SALT LAKE CITY and BENGALURU, India, March 1, 2024 /PRNewswire/ -- PROG Holdings, Inc. (NYSE: PRG), the fintech holding company for Progressive Leasing, Vive Financial, Four Technologies, and Build, and Infosys (NSE : INFY), (BSE : INFY), (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced an agreement that is expected to evolve and scale PROG Holdings' technology operations as an integral part of the Company's ongoing cloud- and AI-focused technology modernizat ...

Financial Data and Key Metrics Changes - Non-GAAP diluted EPS increased by 41.2% year-over-year to $3.67, benefiting from a lower share count due to the share repurchase program [6][30] - Consolidated revenues declined by 5.7% from $612.1 million to $577.4 million, primarily driven by the decline in the Progressive Leasing segment [29][57] - Adjusted EBITDA for Progressive Leasing decreased from $80.4 million to $65.8 million, resulting in an adjusted EBITDA margin of 11.8% [28][60] - Gross margin improved by 210 basis points year-over-year to 32.9% [12][27] Business Line Data and Key Metrics Changes - Progressive Leasing GMV increased by 1.2% year-over-year, exceeding expectations, with strong performance during the holiday season [43][56] - E-commerce represented approximately 20% of total leasing GMV, with significant growth in new e-commerce retail partners [44] - SG&A expense as a percentage of revenue increased to 15% in Q4 2023 from 13.2% in Q4 2022, primarily due to increased marketing spend [58] Market Data and Key Metrics Changes - The company anticipates continued GMV headwinds in 2024, with a projected low-single-digit decline in Q1 GMV [81][50] - The macroeconomic environment remains challenging, with expectations of soft demand for consumer durable goods [33][18] Company Strategy and Development Direction - The company is focused on a three-pillar strategy: Grow, Enhance, and Expand, with resources allocated to various initiatives across these pillars [21][53] - The PROG Marketplace aims to double GMV in 2024, enhancing direct-to-consumer efforts [15] - The launch of PROG Labs R&D group is intended to improve productivity and customer experience through generative AI [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the health of the portfolio and cost structure despite ongoing economic pressures [7][20] - The company expects a challenging operating environment in 2024, with continued soft demand for leasable categories [18][33] - Management noted that tax refund season impacts GMV and customer liquidity, with expectations for a clearer picture by late March [19] Other Important Information - The Board approved a quarterly cash dividend of $0.12 per share and increased the share repurchase program to $500 million [30][52] - Curt Doman, Co-Founder and Chief Innovation Officer, will retire from his executive role but will remain as a senior adviser and Board member [23][24] Q&A Session Summary Question: What are the dynamics of write-offs in Q4? - Management indicated that write-offs were at the midpoint of their annual targeted range of 6% to 8%, with no significant degradation in portfolio quality [70][72] Question: How did January perform compared to e-commerce versus in-store? - January saw low-single-digit declines, with weather impacting in-store performance more than online [74] Question: What is the outlook for GMV in 2024? - The company expects GMV headwinds to continue, with a low-single-digit decline projected for Q1 [81][50] Question: How is the company managing SG&A expenses? - Management expects SG&A as a percentage of revenue to remain flat in 2024 due to restructuring actions taken [63] Question: What is the expected cash flow generation for 2024? - The relationship between EBITDA and free cash flow is expected to remain consistent, with GMV being a significant variable [110]

• Earnings before taxes of $28.5 million Revenue Non-GAAP EPS in millions February 21, 2024 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", "allow", "believe", "paya ...

SALT LAKE CITY--(BUSINESS WIRE)--PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for Progressive Leasing, Vive Financial, Four Technologies, and Build, today announced financial results for the fourth quarter ended December 31, 2023, and the initiation of a quarterly cash dividend for shareholders, as well as a $500 million share repurchase authorization. " We were pleased to finish 2023 with financial results that matched or exceeded our outlook, as strong customer behavior and conversion rate ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file Number. 1-39628 PROG HOLDINGS, INC. (Exact name of registrant as specified in its charter) Georgia 85-2484385 (State or other jurisdiction of in ...

PROG Holdings (PRG) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on February 21, 2024, might help the stock move higher if these key numbers are better tha ...

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider PROG Holdings (PRG) . This company, which is in the Zacks Financial - Consumer Loans industry, shows potential for another earnings beat.This rent-to-own company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two ...

SALT LAKE CITY--(BUSINESS WIRE)--PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for Progressive Leasing, Vive Financial, Four Technologies, and Build, is scheduled to release financial results for the fourth quarter of 2023 on Wednesday, February 21, 2024, prior to market open. The Company has also scheduled a live webcast for Wednesday, February 21, 2024, at 8:30 A.M. ET to discuss its financial results for the fourth quarter of 2023. The webcast can be accessed via the below link, or through ...

Sviatlana Zyhmantovich PROG Holdings, Inc. (NYSE:PRG) is making a lot of efforts to enhance its bottom line that includes recent restructuring costs. Equipped with AI, machine learning decision-making, and scalable technology, I do believe that the company knows well how to compete in the consumer finance area. Besides, with the recent decrease in the share count and the stock repurchase program, PRG does really look like a buy. Yes, I did find risks from new FTC fines, changes in the regulations, higher in ...

PROG Holdings, Inc. Q3 2023 Earnings Supplement 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 "will", "continue", "outlook", "assumes" and similar forward-looking terminology. These ...