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PROG Holdings, Inc. reports developments as a fintech holding company focused on payment options and consumer financial products. Its operating businesses include Progressive Leasing for e-commerce, app-based and in-store point-of-sale lease-to-own solutions; Four Technologies for Buy Now, Pay Later payment options; MoneyApp for interest-free cash advances; and Purchasing Power for employee purchase programs using payroll deduction or allotments.
Recurring news covers financial results, outlook updates, gross merchandise volume trends, dividends, balance-sheet actions, subsidiary financing activity, consumer research, product-ecosystem strategy and governance changes. Company updates also describe the integration and performance of Purchasing Power following its completed acquisition and the broader shift from a leasing-centered model toward a multi-product consumer access platform.
PROG Holdings (NYSE:PRG) announced its acquisition of Four Technologies, a provider of innovative Buy Now, Pay Later (BNPL) solutions. This move aims to enhance PROG's fintech offerings, expanding their payment solutions to consumers buying furniture, clothing, and electronics. CEO Steve Michaels stated that integrating Four with their existing services will bolster their market reach and diversify offerings. The transaction details remain undisclosed, but further insights are expected during the upcoming financial results call on July 29, 2021.
PROG Holdings, Inc. (NYSE:PRG) will release its financial results for Q2 2021 on July 29, 2021, before market open. A live webcast and conference call will be held at 8:30 A.M. ET on the same day to discuss these results. Participants can join the conference through a dedicated phone line or online via the company's investor relations website. PROG Holdings is a fintech company based in Salt Lake City, offering lease-to-own solutions through Progressive Leasing and revolving credit products via Vive Financial.
Progressive Leasing, a leading lease-to-own solutions provider and subsidiary of PROG Holdings (NYSE:PRG), has donated $25,000 to AmeriCares to combat COVID-19 in India. With matching contributions, the total impact is $50,000 for life-saving equipment and education on pandemic prevention. The donation is part of Progressive Leasing's commitment to corporate responsibility, further supported by employee matching donations. CEO Steve Michaels highlighted the urgent need for aid in India amidst rising COVID-19 cases, resonating deeply with employees and customers affected by the crisis.
PROG Holdings, Inc. (NYSE:PRG) has appointed James P. Smith to its Board of Directors as of May 11, 2021. Smith brings extensive experience in financial services and digital innovation, previously serving as the Executive Vice President at Wells Fargo. His appointment is seen as a strategic move to enhance the company's leadership at a pivotal time. The Board's Nominating and Corporate Governance Committee engaged a search firm to find candidates, ensuring alignment with the company's strategic direction. PROG Holdings focuses on lease-to-own and buy-now, pay-later solutions.
PROG Holdings (NYSE:PRG) reported strong Q1 2021 results, showing a 7.9% revenue increase to $721 million. Key drivers included robust customer payment performance and e-commerce growth, with Progressive Leasing's GMV rising 10.4% to $510 million. Net earnings rose to $79.5 million, a 37.9% year-on-year increase. Adjusted EBITDA surged 88.7% to $118.1 million. The company anticipates continued growth, projecting total revenues for FY 2021 between $2.7 billion and $2.775 billion. PROG Holdings ended Q1 with $151.2 million in cash and notable share repurchase activity.
PROG Holdings, Inc. (NYSE:PRG) will release its financial results for Q1 2021 on April 29, 2021, before market open. The company, which operates Progressive Leasing and Vive Financial, provides lease-to-own solutions and credit products, respectively. A live webcast to discuss the results will occur on the same day at 8:30 A.M. ET. Access the webcast via the investor relations website. PROG Holdings aims to support credit-challenged consumers with affordable payment options.
PROG Holdings, Inc. (NYSE: PRG) has appointed three new executives to enhance its leadership in ecommerce and fintech. Majdi Haroun joins as Sr. VP of Engineering, bringing experience from Calvin Klein and Microsoft. Matt Ball, as VP of R&D, has a strong fintech background, previously serving as CTO at ParkMobile. Dan Stevenson, VP of Ecommerce, is known for his roles at Apple and Sony. These appointments aim to bolster PROG's ecommerce capabilities and drive innovation, positioning the company for growth in a competitive market.
PROG Holdings, Inc. (NYSE:PRG) reported fourth quarter 2020 revenues of $605.7 million, a 6.5% increase from the previous year. The company achieved a net income of $42.3 million, contrasting with a $138.1 million loss in Q4 2019. Diluted EPS rose to $0.62, with non-GAAP EPS reaching $0.95, up 46.2%. Adjusted EBITDA increased 35.9% to $90.0 million. A new $300 million share repurchase program was authorized, while dividends were suspended. The company reported a net debt position of $13 million and outlined Q1 2021 revenue guidance of $650-$670 million.
PROG Holdings, Inc. (NYSE-PRG) will host a conference call on February 25, 2021, at 8:30 a.m. Eastern Time, to discuss its fourth-quarter 2020 financial results, which will be released before the market opens that day. Investors can join the call by dialing 877-270-2148 for domestic participants or 412-902-6510 for international callers. Details for online access can be found on the company's investor relations website. PROG Holdings is known for providing lease-purchase solutions through Progressive Leasing across over 20,000 locations in 46 states.
PROG Holdings, Inc. (NYSE: PRG) has officially begun operating as an independent entity following the spin-off of its Aaron's Business segment, effective December 1, 2020. The company aims to leverage its leadership in lease-to-own solutions to enhance growth and value for retail partners and shareholders. Shareholders of record received one share of The Aaron's Company for every two shares of Progressive held. Progressive plans to invest in technology, grow partnerships, and maintain a robust financial profile for reinvestment and shareholder returns.