PROG Holdings Q2 net earnings drop to $19.5M; GMV down 2.4%; adjusted EBITDA margin halves to 8%

PROG Holdings, Inc.

2022-Q2 EPS reported $0.86 revenue$1,359,908,000

Consolidated revenues $649.4M (-1.6% YoY); net earnings $19.5M vs $68.8M; diluted EPS $0.37 vs $1.02.
Adjusted EBITDA $52.2M (8.0% of revenues) vs $104.9M (15.9%) YoY; Non-GAAP diluted EPS $0.52 vs $1.09.
Progressive Leasing GMV $494M (-2.4% YoY); e-commerce GMV up 17.6% to 15.6% of total GMV.
Provision for lease write-offs 9.8% of lease revenues; inflationary pressures driving higher delinquencies.
Launched as exclusive LTO provider for Samsung.com; repurchased $98.4M stock at avg $25.23/share.

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