performance returning to pre-pandemic levels, and a smaller portfolio size during the quarter, partially offset by a decrease in Progressive Leasing's SG&A due to cost reduction actions executed in the first quarter of 2024, along with disciplined spending. 2024 Outlook PROG Holdings - Total Revenues PROG Holdings - Net Earnings PROG Holdings - Adjusted EBITDA PROG Holdings - Diluted EPS PROG Holdings - Diluted Non-GAAP EPS Statements in this news release regarding our business that are not historical facts ...

Core Viewpoint - Investing in bargain stocks with recent price momentum can be a safer approach, utilizing the Zacks Momentum Style Score to identify strong candidates [1] Group 1: Stock Performance and Valuation - PRG has a fast-paced momentum with a beta of 2.12, indicating it moves 112% higher than the market in either direction [2] - The stock has shown a four-week price change of 1.8%, reflecting growing investor interest [4] - PRG is trading at a Price-to-Sales ratio of 0.64, meaning investors pay only 64 cents for each dollar of sales, indicating a reasonable valuation [6] - Over the past 12 weeks, PRG gained 11.4%, demonstrating its ability to deliver positive returns over a longer time frame [11] Group 2: Momentum and Earnings Estimates - PRG has a Momentum Score of B, suggesting it is an opportune time to invest in the stock [5] - An upward trend in earnings estimate revisions has contributed to PRG earning a Zacks Rank 2 (Buy), which is associated with strong momentum effects [12] Group 3: Investment Strategy - Momentum investors typically focus on "buying high and selling higher," rather than waiting for cheap stocks to recover [9] - The 'Fast-Paced Momentum at a Bargain' screen identifies several stocks, including PRG, that are suitable for investment [7][10]

Company Overview - PROG Holdings (PRG) shares increased by 5.5% to $37.79 in the last trading session, with a notable trading volume, and have gained 7% over the past four weeks [1] - The company is a rent-to-own provider and is expected to report quarterly earnings of $0.71 per share, reflecting a year-over-year decline of 22.8%, with revenues projected at $571.55 million, down 3.6% from the previous year [3] Market Sentiment - The rise in consumer confidence in May, following three months of decline, has positively influenced investor sentiment towards PROG Holdings, despite ongoing concerns about inflation and interest rates [2] - The strong labor market has contributed to improved U.S. consumer sentiments, which may have driven the stock price higher [2] Earnings Estimates - The consensus EPS estimate for PROG Holdings has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - The stock currently holds a Zacks Rank of 2 (Buy), suggesting a favorable outlook compared to other stocks in the same industry [4] Industry Comparison - PROG Holdings operates within the Zacks Financial - Consumer Loans industry, where another company, Enova International (ENVA), closed 1.2% higher at $61.65, with a return of -1.2% over the past month [4] - Enova International's consensus EPS estimate has remained unchanged at $2.08, representing a year-over-year increase of 20.9%, and it currently holds a Zacks Rank of 3 (Hold) [5]

Core Viewpoint - PROG Holdings (PRG) has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Rising earnings estimates indicate an improvement in the company's underlying business, suggesting potential for stock price appreciation [5][8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7][9]. - Only the top 5% of Zacks-covered stocks receive a 'Strong Buy' rating, indicating superior earnings estimate revisions [9][11]. PROG Holdings Specifics - For the fiscal year ending December 2024, PROG Holdings is expected to earn $3 per share, reflecting a change of -18.3% from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for PROG Holdings has increased by 4% [8].

Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead ...

Financial Data and Key Metrics Changes - Q1 2024 consolidated revenues declined 2% to $641.9 million compared to $655.1 million in the same quarter last year, driven by a smaller portfolio in the progressive leasing segment [23][68] - Consolidated adjusted EBITDA was $72.6 million, which was 11.3% of revenue, exceeding the high-end of the outlook, driven by GMV growth in the second half of the quarter [12][70] - Non-GAAP EPS for Q1 2024 came in at $0.91, exceeding the top-end of the outlook, primarily due to earnings beat and lower share count from the share repurchase program [70] Business Line Data and Key Metrics Changes - GMV for the progressive leasing segment ended flat year-over-year, exceeding expectations of a low single-digit decline [20][68] - Progressive leasing's SG&A expenses as a percentage of revenue increased slightly year-over-year to 12.3% in Q1 2024 from 11.9% in Q1 2023, driven by ongoing investments in sales, technology, and marketing [22] - The gross leased asset balance at the end of Q1 2024 was down 4.7% compared to the same period last year, an improvement from the 5.2% decline entering the period [68] Market Data and Key Metrics Changes - The company expects retail headwinds in the majority of its leasable categories to persist, but anticipates GMV growth in the low single digits for Q2 2024 [18][25] - The provision for leased merchandise write-offs was 7%, with expectations for full-year 2024 write-offs to remain within the targeted range of 6% to 8% [69] Company Strategy and Development Direction - The company is focused on strategic initiatives under the pillars of grow, enhance, and expand, aiming to onboard new retailers and improve customer experiences through technology investments [60][62] - Direct-to-consumer marketing efforts are being enhanced to drive incremental traffic and sales to retail partners, with significant growth anticipated from the Prague Marketplace [61][99] - The company remains disciplined on spending and is on track to deliver on full-year SG&A expectations [72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about strategic direction and growth initiatives despite macroeconomic challenges, with expectations for GMV growth in Q2 2024 [11][18] - The outlook for 2024 assumes a difficult operating environment with soft demand for leasable consumer goods, but management remains focused on balancing profitability with GMV growth [27][66] - The company expects to generate meaningful cash flow from operations for the full year and continue returning excess cash to shareholders through dividends and share repurchases [19][72] Other Important Information - The company paid a quarterly cash dividend of $0.12 per share and repurchased approximately 781,000 shares during the quarter [19][24] - The revised consolidated outlook for 2024 calls for revenues in the range of $2.285 to $2.360 billion, adjusted EBITDA in the range of $240 to $255 million, and non-GAAP EPS in the range of $2.85 to $3.10 [74] Q&A Session Summary Question: What drove the GMV growth during the quarter? - Management noted that the GMV trend had some fluctuations, starting sluggishly in January but rebounding in the second half of February and March due to calendar dynamics [30][76] Question: How is the competitive landscape affecting the company? - Management described the market as bifurcated, with competition in both enterprise accounts and the SMB space, and expressed confidence in gaining market share [35][39] Question: What is the impact of the CFPB late fee proposal on the POS financing world? - Retail partners are having discussions with credit providers regarding potential changes, but the timing and extent of these changes remain uncertain [77] Question: Can you provide more details on the marketing strategies that were successful? - The company is focusing on joint marketing campaigns with retail partners and enhancing direct-to-consumer marketing to drive traffic and sales [99][100]

PROG Holdings (PRG) came out with quarterly earnings of $0.91 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to earnings of $1.11 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 9.64%. A quarter ago, it was expected that this rent-to-own company would post earnings of $0.67 per share when it actually produced earnings of $0.72, delivering a surprise of 7.46%.Over the last four quarters, the c ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents PROG Holdings, Inc.'s unaudited condensed consolidated financial statements, including balance sheets, earnings, and cash flows, with detailed notes [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents PROG Holdings, Inc.'s unaudited condensed consolidated financial statements, including balance sheets, earnings, cash flows, and comprehensive notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased slightly to **$1.46 billion** as of March 31, 2024, driven by reduced lease merchandise, while cash significantly increased Condensed Consolidated Balance Sheet Highlights (Unaudited) | (In Thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and Cash Equivalents | $252,826 | $155,416 | | Lease Merchandise, Net | $557,419 | $633,427 | | Loans Receivable, Net | $117,928 | $126,823 | | Total Assets | $1,461,666 | $1,491,255 | | **Liabilities & Equity** | | | | Debt | $592,589 | $592,265 | | Total Liabilities | $876,576 | $899,924 | | Total Shareholders' Equity | $585,090 | $591,331 | | Total Liabilities & Shareholders' Equity | $1,461,666 | $1,491,255 | [Condensed Consolidated Statements of Earnings](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) Total revenues decreased by **2.0%** to **$641.9 million**, leading to a **54.3%** drop in net earnings to **$22.0 million** for Q1 2024 Condensed Consolidated Statement of Earnings (Unaudited) | (In Thousands, Except Per Share Data) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Revenues** | | | | Lease Revenues and Fees | $620,550 | $637,082 | | Total Revenues | $641,870 | $655,140 | | **Operating Profit** | $39,817 | $76,078 | | **Net Earnings** | $21,966 | $48,033 | | **Earnings Per Share (Diluted)** | $0.49 | $1.00 | | **Cash Dividends Declared Per Share** | $0.12 | $— | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash provided by operating activities decreased to **$135.7 million**, while cash used in financing activities totaled **$34.7 million**, resulting in a **$97.4 million** net increase in cash Condensed Consolidated Statement of Cash Flows Highlights (Unaudited) | (In Thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Cash Provided by Operating Activities | $135,733 | $157,419 | | Cash Used in Investing Activities | ($3,597) | ($590) | | Cash Used in Financing Activities | ($34,726) | ($38,865) | | **Increase in Cash and Cash Equivalents** | **$97,410** | **$117,964** | | Cash and Cash Equivalents at End of Period | $252,826 | $249,844 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's business segments, accounting policies, and specific financial items, including a cybersecurity incident and restructuring activities - The company operates through two reportable segments: Progressive Leasing (lease-to-own solutions) and Vive Financial (second-look revolving credit products) It also includes Four Technologies, a Buy Now, Pay Later (BNPL) company, which is not a reportable segment[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) - A cybersecurity incident in Q3 2023 led to **$0.1 million** in Q1 2024 costs and **$2.9 million** aggregate expenses, with consolidated lawsuits[65](index=65&type=chunk)[66](index=66&type=chunk)[92](index=92&type=chunk) - Restructuring expenses totaled **$18.0 million** in Q1 2024, primarily for early contract termination, asset impairments, and employee severance[98](index=98&type=chunk)[99](index=99&type=chunk)[139](index=139&type=chunk) Segment Earnings Before Income Tax Expense | (In Thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Progressive Leasing | $35,453 | $71,051 | | Vive | $918 | $2,163 | | Other | ($4,804) | ($5,627) | | **Total** | **$31,567** | **$67,587** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q1 2024 financial performance, highlighting revenue and earnings declines, GMV growth, and liquidity management in a challenging macroeconomic environment - The company faces a challenging macroeconomic environment with elevated inflation impacting customer demand for merchandise[119](index=119&type=chunk) Gross Merchandise Volume (GMV) by Segment | (In Thousands) | Q1 2024 | Q1 2023 | Change % | | :--- | :--- | :--- | :--- | | Progressive Leasing | $418,512 | $418,683 | 0.0% | | Vive | $31,602 | $36,530 | (13.5)% | | Other | $48,791 | $13,607 | nmf | | **Total GMV** | **$498,905** | **$468,820** | **6.4%** | Active Customer Count by Segment | As of March 31 (In Thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Progressive Leasing | 819 | 861 | | Vive | 83 | 89 | | Other | 99 | 28 | - Earnings before income taxes decreased to **$31.6 million** from **$67.6 million** in Q1 2023, driven by restructuring costs, lower revenues, and higher write-offs[124](index=124&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure relates to interest rate fluctuations on its variable-rate debt, though no outstanding borrowings currently exist - The company is exposed to interest rate risk via its variable-rate Revolving Facility, indexed to SOFR or the prime rate[167](index=167&type=chunk) - As of March 31, 2024, no outstanding borrowings existed under the Revolving Facility, mitigating immediate interest rate risk[167](index=167&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls - The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2024[172](index=172&type=chunk) - No material changes occurred in internal control over financial reporting during Q1 2024[173](index=173&type=chunk) [PART II. OTHER INFORMATION](index=35&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section details legal proceedings, risk factors, equity transactions, and other required disclosures for the reporting period [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with management not expecting any single matter to have a material adverse impact - The company refers to Note 4 for legal proceedings, not expecting any single matter to have a material adverse impact[174](index=174&type=chunk) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) The company reports no updates to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 - No updates to the company's risk factors from the 2023 Annual Report[175](index=175&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **780,562** shares for approximately **$24.4 million** in Q1 2024, with a reauthorized share repurchase program of up to **$500 million** Share Repurchase Activity for Q1 2024 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2024 | — | $— | | Feb 2024 | 250,000 | $30.03 | | Mar 2024 | 530,562 | $31.91 | | **Total** | **780,562** | **N/A** | - The Board reauthorized up to **$500 million** in common stock repurchases on February 21, 2024, with **$475.6 million** remaining as of March 31, 2024[176](index=176&type=chunk) [Item 3. Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[177](index=177&type=chunk) [Item 4. Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[178](index=178&type=chunk) [Item 5. Other Information](index=35&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[179](index=179&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - Lists filed exhibits, including CEO/CFO certifications and XBRL data files[181](index=181&type=chunk)

[First Quarter 2024 Financial Results](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results) [Consolidated Financial Performance](index=1&type=section&id=Consolidated%20Financial%20Performance) PROG Holdings reported a 2.0% decrease in Q1 2024 consolidated revenues to $641.9 million, with net earnings and adjusted EBITDA significantly impacted by restructuring and portfolio normalization | Financial Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Consolidated Revenues | $641.9M | $655.1M | -2.0% | | Net Earnings | $22.0M | $48.0M | -54.2% | | Adjusted EBITDA | $72.6M | $89.7M | -19.1% | | Diluted EPS (GAAP) | $0.49 | $1.00 | -51.0% | | Diluted EPS (Non-GAAP) | $0.91 | $1.11 | -18.0% | - The decline in net earnings was primarily driven by **$18.0 million** of restructuring expenses related to cost reduction actions executed in January[4](index=4&type=chunk) - The year-over-year decrease in **adjusted EBITDA** was mainly due to headwinds from portfolio performance returning to pre-pandemic levels and a smaller portfolio size[4](index=4&type=chunk) - The company's financial performance exceeded its expectations, driven by better-than-expected **Gross Merchandise Volume (GMV)**, strong portfolio performance, and disciplined spending[2](index=2&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) Progressive Leasing's GMV remained flat year-over-year at $418.5 million, with lease merchandise write-offs at 7.0%, within the targeted 6%-8% range - Progressive Leasing's first quarter GMV of **$418.5 million** was flat compared to the same period in 2023[7](index=7&type=chunk) - The provision for lease merchandise write-offs for the quarter was **7.0%**, which is within the Company's targeted annual range of **6%-8%**[7](index=7&type=chunk) | GMV by Segment (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Progressive Leasing | $418,512 | $418,683 | | Vive | $31,602 | $36,530 | | Other | $48,791 | $13,607 | | **Total GMV** | **$498,905** | **$468,820** | [Liquidity and Capital Allocation](index=2&type=section&id=Liquidity%20and%20Capital%20Allocation) The company maintained solid liquidity with $252.8 million in cash and $600 million in gross debt, returning capital via $24.4 million in stock repurchases and a $0.12 per share dividend - Ended the first quarter of 2024 with cash of **$252.8 million** and gross debt of **$600 million**[8](index=8&type=chunk) - Repurchased **$24.4 million** of its stock in the quarter, with **$475.6 million** remaining under the current share repurchase authorization[8](index=8&type=chunk) - A cash dividend of **$0.12 per share** was paid during the quarter[8](index=8&type=chunk) [2024 Outlook](index=2&type=section&id=2024%20Outlook) [Full Year 2024 Outlook](index=2&type=section&id=Full%20Year%202024%20Outlook) PROG Holdings raised its full-year 2024 guidance, now anticipating consolidated revenues between $2.285 billion and $2.360 billion and non-GAAP diluted EPS of $2.85 to $3.10 - The company updated its **full-year 2024 outlook** for revenue and earnings, raising its previous guidance[9](index=9&type=chunk) | Revised 2024 Outlook (in millions) | Low | High | | :--- | :--- | :--- | | Total Revenues | $2,285 | $2,360 | | Net Earnings | $97.5 | $108.0 | | Adjusted EBITDA | $240.0 | $255.0 | | Diluted Non-GAAP EPS | $2.85 | $3.10 | - The outlook is based on assumptions of a challenging operating environment with continued soft demand for consumer durable goods and no material increases in unemployment for its customer base[9](index=9&type=chunk) [Second Quarter 2024 Outlook](index=3&type=section&id=Second%20Quarter%202024%20Outlook) For Q2 2024, the company projects total revenues between $550 million and $575 million, with adjusted EBITDA of $58 million to $63 million and non-GAAP diluted EPS of $0.65 to $0.75 | Q2 2024 Outlook (in millions) | Low | High | | :--- | :--- | :--- | | Total Revenues | $550.0 | $575.0 | | Net Earnings | $26.0 | $29.0 | | Adjusted EBITDA | $58.0 | $63.0 | | Diluted Non-GAAP EPS | $0.65 | $0.75 | - The company projects **low single-digit GMV growth** for the second quarter, despite the challenging macroeconomic environment[2](index=2&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Earnings](index=6&type=section&id=Consolidated%20Statements%20of%20Earnings) For Q1 2024, total revenues were $641.9 million, down from $655.1 million, with operating profit decreasing to $39.8 million and net earnings falling to $22.0 million year-over-year | (In thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $641,870 | $655,140 | | Operating Profit | $39,817 | $76,078 | | Net Earnings | $21,966 | $48,033 | | Diluted EPS | $0.49 | $1.00 | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets were $1.46 billion (down from $1.49 billion), with cash increasing to $252.8 million and total liabilities decreasing to $876.6 million | (In thousands) | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | $252,826 | $155,416 | | Total Assets | $1,461,666 | $1,491,255 | | Total Liabilities | $876,576 | $899,924 | | Total Shareholders' Equity | $585,090 | $591,331 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, cash provided by operating activities was $135.7 million, with $34.7 million used in financing for stock repurchases and dividends, resulting in a $97.4 million net cash increase | (In thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Cash Provided by Operating Activities | $135,733 | $157,419 | | Cash Used in Investing Activities | ($3,597) | ($590) | | Cash Used in Financing Activities | ($34,726) | ($38,865) | | **Increase in Cash and Cash Equivalents** | **$97,410** | **$117,964** | [Non-GAAP Financial Measures and Reconciliations](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [Use of Non-GAAP Financial Information](index=11&type=section&id=Use%20of%20Non-GAAP%20Financial%20Information) The company uses non-GAAP financial measures like non-GAAP net earnings, diluted EPS, and adjusted EBITDA to clarify core operations by excluding items such as intangible amortization and restructuring expenses - **Non-GAAP measures** are used to provide relevant and useful information by excluding the effects of certain one-time or volatile items not reflective of ordinary earnings activity[28](index=28&type=chunk)[29](index=29&type=chunk) - Key adjustments include **intangible amortization**, **restructuring expenses**, costs related to a **cybersecurity incident**, and **stock-based compensation**[26](index=26&type=chunk)[27](index=27&type=chunk) - The company cautions that these **non-GAAP measures** should not be used as a substitute for **GAAP-prepared financial performance measures** and may not be comparable to similar measures from other companies[30](index=30&type=chunk) [Reconciliation of GAAP to Non-GAAP Results](index=13&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Results) For Q1 2024, GAAP net earnings of $22.0 million were reconciled to non-GAAP net earnings of $40.6 million, primarily adjusted for restructuring expenses and intangible amortization, resulting in a non-GAAP diluted EPS of $0.91 | Reconciliation (in thousands) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Earnings (GAAP) | $21,966 | $48,033 | | Add: Restructuring Expense | $18,014 | $757 | | Add: Intangible Amortization | $5,650 | $5,724 | | Other Adjustments & Tax Impact | ($5,005) | ($1,104) | | **Non-GAAP Net Earnings** | **$40,641** | **$53,410** | | Reconciliation | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Diluted EPS (GAAP) | $0.49 | $1.00 | | **Non-GAAP Diluted EPS** | **$0.91** | **$1.11** | [Reconciliation of Outlook](index=15&type=section&id=Reconciliation%20of%20Outlook) The report provides detailed reconciliations for its forward-looking guidance, reconciling projected full-year 2024 GAAP net earnings to adjusted EBITDA and GAAP EPS to non-GAAP EPS | Revised FY 2024 Outlook Reconciliation | Low | High | | :--- | :--- | :--- | | Projected Diluted EPS (GAAP) | $2.18 | $2.43 | | Adjustments (Amortization, Restructuring, etc.) | $0.89 | $0.89 | | Tax Effect on Adjustments | ($0.21) | ($0.21) | | **Projected Non-GAAP Diluted EPS** | **$2.85** | **$3.10** | | Q2 2024 Outlook Reconciliation | Low | High | | :--- | :--- | :--- | | Projected Diluted EPS (GAAP) | $0.56 | $0.66 | | Adjustments (Amortization, etc.) | $0.11 | $0.11 | | Tax Effect on Adjustments | ($0.02) | ($0.02) | | **Projected Non-GAAP Diluted EPS** | **$0.65** | **$0.75** |

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 ...