Prog Holdings Inc Stock Price, News & Analysis

PROG Holdings, Inc. (NYSE:PRG) expressed disappointment over the Pennsylvania Attorney General's lawsuit against its Progressive Leasing business. The company believes it adheres to transparent practices and is proud of its services. They appreciate the support from Pennsylvania’s Governor and legislature for modernizing laws that align with their business practices. PROG Holdings commits to vigorously defending its position in court while continuing to serve Pennsylvania consumers with flexible lease-to-own options. The company remains optimistic about the outcome of the lawsuit.

PROG Holdings, Inc. (NYSE:PRG) reported Q2 2022 results with consolidated revenues of $649.4 million, down 1.6% year-over-year, and a net earnings decrease to $19.5 million from $68.8 million in the previous year. Progressive Leasing GMV also fell 2.4% to $494.0 million, but e-commerce GMV rose 17.6%, representing 15.6% of total GMV. Adjusted EBITDA was $52.2 million, or 8.0% of revenues, highlighting pressure on portfolio performance. The company ended the quarter with $127.3 million in cash and $600 million in gross debt.

PROG Holdings, Inc. (NYSE:PRG) will release its second quarter 2022 financial results on July 27, 2022, prior to market open. A live webcast and conference call will follow at 8:30 A.M. ET to discuss the results. Investors can access the webcast through the company's investor relations website. PROG Holdings is a fintech holding company providing competitive payment options through its subsidiaries, including Progressive Leasing and Vive Financial.

PROG Holdings, Inc. (NYSE: PRG) reported estimated second quarter metrics amid a challenging economic environment marked by rising inflation. The company anticipates Q2 revenue between $645 and $655 million and adjusted EBITDA of $45 to $50 million. Increased delinquencies and write-offs in the lease portfolio prompted tighter decisioning, leading to a projected decline in GMV. The 2022 full-year outlook is revised to anticipate revenues of $2.59 to $2.69 billion and a provision for lease write-offs near the high end of the 6-8% range.

PROG Holdings, Inc. (NYSE:PRG) reported Q1 2022 financial results with consolidated revenues of $710.5 million, a 1.5% decline year-over-year, and net earnings of $27.1 million, down from $79.5 million. Adjusted EBITDA decreased to $64.6 million from $118.1 million, representing 9.1% of revenues. Progressive Leasing's GMV fell 1.1% to $504.5 million, impacted by COVID-19 cases, despite a 10% rise in e-commerce GMV. The company ended Q1 with $184 million cash and $600 million in gross debt, reaffirming its 2022 outlook.

PROG Holdings, Inc. (NYSE:PRG) appointed Vin Thomas as General Counsel and Corporate Secretary, succeeding Marvin Fentress who retires on May 31, 2022. Thomas brings extensive legal expertise in corporate governance and compliance from his previous role at CURO Group Holdings Corp. and prior experience at TMX Finance LLC. PROG's President Steve Michaels emphasized Thomas’s capability to support the company’s strategic initiatives. The leadership change aims to enhance legal and regulatory compliance as the firm seeks to broaden its fintech operations.

PROG Holdings (NYSE:PRG) has released its first Environmental, Social, and Governance (ESG) Review, marking its commitment to sustainability as a stand-alone public company. The review includes performance metrics aligned with global ESG best practices, emphasizing the company’s core values of integrity and valuing people. Key focus areas include enhancing customer service, fostering a diverse workforce, investing in communities, reducing environmental impacts, and maintaining strong governance practices. The ESG Review aims to promote long-term sustainability and stakeholder value.

PROG Holdings, Inc. (NYSE:PRG) will release its Q1 2022 financial results on April 27, 2022, before the market opens. A live webcast and conference call will occur at 8:30 A.M. ET on the same day to discuss these results. Participants can access the call via telephone or through the company’s investor relations website. PROG Holdings operates Progressive Leasing, Vive Financial, and Four Technologies, providing consumers with a variety of payment options.