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Dec 31, 2023
Prog Holdings Q4 2023 Earnings Report
Prog Holdings reported Q4 2023 results, initiated a quarterly cash dividend, and announced a $500 million share repurchase authorization.
Key Takeaways
PROG Holdings reported consolidated revenues of $577.4 million and earnings before taxes of $28.5 million for Q4 2023. Diluted EPS was $0.41, and Non-GAAP Diluted EPS was $0.72. The company also initiated a quarterly cash dividend and announced a $500 million share repurchase authorization.
Consolidated revenues reached $577.4 million.
Earnings before taxes totaled $28.5 million.
Diluted EPS was reported at $0.41, with a non-GAAP diluted EPS of $0.72.
Progressive Leasing GMV increased by 1.2% year-over-year to $547.6 million.
Revenue by Segment
Forward Guidance
PROG Holdings issued full year and Q1 2024 outlook for revenues, consolidated net earnings, segment earnings before taxes, adjusted EBITDA, diluted GAAP EPS, and diluted non-GAAP EPS.
Positive Outlook
- Full Year 2024 Total Revenues between $2,235 million and $2,335 million
- Full Year 2024 Net Earnings between $89.5 million and $105.0 million
- Full Year 2024 Adjusted EBITDA between $230.0 million and $250.0 million
- Full Year 2024 Diluted EPS between $2.00 and $2.34
- Full Year 2024 Diluted Non-GAAP EPS between $2.70 and $3.00
Challenges Ahead
- Assumes a difficult operating environment with continued soft demand for consumer durable goods
- Assumes no material changes in the Company's decisioning posture
- Assumes an effective tax rate for non-GAAP EPS of approximately 29%
- Assumes no material increases in the unemployment rate for our consumer
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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