PROG Holdings Q1 beats: Non-GAAP EPS $1.11 (+94.7% YoY), raises FY outlook

PROG Holdings, Inc.

2023-Q1 EPS reported $1.00 revenue$655,140,000

Consolidated revenue $655.1M (-7.8% YoY); net earnings $48.0M vs $27.1M.
Adjusted EBITDA $89.7M (+38.9% YoY); Progressive Leasing write-offs improved to 6.0% from 7.3%.
Non-GAAP diluted EPS $1.11, up 94.7% YoY; GAAP diluted EPS $1.00 vs $0.49.
Raised FY2023 guidance: net earnings $99.5M-$112.5M (prev $82.5M-$103.5M); diluted EPS $2.09-$2.37.
Repurchased $36.5M of stock at avg $25/share; $300.8M remaining under $1B buyback program.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PROG Holdings, Inc. reported the first quarter ended March 31, 2023 results: revenue $655.1 million, net income $48.0 million, EPS $1.00. Guidance raised.

Period: the first quarter ended March 31, 2023
Revenue: $655.1 million
Net income: $48.0 million
EPS: $1.00
Guidance: raised
Result: reported results

Exact text from the filing

Consolidated revenues for the first quarter of 2023 were $655.1 million, a decrease of 7.8% from the same period in 2022 due to tightened lease decisioning in mid-2022, decreased customer demand for leasable goods, and a year-over-year decline in the number of customers exercising early lease buyouts. This decline in revenues was partially offset by year-over-year improvements in customer payment behavior during the first quarter of 2023. The Company reported consolidated net earnings for the first quarter of 2023 of $48.0 million, compared with $27.1 million in the prior year period. Adjusted EBITDA for the quarter increased 38.9% to $89.7 million, or 13.7% of revenues, compared with $64.6 million, or 9.1% of revenues for the same period in 2022. The year-over-year growth in Adjusted EBITDA was driven primarily by historically low 90 day buyout activity for the period, improved customer payment behavior resulting from prior lease decisioning tightening, benefit from previous cost-cutt

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Source: SEC EDGAR

accession 0001808834-23-000053

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