PROG Holdings beats Q1 2023 expectations, raises full-year earnings outlook

PROG Holdings, Inc.

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

Q1 adjusted EBITDA $89.7M (+38.9% YoY); non-GAAP diluted EPS $1.11 (+94.7% YoY).
Progressive Leasing write-offs improved to 6.0% vs 7.3% in Q1 2022; e-commerce up 100bps to 16.9% of GMV.
Full-year 2023 adjusted EBITDA guidance raised to $235M-$255M (from $215M-$245M); GAAP EPS raised to $2.09-$2.37.
Progressive Leasing earnings before taxes outlook corrected to $168M-$180M (from $147M-$167M).
Company repurchased $36.5M of stock at avg $25/share; $300.8M remaining under 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 0.95

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

Period: 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

1Q2023) --- PRESS RELEASE 1Q2023 Document Exhibit 99.1 PROG Holdings Exceeds First Quarter 2023 Expectations, Raises Full-Year Earnings Outlook • Consolidated revenues of $655.1 million, earnings before taxes of $67.6 million; • Adjusted EBITDA of $89.7 million, increase of 38.9% year-over-year • Diluted EPS of $1.00; Non-GAAP Diluted EPS of $1.11, up 94.7%

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Source: SEC EDGAR

accession 0001808834-23-000061

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