secwatch.observer — SEC 8-K summary
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Issuer:     PROG Holdings, Inc. (PRG)
CIK:        0001808834
Form:       8-K
Filed at:   2022-07-27T23:59:59+00:00
Accession:  0001808834-22-000126
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1808834/000180883422000126/0001808834-22-000126-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1808834/000180883422000126/prg-20220727.htm
  HTML page:      https://secwatch.observer/filing/0001808834-22-000126

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