PRAA
#So are you talking about income from operations Q2 2014 to Q2 2015.
Well first, Dave, I just glanced back through really quickly.
There have been quarters, I'm just looking at Q1 2012 versus Q2 2012, that was one where we stepped backwards quite a bit more.
It was like 95.7% versus 92.3%, if my records here in front of me are correct.
I talked a little bit about lifting this quarter.
The ratio analysis seems to hold pretty well.
Operating margins are, from a total operating expenses, to operating expenses, to cash collections are a little bit higher in Q2, which you might expect.
I talked a little bit about some of the expenses, but there were some in Q1 as well.
There's a few other expenses rummaging around in there that I didn't even point out.
There's a $700,000 item that has to do with some charges we took over in Bromley, but I don't consider them restructuring.
So there's a few other things in there.
But I think the premise we have had quarters Q1 to Q2 where it stepped backwards, but that's about as far as I can go with that.
Well the trend we tried to describe a couple times is really that we're seeing more people pay in our call centers.
And one of the outcomes of that is fewer people get sent back into legal.
So from a curve perspective, we'll have to make the curve higher sooner and get down faster later.
Because there won't be the legal collection kick in the out years, but that's good news from us right.
We like seeing cash come in faster, that improves IRR, so everyone is happy when that happens.
No bad news.
I'm sorry, <UNK>, it's in other income.
No.
That's correct.
It's because of the way we had to structure that transaction and the securitization.
So that particular investment, which was reasonably good size, doesn't show up in that traditional manner.
It was $3 million in revenue this quarter.
I don't have it off the top of my head what it was last quarter, probably similar, but I don't have it.
<UNK>, do you want to give a little bit of color.
No, we continued to look at the post market, we think it's an interesting marketplace for us.
It's competitive, as all markets are now.
But we see a regular stream of sales to the market.
So we're building up our local organization there.
And we opened up our Warsaw office, and tracking the market much closer.
No, there's no further clarification that we're aware of at this point.
Absolutely.
Thank you, <UNK>.
Thank you all for joining us for the Q2 2015 PRA Group earnings call.
We look forward to speaking with you all again next quarter.
