Prog Holdings, Inc. · NYSE:PRG
Prog — Q4 2024 Earnings Presentation
26 slides from Prog's earnings presentation, Feb 19, 2025
Slide 1: PROG Holdings, Inc. Q4 2024 Earnings Supplement
PROG Holdings, Inc. Q4 2024 Earnings Supplement February 19, 2025 PROG Internal
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 Q4 2024 Headlines
PROG Holdings Q4 2024 Headlines • Progressive Leasing GMV of $597.5 million, up 9.1% year- over-year • Consolidated revenues of $623.3 million, up 8.0% • Net earnings of $57.5 million • Adjusted EBITDA of $65.7 million • Diluted EPS of $1.34; Non-GAAP Diluted EPS of $0.80 • Provides full year 2025 c
Slide 4: PROG Holdings Executive Commentary
PROG Holdings Executive Commentary "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 Micha
Slide 5: PROG Holdings Q4 Consolidated Results
PROG Holdings Q4 Consolidated Results Revenue Non-GAAP EPS in millions $641.9 $623.3 $0.91 $0.92 $577.4 $592.2 $606.1 $0.77 $0.80 $0.72 • Consolidated revenue increased 8.0% year-over-year driven primarily by our larger lease portfolio during the period Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 202
Slide 6: Progressive Leasing Q4 Segment Results
Progressive Leasing Q4 Segment Results GMV Revenue in millions in millions $597.5 $620.6 $592.9 $557.5 $570.5 $582.6 $547.6 $454.5 $456.7 • Year-over-year GMV was up 9.1% $418.5 which is our third consecutive quarter of strong growth • Revenue increased 6.3% year-over- year primarily due to a larger
Slide 7: Results
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Slide 8: PROG Holdings Consolidated Q4 Results
PROG Holdings Consolidated Q4 Results Three Months E nded Change December 31 2024 2023 Revenue $623.3 $577.4 8.0% GAAP Net Earnings $57.5 $18.6 209.1% Adjusted Net Earnings $34.1 $32.4 5.2% Adjusted EBITDA $ $65.7 $61.0 7.7% Adjusted EBITDA % 10.5% 10.6% -10 bps GAAP Diluted Earnings Per Share $1.34
Slide 9: PROG Holdings Consolidated Results
PROG Holdings Consolidated Results Cash Flow Shares of Common Common Stock From Operations Stock Repurchased Repurchase Amount Twelve Months Ended 12/31/2024 Q4 2024 Q4 2024 $138.5M 0.9M $40.5M Cash and Cash Gross Net Leverage Equivalents Debt Ratio* As of 12/31/2024 As of 12/31/2024 As of 12/31/202
Slide 10: Progressive Leasing Q4 Segment Results
Progressive Leasing Q4 Segment Results Three Months E nded Change December 31 2024 2023 GMV $597.5 $547.6 9.1% Revenue $592.9 $557.5 6.3% Gross Margin % 31.9% 32.9% -100 bps S G&A % 13.9% 15.0% -110 bps Write-Off %* 7.9% 7.0% 90 bps Adjusted E BITDA $ $65.8 $65.8 0.0% Adjusted E BITDA % 11.1% 11.8%
Slide 11: PROG Holdings Full-Year 2025 Outlook
PROG Holdings Full-Year 2025 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, an effective tax rate for Non- GAAP EPS of approximately 28%, no material increase in the unemp
Slide 12: PROG Holdings Q1 2025 Outlook
PROG Holdings Q1 2025 Outlook This outlook assumes a difficult operating environment with soft demand for leasable consumer goods, no material changes in the Company's decisioning posture, no material increase in the unemployment rate for our consumer base, an effective tax rate for non-GAAP EPS of
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) PROG Internal
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) PROG Internal
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) PROG Internal
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) PROG Internal
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) PROG Internal
Slide 20: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Annual Segment EBITDA (In thousands) PROG Internal
Slide 21: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Consolidated & Progressive Leasing Adjusted EBITDA % PROG Internal
Slide 22: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Full Year 2025 Outlook for Adjusted EBITDA (In thousands) PROG Internal
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 March 31, 2025 Outlook for Adjusted EBITDA (In thousands) PROG Internal
Slide 24: GAAP to non-GAAP Reconciliation Tables
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Full Year 2025 Outlook for Earnings Per Share Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution PROG Internal
Slide 25: 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 March 31, 2025 Outlook for Earnings Per Share Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution PROG Internal
Slide 26: PROG Internal
PROG Internal