PROG (US:PRG)2025-02-19 13:17Financial Performance - Consolidated revenues for Q4 2024 were $623.3 million, an increase of 8.0% from Q4 2023[4] - Consolidated net earnings for the quarter were $57.5 million, compared to $18.6 million in the prior year period[5] - Adjusted EBITDA for Q4 2024 was $65.7 million, representing 10.5% of revenues, slightly down from 10.6% in Q4 2023[5] - Total revenues for the year ended December 31, 2024, increased to $2,463,496 thousand, up from $2,408,264 thousand in 2023, representing a growth of approximately 2.3%[26] - Net earnings for the year ended December 31, 2024, were $197,249 thousand, compared to $138,838 thousand in 2023, reflecting a significant increase of 42%[22] - Non-GAAP net earnings for the twelve months ended December 31, 2024, were $148,411,000, while for the twelve months ended December 31, 2023, they were $170,643,000, indicating a decrease of 13%[37] - Earnings per share assuming dilution for the twelve months ended December 31, 2024, was $4.53, compared to $2.98 for the twelve months ended December 31, 2023, reflecting a 52% increase[37] Cash and Debt Management - PROG Holdings ended Q4 2024 with cash of $95.7 million and gross debt of $650.0 million[9] - The company’s cash and cash equivalents at the end of the period were $95,655 thousand, down from $155,416 thousand at the end of 2023, a decrease of about 38.5%[22] - Total liabilities decreased to $863,486 thousand as of December 31, 2024, from $899,924 thousand in 2023, a reduction of approximately 4%[20] Growth and Projections - Progressive Leasing's GMV for Q4 2024 was $597.5 million, reflecting a year-over-year growth of 9.1%[6] - For full year 2025, PROG Holdings projects total revenues between $2,515,000 and $2,590,000[11] - The projected diluted EPS for full year 2025 is between $2.82 and $3.22[11] - Projected consolidated total adjusted EBITDA for fiscal year 2025 is estimated to be between $260,000,000 and $280,000,000[46] - Projected Earnings Per Share (EPS) for the full year 2025 is expected to range from $3.10 to $3.50, assuming dilution[48] Operational Efficiency - Cash provided by operating activities decreased to $138,525 thousand in 2024 from $204,236 thousand in 2023, a decline of approximately 32.2%[22] - The company reported lease revenues and fees of $2,366,489 thousand for the year ended December 31, 2024, compared to $2,333,588 thousand in 2023, marking a growth of about 1.4%[26] - The company reported a restructuring expense of $22,691,000 for the twelve months ended December 31, 2024, compared to $12,533,000 for the twelve months ended December 31, 2023, showing an increase of 81%[43] Future Strategies - The company plans to continue its three-pillared strategy focusing on growth, enhancement, and expansion in 2025[3] - The company plans to continue focusing on market expansion and new product development to drive future growth[29] Miscellaneous - The provision for lease merchandise write-offs for Q4 2024 was 7.9%, with a full year provision of 7.5% within the targeted range of 6-8%[8] - The company incurred costs related to a cybersecurity incident totaling $285,000 for the twelve months ended December 31, 2024[43] - The weighted average shares outstanding assuming dilution decreased from 46,550,000 for the twelve months ended December 31, 2023, to 43,549,000 for the twelve months ended December 31, 2024[37] - Projected Adjusted EBITDA for Q1 2025 is estimated to be between $63,000 and $68,000[47] - Estimated Net Earnings for Q1 2025 are projected to be between $28,000 and $32,000[47]