purchased million were during $XXX in million portfolios Americas quarter the the $XXX and Europe. in of We Vik. $XXX Thanks, of which were million
For to for of the during is million the the $XXX which XX% period, year company. prior record purchase due full though large amount the a In third sequentially the globally, is spot up purchased $X.X the made a quarter. U.S., annual in quarter, we billion down portfolios to compared which purchased year, we
in full million, $XXX investment year-over-year, up representing XX% the For history. year, purchased the U.S. we highest second level company
periods for higher The volumes with transactions. primarily increase spot certain driven year supply large both reflecting portfolio by the full also year-over-year was
We in and balances as continue to well card levels growth industry by capitalize supply, strong elevated of credit the the driven portfolio charge-off rates. as on delinquency
at XX% year multiple purchases core Americas the $XXX investments markets. purchase the quarter, X.XXx XXXX up multiple. our X.XXx. Pricing for price recorded with our Europe, This made were Americas all the purchase remains core XXXX In with major for than our price million year-over-year higher is finishing portfolio attractive in
strong spot exceptionally sales While strong coming a from due seasonality year-over-year volume market. perspective, part increased in to is this typically an growth QX of was to
of we million in year, Europe. $XXX portfolios purchased full the For
year, up results. the to and Total quarter recoveries for million portfolio $XX on $X.X for Moving million quarter, for and XX%, financial changes full respectively. million XX% $XXX our was in $XXX the $XXX were Total the revenue million. expected and of billion portfolio with of income revenues
$X.X of and For our was year, higher Portfolio in reflecting and the and in full increased with $XXX total XX% portfolio yield income, revenue purchase the the which component an multiples was billion portfolio level XX% changes is of full $XXX to income the in recoveries. for for quarter year, investments compared expected million XXXX. price revenue, up million portfolio
as the the in remaining is improve $XX our cash-generating the and net this in changes million, our U.S. the initiatives. impact of The our particularly of million, quarter, which collections or to by Of $XX overperformance. part cash present important or initiatives. was cash-generating in operational expected our from we recoveries reflects increase our attributable value of million performance Changes in and ERC, component continue recoveries expected to XX%, driven an was of XX%, portfolios $XX core in to revenue, majority changes due
remaining or on to our the ERC. to overperformance, $XXX our $XX present changes recoveries, recoveries both full cash million, as received was or actual note expected the the expectations due for a of above value significant in changes year, cash-generating It cash million we initiatives. is reflects our the of due that was $XXX total previous in XX%, For expected XX%, changes periods in to in important the net million executed portion of while
prior the Operating were year the from expenses $XXX $XX up quarter which period. million, were million for or XX%
future Legal to collections up million were driven legal drive primarily collection investments in U.S. year-over-year, $XX costs channel our growth. by
years. the in earnings collecting efficiency investments While and to start upfront between the on due we the in costs drag will we the near-term channel when a drive when several investments creates collections and invest lag confident cash, next cash legal that are cash strong over we collections these court
prior from as see investments, In starting noted are fact, a we to already payoff Vik earlier.
voluntarily. our legal when As using we if channel, customers with do us it activity consider not the but reminder, collections engage not do our and a begin with collections
Legal cash higher in nature, collections by collection our fees, $X driven variable million, portfolio. thus primarily by core which increased collections are backed and U.S. legal by within external
services expenses primarily period. due higher year employee current and increased Compensation million, the to wage $X in costs
a quarter, cash fourth the increasing delivered the up efficiency We XX% from collections prior year while activity. in legal our ratio XX% of for period,
year, XXXX, an XX% will collections. additional compared in year full the For versus after costs collection to our was efficiency prior absorbing of XX% ratio $XX even cash that million legal the drive future cash
Net increased investments. the $XX quarter, an balances due net for higher million, primarily expense was to $XX of interest million reflecting increase portfolio
and full Our XX% for the the effective tax for rate year. was quarter XX%
from be and mid-XXs, mix various in full XXXX, expect on year income our For countries to tax rate factors. the depending other the we effective
for to quarter was attributable the earnings $XX $X.XX per million, up income PRA share. diluted Net in
full in For to was PRA $X.XX share. per diluted income or net $XX year, earnings attributable million the
$XXX the year XX% the Cash period. collections for quarter up million, from were prior
year increase For total the a as of of U.S. full XX%. levels $X.X up year, cash driven recent cash-generating cash impact portfolio U.S. The the the in U.S. the cash as in positive by in collections purchases both with initiatives full higher year-over-year, the by an collections was and Europe our billion, core and of for increase collections XX% quarter primarily were well
and collections cash by overperforming X% the XX%. a CECL quarter, Americas by consolidated overperforming the by our X% During with basis on expectations exceeded Europe
X% at overperformed X% XXXX, by year December by XX%. consolidated Europe the basis cash our XX, versus with on a overperforming expectations overperforming full and collections by Americas Our
provides. from monitor U.S. That geographies said, this is which portfolio of of XX% global to continue than our on it health collections the that as in and We of cash U.S., in seen remember outside to the biggest consumer the indicators important the competitive relatively came one diversification in slide. remain our global our benign, It's more advantages QX
Within the cash. channel collect period given impacted U.S., less is the pressure, over consumer near-term legal we time by the longer collections which
core dependent factors. collections, entirely U.S. are our collection on U.S. aren't than other consumer to global for which accounted our demonstrating Our less macroeconomic near-term pressure, XX% that near-term channels, collections of most susceptible cash U.S.
model time payment plans customers with In according to situations. generally to resolve to a addition, relatively cash evolving who generating allowing period when work much has continue gives us delinquencies financial short enables ability consumer This and closely and our us to over us difficulties, issuers unlike long especially credit our longer a need address the time, customers, over they horizon, business with tailor work their term. times of during are experiencing the to and financial
overall to model. creates material to and period, consumer our portfolio cash To business economic summarize, to collections impacts the collections. at longer geographic a combination resilient pressures a the of our the of number liquidity navigate without the of short-term our our disposal mix us impact enables or We strategies platform believe effectively
$X.X ERC at XX, to ERC million, company exchange On a and total a dollar December approximately record in fourth compared to at $XXX adverse $X.X strengthening $XXX December impact sequential included due an foreign the representing billion, basis, million billion XX, quarter. up XXXX, the XX% of which XXXX. increased was
expect We not to months. existing balance number we only important the include amount months. during expect our cash over next our XX collect portfolio. new note collect to It's to made ERC we purchases reflects expect It $X.X the approximately the XX billion collect that on does this from to of next the
ERC we replace time the and multiples $XXX we to frame to the approximately this average same need in runoff levels. on price globally maintain XXXX, million would recorded Based current over invest purchase
this XXXX. exceed ERC to during continue expect level investment and growing We
to Our of adjusted was XX. ratio as X.XXx debt December EBITDA
up due in sequentially, down primarily slightly purchased significant to our While the increase a leverage is versus year portfolios ago, XXXX. in
higher range trend rising Our periods end portfolio long-term our to purchases. Xx well leverage within below to limits. be during the ratio target Xx our covenant of leverage expected ratio would and The of remains to of
from purchased levels. As and collections existing cash would incremental that from progress through XXXX to the ratio recently, decline we expect generate we portfolios
$X.X of funding can comprised as draw that of our $X We from, ERC million million $XXX of on we of covenants, our capacity, we had capital December of XX. rates. facilities and under current additional based billion terms available debt in total credit availability to draw committed borrowing In had advance billion including subject to $XXX and availability total base
During credit financial U.K. years, successfully the X by fourth we and our increasing our and North American extended quarter, flexibility. amended facilities
of were proceeds XXXX on the to our credit $XXX outstanding we to American were issue addition, recent our facility. In able further notes, used a to our markets North additional of net actions pay which capital senior down structure. under capitalize favorable million capital strengthened These an borrowings environment
have the working cash We when matures, the November and strong environment. XXXX credit under our look us lenders We further under ample Europe and availability no capital with facilities time. and capital facilities at maturities longstanding believe until access markets our debt European available credit to we facility business, to appropriate the our U.S. from to on forward supply and in generated both the portfolio our position the capitalize our
a current which we with are the targets, closing, given updating strong we foundation macroeconomic our Based our are us progress performance XXXX, made and against XXXX XXXX. for which environment. on in targets, pleased FX reflect In the our XXXX has
the First, previously to billion-plus we purchases $X.X our $X disclosed. are portfolio billion raising target from for
building cash collections performance, high-single our growth. XXXX digit Second, on we expect
for represents from mentioned full the note XXXX, Brazil activity, that exclude forward up which legal XX% anticipate solid XXXX, increased future in is drive above a targets step which finally, growth. efficiency for impact And incorporating expected transaction. achieved collections year, these the the on tangible Please cash cash previously we achieving should equity XX% Third, the of average our the cash be of to the in approximately return another business. XX% in spend
a results. XXXX for transformational summary, In year was with improved significantly PRA
now We there innings headed, the Thank are in we you execution. is of our the of journey, for great this our early with we but questions. momentum value be carrying for and are support and business capital. forward for are the opportunities to stewards still responsible across continued in in your are enhanced to drive where we And that, that disciplined and opportunity promise the ready
