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Dec 31, 2021
Prog Holdings Q4 2021 Earnings Report
Reported a revenue increase driven by e-commerce growth and strategic partnerships, alongside a significant capital return to shareholders.
Key Takeaways
PROG Holdings reported a 6.8% increase in consolidated revenues, driven by e-commerce growth and key national partners. The company also executed a significant share repurchase program, returning $439 million to shareholders. While adjusted EBITDA decreased due to normalized delinquency rates and increased SG&A investments, the company is optimistic about future growth and profitability.
Progressive Leasing's Q4 GMV increased by 18.3% year-over-year.
E-commerce accounted for 18.2% of Progressive Leasing's Q4 GMV, with 45% growth.
Consolidated revenues for Q4 increased by 6.8% to $647 million.
The company returned $439 million to shareholders through share repurchases in Q4.
Revenue by Segment
Forward Guidance
The company expects 4-8% annual revenue growth and a return to adjusted EBITDA margins in the 11-13% range while investing in new products, talent, and technologies that will provide meaningful future contributions.
Positive Outlook
- Anticipates GMV improving throughout the year
- Investing in new products
- Investing in talent
- Investing in technologies
- Expects to provide meaningful future contributions
Challenges Ahead
- Slow start due to macroeconomic conditions
- No further deterioration of those conditions
- No impact of any share repurchases beyond what the Company has completed to date
- Return to adjusted EBITDA margins in the 11-13% range
- Company is issuing its full year 2022 consolidated outlook for revenues, net earnings, adjusted EBITDA, GAAP diluted EPS, and Non-GAAP diluted EPS
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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