- Progressive Leasing GMV of $494.0 million, down 2.4%
year-over-year
- E-commerce 15.6% of Progressive Leasing GMV, up 17.6%
year-over-year
- Consolidated revenues of $649.4 million, down 1.6%
year-over-year
- Consolidated earnings before taxes of $27.3 million; Adjusted
EBITDA of $52.2 million or 8.0% of revenues
- Diluted EPS of $0.37; Non-GAAP Diluted EPS of $0.52
PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for
Progressive Leasing, Vive Financial, and Four Technologies, today
announced financial results for the second quarter ended June 30,
2022.
“In the face of significant macro-economic challenges, our team
is highly focused and continues to drive the business forward as we
look to increase our share of the largely unserved addressable
market,” said PROG Holdings President and CEO Steve Michaels. “This
week, we launched as the exclusive lease-to-own provider for
Samsung.com, a relationship that we expect to provide meaningful
GMV in 2023 and beyond. As we stated a few weeks ago, we’ve also
taken aggressive steps to align the cost structure of the business
with our near-term revenue outlook, which we expect will benefit us
in the periods ahead. Finally, we are actively managing our lease
portfolio performance towards targeted ranges by continuing to
optimize our decisioning algorithms to address the impact of
inflationary pressures being felt by our customers.”
“Moving forward, we believe our businesses are well-positioned
to help both consumers and retailers during challenging economic
periods like the one we’re currently facing. We have a resilient
business model that generates strong free cash flow in a variety of
economic conditions, and I am optimistic about our ability to grow
market share over the long-term,” Mr. Michaels said.
Consolidated Results
Consolidated revenues for the second quarter of 2022 were $649.4
million, a decrease of 1.6% from the same period in 2021. The
Company's revenue benefited from further penetration with large
national partners and continued growth in e-commerce, but those
benefits were more than offset by the impact of tighter lease
decisioning and sluggish retail traffic.
The Company reported consolidated net earnings for the second
quarter of 2022 of $19.5 million compared with $68.8 million in the
prior year period. Adjusted EBITDA for the second quarter of 2022
was $52.2 million compared with $104.9 million for the same period
in 2021. As a percentage of revenues, adjusted EBITDA was 8.0% in
the second quarter of 2022, compared with 15.9% for the same period
in 2021.
The year-over-year declines in adjusted EBITDA and net earnings
in the quarter were primarily driven by pressures on portfolio
performance, which resulted in lower revenue and higher
write-offs.
Diluted earnings per share for the second quarter of 2022 were
$0.37 compared with $1.02 in the year ago period. On a non-GAAP
basis, diluted earnings per share were $0.52 in the second quarter
of 2022 compared with $1.09 for the same quarter in 2021.
Progressive Leasing Results
Progressive Leasing's second quarter GMV decreased 2.4% to
$494.0 million compared with the same period in 2021, primarily due
to further tightening of lease decisioning and decreased in-store
and online traffic for our retail partners. E-commerce GMV within
the segment increased 17.6% year-over-year, accounting for 15.6% of
the segment's total GMV in the second quarter of 2022. The
provision for lease merchandise write-offs was 9.8% of lease
revenues in the second quarter of 2022, as continuing increases in
delinquencies drove an increase in the Company's write-off
reserves.
Liquidity and Capital Allocation
PROG Holdings ended the second quarter of 2022 with cash of
$127.3 million and gross debt of $600 million. The Company
repurchased $98.4 million of its stock in the quarter at an average
price of $25.23 per share and has $384.4 million remaining under
its previously-announced $1 billion share repurchase program.
2022 Outlook
The Company is reiterating its revised full year 2022
consolidated outlook as presented in its press release issued on
June 16, 2022.
Conference Call and Webcast
The company has scheduled a live webcast and conference call for
Wednesday, July 27, 2022, at 8:30 A.M. ET to discuss its financial
results for the second quarter of 2022. To access the live webcast,
visit the Events and Presentations page of the company’s investor
relations website, https://investor.progholdings.com/. To join the
conference call via telephone, dial (833) 756-0860 and request to
join the PROG Holdings, Inc. call. International participants
without internet access can join the conference call by dialing
(412) 317-6759 and requesting to join the PROG Holdings, Inc.
call.
About PROG Holdings, Inc.
PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company
headquartered in Salt Lake City, UT, that provides transparent and
competitive payment options to consumers. The Company owns
Progressive Leasing, a leading provider of e-commerce, app-based,
and in-store point-of-sale lease-to-own solutions, Vive Financial,
an omnichannel provider of second-look revolving credit products,
and Four Technologies, a provider of Buy Now, Pay Later payment
options through its platform, Four. More information on PROG
Holdings' companies can be found at
https://www.progholdings.com.
Forward Looking Statements:
Statements in this news release regarding our business that are
not historical facts are “forward-looking statements” that involve
risks and uncertainties which could cause actual results to differ
materially from those contained in the forward-looking statements.
Such forward-looking statements generally can be identified by the
use of forward-looking terminology, such as “believe”, “look to”,
“expect”, “continue”, “outlook” and similar forward-looking
terminology. These risks and uncertainties include factors such as
(i) continued volatility and challenges in the macro environment
and, in particular, the unfavorable effects on our business of the
rapid increase in the rate of inflation currently being experienced
in the economy, which has not been seen in more than forty years,
and its impact on: (a) consumer confidence and customer demand for
the merchandise that our POS partners sell; (b) our customers’
disposable income and their ability to make the lease and loan
payments they owe the company; (c) the availability of consumer
credit; (d) our labor costs; and (e) our overall financial
performance and outlook; (ii) a further deterioration of the macro
environment and/or additional macro-economic headwinds; (iii) the
impact of the COVID-19 pandemic, including new variants,
subvariants or additional waves of COVID-19 infections, on: (a)
demand for the lease-to-own products offered by our Progressive
Leasing segment, (b) Progressive Leasing’s point-of-sale or “POS”
partners, and Vive’s and Four’s merchant partners, (c) Progressive
Leasing’s, Vive’s and Four’s customers, including their ability and
willingness to satisfy their obligations under their lease
agreements and loan agreements, (d) Progressive Leasing’s POS
partners being able to obtain the merchandise their customers need
or desire, (e) our employees and labor needs, including our ability
to adequately staff our operations, (f) our financial and
operational performance, and (g) our liquidity; (iv) changes in the
enforcement of existing laws and regulations and the adoption of
new laws and regulations that may unfavorably impact our
businesses; (v) increased focus by federal and state regulators on
businesses that serve subprime consumers, such as our Progressive
Leasing, Vive Financial and Four Technologies businesses, and other
types of legal and regulatory proceedings and investigations,
including those related to consumer protection, customer privacy,
third party and employee fraud and information security; (vi) a
large percentage of the Company’s revenues being concentrated with
several of Progressive Leasing’s key POS partners; (vii) the risks
that Progressive Leasing will be unable to attract new POS partners
or retain and grow its business with its existing POS partners;
(viii) the risk that our capital allocation strategy, including our
current share repurchase program, will not be effective at
enhancing shareholder value; (ix) Vive’s business model differing
significantly from Progressive Leasing’s, which creates specific
and unique risks for the Vive business, including Vive’s reliance
on two bank partners to issue its credit products and Vive’s
exposure to the unique regulatory risks associated with the laws
and regulations that apply to its business; (x) adverse
consequences to Progressive Leasing, including additional monetary
penalties and/or injunctive relief, if it fails to comply with the
terms of its 2020 settlement with the FTC, as well as the
possibility of other regulatory authorities and third parties
bringing legal actions against Progressive Leasing based on the
same allegations that led to the FTC settlement; (xi) increased
competition from traditional and virtual lease-to-own competitors
and also from competitors of our Vive segment; (xii) our increased
level of indebtedness; (xiii) our ability to protect confidential,
proprietary, or sensitive information, including the personal and
confidential information of our customers, which may be adversely
affected by cyber-attacks, employee or other internal misconduct,
computer viruses, electronic break-ins or “hacking”, or similar
disruptions, any one of which could have a material adverse impact
on our results of operations, financial condition, and prospects;
(xiv) the effects of any increased expenses or unanticipated
liabilities incurred as a result of, or due to activities related
to, our acquisition of Four Technologies; (xv) Four Technology’s
business model differing significantly from Progressive Leasing's
and Vive’s, which creates specific and unique risks for the Four
business, including Four’s exposure to the unique regulatory risks
associated with the laws and regulations that apply to its
business; and (xvi) the other risks and uncertainties discussed
under “Risk Factors” in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2021, filed with the SEC on
February 23, 2022. Statements in this press release that are
“forward-looking” include without limitation statements about (i)
our ability to increase our share of the addressable market for our
offerings; (ii) the GMV we expect to generate in 2023 and beyond
from our relationship with Samsung.com; (iii) the benefits we
expect from aligning our cost structure with our near-term revenue
outlook; (iv) our ability to manage our lease portfolio performance
towards targeted ranges; (v) our ability to generate strong free
cash flow in a variety of economic conditions; and (vi) our
full-year 2022 outlook. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. Except as required by law, the
Company undertakes no obligation to update these forward-looking
statements to reflect subsequent events or circumstances after the
date of this press release.
PROG Holdings, Inc.
Consolidated Statements of
Earnings
(In thousands, except per
share data)
(Unaudited)
Three Months
Ended
(Unaudited)
Six Months
Ended
June 30,
June 30,
2022
2021
2022
2021
REVENUES:
Lease Revenues and Fees
$
631,344
$
646,048
$
1,324,258
$
1,354,030
Interest and Fees on Loans Receivable
18,100
13,923
35,650
26,942
649,444
659,971
1,359,908
1,380,972
COSTS AND EXPENSES:
Depreciation of Lease Merchandise
439,113
439,658
936,124
944,715
Provision for Lease Merchandise
Write-offs
61,788
31,258
112,118
49,898
Operating Expenses
111,606
96,745
225,264
187,941
612,507
567,661
1,273,506
1,182,554
OPERATING PROFIT
36,937
92,310
86,402
198,418
Interest Expense
(9,608
)
(436
)
(19,237
)
(948
)
EARNINGS BEFORE INCOME TAX
EXPENSE
27,329
91,874
67,165
197,470
INCOME TAX EXPENSE
7,845
23,037
20,546
49,145
NET EARNINGS
$
19,484
$
68,837
$
46,619
$
148,325
EARNINGS PER SHARE
Basic
$
0.37
$
1.03
$
0.86
$
2.20
Assuming Dilution
$
0.37
$
1.02
$
0.86
$
2.19
WEIGHTED AVERAGE SHARES
OUTSTANDING:
Basic
52,880
67,011
54,134
67,368
Assuming Dilution
52,961
67,329
54,326
67,792
PROG Holdings, Inc.
Consolidated Balance
Sheets
(In thousands, except share
data)
(Unaudited)
June 30,
2022
December 31,
2021
ASSETS:
Cash and Cash Equivalents
$
127,340
$
170,159
Accounts Receivable (net of allowances of
$81,898 in 2022 and $71,233 in 2021)
69,671
66,270
Lease Merchandise (net of accumulated
depreciation and allowances of $509,646 in 2022 and $463,929 in
2021)
615,256
714,055
Loans Receivable (net of allowances and
unamortized fees of $52,749 in 2022 and $53,300 in 2021)
123,578
119,315
Property and Equipment, Net
25,429
25,648
Operating Lease Right-of-Use Assets
15,501
17,488
Goodwill
306,212
306,212
Other Intangibles, Net
125,859
137,305
Income Tax Receivable
13,199
14,352
Deferred Income Tax Assets
2,760
2,760
Prepaid Expenses and Other Assets
53,585
48,197
Total Assets
$
1,478,390
$
1,621,761
LIABILITIES & SHAREHOLDERS’
EQUITY:
Accounts Payable and Accrued Expenses
$
125,964
$
135,954
Deferred Income Tax Liability
145,569
146,265
Customer Deposits and Advance Payments
36,197
45,070
Operating Lease Liabilities
23,572
25,410
Debt
590,317
589,654
Total Liabilities
921,619
942,353
SHAREHOLDERS' EQUITY:
Common Stock, Par Value $0.50 Per Share:
Authorized: 225,000,000 Shares at June 30, 2022 and December 31,
2021; Shares Issued: 82,078,654 at June 30, 2022 and December 31,
2021
41,039
41,039
Additional Paid-in Capital
332,823
332,244
Retained Earnings
1,102,145
1,055,526
1,476,007
1,428,809
Less: Treasury Shares at Cost
Common Stock: 31,513,117 Shares at June
30, 2022 and 25,638,057 at December 31, 2021
(919,236
)
(749,401
)
Total Shareholders’ Equity
556,771
679,408
Total Liabilities & Shareholders’
Equity
$
1,478,390
$
1,621,761
PROG Holdings, Inc.
Consolidated Statements of
Cash Flows
(In thousands)
(Unaudited)
Six Months Ended June
30,
2022
2021
OPERATING ACTIVITIES:
Net Earnings
$
46,619
$
148,325
Adjustments to Reconcile Net Earnings to
Cash Provided by Operating Activities:
Depreciation of Lease Merchandise
936,124
944,715
Other Depreciation and Amortization
17,021
14,247
Provisions for Accounts Receivable and
Loan Losses
201,980
87,114
Stock-Based Compensation
9,040
8,137
Deferred Income Taxes
(696
)
11,001
Non-Cash Lease Expense
549
464
Other Changes, Net
(3,748
)
(1,180
)
Changes in Operating Assets and
Liabilities, Net of Effects of Acquisitions:
Additions to Lease Merchandise
(951,751
)
(974,271
)
Book Value of Lease Merchandise Sold or
Disposed
114,427
52,089
Accounts Receivable
(188,921
)
(72,070
)
Prepaid Expenses and Other Assets
(5,216
)
106
Income Tax Receivable and Payable
(571
)
(20
)
Operating Lease Right-of-Use Assets and
Liabilities
(401
)
(895
)
Accounts Payable and Accrued Expenses
(9,841
)
23,552
Customer Deposits and Advance Payments
(8,873
)
(2,473
)
Cash Provided by Operating Activities
155,742
238,841
INVESTING ACTIVITIES:
Investments in Loans Receivable
(92,741
)
(94,129
)
Proceeds from Loans Receivable
76,244
62,938
Outflows on Purchases of Property and
Equipment
(5,494
)
(4,781
)
Proceeds from Property and Equipment
17
45
Proceeds (Outflows) from Acquisitions of
Businesses
7
(22,749
)
Cash Used in Investing Activities
(21,967
)
(58,676
)
FINANCING ACTIVITIES:
Acquisition of Treasury Stock
(176,475
)
(77,196
)
Tender Offer Shares Repurchased and
Retired
199
—
Issuance of Stock Under Stock Option
Plans
663
2,856
Shares Withheld for Tax Payments
(2,516
)
(4,921
)
Debt Issuance Costs
1,535
—
Cash Used in Financing Activities
(176,594
)
(79,261
)
(Decrease) Increase in Cash and Cash
Equivalents
(42,819
)
100,904
Cash and Cash Equivalents at Beginning of
Period
170,159
36,645
Cash and Cash Equivalents at End of
Period
$
127,340
$
137,549
Net Cash Paid During the Period:
Interest
$
17,085
$
435
Income Taxes
$
19,475
$
23,539
PROG Holdings, Inc.
Quarterly Revenues by
Segment
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2022
Progressive Leasing
Vive
Other
Consolidated Total
Lease Revenues and Fees
$
631,344
$
—
$
—
$
631,344
Interest and Fees on Loans Receivable
—
17,518
582
18,100
Total Revenues
$
631,344
$
17,518
$
582
$
649,444
(Unaudited)
Three Months Ended
June 30, 2021
Progressive Leasing
Vive
Other
Consolidated Total
Lease Revenues and Fees
$
646,048
$
—
$
—
$
646,048
Interest and Fees on Loans Receivable
—
13,923
—
13,923
Total Revenues
$
646,048
$
13,923
$
—
$
659,971
PROG Holdings, Inc.
Six Months Revenues by
Segment
(In thousands)
(Unaudited)
Six Months Ended
June 30, 2022
Progressive Leasing
Vive
Other
Consolidated Total
Lease Revenues and Fees
$
1,324,258
$
—
$
—
$
1,324,258
Interest and Fees on Loans Receivable
—
34,634
1,016
35,650
Total Revenues
$
1,324,258
$
34,634
$
1,016
$
1,359,908
(Unaudited)
Six Months Ended
June 30, 2021
Progressive Leasing
Vive
Other
Consolidated Total
Lease Revenues and Fees
$
1,354,030
$
—
$
—
$
1,354,030
Interest and Fees on Loans Receivable
—
26,942
—
26,942
Total Revenues
$
1,354,030
$
26,942
$
—
$
1,380,972
Use of Non-GAAP Financial Information:
Non-GAAP net earnings, non-GAAP diluted earnings per share, and
adjusted EBITDA are supplemental measures of our performance that
are not calculated in accordance with generally accepted accounting
principles in the United States ("GAAP"). Non-GAAP net earnings and
non-GAAP diluted earnings per share for the three and six months
ended June 30, 2022, exclude intangible amortization expense,
restructuring expenses, and accrued interest on an uncertain tax
position related to Progressive Leasing's $175.0 million settlement
with the FTC in 2020. Non-GAAP net earnings and non-GAAP diluted
earnings per share for the three and six months ended June 30, 2021
exclude intangible amortization expense and transaction costs
associated with the acquisition of Four. The amount for the
after-tax non-GAAP adjustment, which is tax effected using our
statutory tax rate, can be found in the reconciliation of net
earnings and earnings per share assuming dilution to non-GAAP net
earnings and earnings per share assuming dilution table in this
press release.
The Adjusted EBITDA figures presented in this press release are
calculated as the Company’s earnings before interest expense, net,
depreciation on property and equipment, amortization of intangible
assets and income taxes. Adjusted EBITDA for the three and six
months ended June 30, 2022 exclude stock-based compensation expense
and restructuring expenses. Adjusted EBITDA for the three and six
months ended June 30, 2021 exclude stock-based compensation expense
and transaction costs associated with the acquisition of Four. The
amounts for these pre-tax non-GAAP adjustments can be found in the
three and six month segment EBITDA tables in this press
release.
Management believes that non-GAAP net earnings, non-GAAP diluted
earnings per share, and adjusted EBITDA provide relevant and useful
information, and are widely used by analysts, investors and
competitors in our industry as well as by our management in
assessing both consolidated and business unit performance.
Non-GAAP net earnings, non-GAAP diluted earnings, and adjusted
EBITDA provide management and investors with an understanding of
the results from the primary operations of our business by
excluding the effects of certain items that generally arose from
larger, one-time transactions that are not reflective of the
ordinary earnings activity of our operations or transactions that
have variability and volatility of the amount. We believe the
exclusion of stock-based compensation expense provides for a better
comparison of our operating results with our peer companies as the
calculations of stock-based compensation vary from period to period
and company to company due to different valuation methodologies,
subjective assumptions and the variety of award types. This measure
may be useful to an investor in evaluating the underlying operating
performance of our business.
Adjusted EBITDA also provides management and investors with an
understanding of one aspect of earnings before the impact of
investing and financing charges and income taxes. These measures
may be useful to an investor in evaluating our operating
performance because the measures:
- Are widely used by investors to measure a company’s operating
performance without regard to items excluded from the calculation
of such measure, which can vary substantially from company to
company depending upon accounting methods, book value of assets,
capital structure and the method by which assets were acquired,
among other factors.
- Are used by rating agencies, lenders and other parties to
evaluate our creditworthiness.
- Are used by our management for various purposes, including as a
measure of performance of our operating entities and as a basis for
strategic planning and forecasting.
Non-GAAP financial measures, however, should not be used as a
substitute for, or considered superior to, measures of financial
performance prepared in accordance with GAAP, such as the Company’s
GAAP basis net earnings and diluted earnings per share and the GAAP
revenues and earnings before income taxes of the Company’s
segments, which are also presented in the press release. Further,
we caution investors that amounts presented in accordance with our
definitions of non-GAAP net earnings, non-GAAP diluted earnings per
share, and adjusted EBITDA may not be comparable to similar
measures disclosed by other companies, because not all companies
and analysts calculate these measures in the same manner.
PROG Holdings, Inc.
Reconciliation of Net Earnings
and Earnings Per Share Assuming Dilution to Non-GAAP Net
Earnings and Earnings Per
Share Assuming Dilution
(In thousands, except per
share amounts)
(Unaudited)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Net Earnings
$
19,484
$
68,837
$
46,619
$
148,325
Add: Intangible Amortization Expense
5,723
5,421
11,447
10,842
Add: Transaction Expense
—
561
—
561
Add: Restructuring Expense
4,328
—
4,328
—
Less: Tax Impact of Adjustments(1)
(2,613
)
(1,555
)
(4,101
)
(2,964
)
Add: Accrued Interest on FTC Settlement
Uncertain Tax Position
647
—
1,186
—
Non-GAAP Net Earnings
$
27,569
$
73,264
$
59,479
$
156,764
Earnings Per Share Assuming Dilution
$
0.37
$
1.02
$
0.86
$
2.19
Add: Intangible Amortization Expense
0.11
0.08
0.21
0.16
Add: Transaction Expense
—
0.01
—
0.01
Add: Restructuring Expense
0.08
—
0.08
—
Less: Tax Impact of Adjustments(1)
(0.05
)
(0.02
)
(0.08
)
(0.04
)
Add: Accrued Interest on FTC Settlement
Uncertain Tax Position
0.01
—
0.02
—
Non-GAAP Earnings Per Share Assuming
Dilution(2)
$
0.52
$
1.09
$
1.09
$
2.31
Weighted Average Shares Outstanding
Assuming Dilution
52,961
67,329
54,326
67,792
(1)
Adjustments are tax-effected using an
assumed statutory tax rate of 26%.
(2)
In some cases, the sum of individual EPS
amounts may not equal total non-GAAP EPS calculations due to
rounding.
PROG Holdings, Inc.
Non-GAAP Financial
Information
Quarterly Segment
EBITDA
(In thousands)
(Unaudited)
Three Months Ended
June 30, 2022
Progressive Leasing
Vive
Other
Consolidated Total
Net Earnings
$
19,484
Income Taxes(1)
7,845
Earnings (Loss) Before Income Taxes
$
27,383
$
3,355
$
(3,409
)
27,329
Interest Expense
9,525
83
—
9,608
Depreciation
2,524
195
97
2,816
Amortization
5,421
—
302
5,723
EBITDA
44,853
3,633
(3,010
)
45,476
Stock-Based Compensation
2,643
99
(325
)
2,417
Restructuring Expense
3,673
655
—
4,328
Adjusted EBITDA
$
51,169
$
4,387
$
(3,335
)
$
52,221
(1)
Taxes are calculated on a consolidated
basis and are not identifiable by Company Segment.
(Unaudited)
Three Months Ended
June 30, 2021
Progressive Leasing
Vive
Other
Consolidated Total
Net Earnings
$
68,837
Income Taxes(1)
23,037
Earnings Before Income Taxes
$
87,521
$
4,353
$
—
91,874
Interest Expense
320
116
—
436
Depreciation
2,414
198
—
2,612
Amortization
5,421
—
—
5,421
EBITDA
95,676
4,667
—
100,343
Stock-Based Compensation
3,942
31
—
3,973
Transaction Expense
561
—
—
561
Adjusted EBITDA
$
100,179
$
4,698
$
—
$
104,877
(1)
Taxes are calculated on a consolidated
basis and are not identifiable by Company Segment.
PROG Holdings, Inc.
Non-GAAP Financial
Information
Six Month Segment
EBITDA
(In thousands)
(Unaudited)
Six Months Ended
June 30, 2022
Progressive Leasing
Vive
Other
Consolidated Total
Net Earnings
$
46,619
Income Taxes(1)
20,546
Earnings (Loss) Before Income Taxes
$
69,464
$
7,778
$
(10,077
)
67,165
Interest Expense
19,048
189
—
19,237
Depreciation
5,053
392
129
5,574
Amortization
10,842
—
605
11,447
EBITDA
104,407
8,359
(9,343
)
103,423
Stock-Based Compensation
6,601
187
2,252
9,040
Restructuring Expense
3,673
655
—
4,328
Adjusted EBITDA
$
114,681
$
9,201
$
(7,091
)
$
116,791
(1)
Taxes are calculated on a consolidated
basis and are not identifiable by Company Segment.
(Unaudited)
Six Months Ended
June 30, 2021
Progressive Leasing
Vive
Other
Consolidated Total
Net Earnings
$
148,325
Income Taxes(1)
49,145
Earnings Before Income Taxes
$
191,693
$
5,777
$
—
197,470
Interest Expense
755
193
—
948
Depreciation
4,626
385
—
5,011
Amortization
10,842
—
—
10,842
EBITDA
207,916
6,355
—
214,271
Stock-Based Compensation
8,005
131
—
8,136
Transaction Expense
561
—
—
561
Adjusted EBITDA
$
216,482
$
6,486
$
—
$
222,968
(1)
Taxes are calculated on a consolidated
basis and are not identifiable by Company Segment.
PROG Holdings, Inc.
Gross Merchandise Volume by
Quarter
(In thousands)
(Unaudited)
Three Months Ended June
30,
2022
2021
Progressive Leasing
$
494,003
$
505,971
Vive
47,003
51,701
Other
11,394
—
Total
$
552,400
$
557,672
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220727005273/en/
Investor Contact John Baugh, CFA Vice President, Investor
Relations john.baugh@progleasing.com
Media Contact Mark Delcorps Director, Corporate
Communications media@progholdings.com
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