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PROG Holdings, Inc. (NYSE: PRG) is a leading financial technology holding company based in Salt Lake City, Utah. The company offers innovative and transparent payment solutions designed to meet the needs of consumers and retail partners across the United States. Founded in 1999, PROG Holdings has grown significantly and now operates primarily through two key segments: Progressive Leasing and Vive Financial.
Progressive Leasing provides point-of-sale lease-to-own solutions through an in-store, app-based, and e-commerce platform. This segment collaborates with over 15,000 retail locations in 46 states, offering a flexible lease-purchase option that allows customers to obtain merchandise while making manageable payments. Progressive Leasing contributes the majority of the company's revenue and continues to expand its footprint in the retail industry.
Vive Financial, the company’s other major segment, offers second-look revolving credit products through an omnichannel approach. Vive Financial enables customers who may not qualify for primary financing options to access credit and purchase essential products and services.
In a recent strategic move, PROG Holdings announced a partnership with Infosys, a global leader in digital services and consulting. This collaboration aims to enhance PROG Holdings’ technology operations, focusing on cloud and AI-driven innovation. By leveraging Infosys' expertise, PROG Holdings expects to achieve greater operational efficiencies, accelerate technology modernization, and improve its speed to market. This partnership is anticipated to further solidify PROG Holdings' leadership in the virtual lease-to-own market.
As PROG Holdings continues to grow, the company remains committed to providing competitive and transparent payment solutions while pursuing new opportunities for innovation and expansion. More information about PROG Holdings and its subsidiaries can be found on their official website.
PROG Holdings, Inc. (NYSE:PRG) reported consolidated revenues of $655.1 million for Q1 2023, a 7.8% decline year-over-year, resulting from tightened lease decisioning and decreased consumer demand. However, net earnings rose to $48.0 million, up from $27.1 million in Q1 2022. Adjusted EBITDA increased 38.9% to $89.7 million, reflecting improved customer payment behavior and cost-cutting measures. The company’s diluted EPS was $1.00, a significant increase from $0.49 in the prior year. PROG Holdings expects to achieve higher earnings despite soft consumer demand and has revised its annual earnings outlook upwards, anticipating gross margins to boost performance.
PROG Holdings, Inc. (NYSE:PRG) will release its Q1 2023 financial results on April 26, 2023, before market open. A live webcast discussing the results is also scheduled for the same day at 8:30 A.M. ET. Investors can access the webcast through the company's investor relations website. PROG Holdings operates as a fintech company, providing payment solutions through its subsidiaries, including Progressive Leasing and Vive Financial. Details regarding these offerings can further be found on their website.
PROG Holdings, Inc. (NYSE:PRG) announced the appointment of Sridhar Nallani as its new Chief Technology Officer, effective February 14, 2023. Nallani brings extensive experience in leading technology initiatives from his previous roles at Backcountry and Gap Inc., where he modernized enterprise technology stacks and enhanced customer experiences. His expertise in B2C transformations and cloud-based solutions is expected to drive innovation in PROG Holdings' fintech products. CEO Steve Michaels expressed confidence in Nallani’s ability to lead technology advancements for the company.
PROG Holdings, Inc. (NYSE:PRG), a fintech holding company, announced its participation in several investor conferences in March 2023. Key events include the Raymond James 44th Annual Institutional Investors Conference on March 6 in Orlando, FL, and the JP Morgan 2023 Global High Yield & Leveraged Finance Conference on March 7 in Miami Beach, FL. Other conferences include the Loop Capital Markets 4th Annual Investor Conference (March 13, Virtual) and the Bank of America 2023 Consumer & Retail Conference (March 15, Miami Beach, FL). For more details, visit PROG Holdings.
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