Prog Holdings, Inc. · NYSE:PRG
Prog — Q1 2024 Earnings Presentation
27 slides from Prog's earnings presentation, Apr 24, 2024
Slide 1: PROG Holdings, Inc. Q1 2024 Earnings Supplement
PROG Holdings, Inc. Q1 2024 Earnings Supplement April 24, 2024
Slide 2: Use of Forward-Looking Statements
Use of Forward-Looking Statements Statements 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 the forward-looking statem
Slide 3: PROG Holdings Q1 2024 Headlines
PROG Holdings Q1 2024 Headlines • Progressive Leasing GMV of $418.5 million, flat year- over-year • Consolidated revenues of $641.9 million • Earnings before taxes of $31.6 million • Adjusted EBITDA of $72.6 million • Diluted EPS of $0.49; Non-GAAP Diluted EPS of $0.91 • Raises full year consolidate
Slide 4: PROG Holdings Executive Commentary
PROG Holdings Executive Commentary "We're pleased with our strong start to the year, with first quarter financial performance exceeding our expectations, driven by better-than-expected GMV, strong portfolio performance and disciplined spending" said PROG Holdings President and CEO Steve Michaels. "D
Slide 5: PROG Holdings Q1 Consolidated Results
PROG Holdings Q1 Consolidated Results Revenue Non-GAAP EPS in millions $1.11 $655.1 $641.9 $592.8 $582.9 $577.4 $0.92 $0.90 $0.91 $0.72 • Consolidated revenue decline was driven by a lower gross leased asset balance during the quarter • Non-GAAP EPS continued to Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 20
Slide 6: Progressive Leasing Q1 Segment Results
Progressive Leasing Q1 Segment Results GMV Revenue in millions in millions • Year-over-year GMV was flat which was better than internal expectations $637.1 $620.6 $547.6 $574.8 $564.2 $557.5 for a low single digit percentage decline $418.7 $421.2 $409.2 $418.5 • Revenue declined year-over-year prima
Slide 7: Results
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Slide 8: PROG Holdings Consolidated Q1 Results
PROG Holdings Consolidated Q1 Results Three Months Ended March 31 Change 2024 2023 Revenue $641.9 $655.1 -2.0% GAAP Net Earnings $22.0 $48.0 -54.2% Adjusted Net Earnings $40.6 $53.4 -24.0% Adjusted EBITDA $ $72.6 $89.7 -19.1% Adjusted EBITDA % 11.3% 13.7% -240 bps GAAP Diluted Earnings Per Share $0.
Slide 9: PROG Holdings Consolidated Results: Cash Flow and Leverage
PROG Holdings Consolidated Results Cash Flow Shares of Common Common Stock From Operations Stock Repurchased Repurchase Amount Quarter Ending 3/31/2024 Q1 2024 Q1 2024 $135.7M 0.8M $24.4M Cash and Cash Gross Net Leverage Equivalents Debt Ratio* As of 3/31/2024 As of 3/31/2024 As of 3/31/2024 $252.8M
Slide 10: Progressive Leasing Q1 Segment Results
Progressive Leasing Q1 Segment Results Three Months Ended March 31 Change 2024 2023 GMV $418.5 $418.7 0.0% Revenue $620.6 $637.1 -2.6% Gross Margin % 30.5% 31.7% -120 bps SG&A % 12.3% 11.9% 40 bps Write-Off %* 7.0% 6.0% 100 bps Adjusted EBITDA $ $74.1 $90.4 -18.0% Adjusted EBITDA % 11.9% 14.2% -230
Slide 11: PROG Holdings Full-Year 2024 Outlook
PROG Holdings Full-Year 2024 Outlook This outlook assumes a difficult operating environment with continued soft demand for consumer durable goods, no material changes in the Company's decisioning posture, no material increases in the unemployment rate for our consumer, an effective tax rate for non-
Slide 12: PROG Holdings Q2 2024 Outlook
PROG Holdings Q2 2024 Outlook This outlook assumes a difficult operating environment with continued soft demand for consumer durable goods, no material changes in the Company's decisioning posture, no material increases in the unemployment rate for our consumer, an effective tax rate for non-GAAP EP
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 Earnings Per Share Assuming Dilution to Non-GAAP Net Earnings and Earnings Per Share Assuming Dilution (In thousands, except per share amounts)
Slide 16: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables 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)
Slide 17: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands)
Slide 18: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands)
Slide 19: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands)
Slide 20: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Consolidated & Progressive Leasing Adjusted EBITDA %
Slide 21: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Full Year 2024 Outlook for Adjusted EBITDA (In thousands)
Slide 22: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Previous Full Year 2024 Outlook for Adjusted EBITDA (In thousands)
Slide 23: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of the Three Months Ended June 30, 2024 Outlook for Adjusted EBITDA (In thousands)
Slide 24: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Revised Full Year 2024 Outlook for Earnings Per Share Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution
Slide 25: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Previous Full Year 2024 Outlook for Earnings Per Share Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution
Slide 26: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Three Months Ended June 30, 2024 Outlook for Earnings Per Share Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution
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