Prog Holdings, Inc. · NYSE:PRG
Prog — Q3 2025 Earnings Presentation
29 slides from Prog's earnings presentation, Oct 22, 2025
Slide 1: PROG Holdings, Inc. Q3 2025 Earnings Supplement
PROG Holdings, Inc. Q3 2025 Earnings Supplement October 22, 2025 PROG Internal
Slide 2: Use of Forward-Looking Statements
Use of Forward-Looking Statements Statements, estimates and projections in this earnings supplement 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
Slide 3: PROG Holdings Q3 2025 Headlines
PROG Holdings Q3 2025 Headlines • Consolidated revenues of $595.1 million; Net earnings of $33.1 million • Adjusted EBITDA of $67.0 million • Diluted EPS of $0.82; Non-GAAP Diluted EPS of $0.90 • Progressive Leasing GMV of $410.9 million • Four Technologies grows GMV 162.8%; third consecutive quarte
Slide 4: PROG Holdings Executive Commentary
PROG Holdings Executive Commentary "Our third quarter results once again highlight the strength and consistency of our execution, even as consumers face ongoing economic pressures" said Steve Michaels, President and CEO of PROG Holdings. "We delivered strong earnings and expanded margins in our Prog
Slide 5: PROG Holdings Q3 Consolidated Results
PROG Holdings Q3 Consolidated Results Revenue Non-GAAP EPS in millions $684.1 $1.02 $606.1 $623.3 $604.7 $595.1 $0.90 $0.90 $0.77 $0.80 • Consolidated revenue declined 1.8%, driven by a smaller lease portfolio but partially offset by strong growth at Four Technologies • Non-GAAP EPS was up 16.9% yea
Slide 6: Progressive Leasing Q3 Segment Results
Progressive Leasing Q3 Segment Results GMV Revenue in millions in millions $651.6 $597.5 $582.6 $592.9 $569.7 $556.6 $456.7 • Year-over-year GMV was down $402.0 $413.9 $410.9 10.0% driven by the bankruptcy of a large national partner and tighter decisioning, partially offset by growth in the rest of
Slide 7: Results
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Slide 8: PROG Holdings Consolidated Q3 Results
PROG Holdings Consolidated Q3 Results Three Months Ended Change September 30 2025 2024 Revenue $595.1 $606.1 -1.8% GAAP Net Earnings* $33.1 $84.0 -60.6% Adjusted Net Earnings $36.3 $33.4 8.7% Adjusted EBITDA $ $67.0 $63.5 5.5% Adjusted EBITDA % 11.3% 10.5% 80 bps GAAP Diluted Earnings Per Share* $0.
Slide 9: Progressive Leasing Q3 Segment Results
Progressive Leasing Q3 Segment Results Three Months Ended Change* September 30 2025 2024 GMV $410.9 $456.7 -10.0% Revenue $556.6 $582.6 -4.5% Gross Margin % 32.0% 31.2% 80 bps SG&A % 14.2% 13.1% 110 bps Write-Off %** 7.4% 7.7% -30 bps Adjusted EBITDA $ $64.5 $66.5 -3.0% Adjusted EBITDA % 11.6% 11.4%
Slide 10: PROG Holdings Consolidated Results
PROG Holdings Consolidated Results Cash Flow Cash and Cash From Operations Equivalents Nine Months Ended 9/30/2025 As of 9/30/2025 $389.9M $292.6M Gross Net Leverage Debt Ratio* As of 9/30/2025 As of 9/30/2025 $600M 1.11x *(Gross debt minus cash and cash equivalents) 10 divided by trailing 12 month
Slide 11: PROG Holdings Full-Year 2025 Outlook
PROG Holdings Full-Year 2025 Outlook The Company is providing selective fourth quarter outlook metrics and updating its full year 2025 outlook. We have excluded Vive from our Outlook for both the fourth quarter and full year 2025 as its normal operations have been discontinued as a result of the sal
Slide 12: PROG Holdings Q4 2025 Outlook
PROG Holdings Q4 2025 Outlook The Company is providing selective fourth quarter outlook metrics and updating its full year 2025 outlook. We have excluded Vive from our Outlook for both the fourth quarter and full year 2025 as its normal operations have been discontinued as a result of the sale of it
Slide 13: Appendix
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Slide 14: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures 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 United States ("GAAP"). Non-GAAP diluted earnings
Slide 15: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Reconciliation of Net Earnings and Diluted Earnings Per Share to Non- GAAP Net Earnings and Diluted Earnings Per Share (In thousands, except per share amounts) PROG Internal
Slide 16: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Reconciliation of Net Earnings and Diluted Earnings Per Share to Non- GAAP Net Earnings and Diluted Earnings Per Share (In thousands, except per share amounts) PROG Internal
Slide 17: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Reconciliation of Net Earnings and Diluted Earnings Per Share to Non- GAAP Net Earnings and Diluted Earnings Per Share (In thousands, except per share amounts) PROG Internal
Slide 18: GAAP to Non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Reconciliation of Net Earnings and Diluted Earnings Per Share to Non- GAAP Net Earnings and Diluted Earnings Per Share (In thousands, except per share amounts) PROG Internal
Slide 19: Quarterly Segment EBITDA
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands) PROG Internal
Slide 20: Quarterly Segment EBITDA
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands) PROG Internal
Slide 21: Quarterly Segment EBITDA
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands) PROG Internal
Slide 22: Consolidated & Progressive Leasing Adjusted EBITDA %
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Consolidated & Progressive Leasing Adjusted EBITDA % PROG Internal
Slide 23: Reconciliation of Revised Full Year 2025 Outlook for Adjusted EBITDA
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Revised Full Year 2025 Outlook for Adjusted EBITDA (In thousands) PROG Internal
Slide 24: Reconciliation of Previous Full Year 2025 Outlook for Adjusted EBITDA
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Previous Full Year 2025 Outlook for Adjusted EBITDA (In thousands) PROG Internal
Slide 25: Reconciliation of Q4 2025 Outlook for Adjusted EBITDA
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of the Three Months Ended December 31, 2025 Outlook for Adjusted EBITDA (In thousands) PROG Internal
Slide 26: Reconciliation of Revised Full Year 2025 Outlook for Diluted EPS
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Revised Full Year 2025 Outlook for Diluted Earnings Per Share to Non-GAAP Diluted Earnings Per Share PROG Internal
Slide 27: Reconciliation of Previous Full Year 2025 Outlook for Diluted EPS
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Previous Full Year 2025 Outlook for Diluted Earnings Per Share to Non-GAAP Diluted Earnings Per Share PROG Internal
Slide 28: Reconciliation of Q4 2025 Outlook for Diluted EPS
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of the Three Months Ended December 31, 2025 Outlook for Diluted Earnings Per Share to Non- GAAP Diluted Earnings Per Share PROG Internal
Slide 29: PROG Internal
PROG Internal