Prog Holdings, Inc. · NYSE:PRG
Prog — Q3 2024 Earnings Presentation
27 slides from Prog's earnings presentation, Oct 23, 2024
Slide 1: Q3 2024 Earnings Supplement
PROG Holdings, Inc. Q3 2024 Earnings Supplement October 23, 2024 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 Q3 2024 Headlines
PROG Holdings Q3 2024 Headlines • Progressive Leasing GMV of $456.7 million, up 11.6% year-over-year • Consolidated revenues of $606.1 million • Net earnings of $84.0 million • Adjusted EBITDA of $63.5 million • Diluted EPS of $1.94; Non-GAAP Diluted EPS of $0.77 • Raises full year consolidated reve
Slide 4: PROG Holdings Executive Commentary
PROG Holdings Executive Commentary " We are pleased to report another strong quarter, highlighted by 11.6% GMV growth and a return to revenue growth in our Progressive Leasing segment" said PROG Holdings President and CEO Steve Michaels. This momentum is driven by the effectiveness of our three-pill
Slide 5: PROG Holdings Q3 Consolidated Results
PROG Holdings Q3 Consolidated Results Revenue Non-GAAP EPS in millions $641.9 $582.9 $577.4 $592.2 $606.1 $0.92 $0.90 $0.91 $0.77 $0.72 • Consolidated revenue increased year-over-year driven primarily by our larger lease portfolio during the period and higher 90-day early purchases at the Progressiv
Slide 6: Progressive Leasing Q3 Segment Results
Progressive Leasing Q3 Segment Results GMV Revenue in millions in millions $620.6 $564.2 $557.5 $570.5 $582.6 $547.6 $454.5 $456.7 • Year-over-year GMV was up 11.6% $409.2 $418.5 which is our second consecutive quarter of accelerated growth • Revenue increased 3.3% year-over- year primarily due to a
Slide 7: Results
(S) proc \{ Holdings, Inc.
Slide 8: PROG Holdings Consolidated Q3 Results
PROG Holdings Consolidated Q3 Results All dollar amounts in millions except EPS GAAP to non-GAAP reconciliation tables available in appendix 8 PROG Internal
Slide 9: PROG Holdings Consolidated Results
PROG Holdings Consolidated Results Cash Flow Shares of Common Common Stock From Operations Stock Repurchased Repurchase Amount Nine Months Ended 9/30/2024 Q3 2024 Q3 2024 $223.0M 0.8M $37.0M Cash and Cash Gross Net Leverage Equivalents Debt Ratio* As of 9/30/2024 As of 9/30/2024 As of 9/30/2024 $221
Slide 10: Progressive Leasing Q3 Segment Results
Progressive Leasing Q3 Segment Results Three Months Ended Change September 30 2024 2023 GMV $456.7 $409.2 11.6% Revenue $582.6 $564.2 3.3% Gross Margin % 31.2% 32.3% -110bps SG&A % 13.1% 13.7% -60 bps Write-Off %* 7.7% 6.6% 110 bps Adjusted EBITDA $ $66.5 $74.8 -11.1% Adjusted EBITDA % 11.4% 13.3% -
Slide 11: PROG Holdings Full-Year 2024 Outlook
PROG Holdings Full-Year 2024 Outlook This outlook assumes a continuation of the benefits from tightened credit above us, 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
Slide 12: PROG Holdings Q4 2024 Outlook
PROG Holdings Q4 2024 Outlook This outlook assumes a continuation of the benefits from tightened credit above us, 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 fo
Slide 13: Appendix
(p PROG [ Holdings, Inc.
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 Consolidated & Progressive Leasing Adjusted EBITDA % PROG Internal
Slide 21: 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 Adjusted 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 Reconciliation of Previously Revised Full Year 2024 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 December 31, 2024 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 Revised Full Year 2024 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 Previously Revised Full Year 2024 Outlook for Earnings Per Share Assuming Dilution to Non- GAAP Earnings Per Share Assuming Dilution 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 the Three Months Ended December 31, 2024 Outlook for Earnings Per Share Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution PROG Internal
Slide 27: PROG Internal
PROG Internal