Prog Holdings, Inc. · NYSE:PRG
Prog — Q2 2025 Earnings Presentation
29 slides from Prog's earnings presentation, Jul 23, 2025
Slide 1: PROG Holdings, Inc. Q2 2025 Earnings Supplement
PROG Holdings, Inc. Q2 2025 Earnings Supplement July 23, 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 Q2 2025 Headlines
PROG Holdings Q2 2025 Headlines • Consolidated revenues of $604.7 million; Net earnings of $38.5 million • Adjusted EBITDA of $73.5 million • Diluted EPS of $0.95; Non-GAAP Diluted EPS of $1.02 • Progressive Leasing GMV of $413.9 million • Four Technologies grows GMV 166.5%; second consecutive quart
Slide 4: PROG Holdings Executive Commentary
PROG Holdings Executive Commentary “Our second quarter results once again demonstrate the resiliency of our Leasing business and our ability to manage through a period of high uncertainty and the loss of an important retail partner to liquidation” said Steve Michaels, President and CEO of PROG Holdi
Slide 5: PROG Holdings Q2 Consolidated Results
PROG Holdings Q2 Consolidated Results Revenue Non-GAAP EPS in millions $684.1 $1.02 $623.3 $0.92 $0.90 $592.2 $606.1 $604.7 $0.77 $0.80 • Consolidated revenue increased 2.1% year-over-year driven primarily by the growth in our BNPL business, Four Technologies • Non-GAAP EPS was up 10.9% Q2 2024 Q3 2
Slide 6: Progressive Leasing Q2 Segment Results
Progressive Leasing Q2 Segment Results GMV Revenue in millions in millions $651.6 $597.5 $570.5 $582.6 $592.9 $569.7 $454.5 $456.7 • Year-over-year GMV was down 8.9% $402.0 $413.9 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 Q2 Results
PROG Holdings Consolidated Q2 Results Three Months Ended June 30 Change 2025 2024 Revenue $604.7 $592.2 2.1% GAAP Net Earnings $38.5 $33.8 13.9% Adjusted Net Earnings $41.5 $40.2 3.2% Adjusted EBITDA $ $73.5 $72.3 1.7% Adjusted EBITDA % 12.2% 12.2% - GAAP Diluted Earnings Per Share $0.95 $0.77 23.4%
Slide 9: Progressive Leasing Q2 Segment Results
Progressive Leasing Q2 Segment Results Three Months Ended June 30 Change* 2025 2024 GMV $413.9 $454.5 -8.9% Revenue $569.7 $570.5 -0.1% Gross Margin % 32.4% 32.6% -15 bps SG&A % 13.8% 13.0% 80 bps Write-Off %** 7.5% 7.7% -20 bps Adjusted EBITDA $ $69.7 $73.8 -5.6% Adjusted EBITDA % 12.2% 12.9% -70 b
Slide 10: PROG Holdings Consolidated Results
PROG Holdings Consolidated Results Cash Flow Shares of Common Common Stock From Operations Stock Repurchased Repurchase Amount Six Months Ended 6/30/2025 Q2 2025 Q2 2025 $279.8M 0.9M $25.7M Cash and Cash Gross Net Leverage Equivalents Debt Ratio* As of 6/30/2025 As of 6/30/2025 As of 6/30/2025 $222.
Slide 11: PROG Holdings Full-Year 2025 Outlook
PROG Holdings Full-Year 2025 Outlook This outlook assumes a difficult operating environment with 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 27%, and no impact from additional share repurch
Slide 12: PROG Holdings Q3 2025 Outlook
PROG Holdings Q3 2025 Outlook This outlook assumes a difficult operating environment with 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 27%, and no impact from additional share repurchases. 1
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: Loss of Big Lots: Illustrative 2025 Financial Impact to Progressive Leasing
Loss of Big Lots: Illustrative 2025 Financial Impact to Progressive Leasing(1) Overview: Prior to its bankruptcy in September 2024 and the resulting closure of most of its stores, Big Lots, Inc. was a top 5 retail partner for Progressive Leasing. As a result, Progressive Leasing’s GMV and financial
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: 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 Quarterly 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 Quarterly Segment EBITDA (In thousands) PROG Internal
Slide 22: 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 23: GAAP to Non-GAAP Reconciliation Tables
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: GAAP to Non-GAAP Reconciliation Tables
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: 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 September 30, 2025 Outlook for Adjusted EBITDA (In thousands) PROG Internal
Slide 26: GAAP to Non-GAAP Reconciliation Tables
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: GAAP to Non-GAAP Reconciliation Tables
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: 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 September 30, 2025 Outlook for Diluted Earnings Per Share to Non- GAAP Diluted Earnings Per Share PROG Internal
Slide 29: PROG Internal
PROG Internal