false000180883400018088342024-07-242024-07-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
 ________________________________
 FORM 8-K
________________________________
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 24, 2024
PROG HOLDINGS, INC.
(Exact name of Registrant as Specified in Charter)
Georgia
1-39628
85-2484385
(State or other Jurisdiction of Incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
256 W. Data DriveDraper,Utah84020-2315
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (385) 351-1369
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
    ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    ☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    ☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    ☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading SymbolName of each exchange on which registered
Common Stock, $0.50 Par ValuePRGNew York Stock Exchange
    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


ITEM 2.02.     RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On July 24, 2024, PROG Holdings, Inc. (the "Company") issued a press release (the "Press Release") announcing its financial results for the second quarter ended June 30, 2024. A copy of the Press Release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The information contained in this paragraph, as well as Exhibit 99.1 referenced herein, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
ITEM 9.01.     FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits:

Exhibit No.
Description
104
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL


SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PROG Holdings, Inc.
By:
/s/ Brian Garner
Date:
July 24, 2024
Brian Garner
Chief Financial Officer



Exhibit 99.1


PROG Holdings Reports Second Quarter 2024 Results
•Consolidated revenues of $592.2 million; Earnings before taxes of $48.3 million
•Adjusted EBITDA of $72.3 million
•Diluted EPS of $0.77; Non-GAAP Diluted EPS of $0.92
•Progressive Leasing GMV of $454.5 million, 7.9% growth year-over-year
•Raises full year consolidated revenue and earnings outlook

SALT LAKE CITY, July 24, 2024 - PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for Progressive Leasing, Vive Financial, Four Technologies, and Build today announced financial results for the second quarter ended June 30, 2024.
"We are pleased to report a strong second quarter that exceeded our outlook on all key metrics, particularly on GMV, which grew 7.9% year-over-year" said PROG Holdings President and CEO Steve Michaels. Second quarter GMV growth reflects our continued investment in marketing, sales, and technology, and we believe we are just beginning to see the benefits of these efforts. Additionally, our application funnel improved as credit supply above us has tightened. Despite a continued soft retail backdrop in our leasable categories, we were able to grow GMV and improve our balance of share at retail partners across both national and regional accounts. As reflected in our revised outlook, we expect the momentum we have seen in GMV to continue in the third quarter and drive year-over-year revenue growth in the second half of 2024. We are excited about the positive developments in our GMV trajectory and our ability to effectively manage our portfolio performance and spend levels to deliver shareholder value," concluded Michaels.
Consolidated Results
Consolidated revenues for the second quarter of 2024 remained relatively flat at $592.2 million, a decrease of 0.1% from the same period in 2023.
Consolidated net earnings for the quarter were $33.8 million, compared with $37.2 million in the prior year period. The decline in net earnings was primarily driven by headwinds from portfolio performance returning to more normalized pre-pandemic levels, a smaller portfolio size during the quarter, and $2.9 million of restructuring expense related to our cost reduction actions during the second quarter of 2024. Adjusted EBITDA for the quarter decreased 3.7% to $72.3 million, or 12.2% of revenues, compared with $75.0 million, or 12.7% of revenues for the same period in 2023. The year-over-year decline in adjusted EBITDA was driven primarily by headwinds from portfolio


performance returning to pre-pandemic levels, and a smaller portfolio size during the quarter, partially offset by a decrease in Progressive Leasing's SG&A due to cost reduction actions executed in the first quarter of 2024, along with disciplined spending.
Diluted earnings per share for the second quarter of 2024 were $0.77, compared with $0.79 in the year ago period. On a non-GAAP basis, diluted earnings per share were $0.92 in the second quarters of 2024 and 2023. The Company's weighted average shares outstanding assuming dilution in the second quarter was 6.8% lower year-over-year.
Progressive Leasing Results
Progressive Leasing's second quarter GMV of $454.5 million was up 7.9% compared to the same period in 2023. The provision for lease merchandise write-offs for the quarter was 7.7%, within the Company's 6%-8% targeted annual range.
Liquidity and Capital Allocation
PROG Holdings ended the second quarter of 2024 with cash of $250.1 million and gross debt of $600 million. The Company repurchased $36.7 million of its stock in the quarter at an average price of $35.67 per share, leaving $438.8 million of repurchase authorization under its $500 million share repurchase program. Additionally, the Company paid a cash dividend of $0.12 per share.


2024 Outlook
PROG Holdings is updating its full year 2024 outlook for revenue and earnings as well as providing its outlook for revenues, net earnings, adjusted EBITDA, GAAP diluted EPS and non-GAAP diluted EPS for the third quarter of 2024. This outlook assumes a continuation of the benefits from tightened credit above us, a difficult operating environment with soft demand for leasable consumer goods, no material changes in the Company's decisioning posture, no material increase in the unemployment rate for our consumer base, an effective tax rate for non-GAAP EPS of approximately 28%, and no impact from additional share repurchases.
Revised 2024 Outlook
Previous 2024 Outlook
(In thousands, except per share amounts)LowHighLowHigh
PROG Holdings - Total Revenues$2,400,000 $2,450,000 $2,285,000 $2,360,000 
PROG Holdings - Net Earnings110,500 116,000 97,500 108,000 
PROG Holdings - Adjusted EBITDA265,000 275,000 240,000 255,000 
PROG Holdings - Diluted EPS2.52 2.68 2.18 2.43 
PROG Holdings - Diluted Non-GAAP EPS3.25 3.40 2.85 3.10 
Progressive Leasing - Total Revenues2,325,000 2,355,000 2,210,000 2,265,000 
Progressive Leasing - Earnings Before Taxes178,000 182,000 159,000 169,000 
Progressive Leasing - Adjusted EBITDA273,500 278,500 251,000 261,000 
Vive - Total Revenues55,000 65,000 55,000 65,000 
Vive - Earnings Before Taxes1,500 3,000 1,500 3,000 
Vive - Adjusted EBITDA3,000 5,000 3,000 5,000 
Other - Total Revenues20,000 30,000 20,000 30,000 
Other - Loss Before Taxes(20,000)(18,000)(20,000)(18,000)
Other - Adjusted EBITDA(11,500)(8,500)(14,000)(11,000)
Three Months Ended
September 30, 2024 Outlook
(In thousands, except per share amounts)LowHigh
PROG Holdings - Total Revenues$590,000$605,000
PROG Holdings - Net Earnings27,00030,000
PROG Holdings - Adjusted EBITDA60,00065,000
PROG Holdings - Diluted EPS0.610.71
PROG Holdings - Diluted Non-GAAP EPS0.700.80


Conference Call and Webcast
The Company has scheduled a live webcast and conference call for Wednesday, July 24, 2024, at 8:30 A.M. ET to discuss its financial results for the second quarter of 2024. To access the live webcast, visit the Events and Presentations page of the Company’s Investor Relations website, https://investor.progholdings.com/.
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, Four Technologies, a provider of Buy Now, Pay Later payment options through its platform, Four, and Build, provider of personal credit building products. More information on PROG Holdings and its companies can be found at https://investor.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 "continue", "believe", "expects", "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 significant inflation, elevated interest rates, and fears of a recession, and the impact of those headwinds on: (a) consumer confidence and customer demand for the merchandise that our POS partners sell, in particular consumer durables; (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; and (d) our overall financial performance and outlook; (ii) our businesses being subject to extensive laws and regulations, including laws and regulations unique to the industries in which our businesses operate, that may subject them to government investigations and significant monetary penalties and compliance-related burdens, as well as an increased focus by federal, state and local regulators on the industries within which our businesses operate, including with respect to consumer protection, customer privacy, third party and employee fraud and information security; (iii) deteriorating macroeconomic conditions resulting in the algorithms and other proprietary decisioning tools used in approving Progressive Leasing and Vive customers for leases and loans no longer being indicative of their ability to perform, which may limit the ability of those businesses to avoid lease and loan charge-offs or may result in their reserves being insufficient to cover actual losses; (iv) the impact of the cybersecurity incident experienced by Progressive Leasing in September 2023 and expenses incurred in connection with responding to the matter, including the litigation filed in response to that incident, or any regulatory proceedings that may result from the incident; (v) a large percentage of the Company’s revenues being concentrated with several of Progressive Leasing’s key POS partners; (vi) the risks that Progressive Leasing will be


unable to attract new POS partners or retain and grow its business with its existing POS partners; (vii) Vive’s and Four’s business models differing significantly from Progressive Leasing’s, which creates specific and unique risks for each of the Vive and Four businesses, including Vive’s reliance on a limited number of bank partners to issue its credit products and each of Vive’s and Four’s exposure to the unique regulatory risks associated with the laws and regulations that apply to each of their businesses; (viii) our ability to continue 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; (ix) our cost reduction initiatives may not be adequate or may have unintended consequences that could be disruptive to our businesses, including with respect to our global workforce strategy; (x) the risk that our capital allocation strategy, including our current stock repurchase and dividend programs, as well as any future debt repurchase program, will not be effective at enhancing shareholder value and may have an adverse impact on our cash reserves; (xi) the loss of the services of our key executives or our inability to attract and retain key talent, particularly with respect to our information technology function, may have a material adverse impact on our operations; (xii) increased competition from traditional and virtual lease-to-own competitors and also from competitors of our Vive segment; (xiii) the transactions offered by our Progressive Leasing, Vive and/or Four businesses may be negatively characterized by government officials, consumer advocacy groups or the media; (xiv) real or perceived software or system errors, failures, bugs, defects or outages, including those that may be caused by third-party vendors, may adversely affect Progressive Leasing, Vive or Four; and (xv) 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, 2023, filed with the SEC on February 21, 2024. Statements in this press release that are "forward-looking" include without limitation statements about: (i) the benefits we expect from our marketing, sales and technology investments, including the timing of those benefits; (ii) our expectations regarding GMV growth for the quarter ending September 30, 2024 and revenue growth for the second half of 2024; (iii) our ability to continue investing in our business, including with respect to marketing, sales and technology initiatives; (iv) our ability to continue to effectively manage our portfolio and spending levels to deliver shareholder value; and (v) our revised full year 2024 outlook and our third quarter 2024 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.
Investor Contact
John A. Baugh, CFA
Vice President, Investor Relations
john.baugh@progleasing.com


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,
2024202320242023
REVENUES:
Lease Revenues and Fees$570,516 $574,839 $1,191,066 $1,211,921 
Interest and Fees on Loans Receivable21,645 18,007 42,965 36,065 
592,161 592,846 1,234,031 1,247,986 
COSTS AND EXPENSES:
Depreciation of Lease Merchandise384,799 384,874 816,370 820,313 
Provision for Lease Merchandise Write-offs43,783 40,965 86,924 79,329 
Operating Expenses107,901 107,710 235,242 212,969 
536,483 533,549 1,138,536 1,112,611 
OPERATING PROFIT55,678 59,297 95,495 135,375 
Interest Expense, Net(7,339)(7,283)(15,589)(15,774)
EARNINGS BEFORE INCOME TAX EXPENSE48,339 52,014 79,906 119,601 
INCOME TAX EXPENSE14,565 14,796 24,166 34,350 
NET EARNINGS$33,774 $37,218 $55,740 $85,251 
EARNINGS PER SHARE
Basic$0.79 $0.80 $1.29 $1.81 
Assuming Dilution$0.77 $0.79 $1.26 $1.79 
CASH DIVIDENDS DECLARED PER SHARE:
Common Stock
$0.12 $— $0.24 $— 
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic42,955 46,474 43,325 47,160 
Assuming Dilution43,721 46,896 44,124 47,514 

PROG Holdings, Inc.
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
June 30,
2024		December 31,
2023
ASSETS:
Cash and Cash Equivalents$250,134 $155,416 
Accounts Receivable (net of allowances of $64,682 in 2024 and $64,180 in 2023)
61,453 67,879 
Lease Merchandise (net of accumulated depreciation and allowances of $434,348 in 2024 and $423,466 in 2023)
563,594 633,427 
Loans Receivable (net of allowances and unamortized fees of $48,937 in 2024 and $50,022 in 2023)
119,322 126,823 
Property and Equipment, Net21,505 24,104 
Operating Lease Right-of-Use Assets4,116 9,271 
Goodwill296,061 296,061 
Other Intangibles, Net81,776 91,664 
Income Tax Receivable10,354 32,918 
Deferred Income Tax Assets2,368 2,981 
Prepaid Expenses and Other Assets50,024 50,711 
Total Assets$1,460,707 $1,491,255 
LIABILITIES & SHAREHOLDERS’ EQUITY:
Accounts Payable and Accrued Expenses$150,337 $151,259 
Deferred Income Tax Liabilities87,252 104,838 
Customer Deposits and Advance Payments34,746 35,713 
Operating Lease Liabilities13,605 15,849 
Debt592,914 592,265 
Total Liabilities878,854 899,924 
SHAREHOLDERS' EQUITY:
Common Stock, Par Value $0.50 Per Share: Authorized: 225,000,000 Shares at June 30, 2024 and December 31, 2023; Shares Issued: 82,078,654 at June 30, 2024 and December 31, 2023
41,039 41,039 
Additional Paid-in Capital347,552 352,421 
Retained Earnings1,338,201 1,293,073 
1,726,792 1,686,533 
Less: Treasury Shares at Cost
Common Stock: 39,763,190 Shares at June 30, 2024 and 38,404,527 at December 31, 2023
(1,144,939)(1,095,202)
Total Shareholders’ Equity581,853 591,331 
Total Liabilities & Shareholders’ Equity$1,460,707 $1,491,255 

PROG Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended June 30,
20242023
OPERATING ACTIVITIES:
Net Earnings$55,740 $85,251 
Adjustments to Reconcile Net Earnings to Cash Provided by Operating Activities:
Depreciation of Lease Merchandise816,370 820,313 
Other Depreciation and Amortization14,515 15,895 
Provisions for Accounts Receivable and Loan Losses174,822 161,237 
Stock-Based Compensation13,737 12,260 
Deferred Income Taxes(16,973)(21,190)
Impairment of Assets
6,018 — 
Non-Cash Lease Expense(1,603)(1,482)
Other Changes, Net(155)(2,506)
Changes in Operating Assets and Liabilities:
Additions to Lease Merchandise(836,084)(803,250)
Book Value of Lease Merchandise Sold or Disposed89,549 82,096 
Accounts Receivable(145,312)(132,460)
Prepaid Expenses and Other Assets377 (857)
Income Tax Receivable and Payable26,206 (44)
Accounts Payable and Accrued Expenses(5,113)(5,442)
Customer Deposits and Advance Payments(967)(4,441)
Cash Provided by Operating Activities191,127 205,380 
INVESTING ACTIVITIES:
Investments in Loans Receivable(172,513)(90,746)
Proceeds from Loans Receivable158,644 84,491 
Outflows on Purchases of Property and Equipment(3,999)(4,388)
Other Proceeds
46 13 
Cash Used in Investing Activities(17,822)(10,630)
FINANCING ACTIVITIES:
Dividends Paid
(10,346)— 
Acquisition of Treasury Stock(61,177)(71,836)
Issuance of Stock Under Stock Option and Employee Purchase Plans
799 606 
Cash Paid for Shares Withheld for Employee Taxes
(7,863)(2,533)
Debt Issuance Costs— (29)
Cash Used in Financing Activities(78,587)(73,792)
Increase in Cash and Cash Equivalents
94,718 120,958 
Cash and Cash Equivalents at Beginning of Period
155,416 131,880 
Cash and Cash Equivalents at End of Period
$250,134 $252,838 
Net Cash Paid During the Period:
Interest$18,461 $18,531 
Income Taxes$12,728 $53,624 

PROG Holdings, Inc.
Quarterly Revenues by Segment
(In thousands)

(Unaudited)
Three Months Ended
June 30, 2024
Progressive LeasingViveOtherConsolidated Total
Lease Revenues and Fees$570,516 $— $— $570,516 
Interest and Fees on Loans Receivable— 15,421 6,224 21,645 
Total Revenues$570,516 $15,421 $6,224 $592,161 

(Unaudited)
Three Months Ended
June 30, 2023
Progressive LeasingViveOtherConsolidated Total
Lease Revenues and Fees$574,839 $— $— $574,839 
Interest and Fees on Loans Receivable— 17,187 820 18,007 
Total Revenues$574,839 $17,187 $820 $592,846 

PROG Holdings, Inc.
Six Months Revenues by Segment
(In thousands)

(Unaudited)
Six Months Ended
June 30, 2024
Progressive LeasingViveOtherConsolidated Total
Lease Revenues and Fees$1,191,066 $— $— $1,191,066 
Interest and Fees on Loans Receivable— 31,471 11,494 42,965 
Total Revenues$1,191,066 $31,471 $11,494 $1,234,031 

(Unaudited)
Six Months Ended
June 30, 2023
Progressive LeasingViveOtherConsolidated Total
Lease Revenues and Fees$1,211,921 $— $— $1,211,921 
Interest and Fees on Loans Receivable— 34,340 1,725 36,065 
Total Revenues$1,211,921 $34,340 $1,725 $1,247,986 

PROG Holdings, Inc.
Gross Merchandise Volume by Quarter
(In thousands)

(Unaudited)
Three Months Ended June 30,
20242023
Progressive Leasing$454,508 $421,220 
Vive35,757 39,850 
Other56,139 14,600 
Total GMV$546,404 $475,670 


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 diluted earnings per share for the full year 2024 outlook excludes intangible amortization expense, restructuring expenses, costs related to the cybersecurity incident, and accrued interest on an uncertain tax position related to Progressive Leasing's $175 million settlement with the FTC in 2020. Non-GAAP diluted earnings per share for the third quarter 2024 outlook excludes intangible amortization expense and accrued interest on an uncertain tax position related to Progressive Leasing's $175 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, 2024 exclude intangible amortization expense, restructuring expenses, costs related to the cybersecurity incident, and accrued interest on an uncertain tax position related to Progressive Leasing's $175 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, 2023 exclude intangible amortization expense, restructuring expenses, regulatory insurance recoveries, and accrued interest on an uncertain tax position related to Progressive Leasing's $175 million settlement with the FTC in 2020. 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, 2024 and full year 2024 outlook excludes stock-based compensation expense, restructuring expenses, and costs related to the cybersecurity incident. Adjusted EBITDA for the three and six months ended June 30, 2023 excludes stock-based compensation expense, restructuring expenses, and regulatory insurance recoveries. Adjusted EBITDA for third quarter 2024 outlook excludes stock-based compensation expense. The amounts for these pre-tax non-GAAP adjustments can be found in the 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 EndedSix Months Ended
June 30,June 30,
2024202320242023
Net Earnings$33,774 $37,218 $55,740 $85,251 
Add: Intangible Amortization Expense 4,239 5,723 9,889 11,447 
Add: Restructuring Expense2,886 963 20,900 1,720 
Add: Costs Related to the Cybersecurity Incident
116 — 232 — 
Less: Regulatory Insurance Recoveries— — — (525)
Less: Tax Impact of Adjustments(1)
(1,883)(1,738)(8,066)(3,287)
Add: Accrued Interest on FTC Settlement Uncertain Tax Position1,078 970 2,156 1,940 
Non-GAAP Net Earnings$40,210 $43,136 $80,851 $96,546 
Earnings Per Share Assuming Dilution$0.77 $0.79 $1.26 $1.79 
Add: Intangible Amortization Expense
0.10 0.12 0.23 0.24 
Add: Restructuring Expense0.07 0.02 0.47 0.04 
Add: Costs Related to the Cybersecurity Incident
— — 0.01 — 
Less: Regulatory Insurance Recoveries— — — (0.01)
Less: Tax Impact of Adjustments(1)
(0.04)(0.04)(0.18)(0.07)
Add: Accrued Interest on FTC Settlement Uncertain Tax Position0.02 0.02 0.05 0.04 
Non-GAAP Earnings Per Share Assuming Dilution(2)
$0.92 $0.92 $1.83 $2.03 
Weighted Average Shares Outstanding Assuming Dilution43,721 46,896 44,124 47,514 
(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, 2024
Progressive LeasingViveOtherConsolidated Total
Net Earnings$33,774 
Income Tax Expense(1)
14,565 
Earnings (Loss) Before Income Tax Expense$53,966 $631 $(6,258)48,339 
Interest Expense, Net7,655 — (316)7,339 
Depreciation1,651 166 441 2,258 
Amortization4,009 — 230 4,239 
EBITDA67,281 797 (5,903)62,175 
Stock-Based Compensation6,135 360 600 7,095 
Restructuring Expense258 — 2,628 2,886 
Costs Related to the Cybersecurity Incident
116 — — 116 
Adjusted EBITDA$73,790 $1,157 $(2,675)$72,272 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

(Unaudited)
Three Months Ended
June 30, 2023
Progressive LeasingViveOtherConsolidated Total
Net Earnings$37,218 
Income Tax Expense(1)
14,796 
Earnings (Loss) Before Income Tax Expense$55,422 $1,758 $(5,166)52,014 
Interest Expense, Net7,117 166 — 7,283 
Depreciation1,795 182 216 2,193 
Amortization5,421 — 302 5,723 
EBITDA69,755 2,106 (4,648)67,213 
Stock-Based Compensation4,899 294 1,652 6,845 
Restructuring Expense963 — — 963 
Adjusted EBITDA$75,617 $2,400 $(2,996)$75,021 
(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, 2024
Progressive LeasingViveOtherConsolidated Total
Net Earnings$55,740 
Income Tax Expense(1)
24,166 
Earnings (Loss) Before Income Tax Expense$89,419 $1,549 $(11,062)79,906 
Interest Expense, Net16,222 — (633)15,589 
Depreciation3,461 332 833 4,626 
Amortization9,430 — 459 9,889 
EBITDA118,532 1,881 (10,403)110,010 
Stock-Based Compensation10,846 698 2,193 13,737 
Restructuring Expense18,272 — 2,628 20,900 
Costs Related to the Cybersecurity Incident
232 — — 232 
Adjusted EBITDA$147,882 $2,579 $(5,582)$144,879 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

(Unaudited)
Six Months Ended
June 30, 2023
Progressive LeasingViveOtherConsolidated Total
Net Earnings$85,251 
Income Tax Expense(1)
34,350 
Earnings (Loss) Before Income Tax Expense$126,473 $3,921 $(10,793)119,601 
Interest Expense, Net15,317 457 — 15,774 
Depreciation3,700 350 398 4,448 
Amortization10,842 — 605 11,447 
EBITDA156,332 4,728 (9,790)151,270 
Stock-Based Compensation8,452 582 3,226 12,260 
Restructuring Expense1,720 — — 1,720 
Regulatory Insurance Recoveries(525)— — (525)
Adjusted EBITDA$165,979 $5,310 $(6,564)$164,725 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Reconciliation of Revised Full Year 2024 Outlook for Adjusted EBITDA
(In thousands)

Fiscal Year 2024 Ranges
Progressive LeasingViveOtherConsolidated Total
Estimated Net Earnings
$110,500 - $116,000
Income Tax Expense(1)
49,000 - 51,000
Projected Earnings (Loss) Before Income Tax Expense
$178,000 - $182,000
$1,500 - $3,000
$(20,000) - $(18,000)
159,500 - 167,000
Interest Expense, Net31,000—(1,000)30,000
Depreciation7,0005002,0009,500
Amortization17,000—1,00018,000
Projected EBITDA
233,000 - 237,000
2,000 - 3,500
(18,000) - (16,000)
217,000 - 224,500
Stock-Based Compensation
22,000 - 23,000
1,000 - 1,500
4,000 - 5,000
27,000 - 29,500
Restructuring Expense
18,500—2,50021,000
Projected Adjusted EBITDA
$273,500 - $278,500
$3,000 - $5,000
$(11,500) - $(8,500)
$265,000 - $275,000
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Reconciliation of Previously Revised Full Year 2024 Outlook for Adjusted EBITDA
(In thousands)

Fiscal Year 2024 Ranges
Progressive LeasingViveOtherConsolidated Total
Estimated Net Earnings$97,500 - $108,000
Income Tax Expense(1)
43,000 - 46,000
Projected Earnings (Loss) Before Income Tax Expense$159,000 - $169,000$1,500 - $3,000$(20,000) - $(18,000)140,500 - 154,000
Interest Expense, Net31,000 - 29,000——31,000 - 29,000
Depreciation8,0005002,00010,500
Amortization17,000—1,00018,000
Projected EBITDA215,000 - 223,0002,000 - 3,500(17,000) - (15,000)200,000 - 211,500
Stock-Based Compensation18,000 - 20,0001,000 - 1,5003,000 - 4,00022,000 - 25,500
Restructuring Expense
18,000——18,000
Projected Adjusted EBITDA$251,000 - $261,000$3,000 - $5,000$(14,000) - $(11,000)$240,000 - $255,000
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Reconciliation of the Three Months Ended September 30, 2024 Outlook for Adjusted EBITDA
(In thousands)

Three Months Ended
September 30, 2024 Outlook
Consolidated Total
Estimated Net Earnings
$27,000 - $30,000
Income Tax Expense(1)
12,000 - 13,000
Projected Earnings Before Income Tax Expense
39,000 - 43,000
Interest Expense, Net7,500
Depreciation2,500
Amortization4,000
Projected EBITDA
53,000 - 57,000
Stock-Based Compensation
7,000 - 8,000
Projected Adjusted EBITDA
$60,000 - $65,000
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Reconciliation of Revised Full Year 2024 Outlook for Earnings Per Share
Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution

Full Year 2024
LowHigh
Projected Earnings Per Share Assuming Dilution$2.52 $2.68 
Add: Projected Intangible Amortization Expense0.41 0.41 
Add: Projected Interest on FTC Settlement Uncertain Tax Position0.07 0.07 
Add: Projected Restructuring Expense
0.48 0.48 
Subtract: Tax Effect on Non-GAAP Adjustments(1)
(0.23)(0.23)
Projected Non-GAAP Earnings Per Share Assuming Dilution(2)
$3.25 $3.40 
(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.
Reconciliation of Previously Revised Full Year 2024 Outlook for Earnings Per Share
Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution
Full Year 2024
LowHigh
Projected Earnings Per Share Assuming Dilution$2.18 $2.43 
Add: Projected Intangible Amortization Expense0.41 0.41 
Add: Projected Interest on FTC Settlement Uncertain Tax Position0.07 0.07 
Add: Projected Restructuring Expense
0.41 0.41 
Subtract: Tax Effect on Non-GAAP Adjustments(1)
(0.21)(0.21)
Projected Non-GAAP Earnings Per Share Assuming Dilution(2)
$2.85 $3.10 
(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.
Reconciliation of the Three Months Ended September 30, 2024 Outlook for Earnings Per Share
Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution

Three Months Ended
September 30, 2024
LowHigh
Projected Earnings Per Share Assuming Dilution$0.61 $0.71 
Add: Projected Intangible Amortization Expense0.09 0.09 
Add: Projected Interest on FTC Settlement Uncertain Tax Position0.02 0.02 
Subtract: Tax Effect on Non-GAAP Adjustments(1)
(0.02)(0.02)
Projected Non-GAAP Earnings Per Share Assuming Dilution(2)
$0.70 $0.80 
(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 Internal PROG Holdings, Inc. Q2 2024 Earnings Supplement July 24, 2024 Exhibit 99.2

 
2 Statements in this earnings supplement 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 "continue", "believe", "expects", "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 significant inflation, elevated interest rates, and fears of a recession, and the impact of those headwinds on: (a) consumer confidence and customer demand for the merchandise that our POS partners sell, in particular consumer durables; (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; and (d) our overall financial performance and outlook; (ii) our businesses being subject to extensive laws and regulations, including laws and regulations unique to the industries in which our businesses operate, that may subject them to government investigations and significant monetary penalties and compliance-related burdens, as well as an increased focus by federal, state and local regulators on the industries within which our businesses operate, including with respect to consumer protection, customer privacy, third party and employee fraud and information security; (iii) deteriorating macroeconomic conditions resulting in the algorithms and other proprietary decisioning tools used in approving Progressive Leasing and Vive customers for leases and loans no longer being indicative of their ability to perform, which may limit the ability of those businesses to avoid lease and loan charge-offs or may result in their reserves being insufficient to cover actual losses; (iv) the impact of the cybersecurity incident experienced by Progressive Leasing in September 2023 and expenses incurred in connection with responding to the matter, including the litigation filed in response to that incident, or any regulatory proceedings that may result from the incident; (v) a large percentage of the Company’s revenues being concentrated with several of Progressive Leasing’s key POS partners; (vi) the risks that Progressive Leasing will be unable to attract new POS partners or retain and grow its business with its existing POS partners; (vii) Vive’s and Four’s business models differing significantly from Progressive Leasing’s, which creates specific and unique risks for each of the Vive and Four businesses, including Vive’s reliance on a limited number of bank partners to issue its credit products and each of Vive’s and Four’s exposure to the unique regulatory risks associated with the laws and regulations that apply to each of their businesses; (viii) our ability to continue 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; (ix) our cost reduction initiatives may not be adequate or may have unintended consequences that could be disruptive to our businesses, including with respect to our global workforce strategy; (x) the risk that our capital allocation strategy, including our current stock repurchase and dividend programs, as well as any future debt repurchase program, will not be effective at enhancing shareholder value and may have an adverse impact on our cash reserves; (xi) the loss of the services of our key executives or our inability to attract and retain key talent, particularly with respect to our information technology function, may have a material adverse impact on our operations; (xii) increased competition from traditional and virtual lease-to-own competitors and also from competitors of our Vive segment; (xiii) the transactions offered by our Progressive Leasing, Vive and/or Four businesses may be negatively characterized by government officials, consumer advocacy groups or the media; (xiv) real or perceived software or system errors, failures, bugs, defects or outages, including those that may be caused by third-party vendors, may adversely affect Progressive Leasing, Vive or Four; and (xv) 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, 2023, filed with the SEC on February 21, 2024. Statements in this earnings supplement that are "forward-looking" include without limitation statements about: (i) the benefits we expect from our marketing, sales and technology investments, including the timing of those benefits; (ii) our expectations regarding GMV growth for the quarter ending September 30, 2024 and revenue growth for the second half of 2024; (iii) our ability to continue investing in our business, including with respect to marketing, sales and technology initiatives; (iv) our ability to continue to effectively manage our portfolio and spending levels to deliver shareholder value; and (v) our revised full year 2024 outlook and our third quarter 2024 outlook. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this earnings supplement. 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 earnings supplement. Use of Forward-Looking Statements

 
3 PROG Holdings Q2 2024 Headlines • Progressive Leasing GMV of $454.5 million, up 7.9% year-over-year • Consolidated revenues of $592.2 million • Earnings before taxes of $48.3 million • Adjusted EBITDA of $72.3 million • Diluted EPS of $0.77; Non-GAAP Diluted EPS of $0.92 • Raises full year consolidated revenue and earnings outlook

 
4 "We are pleased to report a strong second quarter that exceeded our outlook on all key metrics, particularly on GMV which grew 7.9% year-over-year" said PROG Holdings President and CEO Steve Michaels. "Second quarter GMV growth reflects our continued investment in marketing, sales, and technology and we believe we are just beginning to see the benefits of these efforts . Additionally, our application funnel improved as credit supply above us has tightened. Despite a continued soft retail backdrop in our leasable categories, we were able to grow GMV and improve our balance of share at retail partners across both national and regional accounts. As reflected in our revised outlook , we expect the momentum we have seen in GMV to continue in the third quarter and drive year-over-year revenue growth in the second half of 2024. We are excited about the positive developments in our GMV trajectory and our ability to effectively manage our portfolio performance and spend levels to deliver shareholder value." Steve Michaels President and CEO, PROG Holdings, Inc. PROG Holdings Executive Commentary

 
Adjusted EBITDA in millions 5 $592.8 $582.9 $577.4 $641.9 $592.2 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Non-GAAP EPSRevenue in millions 12.7% 12.3% 10.6% 11.3% 12.2% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Adjusted EBITDA as a % of PROG Holdings consolidated revenues PROG Holdings Q2 Consolidated Results $75.0 $71.7 $61.0 $72.6 $72.3 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 $0.92 $0.90 $0.72 $0.91 $0.92 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 • Non-GAAP EPS continued to benefit from disciplined spend and a reduction of outstanding shares • Year-over-year decline in adjusted EBITDA was driven primarily by headwinds from a normalizing portfolio performance and a smaller portfolio size during the quarter

 
$574.8 $564.2 $557.5 $620.6 $570.5 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Write-Offs* as a % of Progressive Leasing revenues 6 $421.2 $409.2 $547.6 $418.5 $454.5 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 GMV in millions 7.1% 6.6% 7.0% 7.0% 7.7% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Adjusted EBITDA as a % of Progressive Leasing revenues Progressive Leasing Q2 Segment Results Revenue in millions *Provision for lease merchandise write-offs 13.2% 13.3% 11.8% 11.9% 12.9% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 • Year-over-year GMV was up 7.9% which was better than expectations for a low single digit percentage increase • Revenue declined less than 1% year- over-year primarily due to a smaller lease portfolio size during the period • Write-offs as a percentage of revenue remained within the Company’s targeted annual range of 6-8% • Adjusted EBITDA margin was near the high end of our annual 11-13% targeted range due to healthy portfolio performance and disciplined spend

 
PROG Internal Results

 
8 2024 2023 Revenue $592.2 $592.8 -0.1% GAAP Net Earnings $33.8 $37.2 -9.1% Adjusted Net Earnings $40.2 $43.1 -6.7% Adjusted EBITDA $ $72.3 $75.0 -3.6% Adjusted EBITDA % 12.2% 12.7% -50 bps GAAP Diluted Earnings Per Share $0.77 $0.79 -2.5% Non-GAAP Diluted Earnings Per Share $0.92 $0.92 - Three Months Ended June 30 Change All dollar amounts in millions except EPS GAAP to non-GAAP reconciliation tables available in appendix PROG Holdings Consolidated Q2 Results

 
9 *(Gross debt minus cash and cash equivalents) divided by trailing 12 month adjusted EBITDA PROG Holdings Consolidated Results Shares of Common Stock Repurchased Q2 2024 1.0M Cash and Cash Equivalents As of 6/30/2024 $250.1M Gross Debt As of 6/30/2024 $600M Net Leverage Ratio* As of 6/30/2024 1.26x Cash Flow From Operations Six Months Ended 6/30/2024 $191.1M Common Stock Repurchase Amount Q2 2024 $36.7M

 
10 2024 2023 GMV $454.5 $421.2 7.9% Revenue $570.5 $574.8 -0.7% Gross Margin % 32.6% 33.0% -40 bps SG&A % 13.0% 13.6% -60 bps Write-Off %* 7.7% 7.1% 60 bps Adjusted EBITDA $ $73.8 $75.6 -2.4% Adjusted EBITDA % 12.9% 13.2% -30 bps Three Months Ended June 30 Change *The provision for lease merchandise write-offs as a percentage of Progressive Leasing revenue All dollar amounts in millions GAAP to non-GAAP reconciliation tables available in appendix Progressive Leasing Q2 Segment Results

 
11 PROG Holdings Full-Year 2024 Outlook This outlook assumes a continuation of the benefits from tightened credit above us, a difficult operating environment with soft demand for leasable consumer goods, no material changes in the Company's decisioning posture, no material increase in the unemployment rate for our consumer base, an effective tax rate for non-GAAP EPS of approximately 28%, and no impact from additional share repurchases.

 
12 PROG Holdings Q3 2024 Outlook This outlook assumes a continuation of the benefits from tightened credit above us, a difficult operating environment with soft demand for leasable consumer goods, no material changes in the Company's decisioning posture, no material increase in the unemployment rate for our consumer base, an effective tax rate for non-GAAP EPS of approximately 28%, and no impact from additional share repurchases.

 
PROG Internal

 
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 diluted earnings per share for the full year 2024 outlook excludes intangible amortization expense, restructuring expenses, costs related to the cybersecurity incident, net of insurance recoveries and accrued interest on an uncertain tax position related to Progressive Leasing’s $175 million settlement with the FTC in 2020. Non- GAAP diluted earnings per share for the third quarter 2024 outlook excludes intangible amortization expense and accrued interest on an uncertain tax position related to Progressive Leasing’s $175 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, 2024, exclude intangible amortization expense, restructuring expenses, costs related to the cybersecurity incident, net of insurance recoveries and accrued interest on an uncertain tax position related to Progressive Leasing's $175 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, 2023 exclude intangible amortization expense, restructuring expenses, regulatory insurance recoveries, and accrued interest on an uncertain tax position related to Progressive Leasing’s $175 million settlement with the FTC in 2020. 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 presentation. The Adjusted EBITDA figures presented in this presentation 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, 2024 and full year 2024 outlook excludes stock-based compensation expense, restructuring expenses, and costs related to the cybersecurity incident, net of insurance recoveries. Adjusted EBITDA for the three and six months ended June 30, 2023 excludes stock-based compensation expense, restructuring expenses, and regulatory insurance recoveries. Adjusted EBITDA for the third quarter 2024 outlook excludes stock-based compensation expense. The amounts for these pre- tax non-GAAP adjustments can be found in the segment EBITDA tables in this presentation. 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 included in the presentation. 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. 14 Use of Non-GAAP Financial Measures

 
GAAP to non-GAAP Reconciliation Tables 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)

 
GAAP to non-GAAP Reconciliation Tables 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)

 
GAAP to non-GAAP Reconciliation Tables 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)

 
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands)

 
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands)

 
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands)

 
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Consolidated & Progressive Leasing Adjusted EBITDA %

 
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Revised Full Year 2024 Outlook for Adjusted EBITDA (In thousands)

 
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Previously Revised Full Year 2024 Outlook for Adjusted EBITDA (In thousands)

 
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of the Three Months Ended September 30, 2024 Outlook for Adjusted EBITDA (In thousands)

 
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Revised Full Year 2024 Outlook for Earnings Per Share Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution

 
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Previously Revised Full Year 2024 Outlook for Earnings Per Share Assuming Dilution to Non- GAAP Earnings Per Share Assuming Dilution

 
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of the Three Months Ended September 30, 2024 Outlook for Earnings Per Share Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution

 
PROG Internal

 
v3.24.2
Cover Page
Jul. 24, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 24, 2024
Entity Registrant Name PROG HOLDINGS, INC.
Entity Central Index Key 0001808834
Amendment Flag false
Entity Incorporation, State or Country Code GA
Entity File Number 1-39628
Entity Tax Identification Number 85-2484385
Entity Address, Address Line One 256 W. Data Drive
Entity Address, City or Town Draper,
Entity Address, State or Province UT
Entity Address, Postal Zip Code 84020-2315
City Area Code 385
Local Phone Number 351-1369
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.50 Par Value
Trading Symbol PRG
Security Exchange Name NYSE
Entity Emerging Growth Company false
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