those about growth the way cash in is And think significantly higher that But growth we expenses. have to be expenses. growth the be collections modest to it

Vikram Atal

And to on the just in We at of expense right? are do in don't Mark, say, spend, way. to And additional have governor maximize we the to dollar the collections we looking business appropriate expenses, optimize amount want an a we that if requires be will cash clear, that. business and

guide will that than on I growth the we think experiencing. the be rate rate to way is the expense your we're cash this thinking that say lower that would collection

John Rowan

flattish believe well in the pin right, helpful going below number because ratio, That's to guys was obviously, efficiency guidance, in the I fourth be you if had quarter quarter. the came an which said to to kind of we're XX.X% trying third relative

okay. understanding helpful, of kind to are efficiency but the actual numbers as opposed ratio just is So what the

Operator

from line Your next the James. Robert of from question Raymond Dodd comes

Robert Dodd

this hard they last down where quarter purchasing. [indiscernible] more than talked a Europe bit forward remarks, so in about your I this were being quarter. little flow agreements mean, Is predict, getting mean, question Europe you in And time I are right? it question. half than they're from Vik, even the is the were EU to obviously, First, last lower about a year. more prepared they

there in Any change disposal months flow been say, X So even on has even, is how ago? in any it definite was comments ago your year forward a Or getting that? spot-oriented than it or more Europe?

Vikram Atal

the has I I same. around, behavior don't the Robert, of Europe that think so, remained think in sellers

the We in institutions with across continent U.K. have major and arrangements forward flow the

similar the across seen uptick U.S., losses unlike think have or in I we uptick same pond. a the the not

change. no there's so And

not no behavior. in quarter. out timing were bring market that our are choose for dependent sure the XXXX are that there we And is we when that pointed -- on we transactions to we spot remarks, we're as taking to our fewer building came do think to in are players And change making expectations -- that there's fourth have what in we seller expectations outside recently that experiencing. that in market.So a I

being careful assumptions. the running want with We business we're be. like this on So would buying to appropriate be overestimate to future based not what

Robert Dodd

said, X% the in on the And can assumptions change mean, shape flow include it forward execute, the I curves in in into any in to remark? expected X% one you but will then built Does of [indiscernible]. that If is Or excluded if expected the changes X% fact, in course that I to you or through on X% your is prepared add change curve XXXX, in any from more collections, beating target? of during that?

Vikram Atal

Yes.

the the locked have create as portfolio right, incremental against in, we that to effectively initiatives buy point as Rakesh, to extent right, right? I right, as think think try income flows we that So that. value, of is in uptick sort stuff, And out, the line an we I

remarks just -- made reiterate the right. the So that's I script, I in would think we

Rakesh Sehgal

was Robert, mentioning what Yes. right? the items. line that's earlier, You I have X

performance, we play, initiatives these the line extent decisions as some And what so example, are item would our we see for around current do some sustained improvement, overperformance. buzzes And come then to cash the make we expect forward. curves expect through into we'll going old

Operator

now [Operator CEO. Instructions] Atal, Please no further the continue. questions President hand time. are will and Vik to this call over I There at

Vikram Atal

continuing Thank Thank evening to through exciting you. forward conversation an for us XXXX. our this you joining look and everybody

Operator

this call. gentlemen, Thank concludes and participation. you your for conference today's Ladies

disconnect. You may now

PRA (PRAA) 15 Feb 242023 Q4 Earnings call transcript