Prog Holdings Inc · Q2 2021 earnings

Briefing

Reported exceptional financial results driven by a 25% increase in Progressive Leasing's GMV, strong customer payment performance, and a return to growth in our portfolio.

PROG Holdings reported strong Q2 2021 results, with a 10.1% increase in consolidated revenues to $660 million. Progressive Leasing's GMV grew by 25.2%, and e-commerce GMV surged by 274%. Diluted EPS was $1.02, and non-GAAP diluted EPS reached $1.09, up 18.5%. The company also acquired Buy Now, Pay Later provider Four Technologies.

• Progressive Leasing GMV increased by 25.2% to $506 million.
• E-commerce grew 274% and represents 13.0% of Progressive Leasing GMV.
• Consolidated Revenues increased 10.1% to $660 million.
• Non-GAAP Diluted EPS increased 18.5% to $1.09.

Headline financials

Revenue & EPS history

The Company is increasing its full year 2021 consolidated outlook for Adjusted EBITDA to a range of $390 million to $405 million, up from the previous range of $380 million to $400 million, due to better-than-expected portfolio performance. Non-GAAP diluted EPS is expected to be between $3.90 and $4.10, up from a range of $3.80 and $4.05, while GAAP diluted EPS is expected to be between $3.66 and $3.86, up from a range of $3.56 and $3.81.