Prog Holdings Inc Stock Price, News & Analysis

Progressive Leasing has partnered with Nationwide Marketing Group to provide its innovative lease-to-own solutions to thousands of independent retailers. This collaboration allows members exclusive access to Progressive Leasing's flexible payment options, enhancing customer transactions. Retailers can manage their lease-to-own business via the ProgCentral platform, with seamless integration into existing e-commerce setups. The partnership aims to support small and medium-sized retailers, helping them meet consumer demands for transparent payment options and fostering business growth.

PROG Holdings, Inc. reported a strong Q4 2021 with a GMV of $635 million, marking an 18.3% increase. Consolidated revenues reached $647 million, up 6.8%. The company generated $52.9 million in earnings before taxes and an adjusted EBITDA of $72.1 million, representing 11.2% of revenues. Diluted EPS was $0.59. PROG returned $439 million to shareholders through stock repurchases. The outlook for 2022 projects revenue growth of 4-8% and adjusted EBITDA margins returning to 11-13%. However, challenges include higher delinquency rates that align with pre-pandemic levels.

PROG Holdings, Inc. (NYSE:PRG) will announce Q4 and FY 2021 financial results on February 23, 2022, before market open. A live webcast and conference call will occur the same day at 8:30 A.M. ET to discuss the results. PROG Holdings is a fintech holding company, operating Progressive Leasing and Vive Financial, which provide lease-to-own solutions and revolving credit products, respectively. The results will reflect the company’s performance in providing transparent payment options to credit-challenged consumers.

PROG Holdings, Inc. (NYSE:PRG) has completed its "modified Dutch auction" tender offer, which expired on December 3, 2021. The company accepted 8,673,469 shares at a price of $49.00 each, totaling approximately $425 million. This purchase accounts for around 13.2% of PROG Holdings' outstanding common stock. The final proration factor for the offer was reported at 77.8%. Payments for accepted shares will be processed on December 9, 2021, while non-accepted shares will be returned to shareholders.

PROG Holdings, Inc. (NYSE:PRG) has completed a modified Dutch auction tender offer, set to purchase approximately 13.2% of its outstanding shares at $49.00 each for a total of $425 million. This follows their recent $600 million senior note offering. CEO Steve Michaels emphasized the importance of these steps in capital allocation to support long-term growth and shareholder value. With a remaining $1 billion under its share repurchase program, PROG Holdings aims to continue buying back shares while pursuing growth and acquisitions.

PROG Holdings, Inc. (NYSE:PRG) announced the expiration of its modified Dutch auction tender offer on December 3, 2021. The company plans to buy back 8,673,469 shares at $49.00 each, totaling approximately $425 million, which represents 13.2% of outstanding common stock. A total of 10,766,408 shares were tendered, with an estimated pro-ration factor of 80.6%. The final purchase details will be confirmed after the settlement period. J.P. Morgan Securities LLC is the dealer manager for this tender offer.

PROG Holdings, Inc. (NYSE:PRG) announced the successful completion of a $600 million offering of 6.00% senior unsecured notes due 2029. The proceeds will fund a tender offer for up to $425 million of its common stock, initiated on November 4, 2021. This event satisfies the financing condition for the tender offer. The notes are unsecured obligations and will be guaranteed by certain subsidiaries of PROG Holdings. The offering is targeted at qualified institutional buyers and non-U.S. persons, adhering to Regulation S and Rule 144A under the Securities Act.

PROG Holdings (NYSE:PRG) announced the pricing of $600 million in 6.00% senior unsecured notes due 2029. These notes are being offered in a private placement and will close on November 26, 2021. The proceeds will be used for share repurchases and general corporate purposes. Importantly, the offering is not conditional on the completion of the ongoing tender offer for repurchasing common stock initiated on November 4, 2021, which requires a minimum of $400 million in debt financing. The notes will bear interest payable semi-annually beginning May 15, 2022.

PROG Holdings, Inc. (NYSE:PRG) announced plans to offer $600 million in senior unsecured notes due 2029 in a private placement. The offering aims to facilitate share repurchases and general corporate purposes. The notes will not be registered under the Securities Act and are subject to market conditions. The offering is linked to a tender offer for share repurchases that commenced on November 4, 2021, requiring a minimum of $400 million in debt financing. Completion of the offering would fulfill the financing condition for the tender offer.