PROG Holdings Q2 beats, raises full-year 2023 outlook; Adj EBITDA up 44% YoY

PROG Holdings, Inc.

2023-Q2 EPS reported $1.79 revenue$1,247,986,000

Consolidated revenues $592.8M (down 8.7% YoY); non-GAAP diluted EPS $0.92 vs $0.52 YoY (+76.9%).
Adjusted EBITDA $75.0M, +44% YoY, driven by lower write-offs (7.1% vs 9.8%) and strong portfolio performance.
Raised FY 2023 guidance: Adj EBITDA now $270-280M (from $235-255M); non-GAAP EPS $3.10-3.25 (from $2.50-2.77).
Repurchased $35.4M stock in Q2 at avg $32.65; $265.4M remaining under $1B buyback program.
Progressive Leasing GMV $421.2M, -14.7% YoY due to tighter decisioning and soft consumer demand.

item 2.02 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 second quarter ended June 30, 2023 results: revenue Consolidated revenues of $592.8 million, net income Consolidated net earnings for the quarter were $37.2 million, EPS Diluted earnings per share for the second quarter of 2023 were $0.79. Guidance raised.

Period: second quarter ended June 30, 2023
Revenue: Consolidated revenues of $592.8 million
Net income: Consolidated net earnings for the quarter were $37.2 million
EPS: Diluted earnings per share for the second quarter of 2023 were $0.79
Guidance: raised
Result: reported results

Exact text from the filing

2Q2023) --- PRESS RELEASE 2Q2023 Document Exhibit 99.1 PROG Holdings Exceeds Second Quarter 2023 Expectations, Raises Full-Year Financial Outlook • Consolidated revenues of $592.8 million • Earnings before taxes of $52.0 million • Adjusted EBITDA of $75.0 million, increase of 44% year-over-year • Diluted EPS of $0.79; Non-GAAP Diluted EPS of $0.92, up 76.9%

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Source: SEC EDGAR

accession 0001808834-23-000091

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