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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 Q4 2022 consolidated revenues of $612.1 million, a 5.3% decline year-over-year, influenced by lower approval rates and weak retail traffic. Despite the downturn, diluted EPS rose to $0.73 from $0.59 a year ago, with non-GAAP diluted EPS up 25% to $0.84. Adjusted EBITDA grew 3.2% to $74.4 million, representing 12.2% of revenues. Progressive Leasing's GMV fell 14.8%, attributed to tighter lease approval processes. Looking ahead, the company forecasts 2023 total revenues between $2.34 billion and $2.44 billion.
PROG Holdings, Inc. (NYSE:PRG) will announce its 2022 fourth quarter and full-year financial results on February 22, 2023, prior to market opening. A live webcast for the financial results discussion is scheduled for the same day at 8:30 A.M. ET. PROG Holdings, a fintech holding company headquartered in Salt Lake City, UT, operates brands like Progressive Leasing and Vive Financial, offering various payment solutions. Investors can access the webcast via the company’s investor relations website here.
PROG Holdings, Inc. (NYSE:PRG) reported consolidated revenues of $625.8 million for Q3 2022, a 3.8% decline year-over-year. Net earnings fell to $16.0 million from $57.4 million in 2021. Adjusted EBITDA was $65.0 million (10.4% of revenues), down from $93.6 million in Q3 2021. The company faced challenges with retail traffic and approval rates, leading to a 11.3% drop in Progressive Leasing GMV. PROG Holdings lowered its full-year 2022 outlook, anticipating revenues between $2.58 billion and $2.59 billion amid inflation impacts.
PROG Holdings, Inc. (NYSE:PRG) will announce its Q3 2022 financial results on October 26, 2022, before market opening. A live webcast is scheduled for the same day at 8:30 A.M. ET to discuss these results, accessible via their investor relations website. PROG Holdings is a fintech holding company, operating Progressive Leasing, Vive Financial, and Four Technologies, providing various consumer payment solutions. More details about the company can be found on their website.
PROG Holdings, Inc. (NYSE:PRG) expressed disappointment over the Pennsylvania Attorney General's lawsuit against its Progressive Leasing business. The company believes it adheres to transparent practices and is proud of its services. They appreciate the support from Pennsylvania’s Governor and legislature for modernizing laws that align with their business practices. PROG Holdings commits to vigorously defending its position in court while continuing to serve Pennsylvania consumers with flexible lease-to-own options. The company remains optimistic about the outcome of the lawsuit.
PROG Holdings, Inc. (NYSE:PRG) reported Q2 2022 results with consolidated revenues of $649.4 million, down 1.6% year-over-year, and a net earnings decrease to $19.5 million from $68.8 million in the previous year. Progressive Leasing GMV also fell 2.4% to $494.0 million, but e-commerce GMV rose 17.6%, representing 15.6% of total GMV. Adjusted EBITDA was $52.2 million, or 8.0% of revenues, highlighting pressure on portfolio performance. The company ended the quarter with $127.3 million in cash and $600 million in gross debt.
PROG Holdings, Inc. (NYSE:PRG) will release its second quarter 2022 financial results on July 27, 2022, prior to market open. A live webcast and conference call will follow at 8:30 A.M. ET to discuss the results. Investors can access the webcast through the company's investor relations website. PROG Holdings is a fintech holding company providing competitive payment options through its subsidiaries, including Progressive Leasing and Vive Financial.
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