EX-99.1 2 a2024q3ex991thirdquarter20.htm EX-99.1 PRESS RELEASE 3Q2024 Document


第99.1展示文本


prog holdings发布2024年第三季度业绩报告
•营收606.1百万美元；净利润84.0百万美元
•调整后的EBITDA为63.5百万美元
•每股收益为$1.94；非GAAP摊薄后每股收益为$0.77
•Progressive Leasing GMV达4.567亿美元，同比增长11.6%
•提高全年综合营业收入和盈利前景

2024年10月23日，位于盐湖城 - PROG控股公司（纽交所：PRG），作为Progressive Leasing、Vive Financial、Four Technologies和Build的金融科技控股公司，今日宣布了截至2024年9月30日的第三季度财务业绩。
prog holdings董事长兼首席执行官史蒂夫·迈克尔斯表示：“我们很高兴报告又一个强劲的季度，以11.6%的交易总额年增长和渐趋增长的Progressive Leasing部门营业收入为亮点。”这一势头得益于我们三支柱策略的有效性，即增长、增强和扩展，以及我们团队的卓越执行力和上面紧缩的信贷供应带来的好处。我们专注于提升客户和零售商体验，帮助推动业绩增长并在现有零售合作伙伴中扩大市场份额。我们已计划了几项倡议，旨在推动第四季度及未来的额外改进，旨在提高关键绩效指标，如申请量、客户转化率、活跃门店、以及每个门店的生产力，从而使我们有望在成功前进的道路上处于有利位置。通过节制的支出和组合管理，以及我们增长倡议的进展，我们对为股东创造长期价值的期望保持信心。”迈克尔斯总结道。
综合业绩
2024年第三季度的综合营收为6.061亿美元，比2023年同期增长了4.0%。


本季度的综合净收入为8400万美元，而去年同期为3500万美元。净收入增加主要是由于确认了5360万美元的非现金，净税收益，涉及取消对一项不确定税收立场和与该立场相关的应计利息。本季度调整后的EBITDA为6350万美元，占收入的10.5%，而2023年同期调整后的EBITDA为7170万美元，占收入的12.3%。调整后的EBITDA同比下降主要是由于毛利率下降，这是由于更多客户选择在2024年第3季度行使其90天购买期权。
2024年第三季度每股摊薄收益为1.94美元，而去年同期为0.76美元。根据非通用会计准则，2024年第三季度每股摊薄收益为0.77美元，而2023年同期为0.90美元。公司在第三季度的摊薄加权平均股份为同比下降了6.4%。
Progressive租赁结果
Progressive Leasing的第三季度GMV为4.567亿美元，较2023年同期增长11.6%。本季度的租赁商品核销准备金比例为7.7%，在公司6%-8%的年度目标区间内。
流动性和资本配置
prog holdings在2024年第三季度结束时现金为2.217亿美元，总债务为60000万美元。公司在该季度以平均价格每股45.69美元回购了3,700万美元的股票，剩余4.018亿美元的回购授权在其50亿美元的股票回购计划下。此外，公司每股支付了0.12美元的现金股息。


2024展望
prog holdings正在更新其2024年全年营业收入和收益展望，同时提供2024年第四季度的营业收入、净收益、调整后的EBITDA、GAAP摊薄后每股收益和非GAAP摊薄后每股收益展望。该展望基于紧缩信贷带来的好处继续存在，操作环境困难，可租借消费品需求疲软，公司决策态度未发生重大改变，我们的消费者群体失业率未发生重大增加，非GAAP每股收益的有效税率约为28%，并且不会受到额外股票回购的影响。
修订后的2024年展望
上一页 2024 年展望
（以千计，每股金额除外）低高低高
PROG Holdings-总收入$2,440,000 $2,460,000 $2,400,000 $2,450,000 
PROG Holdings-净收益165,500 170,500 110,500 116,000 
PROG Holdings-调整后的息税折旧摊销270,000 275,000 265,000 275,000 
PROG Holdings-摊薄后每股收3.82 3.92 2.52 2.68 
PROG Holdings-摊薄后的非公认会计准则每股收益3.30 3.40 3.25 3.40 
渐进式租赁-总收入2,350,000 2,360,000 2,325,000 2,355,000 
渐进式租赁-税前收益180,500 181,500 178,000 182,000 
渐进式租赁-调整后的息税折旧摊销前277,000 280,000 273,500 278,500 
Vive-总收入60,000 65,000 55,000 65,000 
Vive-税前收益(500)500 1,500 3,000 
Vive-调整后的息税折旧摊销前利润1,000 2,000 3,000 5,000 
其他-总收入30,000 35,000 20,000 30,000 
其他-税前亏损(17,500)(16,500)(20,000)(18,000)
其他-调整后的息税折旧摊销前利润(8,000)(7,000)(11,500)(8,500)
三个月之内结束
2024年12月31日
2024年4月27日收盘最低价高
prog holdings - 总营业收入$599,824$619,824
prog holdings - 净收益25,79830,798
prog holdings - 调整后的EBITDA61,65466,654
prog holdings - 摊薄后每股收益0.620.73
prog holdings - 摊薄后非普通会计准则每股收益0.700.80


电话会议和网络直播
公司已安排于2024年10月23日星期三美东时间上午8:30进行直播网络电话会议，讨论2024年第三季度财务业绩。要查看直播网络电话会议，请访问公司投资者关系网站的活动和演示页面，网址https://investor.progholdings.com/。
关于PROG Holdings，Inc。
prog holdings公司，纽交所代码为PRG，是一家总部位于犹他州盐湖城的金融科技控股公司，为消费者提供透明和有竞争力的付款选项。该公司拥有Progressive Leasing，这是一家领先的提供电子商务、基于应用程序以及店内销售点的租购解决方案的提供商，Vive Financial是第二信贷产品全渠道提供商，Four Technologies通过其平台提供“现在购买，以后付款”的付款选项，Build是个人信用建设产品的提供商。关于prog holdings及其子公司的更多信息，请访问https://investor.progholdings.com/。
前瞻性陈述：
本新闻稿中关于我们业务的声明，如果不是历史事实，则属于涉及风险和不确定性的"前瞻性声明"，这可能导致实际结果与前瞻性声明中所包含的结果有实质性差异。此类前瞻性声明一般可以通过使用前瞻性术语加以识别，例如"计划中"、"期望"、"展望"、"持续"等类似的前瞻性术语。这些风险和不确定性包括诸如（i）宏观环境持续波动和挑战，尤其是显著通胀、高利率和衰退担忧对我们业务造成的不利影响，以及这些逆风对以下方面的影响：a）消费者信心和POS合作伙伴售出商品，尤其是耐用消费品的需求；b）我们客户的可支配收入及其支付公司所欠租金和贷款的能力；c）消费信贷的可获得性；以及d）我们整体的财务表现和展望；（ii）我们的业务受到广泛法律和法规的约束，包括适用于我们业务所属行业的独特法律和法规，这可能使其受到政府调查以及重大金钱处罚和合规负担的影响，同时，联邦、州和地方法规制者对我们业务所属行业的关注日益增加，包括涉及消费者保护、客户隐私、第三方和雇员欺诈以及信息安全问题；（iii）恶化的宏观经济条件导致用于批准Progressive Leasing和Vive客户租赁和贷款的算法和其他专有决策工具不再具有他们履约能力的指示作用，这可能限制这些业务避免租赁和贷款核销的能力，或导致其准备不足以覆盖实际损失；（iv）Progressive Leasing于2023年9月发生的网络安全事件及为应对此事而发生的费用，包括对该事件提起的诉讼，或由此事件可能导致的任何监管程序所产生的影响；（v）公司营收中大部分集中于几家Progressive Leasing重要POS合作伙伴；（vi）Progressive Leasing将无法吸引新的POS合作伙伴或无法留住并与现有POS合作伙伴发展业务的风险；（vii）Vive和Four的


business models differing significantly from Progressive Leasing’s, which creates specific and unique risks for each of the Vive and Four businesses, including Vive’s reliance on a limited number of bank partners to issue its credit products and each of Vive’s and Four’s exposure to the unique regulatory risks associated with the laws and regulations that apply to each of their businesses; (viii) our ability to continue to protect confidential, proprietary, or sensitive information, including the personal and confidential information of our customers, which may be adversely affected by cyber-attacks, employee or other internal misconduct, computer viruses, electronic break-ins or "hacking", or similar disruptions, any one of which could have a material adverse impact on our results of operations, financial condition, and prospects; (ix) our cost reduction initiatives may not be adequate or may have unintended consequences that could be disruptive to our businesses, including with respect to our global workforce strategy; (x) the risk that our capital allocation strategy, including our current stock repurchase and dividend programs, as well as any future debt repurchase program, will not be effective at enhancing shareholder value and may have an adverse impact on our cash reserves; (xi) the loss of the services of our key executives or our inability to attract and retain key talent, particularly with respect to our information technology function, may have a material adverse impact on our operations; (xii) increased competition from traditional and virtual lease-to-own competitors and also from competitors of our Vive segment; (xiii) the transactions offered by our Progressive Leasing, Vive and/or Four businesses may be negatively characterized by government officials, consumer advocacy groups or the media; (xiv) real or perceived software or system errors, failures, bugs, defects or outages, including those that may be caused by third-party vendors, may adversely affect Progressive Leasing, Vive or Four; 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, 2023, filed with the SEC on February 21, 2024. Statements in this press release that are "forward-looking" include without limitation statements about: (i) our initiatives to drive improvements across our key performance metrics; (ii) our ability to create long-term value for our shareholders; and (iii) our revised full year 2024 outlook and our fourth quarter 2024 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
(Unaudited) 
 Nine Months Ended
September 30,September 30,
2024202320242023
REVENUES:
Lease Revenues and Fees$582,551 $564,183 $1,773,617 $1,776,104 
Interest and Fees on Loans Receivable23,594 18,694 66,559 54,759 
606,145 582,877 1,840,176 1,830,863 
COSTS AND EXPENSES:
Depreciation of Lease Merchandise401,070 381,844 1,217,440 1,202,157 
Provision for Lease Merchandise Write-offs44,736 36,966 131,660 116,295 
Operating Expenses111,108 109,183 346,350 322,152 
556,914 527,993 1,695,450 1,640,604 
OPERATING PROFIT49,231 54,884 144,726 190,259 
Interest Expense, Net(7,384)(6,775)(22,973)(22,549)
EARNINGS BEFORE INCOME TAX (BENEFIT) EXPENSE
41,847 48,109 121,753 167,710 
INCOME TAX (BENEFIT) EXPENSE
(42,115)13,097 (17,949)47,447 
NET EARNINGS$83,962 $35,012 $139,702 $120,263 
EARNINGS PER SHARE
Basic$1.99 $0.77 $3.25 $2.58 
Assuming Dilution$1.94 $0.76 $3.19 $2.56 
CASH DIVIDENDS DECLARED PER SHARE:
Common Stock
$0.12 $— $0.36 $— 
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic42,264 45,515 42,969 46,606 
Assuming Dilution43,169 46,133 43,804 47,048 

PROG Holdings, Inc.
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
September 30,
2024		December 31,
2023
ASSETS:
Cash and Cash Equivalents$221,726 $155,416 
Accounts Receivable (net of allowances of $73,192 in 2024 and $64,180 in 2023)
67,214 67,879 
Lease Merchandise (net of accumulated depreciation and allowances of $455,691 in 2024 and $423,466 in 2023)
554,425 633,427 
Loans Receivable (net of allowances and unamortized fees of $52,155 in 2024 and $50,022 in 2023)
121,568 126,823 
Property and Equipment, Net21,404 24,104 
Operating Lease Right-of-Use Assets3,753 9,271 
Goodwill296,061 296,061 
Other Intangibles, Net77,775 91,664 
Income Tax Receivable10,921 32,918 
Deferred Income Tax Assets2,368 2,981 
Prepaid Expenses and Other Assets69,125 50,711 
Total Assets$1,446,340 $1,491,255 
LIABILITIES & SHAREHOLDERS’ EQUITY:
Accounts Payable and Accrued Expenses$95,138 $151,259 
Deferred Income Tax Liabilities81,716 104,838 
Customer Deposits and Advance Payments33,200 35,713 
Operating Lease Liabilities12,241 15,849 
Debt593,238 592,265 
Total Liabilities815,533 899,924 
SHAREHOLDERS' EQUITY:
Common Stock, Par Value $0.50 Per Share: Authorized: 225,000,000 Shares at September 30, 2024 and December 31, 2023; Shares Issued: 82,078,654 at September 30, 2024 and December 31, 2023
41,039 41,039 
Additional Paid-in Capital354,141 352,421 
Retained Earnings1,416,961 1,293,073 
1,812,141 1,686,533 
Less: Treasury Shares at Cost
Common Stock: 40,535,248 Shares at September 30, 2024 and 38,404,527 at December 31, 2023
(1,181,334)(1,095,202)
Total Shareholders’ Equity630,807 591,331 
Total Liabilities & Shareholders’ Equity$1,446,340 $1,491,255 

PROG Holdings, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended September 30,
20242023
OPERATING ACTIVITIES:
Net Earnings$139,702 $120,263 
Adjustments to Reconcile Net Earnings to Cash Provided by Operating Activities:
Depreciation of Lease Merchandise1,217,440 1,202,157 
Other Depreciation and Amortization20,780 23,876 
Provisions for Accounts Receivable and Loan Losses279,291 253,217 
Stock-Based Compensation21,588 19,081 
Deferred Income Taxes(24,530)(32,337)
Impairment of Assets
6,018 — 
Income Tax Benefit from Reversal of Uncertain Tax Position Liabilities
(51,443)— 
Non-Cash Lease Expense(2,605)(2,065)
Other Changes, Net(1,255)(4,397)
Changes in Operating Assets and Liabilities:
Additions to Lease Merchandise(1,273,535)(1,195,051)
Book Value of Lease Merchandise Sold or Disposed135,096 119,711 
Accounts Receivable(240,409)(216,469)
Prepaid Expenses and Other Assets(18,865)2,304 
Income Tax Receivable and Payable26,251 (21)
Accounts Payable and Accrued Expenses(7,998)8,735 
Customer Deposits and Advance Payments(2,513)(6,463)
Cash Provided by Operating Activities223,013 292,541 
INVESTING ACTIVITIES:
Investments in Loans Receivable(282,039)(138,922)
Proceeds from Loans Receivable252,268 127,079 
Outflows on Purchases of Property and Equipment(6,037)(6,952)
Proceeds from Property and Equipment119 30 
Other Proceeds
41 — 
Cash Used in Investing Activities(35,648)(18,765)
FINANCING ACTIVITIES:
Dividends Paid
(15,423)— 
Acquisition of Treasury Stock(98,187)(108,276)
Issuance of Stock Under Stock Option and Employee Purchase Plans
855 695 
Cash Paid for Shares Withheld for Employee Taxes
(8,300)(3,260)
Debt Issuance Costs— (29)
Cash Used in Financing Activities(121,055)(110,870)
Increase in Cash and Cash Equivalents
66,310 162,906 
Cash and Cash Equivalents at Beginning of Period
155,416 131,880 
Cash and Cash Equivalents at End of Period
$221,726 $294,786 
Net Cash Paid During the Period:
Interest$18,695 $18,768 
Income Taxes$31,809 $76,817 

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

(Unaudited)
Three Months Ended
September 30, 2024
Progressive LeasingViveOtherConsolidated Total
Lease Revenues and Fees$582,551 $— $— $582,551 
Interest and Fees on Loans Receivable— 16,000 7,594 23,594 
Total Revenues$582,551 $16,000 $7,594 $606,145 

(Unaudited)
Three Months Ended
September 30, 2023
Progressive LeasingViveOtherConsolidated Total
Lease Revenues and Fees$564,183 $— $— $564,183 
Interest and Fees on Loans Receivable— 17,547 1,147 18,694 
Total Revenues$564,183 $17,547 $1,147 $582,877 

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

(Unaudited)
Nine Months Ended
September 30, 2024
Progressive LeasingViveOtherConsolidated Total
Lease Revenues and Fees$1,773,617 $— $— $1,773,617 
Interest and Fees on Loans Receivable— 47,471 19,088 66,559 
Total Revenues$1,773,617 $47,471 $19,088 $1,840,176 

(Unaudited)
Nine Months Ended
September 30, 2023
Progressive LeasingViveOtherConsolidated Total
Lease Revenues and Fees$1,776,104 $— $— $1,776,104 
Interest and Fees on Loans Receivable— 51,887 2,872 54,759 
Total Revenues$1,776,104 $51,887 $2,872 $1,830,863 

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

(Unaudited)
Three Months Ended September 30,
20242023
Progressive Leasing$456,651 $409,169 
Vive38,755 35,243 
Other62,058 19,632 
Total GMV$557,464 $464,044 


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 2024 outlook excludes intangible amortization expense, restructuring expenses, costs related to the cybersecurity incident net of insurance recoveries, and reversal of the uncertain tax position related to Progressive Leasing's $175 million settlement with the FTC in 2020. Non-GAAP diluted earnings per share for the fourth quarter 2024 outlook excludes intangible amortization expense. Non-GAAP net earnings and non-GAAP diluted earnings per share for the three and nine months ended September 30, 2024 exclude intangible amortization expense, restructuring expenses, costs related to the cybersecurity incident, and reversal of the uncertain tax position related to Progressive Leasing's $175 million settlement with the FTC in 2020. Non-GAAP net earnings and non-GAAP diluted earnings per share for the three and nine months ended September 30, 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 three and nine months ended September 30, 2024 and full year 2024 outlook excludes stock-based compensation expense, restructuring expenses, and costs related to the cybersecurity incident, net of insurance recoveries. Adjusted EBITDA for the three and nine months ended September 30, 2023 excludes stock-based compensation expense, restructuring expenses, costs related to the cybersecurity incident and regulatory insurance recoveries. Adjusted EBITDA for the fourth quarter 2024 outlook excludes stock-based compensation expense. 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)(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Net Earnings$83,962 $35,012 $139,702 $120,263 
Add: Intangible Amortization Expense 4,000 5,650 13,889 17,097 
Add: Restructuring Expense6 238 20,906 1,958 
Add: Costs Related to the Cybersecurity Incident, Net of Insurance Recoveries
114 1,805 346 1,805 
Less: Regulatory Insurance Recoveries— — — (525)
Less: Tax Impact of Adjustments(1)
(1,071)(2,000)(9,138)(5,287)
Less: Reversal of Uncertain Tax Position
(53,599)— (53,599)— 
Add: Accrued Interest on Uncertain Tax Position
— 971 2,156 2,911 
Non-GAAP Net Earnings$33,412 $41,676 $114,262 $138,222 
Earnings Per Share Assuming Dilution$1.94 $0.76 $3.19 $2.56 
Add: Intangible Amortization Expense
0.09 0.12 0.32 0.36 
Add: Restructuring Expense— 0.01 0.48 0.04 
Add: Costs Related to the Cybersecurity Incident, Net of Insurance Recoveries
— 0.04 0.01 0.04 
Less: Regulatory Insurance Recoveries— — — (0.01)
Less: Tax Impact of Adjustments(1)
(0.02)(0.04)(0.21)(0.11)
Less: Reversal of Uncertain Tax Position
(1.24)— (1.22)— 
Add: Accrued Interest on Uncertain Tax Position
— 0.02 0.05 0.06 
Non-GAAP Earnings Per Share Assuming Dilution(2)
$0.77 $0.90 $2.61 $2.94 
Weighted Average Shares Outstanding Assuming Dilution43,169 46,133 43,804 47,048 
(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
September 30, 2024
Progressive LeasingViveOtherConsolidated Total
Net Earnings$83,962 
Income Tax (Benefit) Expense(1)
(42,115)
Earnings (Loss) Before Income Tax (Benefit) Expense
$47,177 $(1,441)$(3,889)41,847 
Interest Expense, Net7,700 — (316)7,384 
Depreciation1,619 155 491 2,265 
Amortization3,771 — 229 4,000 
EBITDA60,267 (1,286)(3,485)55,496 
Stock-Based Compensation6,059 354 1,438 7,851 
Restructuring Expense6 — — 6 
Costs Related to the Cybersecurity Incident, Net of Insurance Recoveries
114 — — 114 
Adjusted EBITDA$66,446 $(932)$(2,047)$63,467 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

(Unaudited)
Three Months Ended
September 30, 2023
Progressive LeasingViveOtherConsolidated Total
Net Earnings$35,012 
Income Tax Expense(1)
13,097 
Earnings (Loss) Before Income Tax Expense$53,941 $565 $(6,397)48,109 
Interest Expense, Net6,746 112 (83)6,775 
Depreciation1,841 184 307 2,332 
Amortization5,420 — 230 5,650 
EBITDA67,948 861 (5,943)62,866 
Stock-Based Compensation4,851 302 1,668 6,821 
Restructuring Expense238 — — 238 
Costs Related to the Cybersecurity Incident
1,805 — — 1,805 
Adjusted EBITDA$74,842 $1,163 $(4,275)$71,730 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

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

(Unaudited)
Nine Months Ended
September 30, 2024
Progressive LeasingViveOtherConsolidated Total
Net Earnings$139,702 
Income Tax (Benefit) Expense(1)
(17,949)
Earnings (Loss) Before Income Tax (Benefit) Expense$136,596 $108 $(14,951)121,753 
Interest Expense, Net23,922 — (949)22,973 
Depreciation5,080 487 1,324 6,891 
Amortization13,201 — 688 13,889 
EBITDA178,799 595 (13,888)165,506 
Stock-Based Compensation16,905 1,052 3,631 21,588 
Restructuring Expense18,278 — 2,628 20,906 
Costs Related to the Cybersecurity Incident, Net of Insurance Recoveries
346 — — 346 
Adjusted EBITDA$214,328 $1,647 $(7,629)$208,346 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

(Unaudited)
Nine Months Ended
September 30, 2023
Progressive LeasingViveOtherConsolidated Total
Net Earnings$120,263 
Income Tax Expense(1)
47,447 
Earnings (Loss) Before Income Tax Expense$180,414 $4,486 $(17,190)167,710 
Interest Expense, Net22,063 569 (83)22,549 
Depreciation5,541 534 705 6,780 
Amortization16,262 — 835 17,097 
EBITDA224,280 5,589 (15,733)214,136 
Stock-Based Compensation13,303 884 4,894 19,081 
Restructuring Expense1,958 — — 1,958 
Regulatory Insurance Recoveries(525)— — (525)
Costs Related to the Cybersecurity Incident
1,805 — — 1,805 
Adjusted EBITDA$240,821 $6,473 $(10,839)$236,455 
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Reconciliation of Revised Full Year 2024 Outlook for Adjusted EBITDA
(In thousands)

Fiscal Year 2024 Ranges
Progressive LeasingViveOtherConsolidated Total
Estimated Net Earnings
$165,500 - $170,500
Income Tax (Benefit) Expense(1)
(3,000) - (5,000)
Projected Earnings (Loss) Before Income Tax (Benefit) Expense
$180,500 - $181,500
$(500) - $500
$(17,500) - $(16,500)
162,500 - 165,500
Interest Expense, Net
32,000 - 33,000
—(1,000)
31,000 - 32,000
Depreciation7,0005002,0009,500
Amortization17,000—1,00018,000
Projected EBITDA
236,500 - 238,500
0 - 1,000
(15,500) - (14,500)
221,000 - 225,000
Stock-Based Compensation
22,000 - 23,000
1,0005,000
28,000 - 29,000
Restructuring Expense & Cyber Incident Costs, Net of Insurance Recoveries
18,500—2,50021,000
Projected Adjusted EBITDA
$277,000 - $280,000
$1,000 - $2,000
$(8,000) - $(7,000)
$270,000 - $275,000
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Non-GAAP Financial Information
Reconciliation of Previously Revised Full Year 2024 Outlook for Adjusted EBITDA
(In thousands)

Fiscal Year 2024 Ranges
Progressive LeasingViveOtherConsolidated Total
Estimated Net Earnings
$110,500 - $116,000
Income Tax Expense(1)
49,000 - 51,000
Projected Earnings (Loss) Before Income Tax Expense
$178,000 - $182,000
$1,500 - $3,000
$(20,000) - $(18,000)
159,500 - 167,000
Interest Expense, Net31,000—(1,000)30,000
Depreciation7,0005002,0009,500
Amortization17,000—1,00018,000
Projected EBITDA
233,000 - 237,000
2,000 - 3,500
(18,000) - (16,000)
217,000 - 224,500
Stock-Based Compensation
22,000 - 23,000
1,000 - 1,500
4,000 - 5,000
27,000 - 29,500
Restructuring Expense & Cyber Incident Costs, Net of Insurance Recoveries
18,500—2,50021,000
Projected Adjusted EBITDA
$273,500 - $278,500
$3,000 - $5,000
$(11,500) - $(8,500)
$265,000 - $275,000
(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 December 31, 2024 Outlook for Adjusted EBITDA
(In thousands)

Three Months Ended
December 31, 2024
Consolidated Total
Estimated Net Earnings
$25,798 - $30,798
Income Tax Expense(1)
14,949 - 12,949
Projected Earnings Before Income Tax Expense
40,747 - 43,747
Interest Expense, Net
8,027 - 9,027
Depreciation2,609
Amortization4,111
Projected EBITDA
55,494 - 59,494
Stock-Based Compensation
6,160 - 7,160
Projected Adjusted EBITDA
$61,654 - $66,654
(1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment.

PROG Holdings, Inc.
Reconciliation of Revised Full Year 2024 Outlook for Earnings Per Share
Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution

Full Year 2024
LowHigh
Projected Earnings Per Share Assuming Dilution$3.82 $3.92 
Add: Projected Intangible Amortization Expense0.41 0.41 
Add: Projected Restructuring Expense & Cyber Incident Costs, Net of Insurance Recoveries
0.48 0.48 
Subtract: Tax Effect on Non-GAAP Adjustments(1)
(0.23)(0.23)
Subtract: Reversal of Uncertain Tax Position
(1.18)(1.18)
Projected Non-GAAP Earnings Per Share Assuming Dilution(2)
$3.30 $3.40 
(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 Previously Revised Full Year 2024 Outlook for Earnings Per Share
Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution
Full Year 2024
LowHigh
Projected Earnings Per Share Assuming Dilution$2.52 $2.68 
Add: Projected Intangible Amortization Expense0.41 0.41 
Add: Projected Interest on FTC Settlement Uncertain Tax Position0.07 0.07 
Add: Projected Restructuring Expense & Cyber Incident Costs, Net of Insurance Recoveries
0.48 0.48 
Subtract: Tax Effect on Non-GAAP Adjustments(1)
(0.23)(0.23)
Projected Non-GAAP Earnings Per Share Assuming Dilution(2)
$3.25 $3.40 
(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 December 31, 2024 Outlook for Earnings Per Share
Assuming Dilution to Non-GAAP Earnings Per Share Assuming Dilution

Three Months Ended
December 31, 2024
LowHigh
Projected Earnings Per Share Assuming Dilution$0.62 $0.73 
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)
$0.70 $0.80 
(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.