Welcome to our dedicated page for Prog Holdings news (Ticker: PRG), a resource for investors and traders seeking the latest updates and insights on Prog Holdings stock.
PROG Holdings, Inc. (NYSE: PRG) is a fintech holding company headquartered in Salt Lake City, Utah, that focuses on transparent and competitive payment options and inclusive consumer financial products. News about PRG often centers on developments at its key subsidiaries, including Progressive Leasing, Four Technologies, Build, and, more recently, Purchasing Power.
Investors following PRG news can expect regular updates on quarterly financial results, where the company reports consolidated revenues, net earnings, adjusted EBITDA, and performance metrics for Progressive Leasing and Four Technologies. These releases frequently discuss lease portfolio performance, write-off ranges, and the contribution of BNPL and other products to the overall business.
Another important category of news involves strategic transactions and portfolio changes. PROG Holdings has announced the sale of the Vive Financial credit card receivables portfolio to Atlanticus Holdings Corporation, describing this as a step to improve capital efficiency while maintaining access to second-look credit solutions through a partner. The company has also reported on its agreement to acquire, and subsequent closing of the acquisition of, Purchasing Power, a voluntary employee benefit program that enables employees to purchase brand-name products and services through automatic payroll deductions or allotments.
PRG news items also cover capital allocation decisions, such as quarterly cash dividends declared by the Board of Directors, share repurchase activity, and updates on cash and debt levels. In addition, the company issues announcements about Investor Day events, conference calls, and webcasts that provide more detail on its strategic vision, key growth drivers, and long-term objectives.
For investors and analysts, the PRG news feed offers a centralized view of earnings releases, acquisition and divestiture announcements, dividend declarations, and other material events that shape the company’s fintech-oriented ecosystem.
PROG Holdings (NYSE:PRG) plans to offer $600 million in senior unsecured notes due 2029, aimed at qualified institutional buyers. The net proceeds will fund an equity tender offer initiated on November 4, 2021, for share repurchases or general corporate purposes. The tender offer's completion is contingent upon a debt financing of at least $400 million. The offering is not conditioned on the tender's consummation but will help satisfy its financing condition. PROG Holdings focuses on providing transparent consumer payment options through its subsidiaries.
PROG Holdings, Inc. (NYSE:PRG) has initiated a modified Dutch auction tender offer to buy back up to $425 million of its common stock at prices ranging from $44 to $50 per share. This strategic move is part of a newly authorized $1 billion share repurchase program, replacing the previous $300 million plan, aimed at returning capital to shareholders. The offer, expiring on December 3, 2021, is contingent on PROG securing a new debt financing of at least $400 million. Shareholders have the flexibility to tender their shares at their chosen price within the specified range.
PROG Holdings, Inc. (NYSE:PRG) announced a tender offer to repurchase up to
PROG Holdings, Inc. reported a 6.4% increase in consolidated revenues to $650 million for Q3 2021, driven by strong performance in e-commerce and partnerships. Its GMV rose 9.9% to $493 million, with e-commerce GMV soaring 192%. Despite this, net earnings fell to $57.4 million, and adjusted EBITDA decreased by 15.4% to $93.6 million, affected by rising delinquencies. The Board authorized a $1 billion share repurchase program, including a tender offer for $425 million. The company estimates 2021 revenues between $2.68 billion and $2.70 billion.
PROG Holdings, Inc. (NYSE:PRG) is set to release its third-quarter financial results on November 3, 2021, before market opening. The company will host a live webcast and conference call the same day at 8:30 A.M. ET to discuss these results. PROG Holdings operates Progressive Leasing, offering lease-to-own options, Vive Financial, providing second-look credit products, and Four Technologies, which specializes in Buy Now, Pay Later solutions. Detailed information is available on their investor relations website.
PROG Holdings (NYSE:PRG) has appointed Caroline Sheu and Ray Martinez to its Board of Directors, enhancing its leadership team with expertise in digital marketing and consumer engagement. Both directors bring over two decades of experience in leveraging data and technology for growth. Sheu is the Global Director of Digital Marketing at Google Store, while Martinez co-founded EVERFI, focusing on educational programs. This marks the addition of three independent directors to PROG Holdings' Board in 2021, underscoring the company's commitment to expanding its presence in the non-prime financial market.
ProgCentral has been launched by Progressive Leasing, enhancing retailers' self-management capabilities in lease-to-own transactions. This new platform streamlines the lease-purchase process, providing improved user experience and security features. Merchants can transfer approved leases within the same retail chain, allowing transactions to start online and finish in-store. The rollout to e-commerce and brick-and-mortar stores is set to complete by Q1 2022. ProgCentral is designed to improve efficiency and conversion rates while benefiting customers seeking flexible payment options.
PROG Holdings (NYSE:PRG) reported strong Q2 2021 financial results, achieving a 10.1% revenue increase to $660 million, driven by a 25% rise in Progressive Leasing's GMV, which reached $506 million. Net earnings rose to $68.8 million, and Adjusted EBITDA surged 42.7% to $104.9 million. The company reduced lease merchandise write-offs to 4.8% due to low delinquencies. PROG Holdings also acquired Four Technologies for $23 million, expanding its fintech offerings. The full-year Adjusted EBITDA outlook is raised to $390-$405 million, alongside increased EPS projections.
Progressive Leasing, owned by PROG Holdings (NYSE:PRG), has expanded its e-commerce offerings with new plug-ins for Magento 2 and WooCommerce. These enhancements simplify integration for retailers, streamlining the lease-to-own application process. Customers can now complete transactions on retailers' websites, enjoy faster lease decisioning, and manage their lease orders efficiently. The company aims to increase its market share in the lease-to-own sector by making the virtual lease process easier for both retailers and customers.
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.
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