Prog Holdings, Inc. · NYSE:PRG
Prog — Q1 2025 Earnings Presentation
27 slides from Prog's earnings presentation, Apr 23, 2025
Slide 1: PROG Holdings, Inc. Q1 2025 Earnings Supplement
PROG Holdings, Inc. Q1 2025 Earnings Supplement April 23, 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 Q1 2025 Headlines
PROG Holdings Q1 2025 Headlines • Consolidated revenues of $684.1 million; Net earnings of $34.7 million • Adjusted EBITDA of $70.3 million • Diluted EPS of $0.83; Non-GAAP Diluted EPS of $0.90 • Progressive Leasing GMV of $402.0 million • Four Technologies grows GMV 145.7%; Attains quarterly positi
Slide 4: PROG Holdings Executive Commentary
PROG Holdings Executive Commentary "We're pleased to report first quarter results with both earnings and non-GAAP diluted EPS coming in above the high end of our outlook - a reflection of disciplined execution across the business" said PROG Holdings President and CEO, Steve Michaels. "Our ecosystem
Slide 5: PROG Holdings Q1 Consolidated Results
PROG Holdings Q1 Consolidated Results Revenue Non-GAAP EPS in millions $684.1 $641.9 $623.3 $0.91 $0.92 $0.90 $592.2 $606.1 $0.77 $0.80 • Consolidated revenue increased 6.6% year-over-year driven primarily by our larger lease portfolio during the period • Non-GAAP EPS was relatively flat Q1 2024 Q2
Slide 6: Progressive Leasing Q1 Segment Results
Progressive Leasing Q1 Segment Results GMV Revenue in millions in millions $620.6 $651.6 $597.5 $570.5 $582.6 $592.9 $454.5 $456.7 • Year-over-year GMV was down 4.0% $418.5 $402.0 driven by the bankruptcy of a large national partner, partially offset by growth in the rest of the business • Revenue i
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 2025 2024 Revenue $684.1 $641.9 6.6% GAAP Net Earnings $34.7 $22.0 57.7% Adjusted Net Earnings $37.7 $40.6 -7.1% Adjusted EBITDA $ $70.3 $72.6 -3.2% Adjusted EBITDA % 10.3% 11.3% -100 bps GAAP Diluted Earnings Per Share $0.83 $
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 3/31/2025 Q1 2025 Q1 2025 $209.9M 0.9M $26.1M Cash and Cash Gross Net Leverage Equivalents Debt Ratio* As of 3/31/2025 As of 3/31/2025 As of 3/31/2025 $213.3M
Slide 10: Progressive Leasing Q1 Segment Results
Progressive Leasing Q1 Segment Results Three Months E nded March 31 Change* 2025 2024 GMV $402.0 $418.5 -4.0% Revenue $651.6 $620.6 5.0% Gross Margin % 29.3% 30.5% -112 bps S G&A % 12.6% 12.3% 30 bps Write-Off %** 7.4% 7.0% 40 bps Adjusted E BITDA $ $67.2 $74.1 -9.3% Adjusted E BITDA % 10.3% 11.9% -
Slide 11: PROG Holdings Full-Year 2025 Outlook
PROG Holdings Full-Year 2025 Outlook The updated outlook assumes a difficult operating environment with soft demand for consumer durable goods, no material changes in the Company’s current decisioning posture, an effective tax rate for Non-GAAP EPS of approximately 28%, and no impact from additional
Slide 12: PROG Holdings Q2 2025 Outlook
PROG Holdings Q2 2025 Outlook The updated outlook assumes a difficult operating environment with soft demand for consumer durable goods, no material changes in the Company’s current decisioning posture, an effective tax rate for Non-GAAP EPS of approximately 28%, and no impact from additional share
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 tha t are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). Non-GAAP diluted earning
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. 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 2025 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 Previous 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 June 30, 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 Revised Full Year 2025 Outlook for Diluted Earnings Per Share to Non-GAAP Diluted Earnings Per Share 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 Previous Full Year 2025 Outlook for Diluted Earnings Per Share to Non-GAAP Diluted Earnings Per Share 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 June 30, 2025 Outlook for Diluted Earnings Per Share to Non- GAAP Diluted Earnings Per Share PROG Internal
Slide 27: PROG Internal
PROG Internal