false000180883400018088342025-02-192025-02-19

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
 ________________________________
 FORM 8-K
________________________________
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 19, 2025
PROG HOLDINGS, INC.
(Exact name of Registrant as Specified in Charter)
Georgia
1-39628
85-2484385
(State or other Jurisdiction of Incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
256 W. Data DriveDraper,Utah84020-2315
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (385) 351-1369
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
    ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    ☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    ☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    ☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading SymbolName of each exchange on which registered
Common Stock, $0.50 Par ValuePRGNew York Stock Exchange
    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


ITEM 2.02.     RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 19, 2025, PROG Holdings, Inc. (the "Company") issued a press release (the "Press Release") announcing its financial results for the fourth quarter and fiscal year ended December 31, 2024. A copy of the Press Release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The information contained in this paragraph, as well as Exhibit 99.1 referenced herein, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
ITEM 9.01.     FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits:

Exhibit No.
Description
104
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL


SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PROG Holdings, Inc.
By:
/s/ Brian Garner
Date:
February 19, 2025
Brian Garner
Chief Financial Officer



Exhibit 99.1


PROG Holdings Reports Fourth Quarter 2024 Results
•Consolidated revenues of $623.3 million; Net earnings of $57.5 million
•Adjusted EBITDA of $65.7 million
•Diluted EPS of $1.34; Non-GAAP Diluted EPS of $0.80
•Progressive Leasing GMV of $597.5 million, 9.1% growth year-over-year

SALT LAKE CITY, February 19, 2025 - 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, 2024.
"We finished 2024 with an excellent fourth quarter, delivering a third consecutive quarter of strong GMV growth and approximating the high end of our outlook ranges for both our revenues and earnings for the period," said PROG Holdings President and CEO Steve Michaels. "2024 was a successful year, driven by better-than-expected GMV growth, disciplined portfolio management, cost efficiencies, and continued execution on multiple strategic fronts. Our teams' execution across sales, marketing, and technology initiatives, combined with tighter credit conditions in the market, played a key role in driving a meaningful increase in new and repeat customers."
"As we move into 2025, we are excited about continuing to execute our three-pillared strategy to grow, enhance, and expand - investing in our businesses with a focus on increasing customer acquisition and lifetime value. We believe our cash-efficient model gives us the financial flexibility to invest in our future growth and return excess cash to shareholders, as we aim to maximize long-term value creation," concluded Michaels.
Consolidated Results
Consolidated revenues for the fourth quarter of 2024 were $623.3 million, an increase of 8.0% from the same period in 2023.
Consolidated net earnings for the quarter were $57.5 million, compared with $18.6 million in the prior year period. The effective income tax rate was (37.5)% in the fourth quarter. The effective income tax rate was negative due to a $27.6 million deferred tax benefit related to an election which resulted in the deemed liquidation of a wholly-owned partnership for tax purposes. Adjusted EBITDA for the quarter was $65.7 million, or 10.5% of revenues, compared with $61.0 million, or 10.6% of revenues for the same period in 2023.


Diluted earnings per share for the fourth quarter of 2024 were $1.34, compared with $0.41 in the year ago period. On a non-GAAP basis, diluted earnings per share were $0.80 in the fourth quarter of 2024, compared with $0.72 for the same period in 2023. The Company's weighted average shares outstanding assuming dilution in the fourth quarter was 5.1% lower year-over-year.
Progressive Leasing Results
Progressive Leasing's fourth quarter GMV of $597.5 million was up 9.1% compared to the same period in 2023. The provision for lease merchandise write-offs for the quarter was 7.9%. For the full year 2024, our provision for lease merchandise write-offs was 7.5%, within our 6-8% targeted annual range.
Liquidity and Capital Allocation
PROG Holdings ended the fourth quarter of 2024 with cash of $95.7 million and gross debt of $650.0 million. The Company repurchased $40.5 million of its stock in the fourth quarter at an average price of $47.03 per share, leaving $361.3 million of repurchase authorization under its $500 million share repurchase program. Additionally, the Company paid a cash dividend of $0.12 per share.


2025 Outlook
PROG Holdings is issuing full year and Q1 2025 outlook for revenues, consolidated net earnings, segment earnings before taxes, adjusted EBITDA, GAAP diluted EPS and non-GAAP diluted EPS. This outlook assumes a difficult operating environment with continued soft demand for consumer durable goods, no material changes in the Company's decisioning posture, an effective tax rate for Non-GAAP EPS of approximately 28%, no material increase in the unemployment rate for our consumer, and no impact from additional share repurchases.
Full Year 2025 Outlook
(In thousands, except per share amounts)LowHigh
PROG Holdings - Total Revenues$2,515,000 $2,590,000 
PROG Holdings - Net Earnings115,500 133,500 
PROG Holdings - Adjusted EBITDA260,000 280,000 
PROG Holdings - Diluted EPS2.82 3.22 
PROG Holdings - Diluted Non-GAAP EPS3.10 3.50 
Progressive Leasing - Total Revenues2,385,000 2,445,000 
Progressive Leasing - Earnings Before Taxes181,000 195,000 
Progressive Leasing - Adjusted EBITDA260,000 275,000 
Vive - Total Revenues65,000 70,000 
Vive - Loss Before Taxes
(5,500)(2,500)
Vive - Adjusted EBITDA(2,500)— 
Other - Total Revenues65,000 75,000 
Other - Loss Before Taxes(9,000)(6,000)
Other - Adjusted EBITDA2,500 5,000 
Three Months Ended
March 31, 2025 Outlook
(In thousands, except per share amounts)LowHigh
PROG Holdings - Total Revenues$665,000$685,000
PROG Holdings - Net Earnings28,00032,000
PROG Holdings - Adjusted EBITDA63,00068,000
PROG Holdings - Diluted EPS0.730.78
PROG Holdings - Diluted Non-GAAP EPS0.800.85


Conference Call and Webcast
The Company has scheduled a live webcast and conference call for Wednesday, February 19, 2025, at 8:30 A.M. ET to discuss its financial results for the fourth quarter of 2024. To access the live webcast, visit the Events and Presentations page of the Company’s Investor Relations website, https://investor.progholdings.com/.
About PROG Holdings, Inc.
PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company headquartered in Salt Lake City, UT, that provides transparent and competitive payment options to consumers. The Company owns Progressive Leasing, a leading provider of e-commerce, app-based, and in-store point-of-sale lease-to-own solutions, Vive Financial, an omnichannel provider of second-look revolving credit products, Four Technologies, a provider of Buy Now, Pay Later payment options through its platform, Four, and Build, provider of personal credit building products. More information on PROG Holdings and its companies can be found at https://investor.progholdings.com/.
Forward Looking Statements:
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 "continuing", "believe", "aim", "outlook" and similar forward-looking terminology. These risks and uncertainties include factors such as (i) continued volatility and challenges in the macro environment and, in particular, the unfavorable effects on our business of impacts of inflation, a higher cost of living and elevated interest rates, and the impact of those headwinds on: (a) consumer confidence and customer demand for the merchandise that our POS partners sell, in particular consumer durables; (b) our customers’ disposable income and their ability to make the lease and loan payments they owe the Company; (c) the availability of consumer credit; and (d) our overall financial performance and outlook; (ii) our businesses being subject to extensive federal, state and local laws and regulations, including certain laws and regulations unique to the industries in which our businesses operate, that may subject them to government investigations and significant monetary penalties, remediation expenses and compliance-related burdens that may result in them changing the manner in which they operate, which may be materially adverse to several aspects of our performance; (iii) an uncertain macroeconomic environment resulting in our proprietary algorithms and decisioning tools used in approving customers no longer being indicative of their ability to perform, which in turn may limit the ability of our businesses to manage risk, avoid lease and loan charge-offs and may result in insufficient reserves to cover actual losses; (iv) a large percentage of Progressive Leasing's revenue being concentrated with several key POS partners, and the loss of any of these POS partner relationships materially and adversely affecting several aspects of our performance; (v) Progressive Leasing being unable to attract additional POS partners and retain and grow its relationships with its existing POS partners, resulting in several aspects of our performance being materially and adversely affected; (vi) Progressive Leasing being unable to attract new consumers


and retain and grow its relationships with its existing customers materially and adversely affecting several aspects of our performance; (vii) Vive and Four’s business models differing significantly from Progressive Leasing’s lease-to-own business, which means each of these businesses have different risk profiles; (viii) our efforts to modernize and enhance certain enterprise-wide information management systems and technologies adversely impacting our businesses and operations; (ix) our inability to protect confidential, proprietary, or sensitive information, including the confidential information of our customers, being adversely affected by cyber-attacks or similar disruptions, which may result in significant costs, litigation and reputational damage or otherwise have a material adverse impact on several aspects of our performance; (x) our capital allocation strategy and financial policies, including our current stock repurchase and dividend programs, as well as any potential debt repurchase program not being effective at enhancing shareholder value, or providing other benefits we expect; (xi) the inability of our businesses to successfully operate in highly and increasingly competitive industries materially and adversely affecting several aspects of our performance; (xii) our business, results of operations, financial condition, and prospects being materially and adversely affected due to Progressive Leasing failing to maintain a consistently high level of consumer satisfaction and trust in its brand; (xiii) our performance being materially and adversely affected due to the transactions offered to consumers by our businesses being negatively characterized by federal, state and local government officials, consumer advocacy groups and the media; (xiv) any significant disruption in our vendors' information technology systems, or disruptions in the information our businesses rely on in their lease and loan decisioning, materially and adversely affecting several aspects of our performance; and (xv) the other risks and uncertainties discussed under "Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 19, 2025. Statements in this press release that are "forward-looking" include without limitation statements about: (i) our ability to invest in our businesses to increase customer acquisition and lifetime value, and the results of any such investments; (ii) having the financial flexibility to invest in our future growth and return excess cash to shareholders; (iii) maximizing long-term value creation; and (iv) our full year 2025 outlook and our first quarter 2025 outlook. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances after the date of this press release.
Investor Contact
John A. Baugh, CFA
Vice President, Investor Relations
john.baugh@progleasing.com


PROG Holdings, Inc.
Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited) 
 Three Months Ended
Year Ended
December 31,December 31,
2024202320242023
REVENUES:
Lease Revenues and Fees$592,872 $557,484 $2,366,489 $2,333,588 
Interest and Fees on Loans Receivable30,448 19,917 97,007 74,676 
623,320 577,401 2,463,496 2,408,264 
COSTS AND EXPENSES:
Depreciation of Lease Merchandise403,661 374,146 1,621,101 1,576,303 
Provision for Lease Merchandise Write-offs46,678 38,955 178,338 155,250 
Operating Expenses122,810 128,932 469,160 451,084 
573,149 542,033 2,268,599 2,182,637 
OPERATING PROFIT50,171 35,368 194,897 225,627 
Interest Expense, Net(8,316)(6,857)(31,289)(29,406)
EARNINGS BEFORE INCOME TAX (BENEFIT) EXPENSE
41,855 28,511 163,608 196,221 
INCOME TAX (BENEFIT) EXPENSE
(15,692)9,936 (33,641)57,383 
NET EARNINGS$57,547 $18,575 $197,249 $138,838 
EARNINGS PER SHARE
Basic$1.39 $0.42 $4.63 $3.02 
Assuming Dilution$1.34 $0.41 $4.53 $2.98 
CASH DIVIDENDS DECLARED PER SHARE:
Common Stock$0.12 $— $0.48 $— 
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic41,438 44,337 42,584 46,034 
Assuming Dilution42,796 45,075 43,549 46,550 

PROG Holdings, Inc.
Consolidated Balance Sheets
(In thousands, except share data)
December 31,
2024		December 31,
2023
ASSETS:
Cash and Cash Equivalents$95,655 $155,416 
Accounts Receivable (net of allowances of $71,607 in 2024 and $64,180 in 2023)
80,225 67,879 
Lease Merchandise (net of accumulated depreciation and allowances of $440,831 in 2024 and $423,466 in 2023)
680,242 633,427 
Loans Receivable (net of allowances and unamortized fees of $57,342 in 2024 and $50,022 in 2023)
146,985 126,823 
Property and Equipment, Net21,443 24,104 
Operating Lease Right-of-Use Assets4,035 9,271 
Goodwill296,061 296,061 
Other Intangibles, Net73,775 91,664 
Income Tax Receivable10,644 32,918 
Deferred Income Tax Assets26,472 2,981 
Prepaid Expenses and Other Assets78,230 50,711 
Total Assets$1,513,767 $1,491,255 
LIABILITIES & SHAREHOLDERS’ EQUITY:
Accounts Payable and Accrued Expenses$93,190 $151,259 
Deferred Income Tax Liabilities74,320 104,838 
Customer Deposits and Advance Payments40,917 35,713 
Operating Lease Liabilities11,496 15,849 
Debt, Net
643,563 592,265 
Total Liabilities863,486 899,924 
SHAREHOLDERS' EQUITY:
Common Stock, Par Value $0.50 Per Share: Authorized: 225,000,000 Shares at December 31, 2024 and December 31, 2023; Shares Issued: 82,078,654 at December 31, 2024 and December 31, 2023
41,039 41,039 
Additional Paid-in Capital358,538 352,421 
Retained Earnings1,469,450 1,293,073 
1,869,027 1,686,533 
Less: Treasury Shares at Cost
Common Stock: 41,262,901 Shares at December 31, 2024 and 38,404,527 at December 31, 2023
(1,218,746)(1,095,202)
Total Shareholders’ Equity650,281 591,331 
Total Liabilities & Shareholders’ Equity$1,513,767 $1,491,255 

PROG Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
Year Ended December 31,
20242023
OPERATING ACTIVITIES:
Net Earnings$197,249 $138,838 
Adjustments to Reconcile Net Earnings to Cash Provided by Operating Activities:
Depreciation of Lease Merchandise1,621,101 1,576,303 
Other Depreciation and Amortization26,977 32,032 
Provisions for Accounts Receivable and Loan Losses386,558 345,383 
Stock-Based Compensation29,179 24,920 
Deferred Income Taxes(56,030)(32,449)
Impairment of Goodwill and Other Assets
6,018 — 
Income Tax Benefit from Reversal of Uncertain Tax Position
(51,443)— 
Non-Cash Lease Expense(3,632)(2,669)
Other Changes, Net(2,640)(5,992)
Changes in Operating Assets and Liabilities:
Additions to Lease Merchandise(1,850,425)(1,721,117)
Book Value of Lease Merchandise Sold or Disposed182,509 159,430 
Accounts Receivable(342,954)(307,984)
Prepaid Expenses and Other Assets(25,394)(2,110)
Income Tax Receivable and Payable24,743 (14,188)
Accounts Payable and Accrued Expenses(8,495)15,200 
Customer Deposits and Advance Payments5,204 (1,361)
Cash Provided by Operating Activities138,525 204,236 
INVESTING ACTIVITIES:
Investments in Loans Receivable(459,463)(214,686)
Proceeds from Loans Receivable388,437 185,056 
Outflows on Purchases of Property and Equipment(8,316)(9,616)
Proceeds from Sale of Property and Equipment
131 48 
Other Proceeds41 365 
Cash Used in Investing Activities(79,170)(38,833)
FINANCING ACTIVITIES:
Borrowings on Revolving Facility
50,000 — 
Acquisition of Treasury Stock(138,651)(139,573)
Dividends Paid
(20,393)— 
Issuance of Stock Under Stock Option and Employee Purchase Plans2,364 1,357 
Cash Paid for Shares Withheld for Employee Taxes(9,660)(3,622)
Debt Issuance Costs(2,776)(29)
Cash Used in Financing Activities(119,116)(141,867)
(Decrease) Increase in Cash and Cash Equivalents
(59,761)23,536 
Cash and Cash Equivalents at Beginning of Period155,416 131,880 
Cash and Cash Equivalents at End of Period$95,655 $155,416 
Net Cash Paid During the Period:
Interest$37,033 $36,991 
Income Taxes$49,840 $100,433 

PROG Holdings, Inc.
Quarterly Revenues by Segment
(In thousands)

(Unaudited)
Three Months Ended
December 31, 2024
Progressive LeasingViveOtherConsolidated Total
Lease Revenues and Fees$592,872 $— $— $592,872 
Interest and Fees on Loans Receivable— 16,943 13,505 30,448 
Total Revenues$592,872 $16,943 $13,505 $623,320 

(Unaudited)
Three Months Ended
December 31, 2023
Progressive LeasingViveOtherConsolidated Total
Lease Revenues and Fees$557,484 $— $— $557,484 
Interest and Fees on Loans Receivable— 17,025 2,892 19,917 
Total Revenues$557,484 $17,025 $2,892 $577,401 

PROG Holdings, Inc.
Annual Revenues by Segment
(In thousands)

Twelve Months Ended
December 31, 2024
Progressive LeasingViveOtherConsolidated Total
Lease Revenues and Fees$2,366,489 $— $— $2,366,489 
Interest and Fees on Loans Receivable— 64,415 32,592 97,007 
Total Revenues$2,366,489 $64,415 $32,592 $2,463,496 

Twelve Months Ended
December 31, 2023
Progressive LeasingViveOtherConsolidated Total
Lease Revenues and Fees$2,333,588 $— $— $2,333,588 
Interest and Fees on Loans Receivable— 68,912 5,764 74,676 
Total Revenues$2,333,588 $68,912 $5,764 $2,408,264 

PROG Holdings, Inc.
Gross Merchandise Volume by Quarter
(In thousands)

(Unaudited)
Three Months Ended December 31,
20242023
Progressive Leasing$597,493 $547,575 
Vive34,979 31,918 
Other134,580 53,260 
Total GMV$767,052 $632,753 


Use of Non-GAAP Financial Information:
Non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA are supplemental measures of our performance that are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). Non-GAAP diluted earnings per share for the full year 2025 and first quarter 2025 outlook excludes intangible amortization expense. Non-GAAP net earnings and non-GAAP diluted earnings per share for the year ended December 31, 2024 exclude intangible amortization expense, restructuring expenses, costs related to the cybersecurity incident, net of insurance recoveries, reversal of the uncertain tax position related to Progressive Leasing's $175 million settlement with the FTC in 2020, and the tax benefit associated with the deemed liquidation of a partnership for tax purposes. Non-GAAP net earnings and non-GAAP diluted earnings per share for the year ended December 31, 2023 exclude intangible amortization expense, restructuring expenses, costs related to the cybersecurity incident, regulatory insurance recoveries, and accrued interest on an uncertain tax position related to Progressive Leasing's $175 million settlement with the FTC in 2020. The amount for the after-tax non-GAAP adjustment, which is tax effected using our statutory tax rate, can be found in the reconciliation of net earnings and earnings per share assuming dilution to non-GAAP net earnings and earnings per share assuming dilution table in this press release.
The Adjusted EBITDA figures presented in this press release are calculated as the Company’s earnings before interest expense, net, depreciation on property and equipment, amortization of intangible assets and income taxes. Adjusted EBITDA for the full year 2025 and first quarter 2025 outlook excludes stock-based compensation expense. Adjusted EBITDA for the three months and year ended December 31, 2024 excludes stock-based compensation expense, restructuring expenses, and costs related to the cybersecurity incident, net of insurance recoveries. Adjusted EBITDA for the three months and year ended December 31, 2023 excludes stock-based compensation expense, restructuring expenses, costs related to the cybersecurity incident and regulatory insurance recoveries. The amounts for these pre-tax non-GAAP adjustments can be found in the segment EBITDA tables in this press release.
Management believes that non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA provide relevant and useful information, and are widely used by analysts, investors and competitors in our industry as well as by our management in assessing both consolidated and business unit performance.
Non-GAAP net earnings, non-GAAP diluted earnings, and adjusted EBITDA provide management and investors with an understanding of the results from the primary operations of our business by excluding the effects of certain items that generally arose from larger, one-time transactions that are not reflective of the ordinary earnings activity of our operations or transactions that have variability and volatility of the amount. We believe the exclusion of stock-based compensation expense provides for a better comparison of our operating results with our peer companies as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions and the variety of award types. This measure may be useful to an investor in evaluating the underlying operating performance of our business.


Adjusted EBITDA also provides management and investors with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes. These measures may be useful to an investor in evaluating our operating performance because the measures:
•Are widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors.
•Are used by rating agencies, lenders and other parties to evaluate our creditworthiness.
•Are used by our management for various purposes, including as a measure of performance of our operating entities and as a basis for strategic planning and forecasting.
Non-GAAP financial measures, however, should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP, such as the Company’s GAAP basis net earnings and diluted earnings per share and the GAAP revenues and earnings before income taxes of the Company’s segments, which are also presented in the press release. Further, we caution investors that amounts presented in accordance with our definitions of non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner.

PROG Holdings, Inc.
Reconciliation of Net Earnings and Earnings Per Share Assuming Dilution to Non-GAAP Net Earnings and Earnings Per Share Assuming Dilution
(In thousands, except per share amounts)

(Unaudited) 
Three Months EndedTwelve Months Ended
Mar 31,Jun 30,Sept 30,Dec 31,Dec 31,
2024
Net Earnings$21,966 $33,774 $83,962 $57,547 $197,249 
Add: Intangible Amortization Expense 5,650 4,239 4,000 4,000 17,889 
Add: Restructuring Expense
18,014 2,886 6 1,785 22,691 
Add: Costs Related to the Cybersecurity Incident, Net of Insurance Recoveries
116 116 114 (61)285 
Less: Tax Impact of Adjustments(1)
(6,183)(1,883)(1,071)(1,488)(10,625)
Less: Reversal of Uncertain Tax Position
— — (53,599)— (53,599)
Less: Tax Benefit from Partnership Deemed Liquidation
— — — (27,635)(27,635)
Add: Accrued Interest on Uncertain Tax Position
1,078 1,078 — — 2,156 
Non-GAAP Net Earnings$40,641 $40,210 $33,412 $34,148 $148,411 
Earnings Per Share Assuming Dilution$0.49 $0.77 $1.94 $1.34 $4.53 
Add: Intangible Amortization Expense
0.13 0.10 0.09 0.09 0.41 
Add: Restructuring Expense
0.40 0.07 — 0.04 0.52 
Add: Costs Related to the Cybersecurity Incident, Net of Insurance Recoveries
— — — — 0.01 
Less: Tax Impact of Adjustments(1)
(0.14)(0.04)(0.02)(0.03)(0.24)
Less: Reversal of Uncertain Tax Position
— — (1.24)— (1.23)
Less: Tax Benefit from Partnership Deemed Liquidation
— — — (0.65)(0.63)
Add: Accrued Interest on Uncertain Tax Position
0.02 0.02 — — 0.05 
Non-GAAP Earnings Per Share Assuming Dilution(2)
$0.91 $0.92 $0.77 $0.80 $3.41 
Weighted Average Shares Outstanding Assuming Dilution44,528 43,721 43,169 42,796 43,549 
(1)Adjustments are tax-effected using an assumed statutory tax rate of 26%.
(2)In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.

PROG Holdings, Inc.
Reconciliation of Net Earnings and Earnings Per Share Assuming Dilution to Non-GAAP Net Earnings and Earnings Per Share Assuming Dilution
(In thousands, except per share amounts)

(Unaudited) 
Three Months EndedTwelve Months Ended
Mar 31,Jun 30,Sept 30,Dec 31,Dec 31,
2023
Net Earnings$48,033 $37,218 $35,012 $18,575 $138,838 
Add: Intangible Amortization Expense 5,724 5,723 5,650 5,651 22,748 
Add: Restructuring Expense
757 963 238 10,575 12,533 
Add: Costs Related to the Cybersecurity Incident
— — 1,805 1,028 2,833 
Less: Regulatory Insurance Recoveries
(525)— — — (525)
Less: Tax Impact of Adjustments(1)
(1,549)(1,738)(2,000)(4,486)(9,773)
Add: Accrued Interest on FTC Settlement Uncertain Tax Position970 970 971 1,078 3,989 
Non-GAAP Net Earnings$53,410 $43,136 $41,676 $32,421 $170,643 
Earnings Per Share Assuming Dilution$1.00 $0.79 $0.76 $0.41 $2.98 
Add: Intangible Amortization Expense
0.12 0.12 0.12 0.13 0.49 
Add: Restructuring Expense
0.02 0.02 0.01 0.23 0.27 
Add: Costs Related to the Cybersecurity Incident
— — 0.04 0.02 0.06 
Less: Regulatory Insurance Recoveries
(0.01)— — — (0.01)
Less: Tax Impact of Adjustments(1)
(0.03)(0.04)(0.04)(0.10)(0.21)
Add: Accrued Interest on FTC Settlement Uncertain Tax Position0.02 0.02 0.02 0.02 0.09 
Non-GAAP Earnings Per Share Assuming Dilution(2)
$1.11 $0.92 $0.90 $0.72 $3.67 
Weighted Average Shares Outstanding Assuming Dilution48,139 46,896 46,133 45,075 46,550 
(1)Adjustments are tax-effected using an assumed statutory tax rate of 26%.
(2)In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.

PROG Holdings, Inc.
Non-GAAP Financial Information
Quarterly Segment EBITDA
(In thousands)

(Unaudited)
Three Months Ended
December 31, 2024
Progressive LeasingViveOtherConsolidated Total
Net Earnings$57,547 
Income Tax Benefit(1)
(15,692)
Earnings (Loss) Before Income Tax Benefit
$48,186 $(956)$(5,375)41,855 
Interest Expense, Net6,731 — 1,585 8,316 
Depreciation1,494 156 547 2,197 
Amortization3,771 — 229 4,000 
EBITDA60,182 (800)(3,014)56,368 
Stock-Based Compensation5,760 282 1,549 7,591 
Restructuring Expense(68)1,853 — 1,785 
Costs Related to the Cybersecurity Incident, Net of Insurance Recoveries
(61)— — (61)
Adjusted EBITDA$65,813 $1,335 $(1,465)$65,683 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

(Unaudited)
Three Months Ended
December 31, 2023
Progressive LeasingViveOtherConsolidated Total
Net Earnings$18,575 
Income Tax Expense(1)
9,936 
Earnings (Loss) Before Income Tax Expense$35,857 $59 $(7,405)28,511 
Interest Expense, Net6,915 24 (82)6,857 
Depreciation1,941 211 353 2,505 
Amortization5,422 — 229 5,651 
EBITDA50,135 294 (6,905)43,524 
Stock-Based Compensation4,024 306 1,509 5,839 
Restructuring Expense10,575 — — 10,575 
Costs Related to the Cybersecurity Incident
1,028 — — 1,028 
Adjusted EBITDA$65,762 $600 $(5,396)$60,966 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Twelve Month Segment EBITDA
(In thousands)

Twelve Months Ended
December 31, 2024
Progressive LeasingViveOtherConsolidated Total
Net Earnings$197,249 
Income Tax Benefit(1)
(33,641)
Earnings (Loss) Before Income Tax Benefit
$184,782 $(848)$(20,326)163,608 
Interest Expense, Net30,653 — 636 31,289 
Depreciation6,574 643 1,871 9,088 
Amortization16,972 — 917 17,889 
EBITDA238,981 (205)(16,902)221,874 
Stock-Based Compensation22,665 1,334 5,180 29,179 
Restructuring Expense18,210 1,853 2,628 22,691 
Costs Related to the Cybersecurity Incident, Net of Insurance Recoveries
285 — — 285 
Adjusted EBITDA$280,141 $2,982 $(9,094)$274,029 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

Twelve Months Ended
December 31, 2023
Progressive LeasingViveOtherConsolidated Total
Net Earnings$138,838 
Income Tax Expense(1)
57,383 
Earnings (Loss) Before Income Tax Expense$216,271 $4,545 $(24,595)196,221 
Interest Expense, Net28,978 593 (165)29,406 
Depreciation7,482 745 1,058 9,285 
Amortization21,684 — 1,064 22,748 
EBITDA274,415 5,883 (22,638)257,660 
Stock-Based Compensation17,327 1,190 6,403 24,920 
Restructuring Expense12,533 — — 12,533 
Regulatory Insurance Recoveries(525)— — (525)
Costs Related to the Cybersecurity Incident
2,833 — — 2,833 
Adjusted EBITDA$306,583 $7,073 $(16,235)$297,421 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Reconciliation of Full Year 2025 Outlook for Adjusted EBITDA
(In thousands)

Fiscal Year 2025 Ranges
Progressive LeasingViveOtherConsolidated Total
Estimated Net Earnings
$115,500 - $133,500
Income Tax Expense(1)
51,000 - 53,000
Projected Earnings (Loss) Before Income Tax Expense
$181,000 - $195,000
$(5,500) - $(2,500)
$(9,000) - $(6,000)
166,500 - 186,500
Interest Expense, Net
30,000 - 28,000
1,500 - 1,000
6,000 - 5,000
37,500 - 34,000
Depreciation
6,000 - 7,000
5002,500
9,000 - 10,000
Amortization15,000—1,00016,000
Projected EBITDA
232,000 - 245,000
(3,500) - (1,000)
500 - 2,500
229,000 - 246,500
Stock-Based Compensation
28,000 - 30,000
1,000
2,000 - 2,500
31,000 - 33,500
Projected Adjusted EBITDA
$260,000 - $275,000
$(2,500) - $0
$2,500 - $5,000
$260,000 - $280,000
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Reconciliation of the Three Months Ended March 31, 2025 Outlook for Adjusted EBITDA
(In thousands)

Three Months Ended
March 31, 2025
Consolidated Total
Estimated Net Earnings
$28,000 - $32,000
Income Tax Expense(1)
12,000 - 13,000
Projected Earnings Before Income Tax Expense
40,000 - 45,000
Interest Expense, Net9,000
Depreciation2,000
Amortization4,000
Projected EBITDA
55,000 - 60,000
Stock-Based Compensation8,000
Projected Adjusted EBITDA
$63,000 - $68,000
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Reconciliation of Full Year 2025 Outlook for Earnings Per Share
Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution

Full Year 2025
LowHigh
Projected Earnings Per Share Assuming Dilution$2.82 $3.22 
Add: Projected Intangible Amortization Expense0.38 0.38 
Subtract: Tax Effect on Non-GAAP Adjustments(1)
(0.10)(0.10)
Projected Non-GAAP Earnings Per Share Assuming Dilution(2)
$3.10 $3.50 
(1)Adjustments are tax-effected using an assumed statutory tax rate of 26%.
(2)In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.

PROG Holdings, Inc.
Reconciliation of the Three Months Ended March 31, 2025 Outlook for Earnings Per Share
Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution

Three Months Ended
March 31, 2025
LowHigh
Projected Earnings Per Share Assuming Dilution$0.73 $0.78 
Add: Projected Intangible Amortization Expense0.09 0.09 
Subtract: Tax Effect on Non-GAAP Adjustments(1)
(0.02)(0.02)
Projected Non-GAAP Earnings Per Share Assuming Dilution(2)
$0.80 $0.85 
(1)Adjustments are tax-effected using an assumed statutory tax rate of 26%.
(2)In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.

PROG Internal PROG Holdings, Inc. Q4 2024 Earnings Supplement February 19, 2025 Exhibit 99.2

 
2 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 “continuing”, “believe”, “aim”, "outlook" and similar forward-looking terminology. These risks and uncertainties include factors such as (i) continued volatility and challenges in the macro environment and, in particular, the unfavorable effects on our business of impacts of inflation, a higher cost of living and elevated interest rates, and the impact of those headwinds on: (a) consumer confidence and customer demand for the merchandise that our POS partners sell, in particular consumer durables; (b) our customers’ disposable income and their ability to make the lease and loan payments they owe the Company; (c) the availability of consumer credit; and (d) our overall financial performance and outlook; (ii) our businesses being subject to extensive federal, state and local laws and regulations, including certain laws and regulations unique to the industries in which our businesses operate, that may subject them to government investigations and significant monetary penalties, remediation expenses and compliance-related burdens that may result in them changing the manner in which they operate, which may be materially adverse to several aspects of our performance; (iii) an uncertain macroeconomic environment resulting in our proprietary algorithms and decisioning tools used in approving customers no longer being indicative of their ability to perform, which in turn may limit the ability of our businesses to manage risk, avoid lease and loan charge-offs and may result in insufficient reserves to cover actual losses; (iv) a large percentage of Progressive Leasing's revenue being concentrated with several key POS partners, and the loss of any of these POS partner relationships materially and adversely affecting several aspects of our performance; (v) Progressive Leasing being unable to attract additional POS partners and retain and grow its relationships with its existing POS partners, resulting in several aspects of our performance being materially and adversely affected; (vi) Progressive Leasing being unable to attract new consumers and retain and grow its relationships with its existing customers materially and adversely affecting several aspects of our performance; (vii) Vive and Four’s business models differing significantly from Progressive Leasing's lease-to-own business, which means each of these businesses have different risk profiles; (viii) our efforts to modernize and enhance certain enterprise-wide information management systems and technologies adversely impacting our businesses and operations; (ix) our inability to protect confidential, proprietary, or sensitive information, including the confidential information of our customers, being adversely affected by cyber-attacks or similar disruptions, which may result in significant costs, litigation and reputational damage or otherwise have a material adverse impact on several aspects of our performance; (x) our capital allocation strategy and financial policies, including our current stock repurchase and dividend programs, as well as any potential debt repurchase program not being effective at enhancing shareholder value, or providing other benefits we expect; (xi) the inability of our businesses to successfully operate in highly and increasingly competitive industries materially and adversely affecting several aspects of our performance; (xii) our business, results of operations, financial condition, and prospects being materially and adversely affected due to Progressive Leasing failing to maintain a consistently high level of consumer satisfaction and trust in its brand; (xiii) our performance being materially and adversely affected due to the transactions offered to consumers by our businesses being negatively characterized by federal, state and local government officials, consumer advocacy groups and the media; (xiv) any significant disruption in our vendors’ information technology systems, or disruptions in the information our businesses rely on in their lease and loan decisioning, materially and adversely affecting several aspects of our performance; and (xv) the other risks and uncertainties discussed under "Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 19, 2025. Statements in this earnings supplement that are "forward-looking" include without limitation statements about: (i) our ability to invest in our businesses to increase customer acquisition and lifetime value, and the results of any such investments; (ii) having the financial flexibility to invest in our future growth and return excess cash to shareholders; (iii) maximizing long-term value creation; and (iv) our full year 2025 outlook and our first quarter 2025 outlook. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this earnings supplement. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances after the date of this earnings supplement. Use of Forward-Looking Statements

 
3 PROG Holdings Q4 2024 Headlines • Progressive Leasing GMV of $597.5 million, up 9.1% year- over-year • Consolidated revenues of $623.3 million, up 8.0% • Net earnings of $57.5 million • Adjusted EBITDA of $65.7 million • Diluted EPS of $1.34; Non-GAAP Diluted EPS of $0.80 • Provides full year 2025 consolidated revenue and earnings outlook

 
4 "We finished 2024 with an excellent fourth quarter, delivering a third consecutive quarter of strong GMV growth and approximating the high end of our outlook ranges for both our revenues and earnings for the period," said PROG Holdings President and CEO Steve Michaels. “2024 was a successful year, driven by better-than-expected GMV growth, disciplined portfolio management, cost efficiencies, and continued execution on multiple strategic fronts. Our teams' execution across sales, marketing, and technology initiatives, combined with tighter credit conditions in the market, played a key role in driving a meaningful increase in new and repeat customers. As we move into 2025, we are excited about continuing to execute our three-pillared strategy to grow, enhance, and expand - investing in our businesses with a focus on increasing customer acquisition and lifetime value. We believe our cash-efficient model gives us the financial flexibility to invest in our future growth and return excess cash to shareholders, as we aim to maximize long-term value creation," concluded Michaels Steve Michaels President and CEO, PROG Holdings, Inc. PROG Holdings Executive Commentary

 
PROG Internal Adjusted EBITDA in millions 5 $577.4 $641.9 $592.2 $606.1 $623.3 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Non-GAAP EPSRevenue in millions 10.6% 11.3% 12.2% 10.5% 10.5% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Adjusted EBITDA as a % of PROG Holdings consolidated revenues PROG Holdings Q4 Consolidated Results $61.0 $72.6 $72.3 $63.5 $65.7 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $0.72 $0.91 $0.92 $0.77 $0.80 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 • Consolidated revenue increased 8.0% year-over-year driven primarily by our larger lease portfolio during the period • Non-GAAP EPS benefited from improvements in our “Other” operations and a reduction of outstanding shares • Year-over-year growth in Adjusted EBITDA was supported by improvements in our “Other” operations

 
PROG Internal $557.5 $620.6 $570.5 $582.6 $592.9 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Write-Offs* as a % of Progressive Leasing revenues 6 $547.6 $418.5 $454.5 $456.7 $597.5 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 GMV in millions 7.0% 7.0% 7.7% 7.7% 7.9% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Adjusted EBITDA as a % of Progressive Leasing revenues Progressive Leasing Q4 Segment Results Revenue in millions *Provision for lease merchandise write-offs 11.8% 11.9% 12.9% 11.4% 11.1% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 • Year-over-year GMV was up 9.1% which is our third consecutive quarter of strong growth • Revenue increased 6.3% year-over- year primarily due to a larger lease portfolio • Write-offs as a percentage of revenue for the year remained within the Company’s targeted annual range of 6-8%

 
PROG Internal Results

 
PROG Internal 8 2024 2023 Revenue $623.3 $577.4 8.0% GAAP Net Earnings $57.5 $18.6 209.1% Adjusted Net Earnings $34.1 $32.4 5.2% Adjusted EBITDA $ $65.7 $61.0 7.7% Adjusted EBITDA % 10.5% 10.6% -10 bps GAAP Diluted Earnings Per Share $1.34 $0.41 226.8% Non-GAAP Diluted Earnings Per Share $0.80 $0.72 11.1% Three Months Ended December 31 Change All dollar amounts in millions except EPS GAAP to non-GAAP reconciliation tables available in appendix PROG Holdings Consolidated Q4 Results

 
PROG Internal 9 *(Gross debt minus cash and cash equivalents) divided by trailing 12 month adjusted EBITDA PROG Holdings Consolidated Results Shares of Common Stock Repurchased Q4 2024 0.9M Cash and Cash Equivalents As of 12/31/2024 $95.7M Gross Debt As of 12/31/2024 $650M Net Leverage Ratio* As of 12/31/2024 2.0x Cash Flow From Operations Twelve Months Ended 12/31/2024 $138.5M Common Stock Repurchase Amount Q4 2024 $40.5M

 
PROG Internal 10 2024 2023 GMV $597.5 $547.6 9.1% Revenue $592.9 $557.5 6.3% Gross Margin % 31.9% 32.9% -100 bps S G&A % 13.9% 15.0% -110 bps Write-Off %* 7.9% 7.0% 90 bps Adjusted EBITDA $ $65.8 $65.8 0.0% Adjusted EBITDA % 11.1% 11.8% -70 bps Three Months Ended December 31 Change *The provision for lease merchandise write-offs as a percentage of Progressive Leasing revenue All dollar amounts in millions GAAP to non-GAAP reconciliation tables available in appendix Progressive Leasing Q4 Segment Results

 
PROG Internal 11 PROG Holdings Full-Year 2025 Outlook This outlook assumes a difficult operating environment with continued soft demand for consumer durable goods, no material changes in the company's decisioning posture, an effective tax rate for Non- GAAP EPS of approximately 28%, no material increase in the unemployment rate for our consumer, and no impact from additional share repurchases.

 
PROG Internal 12 PROG Holdings Q1 2025 Outlook This outlook assumes a difficult operating environment with soft demand for leasable consumer goods, no material changes in the Company's decisioning posture, no material increase in the unemployment rate for our consumer base, an effective tax rate for non-GAAP EPS of approximately 28%, and no impact from additional share repurchases.

 
PROG Internal

 
PROG Internal Non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA are supplemental measures of our performance that are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). Non-GAAP diluted earnings per share for the full year 2025 and first quarter 2025 outlook excludes intangible amortization expense. Non- GAAP diluted earnings per share for the year ended December 31, 2024 exclude intangible amortization expense, restructuring expenses, costs related to the cybersecurity incident, net of insurance recoveries, reversal of the uncertain tax position related to Progressive Leasing’s $175 million settlement with the FTC in 2020, and the tax benefit associated with the deemed liquidation of a partnership for tax purposes. Non-GAAP net earnings and non-GAAP diluted earnings per share for the year ended December 31, 2023, exclude intangible amortization expense, restructuring expenses, costs related to the cybersecurity incident, regulatory insurance recoveries, and accrued interest on an uncertain tax position related to Progressive Leasing’s $175 million settlement with the FTC in 2020. The amount for the after-tax non-GAAP adjustment, which is tax effected using our statutory tax rate, can be found in the reconciliation of net earnings and earnings per share assuming dilution to non-GAAP net earnings and earnings per share assuming dilution table in this presentation. The Adjusted EBITDA figures presented in this presentation are calculated as the Company’s earnings before interest expense, net, depreciation on property and equipment, amortization of intangible assets and income taxes. Adjusted EBITDA for the full year 2025 and first quarter 2025 outlook excludes stock-based compensation expense. Adjusted EBITDA for the three months and year ended December 31, 2024 excludes stock-based compensation expense, restructuring expenses, and costs related to the cybersecurity incident, net of insurance recoveries. Adjusted EBITDA for the three months and year ended December 31, 2023 excludes stock-based compensation expense, restructuring expenses, costs related to the cybersecurity incident and regulatory insurance recoveries. The amounts for these pre-tax non-GAAP adjustments can be found in the segment EBITDA tables in this presentation. Management believes that non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA provide relevant and useful information, and are widely used by analysts, investors and competitors in our industry as well as by our management in assessing both consolidated and business unit performance. Non-GAAP net earnings, non-GAAP diluted earnings, and adjusted EBITDA provide management and investors with an understanding of the results from the primary operations of our business by excluding the effects of certain items that generally arose from larger, one-time transactions that are not reflective of the ordinary earnings activity of our operations or transactions that have variability and volatility of the amount. We believe the exclusion of stock-based compensation expense provides for a better comparison of our operating results with our peer companies as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions and the variety of award types. This measure may be useful to an investor in evaluating the underlying operating performance of our business. Adjusted EBITDA also provides management and investors with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes. These measures may be useful to an investor in evaluating our operating performance because the measures: • Are widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. • Are used by rating agencies, lenders and other parties to evaluate our creditworthiness. • Are used by our management for various purposes, including as a measure of performance of our operating entities and as a basis for strategic planning and forecasting. Non-GAAP financial measures, however, should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP, such as the Company’s GAAP basis net earnings and diluted earnings per share and the GAAP revenues and earnings before income taxes of the Company’s segments, which are also included in the presentation. Further, we caution investors that amounts presented in accordance with our definitions of non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. 14 Use of Non-GAAP Financial Measures

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Reconciliation of Net Earnings and Earnings Per Share Assuming Dilution to Non-GAAP Net Earnings and Earnings Per Share Assuming Dilution (In thousands, except per share amounts)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Reconciliation of Net Earnings and Earnings Per Share Assuming Dilution to Non-GAAP Net Earnings and Earnings Per Share Assuming Dilution (In thousands, except per share amounts)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Quarterly Segment EBITDA (In thousands)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Annual Segment EBITDA (In thousands)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Consolidated & Progressive Leasing Adjusted EBITDA %

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Full Year 2025 Outlook for Adjusted EBITDA (In thousands)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of the Three Months Ended March 31, 2025 Outlook for Adjusted EBITDA (In thousands)

 
PROG Internal GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of Full Year 2025 Outlook for Earnings Per Share Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution

 
GAAP to non-GAAP Reconciliation Tables PROG Holdings, Inc. Non-GAAP Financial Information Reconciliation of the Three Months Ended March 31, 2025 Outlook for Earnings Per Share Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution

 
PROG Internal

 
v3.25.0.1
Cover Page
Feb. 19, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 19, 2025
Entity Registrant Name PROG HOLDINGS, INC.
Entity Central Index Key 0001808834
Amendment Flag false
Entity Incorporation, State or Country Code GA
Entity File Number 1-39628
Entity Tax Identification Number 85-2484385
Entity Address, Address Line One 256 W. Data Drive
Entity Address, City or Town Draper,
Entity Address, State or Province UT
Entity Address, Postal Zip Code 84020-2315
City Area Code 385
Local Phone Number 351-1369
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.50 Par Value
Trading Symbol PRG
Security Exchange Name NYSE
Entity Emerging Growth Company false
PROG (NYSE:PRG)
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