PROG Holdings Reports Fourth Quarter 2024 Results
PROG Holdings (NYSE:PRG) reported strong Q4 2024 results with consolidated revenues of $623.3 million, up 8.0% year-over-year. Net earnings reached $57.5 million with diluted EPS of $1.34 and non-GAAP diluted EPS of $0.80. Progressive Leasing achieved GMV of $597.5 million, marking 9.1% growth year-over-year.
The company ended Q4 with $95.7 million in cash and $650.0 million in gross debt. During the quarter, PROG repurchased $40.5 million of stock at an average price of $47.03 per share and paid a $0.12 per share dividend.
For 2025, PROG projects total revenues between $2.515-2.590 billion, net earnings of $115.5-133.5 million, and adjusted EBITDA of $260-280 million. The outlook assumes a challenging operating environment with soft consumer durable goods demand.
PROG Holdings (NYSE:PRG) ha riportato risultati solidi per il quarto trimestre del 2024, con ricavi consolidati di 623,3 milioni di dollari, in aumento dell'8,0% rispetto all'anno precedente. Gli utili netti hanno raggiunto 57,5 milioni di dollari con un utile per azione diluito di 1,34 dollari e un utile per azione diluito non-GAAP di 0,80 dollari. Progressive Leasing ha raggiunto un GMV di 597,5 milioni di dollari, segnando una crescita del 9,1% rispetto all'anno precedente.
L'azienda ha concluso il quarto trimestre con 95,7 milioni di dollari in cassa e 650,0 milioni di dollari in debito lordo. Durante il trimestre, PROG ha riacquistato azioni per 40,5 milioni di dollari a un prezzo medio di 47,03 dollari per azione e ha distribuito un dividendo di 0,12 dollari per azione.
Per il 2025, PROG prevede ricavi totali compresi tra 2,515 e 2,590 miliardi di dollari, utili netti tra 115,5 e 133,5 milioni di dollari e un EBITDA rettificato tra 260 e 280 milioni di dollari. Le previsioni assumono un ambiente operativo difficile con una domanda debole di beni durevoli per i consumatori.
PROG Holdings (NYSE:PRG) reportó resultados sólidos para el cuarto trimestre de 2024, con ingresos consolidados de 623.3 millones de dólares, un aumento del 8.0% interanual. Las ganancias netas alcanzaron 57.5 millones de dólares con una utilidad por acción diluida de 1.34 dólares y una utilidad por acción diluida no-GAAP de 0.80 dólares. Progressive Leasing logró un GMV de 597.5 millones de dólares, marcando un crecimiento del 9.1% en comparación con el año anterior.
La empresa cerró el cuarto trimestre con 95.7 millones de dólares en efectivo y 650.0 millones de dólares en deuda bruta. Durante el trimestre, PROG recompró acciones por 40.5 millones de dólares a un precio promedio de 47.03 dólares por acción y pagó un dividendo de 0.12 dólares por acción.
Para 2025, PROG proyecta ingresos totales entre 2.515 y 2.590 millones de dólares, ganancias netas de 115.5 a 133.5 millones de dólares y un EBITDA ajustado de 260 a 280 millones de dólares. Las perspectivas asumen un entorno operativo desafiante con una demanda débil de bienes duraderos para el consumidor.
PROG Holdings (NYSE:PRG)는 2024년 4분기 실적을 발표하며, 총 매출이 6억 2,330만 달러로 전년 대비 8.0% 증가했다고 보고했습니다. 순이익은 5,750만 달러에 달하며, 희석 주당순이익은 1.34달러, 비-GAAP 희석 주당순이익은 0.80달러입니다. Progressive Leasing은 5억 9,750만 달러의 GMV를 달성하여 전년 대비 9.1% 성장했습니다.
회사는 4분기를 9,570만 달러의 현금과 6억 5,000만 달러의 총 부채로 마감했습니다. 분기 동안 PROG는 평균 주가 47.03달러로 4,050만 달러의 자사주를 매입하고 주당 0.12달러의 배당금을 지급했습니다.
2025년을 위해 PROG는 총 매출이 25억 1,500만에서 25억 9,000만 달러 사이, 순이익이 1억 1,550만에서 1억 3,350만 달러, 조정 EBITDA가 2억 6,000만에서 2억 8,000만 달러에 이를 것으로 예상하고 있습니다. 이러한 전망은 소비자 내구재 수요의 둔화와 함께 어려운 운영 환경을 가정하고 있습니다.
PROG Holdings (NYSE:PRG) a annoncé de solides résultats pour le quatrième trimestre de 2024, avec des revenus consolidés de 623,3 millions de dollars, en hausse de 8,0 % par rapport à l'année précédente. Le bénéfice net a atteint 57,5 millions de dollars avec un bénéfice par action dilué de 1,34 dollar et un bénéfice par action dilué non-GAAP de 0,80 dollar. Progressive Leasing a réalisé un GMV de 597,5 millions de dollars, marquant une croissance de 9,1 % par rapport à l'année précédente.
L'entreprise a terminé le quatrième trimestre avec 95,7 millions de dollars en liquidités et 650,0 millions de dollars de dette brute. Au cours du trimestre, PROG a racheté des actions pour 40,5 millions de dollars à un prix moyen de 47,03 dollars par action et a versé un dividende de 0,12 dollar par action.
Pour 2025, PROG prévoit des revenus totaux compris entre 2,515 et 2,590 milliards de dollars, des bénéfices nets de 115,5 à 133,5 millions de dollars et un EBITDA ajusté de 260 à 280 millions de dollars. Les perspectives supposent un environnement opérationnel difficile avec une demande faible pour les biens durables de consommation.
PROG Holdings (NYSE:PRG) hat im vierten Quartal 2024 starke Ergebnisse gemeldet, mit konsolidierten Einnahmen von 623,3 Millionen Dollar, was einem Anstieg von 8,0% im Vergleich zum Vorjahr entspricht. Der Nettogewinn erreichte 57,5 Millionen Dollar mit einem verwässerten Gewinn pro Aktie von 1,34 Dollar und einem nicht-GAAP verwässerten Gewinn pro Aktie von 0,80 Dollar. Progressive Leasing erzielte einen GMV von 597,5 Millionen Dollar, was einem Wachstum von 9,1% im Jahresvergleich entspricht.
Das Unternehmen schloss das vierte Quartal mit 95,7 Millionen Dollar in bar und 650,0 Millionen Dollar in Bruttoverschuldung ab. Im Laufe des Quartals hat PROG Aktien im Wert von 40,5 Millionen Dollar zu einem Durchschnittspreis von 47,03 Dollar pro Aktie zurückgekauft und eine Dividende von 0,12 Dollar pro Aktie gezahlt.
Für 2025 prognostiziert PROG Gesamterlöse zwischen 2,515 und 2,590 Milliarden Dollar, Nettogewinne von 115,5 bis 133,5 Millionen Dollar und ein bereinigtes EBITDA von 260 bis 280 Millionen Dollar. Der Ausblick geht von einem herausfordernden Betriebsumfeld mit schwacher Nachfrage nach langlebigen Konsumgütern aus.
- Revenue growth of 8.0% YoY to $623.3 million
- Net earnings increased significantly from $18.6M to $57.5M YoY
- Progressive Leasing GMV grew 9.1% YoY to $597.5 million
- Lease merchandise write-offs at 7.5% for 2024, within target range of 6-8%
- $361.3M remaining in share repurchase authorization
- Adjusted EBITDA margin slightly decreased to 10.5% from 10.6% YoY
- Forecasting difficult operating environment with soft consumer demand for 2025
- Vive segment projecting losses between $2.5M-$5.5M for 2025
- Other segment forecasting losses of $6M-$9M for 2025
Insights
PROG Holdings' Q4 2024 results demonstrate remarkable execution in a challenging consumer environment. The
The company's financial performance shows several positive indicators:
- The substantial improvement in net earnings to
$57.5 million from$18.6 million reflects enhanced operational efficiency and portfolio quality - Adjusted EBITDA margins remained stable at
10.5% , indicating disciplined cost management during growth - The cash-efficient business model enables simultaneous investment in growth initiatives and shareholder returns, as evidenced by
$40.5 million in share repurchases
The 2025 outlook, projecting revenues of
The negative effective tax rate due to the
-
Consolidated revenues of
$623.3 million $57.5 million -
Adjusted EBITDA of
$65.7 million -
Diluted EPS of
$1.34 $0.80 -
Progressive Leasing GMV of
$597.5 million 9.1% growth year-over-year
"We finished 2024 with an excellent fourth quarter, delivering a third consecutive quarter of strong GMV growth and approximating the high end of our outlook ranges for both our revenues and earnings for the period," said PROG Holdings President and CEO Steve Michaels. "2024 was a successful year, driven by better-than-expected GMV growth, disciplined portfolio management, cost efficiencies, and continued execution on multiple strategic fronts. Our teams' execution across sales, marketing, and technology initiatives, combined with tighter credit conditions in the market, played a key role in driving a meaningful increase in new and repeat customers."
"As we move into 2025, we are excited about continuing to execute our three-pillared strategy to grow, enhance, and expand - investing in our businesses with a focus on increasing customer acquisition and lifetime value. We believe our cash-efficient model gives us the financial flexibility to invest in our future growth and return excess cash to shareholders, as we aim to maximize long-term value creation," concluded Michaels.
Consolidated Results
Consolidated revenues for the fourth quarter of 2024 were
Consolidated net earnings for the quarter were
Diluted earnings per share for the fourth quarter of 2024 were
Progressive Leasing Results
Progressive Leasing's fourth quarter GMV of
Liquidity and Capital Allocation
PROG Holdings ended the fourth quarter of 2024 with cash of
2025 Outlook
PROG Holdings is issuing full year and Q1 2025 outlook for revenues, consolidated net earnings, segment earnings before taxes, adjusted EBITDA, GAAP diluted EPS and non-GAAP diluted EPS. This outlook assumes a difficult operating environment with continued soft demand for consumer durable goods, no material changes in the Company's decisioning posture, an effective tax rate for Non-GAAP EPS of approximately
|
Full Year 2025 Outlook |
|||||||
(In thousands, except per share amounts) |
Low |
High |
||||||
|
|
|
||||||
PROG Holdings - Total Revenues |
$ |
2,515,000 |
|
$ |
2,590,000 |
|
||
PROG Holdings - Net Earnings |
|
115,500 |
|
|
133,500 |
|
||
PROG Holdings - Adjusted EBITDA |
|
260,000 |
|
|
280,000 |
|
||
PROG Holdings - Diluted EPS |
|
2.82 |
|
|
3.22 |
|
||
PROG Holdings - Diluted Non-GAAP EPS |
|
3.10 |
|
|
3.50 |
|
||
|
|
|
||||||
Progressive Leasing - Total Revenues |
|
2,385,000 |
|
|
2,445,000 |
|
||
Progressive Leasing - Earnings Before Taxes |
|
181,000 |
|
|
195,000 |
|
||
Progressive Leasing - Adjusted EBITDA |
|
260,000 |
|
|
275,000 |
|
||
|
|
|
||||||
Vive - Total Revenues |
|
65,000 |
|
|
70,000 |
|
||
Vive - Loss Before Taxes |
|
(5,500 |
) |
|
(2,500 |
) |
||
Vive - Adjusted EBITDA |
|
(2,500 |
) |
|
— |
|
||
|
|
|
||||||
Other - Total Revenues |
|
65,000 |
|
|
75,000 |
|
||
Other - Loss Before Taxes |
|
(9,000 |
) |
|
(6,000 |
) |
||
Other - Adjusted EBITDA |
|
2,500 |
|
|
5,000 |
|
||
|
Three Months Ended March 31, 2025 Outlook |
|||||
(In thousands, except per share amounts) |
Low |
High |
||||
|
|
|
||||
PROG Holdings - Total Revenues |
$ |
665,000 |
$ |
685,000 |
||
PROG Holdings - Net Earnings |
|
28,000 |
|
32,000 |
||
PROG Holdings - Adjusted EBITDA |
|
63,000 |
|
68,000 |
||
PROG Holdings - Diluted EPS |
|
0.73 |
|
0.78 |
||
PROG Holdings - Diluted Non-GAAP EPS |
|
0.80 |
|
0.85 |
||
Conference Call and Webcast
The Company has scheduled a live webcast and conference call for Wednesday, February 19, 2025, at 8:30 A.M. ET to discuss its financial results for the fourth quarter of 2024. To access the live webcast, visit the Events and Presentations page of the Company’s Investor Relations website, https://investor.progholdings.com/.
About PROG Holdings, Inc.
PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company headquartered in
Forward Looking Statements:
Statements in this news release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "continuing", "believe", "aim", "outlook" and similar forward-looking terminology. These risks and uncertainties include factors such as (i) continued volatility and challenges in the macro environment and, in particular, the unfavorable effects on our business of impacts of inflation, a higher cost of living and elevated interest rates, and the impact of those headwinds on: (a) consumer confidence and customer demand for the merchandise that our POS partners sell, in particular consumer durables; (b) our customers’ disposable income and their ability to make the lease and loan payments they owe the Company; (c) the availability of consumer credit; and (d) our overall financial performance and outlook; (ii) our businesses being subject to extensive federal, state and local laws and regulations, including certain laws and regulations unique to the industries in which our businesses operate, that may subject them to government investigations and significant monetary penalties, remediation expenses and compliance-related burdens that may result in them changing the manner in which they operate, which may be materially adverse to several aspects of our performance; (iii) an uncertain macroeconomic environment resulting in our proprietary algorithms and decisioning tools used in approving customers no longer being indicative of their ability to perform, which in turn may limit the ability of our businesses to manage risk, avoid lease and loan charge-offs and may result in insufficient reserves to cover actual losses; (iv) a large percentage of Progressive Leasing's revenue being concentrated with several key POS partners, and the loss of any of these POS partner relationships materially and adversely affecting several aspects of our performance; (v) Progressive Leasing being unable to attract additional POS partners and retain and grow its relationships with its existing POS partners, resulting in several aspects of our performance being materially and adversely affected; (vi) Progressive Leasing being unable to attract new consumers and retain and grow its relationships with its existing customers materially and adversely affecting several aspects of our performance; (vii) Vive and Four’s business models differing significantly from Progressive Leasing’s lease-to-own business, which means each of these businesses have different risk profiles; (viii) our efforts to modernize and enhance certain enterprise-wide information management systems and technologies adversely impacting our businesses and operations; (ix) our inability to protect confidential, proprietary, or sensitive information, including the confidential information of our customers, being adversely affected by cyber-attacks or similar disruptions, which may result in significant costs, litigation and reputational damage or otherwise have a material adverse impact on several aspects of our performance; (x) our capital allocation strategy and financial policies, including our current stock repurchase and dividend programs, as well as any potential debt repurchase program not being effective at enhancing shareholder value, or providing other benefits we expect; (xi) the inability of our businesses to successfully operate in highly and increasingly competitive industries materially and adversely affecting several aspects of our performance; (xii) our business, results of operations, financial condition, and prospects being materially and adversely affected due to Progressive Leasing failing to maintain a consistently high level of consumer satisfaction and trust in its brand; (xiii) our performance being materially and adversely affected due to the transactions offered to consumers by our businesses being negatively characterized by federal, state and local government officials, consumer advocacy groups and the media; (xiv) any significant disruption in our vendors' information technology systems, or disruptions in the information our businesses rely on in their lease and loan decisioning, materially and adversely affecting several aspects of our performance; and (xv) the other risks and uncertainties discussed under "Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 19, 2025. Statements in this press release that are "forward-looking" include without limitation statements about: (i) our ability to invest in our businesses to increase customer acquisition and lifetime value, and the results of any such investments; (ii) having the financial flexibility to invest in our future growth and return excess cash to shareholders; (iii) maximizing long-term value creation; and (iv) our full year 2025 outlook and our first quarter 2025 outlook. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances after the date of this press release.
PROG Holdings, Inc. |
||||||||||||||||
Consolidated Statements of Earnings |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
|
(Unaudited) |
|
||||||||||||||
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||||||
REVENUES: |
|
|
|
|
||||||||||||
Lease Revenues and Fees |
$ |
592,872 |
|
$ |
557,484 |
|
$ |
2,366,489 |
|
$ |
2,333,588 |
|
||||
Interest and Fees on Loans Receivable |
|
30,448 |
|
|
19,917 |
|
|
97,007 |
|
|
74,676 |
|
||||
|
|
623,320 |
|
|
577,401 |
|
|
2,463,496 |
|
|
2,408,264 |
|
||||
COSTS AND EXPENSES: |
|
|
|
|
||||||||||||
Depreciation of Lease Merchandise |
|
403,661 |
|
|
374,146 |
|
|
1,621,101 |
|
|
1,576,303 |
|
||||
Provision for Lease Merchandise Write-offs |
|
46,678 |
|
|
38,955 |
|
|
178,338 |
|
|
155,250 |
|
||||
Operating Expenses |
|
122,810 |
|
|
128,932 |
|
|
469,160 |
|
|
451,084 |
|
||||
|
|
573,149 |
|
|
542,033 |
|
|
2,268,599 |
|
|
2,182,637 |
|
||||
OPERATING PROFIT |
|
50,171 |
|
|
35,368 |
|
|
194,897 |
|
|
225,627 |
|
||||
Interest Expense, Net |
|
(8,316 |
) |
|
(6,857 |
) |
|
(31,289 |
) |
|
(29,406 |
) |
||||
EARNINGS BEFORE INCOME TAX (BENEFIT) EXPENSE |
|
41,855 |
|
|
28,511 |
|
|
163,608 |
|
|
196,221 |
|
||||
INCOME TAX (BENEFIT) EXPENSE |
|
(15,692 |
) |
|
9,936 |
|
|
(33,641 |
) |
|
57,383 |
|
||||
NET EARNINGS |
$ |
57,547 |
|
$ |
18,575 |
|
$ |
197,249 |
|
$ |
138,838 |
|
||||
EARNINGS PER SHARE |
|
|
|
|
||||||||||||
Basic |
$ |
1.39 |
|
$ |
0.42 |
|
$ |
4.63 |
|
$ |
3.02 |
|
||||
Assuming Dilution |
$ |
1.34 |
|
$ |
0.41 |
|
$ |
4.53 |
|
$ |
2.98 |
|
||||
CASH DIVIDENDS DECLARED PER SHARE: |
|
|
|
|
||||||||||||
Common Stock |
$ |
0.12 |
|
$ |
— |
|
$ |
0.48 |
|
$ |
— |
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING: |
|
|
|
|
||||||||||||
Basic |
|
41,438 |
|
|
44,337 |
|
|
42,584 |
|
|
46,034 |
|
||||
Assuming Dilution |
|
42,796 |
|
|
45,075 |
|
|
43,549 |
|
|
46,550 |
|
||||
PROG Holdings, Inc. |
||||||||
Consolidated Balance Sheets |
||||||||
(In thousands, except share data) |
||||||||
|
|
|
||||||
|
December 31,
|
December 31,
|
||||||
ASSETS: |
|
|
||||||
Cash and Cash Equivalents |
$ |
95,655 |
|
$ |
155,416 |
|
||
Accounts Receivable (net of allowances of |
|
80,225 |
|
|
67,879 |
|
||
Lease Merchandise (net of accumulated depreciation and allowances of |
|
680,242 |
|
|
633,427 |
|
||
Loans Receivable (net of allowances and unamortized fees of |
|
146,985 |
|
|
126,823 |
|
||
Property and Equipment, Net |
|
21,443 |
|
|
24,104 |
|
||
Operating Lease Right-of-Use Assets |
|
4,035 |
|
|
9,271 |
|
||
Goodwill |
|
296,061 |
|
|
296,061 |
|
||
Other Intangibles, Net |
|
73,775 |
|
|
91,664 |
|
||
Income Tax Receivable |
|
10,644 |
|
|
32,918 |
|
||
Deferred Income Tax Assets |
|
26,472 |
|
|
2,981 |
|
||
Prepaid Expenses and Other Assets |
|
78,230 |
|
|
50,711 |
|
||
Total Assets |
$ |
1,513,767 |
|
$ |
1,491,255 |
|
||
LIABILITIES & SHAREHOLDERS’ EQUITY: |
|
|
||||||
Accounts Payable and Accrued Expenses |
$ |
93,190 |
|
$ |
151,259 |
|
||
Deferred Income Tax Liabilities |
|
74,320 |
|
|
104,838 |
|
||
Customer Deposits and Advance Payments |
|
40,917 |
|
|
35,713 |
|
||
Operating Lease Liabilities |
|
11,496 |
|
|
15,849 |
|
||
Debt, Net |
|
643,563 |
|
|
592,265 |
|
||
Total Liabilities |
|
863,486 |
|
|
899,924 |
|
||
SHAREHOLDERS' EQUITY: |
|
|
||||||
Common Stock, Par Value |
|
41,039 |
|
|
41,039 |
|
||
Additional Paid-in Capital |
|
358,538 |
|
|
352,421 |
|
||
Retained Earnings |
|
1,469,450 |
|
|
1,293,073 |
|
||
|
|
1,869,027 |
|
|
1,686,533 |
|
||
Less: Treasury Shares at Cost |
|
|
||||||
Common Stock: 41,262,901 Shares at December 31, 2024 and 38,404,527 at December 31, 2023 |
|
(1,218,746 |
) |
|
(1,095,202 |
) |
||
Total Shareholders’ Equity |
|
650,281 |
|
|
591,331 |
|
||
Total Liabilities & Shareholders’ Equity |
$ |
1,513,767 |
|
$ |
1,491,255 |
|
||
PROG Holdings, Inc. |
||||||||
Consolidated Statements of Cash Flows |
||||||||
(In thousands) |
||||||||
|
|
|||||||
|
Year Ended December 31, |
|||||||
|
2024 |
2023 |
||||||
OPERATING ACTIVITIES: |
|
|
||||||
Net Earnings |
$ |
197,249 |
|
$ |
138,838 |
|
||
Adjustments to Reconcile Net Earnings to Cash Provided by Operating Activities: |
|
|
||||||
Depreciation of Lease Merchandise |
|
1,621,101 |
|
|
1,576,303 |
|
||
Other Depreciation and Amortization |
|
26,977 |
|
|
32,032 |
|
||
Provisions for Accounts Receivable and Loan Losses |
|
386,558 |
|
|
345,383 |
|
||
Stock-Based Compensation |
|
29,179 |
|
|
24,920 |
|
||
Deferred Income Taxes |
|
(56,030 |
) |
|
(32,449 |
) |
||
Impairment of Goodwill and Other Assets |
|
6,018 |
|
|
— |
|
||
Income Tax Benefit from Reversal of Uncertain Tax Position |
|
(51,443 |
) |
|
— |
|
||
Non-Cash Lease Expense |
|
(3,632 |
) |
|
(2,669 |
) |
||
Other Changes, Net |
|
(2,640 |
) |
|
(5,992 |
) |
||
Changes in Operating Assets and Liabilities: |
|
|
||||||
Additions to Lease Merchandise |
|
(1,850,425 |
) |
|
(1,721,117 |
) |
||
Book Value of Lease Merchandise Sold or Disposed |
|
182,509 |
|
|
159,430 |
|
||
Accounts Receivable |
|
(342,954 |
) |
|
(307,984 |
) |
||
Prepaid Expenses and Other Assets |
|
(25,394 |
) |
|
(2,110 |
) |
||
Income Tax Receivable and Payable |
|
24,743 |
|
|
(14,188 |
) |
||
Accounts Payable and Accrued Expenses |
|
(8,495 |
) |
|
15,200 |
|
||
Customer Deposits and Advance Payments |
|
5,204 |
|
|
(1,361 |
) |
||
Cash Provided by Operating Activities |
|
138,525 |
|
|
204,236 |
|
||
INVESTING ACTIVITIES: |
|
|
||||||
Investments in Loans Receivable |
|
(459,463 |
) |
|
(214,686 |
) |
||
Proceeds from Loans Receivable |
|
388,437 |
|
|
185,056 |
|
||
Outflows on Purchases of Property and Equipment |
|
(8,316 |
) |
|
(9,616 |
) |
||
Proceeds from Sale of Property and Equipment |
|
131 |
|
|
48 |
|
||
Other Proceeds |
|
41 |
|
|
365 |
|
||
Cash Used in Investing Activities |
|
(79,170 |
) |
|
(38,833 |
) |
||
FINANCING ACTIVITIES: |
|
|
||||||
Borrowings on Revolving Facility |
|
50,000 |
|
|
— |
|
||
Acquisition of Treasury Stock |
|
(138,651 |
) |
|
(139,573 |
) |
||
Dividends Paid |
|
(20,393 |
) |
|
— |
|
||
Issuance of Stock Under Stock Option and Employee Purchase Plans |
|
2,364 |
|
|
1,357 |
|
||
Cash Paid for Shares Withheld for Employee Taxes |
|
(9,660 |
) |
|
(3,622 |
) |
||
Debt Issuance Costs |
|
(2,776 |
) |
|
(29 |
) |
||
Cash Used in Financing Activities |
|
(119,116 |
) |
|
(141,867 |
) |
||
(Decrease) Increase in Cash and Cash Equivalents |
|
(59,761 |
) |
|
23,536 |
|
||
Cash and Cash Equivalents at Beginning of Period |
|
155,416 |
|
|
131,880 |
|
||
Cash and Cash Equivalents at End of Period |
$ |
95,655 |
|
$ |
155,416 |
|
||
Net Cash Paid During the Period: |
|
|
||||||
Interest |
$ |
37,033 |
|
$ |
36,991 |
|
||
Income Taxes |
$ |
49,840 |
|
$ |
100,433 |
|
||
PROG Holdings, Inc. |
||||||||||||
Quarterly Revenues by Segment |
||||||||||||
(In thousands) |
||||||||||||
|
(Unaudited) |
|||||||||||
|
Three Months Ended |
|||||||||||
|
December 31, 2024 |
|||||||||||
|
Progressive Leasing |
Vive |
Other |
Consolidated Total |
||||||||
Lease Revenues and Fees |
$ |
592,872 |
$ |
— |
$ |
— |
$ |
592,872 |
||||
Interest and Fees on Loans Receivable |
|
— |
|
16,943 |
|
13,505 |
|
30,448 |
||||
Total Revenues |
$ |
592,872 |
$ |
16,943 |
$ |
13,505 |
$ |
623,320 |
||||
|
(Unaudited) |
|||||||||||
|
Three Months Ended |
|||||||||||
|
December 31, 2023 |
|||||||||||
|
Progressive Leasing |
Vive |
Other |
Consolidated Total |
||||||||
Lease Revenues and Fees |
$ |
557,484 |
$ |
— |
$ |
— |
$ |
557,484 |
||||
Interest and Fees on Loans Receivable |
|
— |
|
17,025 |
|
2,892 |
|
19,917 |
||||
Total Revenues |
$ |
557,484 |
$ |
17,025 |
$ |
2,892 |
$ |
577,401 |
||||
PROG Holdings, Inc. |
||||||||||||
Annual Revenues by Segment |
||||||||||||
(In thousands) |
||||||||||||
|
|
|||||||||||
|
Twelve Months Ended |
|||||||||||
|
December 31, 2024 |
|||||||||||
|
Progressive Leasing |
Vive |
Other |
Consolidated Total |
||||||||
Lease Revenues and Fees |
$ |
2,366,489 |
$ |
— |
$ |
— |
$ |
2,366,489 |
||||
Interest and Fees on Loans Receivable |
|
— |
|
64,415 |
|
32,592 |
|
97,007 |
||||
Total Revenues |
$ |
2,366,489 |
$ |
64,415 |
$ |
32,592 |
$ |
2,463,496 |
||||
|
Twelve Months Ended |
|||||||||||
|
December 31, 2023 |
|||||||||||
|
Progressive Leasing |
Vive |
Other |
Consolidated Total |
||||||||
Lease Revenues and Fees |
$ |
2,333,588 |
$ |
— |
$ |
— |
$ |
2,333,588 |
||||
Interest and Fees on Loans Receivable |
|
— |
|
68,912 |
|
5,764 |
|
74,676 |
||||
Total Revenues |
$ |
2,333,588 |
$ |
68,912 |
$ |
5,764 |
$ |
2,408,264 |
||||
PROG Holdings, Inc. |
||||||
Gross Merchandise Volume by Quarter |
||||||
(In thousands) |
||||||
|
(Unaudited) |
|||||
|
Three Months Ended December 31, |
|||||
|
2024 |
2023 |
||||
Progressive Leasing |
$ |
597,493 |
$ |
547,575 |
||
Vive |
|
34,979 |
|
31,918 |
||
Other |
|
134,580 |
|
53,260 |
||
Total GMV |
$ |
767,052 |
$ |
632,753 |
||
Use of Non-GAAP Financial Information:
Non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA are supplemental measures of our performance that are not calculated in accordance with generally accepted accounting principles in
The Adjusted EBITDA figures presented in this press release are calculated as the Company’s earnings before interest expense, net, depreciation on property and equipment, amortization of intangible assets and income taxes. Adjusted EBITDA for the full year 2025 and first quarter 2025 outlook excludes stock-based compensation expense. Adjusted EBITDA for the three months and year ended December 31, 2024 excludes stock-based compensation expense, restructuring expenses, and costs related to the cybersecurity incident, net of insurance recoveries. Adjusted EBITDA for the three months and year ended December 31, 2023 excludes stock-based compensation expense, restructuring expenses, costs related to the cybersecurity incident and regulatory insurance recoveries. The amounts for these pre-tax non-GAAP adjustments can be found in the segment EBITDA tables in this press release.
Management believes that non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA provide relevant and useful information, and are widely used by analysts, investors and competitors in our industry as well as by our management in assessing both consolidated and business unit performance.
Non-GAAP net earnings, non-GAAP diluted earnings, and adjusted EBITDA provide management and investors with an understanding of the results from the primary operations of our business by excluding the effects of certain items that generally arose from larger, one-time transactions that are not reflective of the ordinary earnings activity of our operations or transactions that have variability and volatility of the amount. We believe the exclusion of stock-based compensation expense provides for a better comparison of our operating results with our peer companies as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions and the variety of award types. This measure may be useful to an investor in evaluating the underlying operating performance of our business.
Adjusted EBITDA also provides management and investors with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes. These measures may be useful to an investor in evaluating our operating performance because the measures:
- Are widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors.
- Are used by rating agencies, lenders and other parties to evaluate our creditworthiness.
- Are used by our management for various purposes, including as a measure of performance of our operating entities and as a basis for strategic planning and forecasting.
Non-GAAP financial measures, however, should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP, such as the Company’s GAAP basis net earnings and diluted earnings per share and the GAAP revenues and earnings before income taxes of the Company’s segments, which are also presented in the press release. Further, we caution investors that amounts presented in accordance with our definitions of non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner.
PROG Holdings, Inc. |
||||||||||||||||||||
Reconciliation of Net Earnings and Earnings Per Share Assuming Dilution to Non-GAAP Net Earnings and Earnings Per Share Assuming Dilution |
||||||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||||||
|
(Unaudited) |
|
||||||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
|
Mar 31, |
Jun 30, |
Sept 30, |
Dec 31, |
Dec 31, |
|||||||||||||||
|
2024 |
|||||||||||||||||||
Net Earnings |
$ |
21,966 |
|
$ |
33,774 |
|
$ |
83,962 |
|
$ |
57,547 |
|
$ |
197,249 |
|
|||||
Add: Intangible Amortization Expense |
|
5,650 |
|
|
4,239 |
|
|
4,000 |
|
|
4,000 |
|
|
17,889 |
|
|||||
Add: Restructuring Expense |
|
18,014 |
|
|
2,886 |
|
|
6 |
|
|
1,785 |
|
|
22,691 |
|
|||||
Add: Costs Related to the Cybersecurity Incident, Net of Insurance Recoveries |
|
116 |
|
|
116 |
|
|
114 |
|
|
(61 |
) |
|
285 |
|
|||||
Less: Tax Impact of Adjustments(1) |
|
(6,183 |
) |
|
(1,883 |
) |
|
(1,071 |
) |
|
(1,488 |
) |
|
(10,625 |
) |
|||||
Less: Reversal of Uncertain Tax Position |
|
— |
|
|
— |
|
|
(53,599 |
) |
|
— |
|
|
(53,599 |
) |
|||||
Less: Tax Benefit from Partnership Deemed Liquidation |
|
— |
|
|
— |
|
|
— |
|
|
(27,635 |
) |
|
(27,635 |
) |
|||||
Add: Accrued Interest on Uncertain Tax Position |
|
1,078 |
|
|
1,078 |
|
|
— |
|
|
— |
|
|
2,156 |
|
|||||
Non-GAAP Net Earnings |
$ |
40,641 |
|
$ |
40,210 |
|
$ |
33,412 |
|
$ |
34,148 |
|
$ |
148,411 |
|
|||||
Earnings Per Share Assuming Dilution |
$ |
0.49 |
|
$ |
0.77 |
|
$ |
1.94 |
|
$ |
1.34 |
|
$ |
4.53 |
|
|||||
Add: Intangible Amortization Expense |
|
0.13 |
|
|
0.10 |
|
|
0.09 |
|
|
0.09 |
|
|
0.41 |
|
|||||
Add: Restructuring Expense |
|
0.40 |
|
|
0.07 |
|
|
— |
|
|
0.04 |
|
|
0.52 |
|
|||||
Add: Costs Related to the Cybersecurity Incident, Net of Insurance Recoveries |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
|||||
Less: Tax Impact of Adjustments(1) |
|
(0.14 |
) |
|
(0.04 |
) |
|
(0.02 |
) |
|
(0.03 |
) |
|
(0.24 |
) |
|||||
Less: Reversal of Uncertain Tax Position |
|
— |
|
|
— |
|
|
(1.24 |
) |
|
— |
|
|
(1.23 |
) |
|||||
Less: Tax Benefit from Partnership Deemed Liquidation |
|
— |
|
|
— |
|
|
— |
|
|
(0.65 |
) |
|
(0.63 |
) |
|||||
Add: Accrued Interest on Uncertain Tax Position |
|
0.02 |
|
|
0.02 |
|
|
— |
|
|
— |
|
|
0.05 |
|
|||||
Non-GAAP Earnings Per Share Assuming Dilution(2) |
$ |
0.91 |
|
$ |
0.92 |
|
$ |
0.77 |
|
$ |
0.80 |
|
$ |
3.41 |
|
|||||
Weighted Average Shares Outstanding Assuming Dilution |
|
44,528 |
|
|
43,721 |
|
|
43,169 |
|
|
42,796 |
|
|
43,549 |
|
|||||
(1) |
Adjustments are tax-effected using an assumed statutory tax rate of |
|
(2) |
In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding. |
|
PROG Holdings, Inc. |
||||||||||||||||||||
Reconciliation of Net Earnings and Earnings Per Share Assuming Dilution to Non-GAAP Net Earnings and Earnings Per Share Assuming Dilution |
||||||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||||||
|
(Unaudited) |
|
||||||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
|
Mar 31, |
Jun 30, |
Sept 30, |
Dec 31, |
Dec 31, |
|||||||||||||||
|
2023 |
|||||||||||||||||||
Net Earnings |
$ |
48,033 |
|
$ |
37,218 |
|
$ |
35,012 |
|
$ |
18,575 |
|
$ |
138,838 |
|
|||||
Add: Intangible Amortization Expense |
|
5,724 |
|
|
5,723 |
|
|
5,650 |
|
|
5,651 |
|
|
22,748 |
|
|||||
Add: Restructuring Expense |
|
757 |
|
|
963 |
|
|
238 |
|
|
10,575 |
|
|
12,533 |
|
|||||
Add: Costs Related to the Cybersecurity Incident |
|
— |
|
|
— |
|
|
1,805 |
|
|
1,028 |
|
|
2,833 |
|
|||||
Less: Regulatory Insurance Recoveries |
|
(525 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(525 |
) |
|||||
Less: Tax Impact of Adjustments(1) |
|
(1,549 |
) |
|
(1,738 |
) |
|
(2,000 |
) |
|
(4,486 |
) |
|
(9,773 |
) |
|||||
Add: Accrued Interest on FTC Settlement Uncertain Tax Position |
|
970 |
|
|
970 |
|
|
971 |
|
|
1,078 |
|
|
3,989 |
|
|||||
Non-GAAP Net Earnings |
$ |
53,410 |
|
$ |
43,136 |
|
$ |
41,676 |
|
$ |
32,421 |
|
$ |
170,643 |
|
|||||
Earnings Per Share Assuming Dilution |
$ |
1.00 |
|
$ |
0.79 |
|
$ |
0.76 |
|
$ |
0.41 |
|
$ |
2.98 |
|
|||||
Add: Intangible Amortization Expense |
|
0.12 |
|
|
0.12 |
|
|
0.12 |
|
|
0.13 |
|
|
0.49 |
|
|||||
Add: Restructuring Expense |
|
0.02 |
|
|
0.02 |
|
|
0.01 |
|
|
0.23 |
|
|
0.27 |
|
|||||
Add: Costs Related to the Cybersecurity Incident |
|
— |
|
|
— |
|
|
0.04 |
|
|
0.02 |
|
|
0.06 |
|
|||||
Less: Regulatory Insurance Recoveries |
|
(0.01 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(0.01 |
) |
|||||
Less: Tax Impact of Adjustments(1) |
|
(0.03 |
) |
|
(0.04 |
) |
|
(0.04 |
) |
|
(0.10 |
) |
|
(0.21 |
) |
|||||
Add: Accrued Interest on FTC Settlement Uncertain Tax Position |
|
0.02 |
|
|
0.02 |
|
|
0.02 |
|
|
0.02 |
|
|
0.09 |
|
|||||
Non-GAAP Earnings Per Share Assuming Dilution(2) |
$ |
1.11 |
|
$ |
0.92 |
|
$ |
0.90 |
|
$ |
0.72 |
|
$ |
3.67 |
|
|||||
Weighted Average Shares Outstanding Assuming Dilution |
|
48,139 |
|
|
46,896 |
|
|
46,133 |
|
|
45,075 |
|
|
46,550 |
|
|||||
(1) |
Adjustments are tax-effected using an assumed statutory tax rate of |
|
(2) |
In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding. |
|
PROG Holdings, Inc. |
||||||||||||||||
Non-GAAP Financial Information |
||||||||||||||||
Quarterly Segment EBITDA |
||||||||||||||||
(In thousands) |
||||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Three Months Ended |
|||||||||||||||
|
December 31, 2024 |
|||||||||||||||
|
Progressive Leasing |
Vive |
Other |
Consolidated Total |
||||||||||||
Net Earnings |
|
|
|
$ |
57,547 |
|
||||||||||
Income Tax Benefit(1) |
|
|
|
|
(15,692 |
) |
||||||||||
Earnings (Loss) Before Income Tax Benefit |
$ |
48,186 |
|
$ |
(956 |
) |
$ |
(5,375 |
) |
|
41,855 |
|
||||
Interest Expense, Net |
|
6,731 |
|
|
— |
|
|
1,585 |
|
|
8,316 |
|
||||
Depreciation |
|
1,494 |
|
|
156 |
|
|
547 |
|
|
2,197 |
|
||||
Amortization |
|
3,771 |
|
|
— |
|
|
229 |
|
|
4,000 |
|
||||
EBITDA |
|
60,182 |
|
|
(800 |
) |
|
(3,014 |
) |
|
56,368 |
|
||||
Stock-Based Compensation |
|
5,760 |
|
|
282 |
|
|
1,549 |
|
|
7,591 |
|
||||
Restructuring Expense |
|
(68 |
) |
|
1,853 |
|
|
— |
|
|
1,785 |
|
||||
Costs Related to the Cybersecurity Incident, Net of Insurance Recoveries |
|
(61 |
) |
|
— |
|
|
— |
|
|
(61 |
) |
||||
Adjusted EBITDA |
$ |
65,813 |
|
$ |
1,335 |
|
$ |
(1,465 |
) |
$ |
65,683 |
|
||||
(1) |
Taxes are calculated on a consolidated basis and are not identifiable by Company segment. |
|
|
(Unaudited) |
||||||||||||
|
Three Months Ended |
||||||||||||
|
December 31, 2023 |
||||||||||||
|
Progressive Leasing |
Vive |
Other |
Consolidated Total |
|||||||||
Net Earnings |
|
|
|
$ |
18,575 |
||||||||
Income Tax Expense(1) |
|
|
|
|
9,936 |
||||||||
Earnings (Loss) Before Income Tax Expense |
$ |
35,857 |
$ |
59 |
$ |
(7,405 |
) |
|
28,511 |
||||
Interest Expense, Net |
|
6,915 |
|
24 |
|
(82 |
) |
|
6,857 |
||||
Depreciation |
|
1,941 |
|
211 |
|
353 |
|
|
2,505 |
||||
Amortization |
|
5,422 |
|
— |
|
229 |
|
|
5,651 |
||||
EBITDA |
|
50,135 |
|
294 |
|
(6,905 |
) |
|
43,524 |
||||
Stock-Based Compensation |
|
4,024 |
|
306 |
|
1,509 |
|
|
5,839 |
||||
Restructuring Expense |
|
10,575 |
|
— |
|
— |
|
|
10,575 |
||||
Costs Related to the Cybersecurity Incident |
|
1,028 |
|
— |
|
— |
|
|
1,028 |
||||
Adjusted EBITDA |
$ |
65,762 |
$ |
600 |
$ |
(5,396 |
) |
$ |
60,966 |
||||
(1) |
Taxes are calculated on a consolidated basis and are not identifiable by Company segment. |
|
PROG Holdings, Inc. |
|||||||||||||||
Non-GAAP Financial Information |
|||||||||||||||
Twelve Month Segment EBITDA |
|||||||||||||||
(In thousands) |
|||||||||||||||
|
|
||||||||||||||
|
Twelve Months Ended |
||||||||||||||
|
December 31, 2024 |
||||||||||||||
|
Progressive Leasing |
Vive |
Other |
Consolidated Total |
|||||||||||
Net Earnings |
|
|
|
$ |
197,249 |
|
|||||||||
Income Tax Benefit(1) |
|
|
|
|
(33,641 |
) |
|||||||||
Earnings (Loss) Before Income Tax Benefit |
$ |
184,782 |
$ |
(848 |
) |
$ |
(20,326 |
) |
|
163,608 |
|
||||
Interest Expense, Net |
|
30,653 |
|
— |
|
|
636 |
|
|
31,289 |
|
||||
Depreciation |
|
6,574 |
|
643 |
|
|
1,871 |
|
|
9,088 |
|
||||
Amortization |
|
16,972 |
|
— |
|
|
917 |
|
|
17,889 |
|
||||
EBITDA |
|
238,981 |
|
(205 |
) |
|
(16,902 |
) |
|
221,874 |
|
||||
Stock-Based Compensation |
|
22,665 |
|
1,334 |
|
|
5,180 |
|
|
29,179 |
|
||||
Restructuring Expense |
|
18,210 |
|
1,853 |
|
|
2,628 |
|
|
22,691 |
|
||||
Costs Related to the Cybersecurity Incident, Net of Insurance Recoveries |
|
285 |
|
— |
|
|
— |
|
|
285 |
|
||||
Adjusted EBITDA |
$ |
280,141 |
$ |
2,982 |
|
$ |
(9,094 |
) |
$ |
274,029 |
|
||||
(1) |
Taxes are calculated on a consolidated basis and are not identifiable by Company segment. |
|
|
Twelve Months Ended |
||||||||||||||
|
December 31, 2023 |
||||||||||||||
|
Progressive Leasing |
Vive |
Other |
Consolidated Total |
|||||||||||
Net Earnings |
|
|
|
$ |
138,838 |
|
|||||||||
Income Tax Expense(1) |
|
|
|
|
57,383 |
|
|||||||||
Earnings (Loss) Before Income Tax Expense |
$ |
216,271 |
|
$ |
4,545 |
$ |
(24,595 |
) |
|
196,221 |
|
||||
Interest Expense, Net |
|
28,978 |
|
|
593 |
|
(165 |
) |
|
29,406 |
|
||||
Depreciation |
|
7,482 |
|
|
745 |
|
1,058 |
|
|
9,285 |
|
||||
Amortization |
|
21,684 |
|
|
— |
|
1,064 |
|
|
22,748 |
|
||||
EBITDA |
|
274,415 |
|
|
5,883 |
|
(22,638 |
) |
|
257,660 |
|
||||
Stock-Based Compensation |
|
17,327 |
|
|
1,190 |
|
6,403 |
|
|
24,920 |
|
||||
Restructuring Expense |
|
12,533 |
|
|
— |
|
— |
|
|
12,533 |
|
||||
Regulatory Insurance Recoveries |
|
(525 |
) |
|
— |
|
— |
|
|
(525 |
) |
||||
Costs Related to the Cybersecurity Incident |
|
2,833 |
|
|
— |
|
— |
|
|
2,833 |
|
||||
Adjusted EBITDA |
$ |
306,583 |
|
$ |
7,073 |
$ |
(16,235 |
) |
$ |
297,421 |
|
||||
(1) |
Taxes are calculated on a consolidated basis and are not identifiable by Company segment. |
|
PROG Holdings, Inc. |
||||||||
Non-GAAP Financial Information |
||||||||
Reconciliation of Full Year 2025 Outlook for Adjusted EBITDA |
||||||||
(In thousands) |
||||||||
|
|
|
|
|||||
|
Fiscal Year 2025 Ranges |
|||||||
|
Progressive Leasing |
Vive |
Other |
Consolidated Total |
||||
Estimated Net Earnings |
|
|
|
|
||||
Income Tax Expense(1) |
|
|
|
51,000 - 53,000 |
||||
Projected Earnings (Loss) Before Income Tax Expense |
|
|
|
166,500 - 186,500 |
||||
Interest Expense, Net |
30,000 - 28,000 |
1,500 - 1,000 |
6,000 - 5,000 |
37,500 - 34,000 |
||||
Depreciation |
6,000 - 7,000 |
500 |
2,500 |
9,000 - 10,000 |
||||
Amortization |
15,000 |
— |
1,000 |
16,000 |
||||
Projected EBITDA |
232,000 - 245,000 |
(3,500) - (1,000) |
500 - 2,500 |
229,000 - 246,500 |
||||
Stock-Based Compensation |
28,000 - 30,000 |
1,000 |
2,000 - 2,500 |
31,000 - 33,500 |
||||
Projected Adjusted EBITDA |
|
|
|
|
||||
(1) |
Taxes are calculated on a consolidated basis and are not identifiable by Company segment. |
|
PROG Holdings, Inc. |
||
Non-GAAP Financial Information |
||
Reconciliation of the Three Months Ended March 31, 2025 Outlook for Adjusted EBITDA |
||
(In thousands) |
||
|
||
|
Three Months Ended March 31, 2025 |
|
|
Consolidated Total |
|
Estimated Net Earnings |
|
|
Income Tax Expense(1) |
12,000 - 13,000 |
|
Projected Earnings Before Income Tax Expense |
40,000 - 45,000 |
|
Interest Expense, Net |
9,000 |
|
Depreciation |
2,000 |
|
Amortization |
4,000 |
|
Projected EBITDA |
55,000 - 60,000 |
|
Stock-Based Compensation |
8,000 |
|
Projected Adjusted EBITDA |
|
|
(1) |
Taxes are calculated on a consolidated basis and are not identifiable by Company segment. |
|
PROG Holdings, Inc. |
||||||||
Reconciliation of Full Year 2025 Outlook for Earnings Per Share |
||||||||
Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution |
||||||||
|
Full Year 2025 |
|||||||
|
Low |
High |
||||||
Projected Earnings Per Share Assuming Dilution |
$ |
2.82 |
|
$ |
3.22 |
|
||
Add: Projected Intangible Amortization Expense |
|
0.38 |
|
|
0.38 |
|
||
Subtract: Tax Effect on Non-GAAP Adjustments(1) |
|
(0.10 |
) |
|
(0.10 |
) |
||
Projected Non-GAAP Earnings Per Share Assuming Dilution(2) |
$ |
3.10 |
|
$ |
3.50 |
|
||
(1) |
Adjustments are tax-effected using an assumed statutory tax rate of |
|
(2) |
In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding. |
|
PROG Holdings, Inc. |
||||||||
Reconciliation of the Three Months Ended March 31, 2025 Outlook for Earnings Per Share |
||||||||
Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution |
||||||||
|
Three Months Ended March 31, 2025 |
|||||||
|
Low |
High |
||||||
Projected Earnings Per Share Assuming Dilution |
$ |
0.73 |
|
$ |
0.78 |
|
||
Add: Projected Intangible Amortization Expense |
|
0.09 |
|
|
0.09 |
|
||
Subtract: Tax Effect on Non-GAAP Adjustments(1) |
|
(0.02 |
) |
|
(0.02 |
) |
||
Projected Non-GAAP Earnings Per Share Assuming Dilution(2) |
$ |
0.80 |
|
$ |
0.85 |
|
||
(1) |
Adjustments are tax-effected using an assumed statutory tax rate of |
|
(2) |
In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219712484/en/
Investor Contact
John A. Baugh, CFA
Vice President, Investor Relations
john.baugh@progleasing.com
Source: PROG Holdings, Inc.
FAQ
What was PROG Holdings' revenue and earnings growth in Q4 2024?
How much did PRG's Progressive Leasing GMV grow in Q4 2024?
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What was PRG's lease merchandise write-off rate in 2024?
