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Dec 30, 2024
Prog Holdings Q1 2025 Earnings Report
PROG Holdings reported its first quarter 2025 financial results, with consolidated revenues of $684.1 million and net earnings of $34.7 million.
Key Takeaways
PROG Holdings, Inc. announced its first quarter 2025 financial results, reporting consolidated revenues of $684.1 million, a 6.6% increase from the prior year, and net earnings of $34.7 million. Adjusted EBITDA for the quarter was $70.3 million. Diluted EPS was $0.83, while non-GAAP diluted EPS was $0.90.
Consolidated revenues increased by 6.6% year-over-year to $684.1 million.
Net earnings for the quarter were $34.7 million, up from $22.0 million in the prior year period.
Progressive Leasing's GMV decreased by 4.0% to $402.0 million compared to the same period in 2024.
Four Technologies achieved 145.7% GMV growth and attained quarterly positive Adjusted EBITDA.
Revenue by Segment
Forward Guidance
PROG Holdings updated its full-year 2025 outlook for revenue and earnings, and provided guidance for the second quarter of 2025, reflecting a deteriorating macroeconomic environment and soft demand for consumer durable goods.
Positive Outlook
- Continued execution of strategic and operational initiatives in sales, marketing, and technology.
- Winning balance of share with key partners.
- Proactive portfolio management targeting annual write-offs in the 6-8% range.
- Resilient business model delivering strong profitability and cash flows.
- Well-equipped to support retail partners and consumers despite challenges.
Challenges Ahead
- Deterioration in the macroeconomic environment.
- Soft demand for consumer durable goods.
- Impact of the loss of a major retail partner due to bankruptcy.
- No material changes assumed in the Company's current decisioning posture.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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