PROG Holdings cuts FY2022 outlook amid inflation; Q2 revenue $645-655M, EBITDA $45-50M

PROG Holdings, Inc.

Q2 2022 revenue $645-655M; adjusted EBITDA $45-50M; lease write-offs expected in mid 9% range.
FY2022 revenue guidance revised to $2.59-2.69B; GAAP diluted EPS $2.09-$2.33; non-GAAP $2.50-$2.75.
Elevated inflation in gas, food, and housing pressures customers, increasing delinquencies and write-offs.
Tightening lease decisioning; approval rates reduced several hundred bps to manage portfolio risk.
Cost reduction initiatives underway to right-size variable costs amid expected continued volatility.

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