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Sep 30, 2021
Prog Holdings Q3 2021 Earnings Report
Reported an increase in consolidated revenues and diluted EPS
Key Takeaways
PROG Holdings reported a 6.4% increase in consolidated revenues, reaching $650.4 million, and a diluted EPS of $0.86. The company's Progressive Leasing GMV grew by 9.9%, with e-commerce GMV experiencing a significant increase of 192%.
Progressive Leasing GMV increased by 9.9% to $493 million.
E-commerce grew 192% to 14.5% of Progressive Leasing GMV.
Consolidated revenues increased 6.4% to $650 million.
Board of Directors authorized a new $1 billion share repurchase program.
Revenue by Segment
Forward Guidance
The company updated its full-year 2021 consolidated outlook, reflecting increasing reserve requirements due to the continued normalization of the portfolio.
Positive Outlook
- Revised revenue range for 2021 is $2.68 billion to $2.70 billion.
- Adjusted EBITDA range is $390 million to $395 million.
- Non-GAAP diluted EPS is expected to be between $3.90 and $3.99.
- GAAP diluted EPS is expected to be between $3.62 and $3.71.
- The impact of any share reduction from the tender offer is not included in this outlook and is expected to be immaterial to the full-year EPS.
Challenges Ahead
- Increasing reserve requirements due to continued normalization of the portfolio.
- The change in outlook reflects increasing reserve requirements.
- Impact of share reduction from tender offer is not included in this outlook.
- Delinquencies and write-offs approaching a more normalized level.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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