PROG Holdings Q3 Revenue Dips Year-Over-Year

TL;DR

PROG Holdings revenue down again in Q3. Lease revenues $230.5M vs $237.8M last year. Ouch.

AI Summary

PROG Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported lease revenues and fees of $230.5 million for the third quarter of 2024, a decrease from $237.8 million in the same period of 2023. For the nine months ended September 30, 2024, lease revenues and fees were $691.1 million, down from $711.1 million in the prior year.

Why It Matters

The decline in lease revenues and fees suggests potential headwinds for PROG Holdings' core business, which could impact future profitability and investor returns.

Risk Assessment

Risk Level: medium — The decrease in revenue indicates potential challenges in the company's core business operations.

Key Numbers

• $230.5M — Q3 2024 Lease Revenues and Fees (Represents a decrease compared to the prior year's quarter.)
• $691.1M — Nine Months Ended Q3 2024 Lease Revenues and Fees (Shows a year-over-year decline in revenue for the year-to-date period.)

Key Players & Entities

• PROG Holdings, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• $230.5 million (dollar_amount) — Q3 2024 Lease Revenues and Fees
• $237.8 million (dollar_amount) — Q3 2023 Lease Revenues and Fees
• $691.1 million (dollar_amount) — Nine months ended Q3 2024 Lease Revenues and Fees
• $711.1 million (dollar_amount) — Nine months ended Q3 2023 Lease Revenues and Fees

FAQ

Key Financial Figures

• $0.50 — ange on which registered Common Stock, $0.50 Par Value PRG New York Stock Exchange

Filing Documents

• prg-20240930.htm (10-Q) — 1366KB
• a2024q3exhibit311.htm (EX-31.1) — 14KB
• a2024q3exhibit312.htm (EX-31.2) — 13KB
• a2024q3exhibit321.htm (EX-32.1) — 5KB
• a2024q3exhibit322.htm (EX-32.2) — 5KB
• 0001808834-24-000113.txt ( ) — 7686KB
• prg-20240930.xsd (EX-101.SCH) — 43KB
• prg-20240930_cal.xml (EX-101.CAL) — 60KB
• prg-20240930_def.xml (EX-101.DEF) — 212KB
• prg-20240930_lab.xml (EX-101.LAB) — 559KB
• prg-20240930_pre.xml (EX-101.PRE) — 395KB
• prg-20240930_htm.xml (XML) — 1484KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets – September 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Earnings (Unaudited) – Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) – Nine Months Ended September 30, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 39

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 40

Risk Factors

Item 1A. Risk Factors 40

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 40

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 40

Other Information

Item 5. Other Information 40

Exhibits

Item 6. Exhibits 41

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PROG HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2024 December 31, 2023 (In Thousands, Except Share Data) 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, Net 21,404 24,104 Operating Lease Right-of-Use Assets 3,753 9,271 Goodwill 296,061 296,061 Other Intangibles, Net 77,775 91,664 Income Tax Receivable 10,921 32,918 Deferred Income Tax Assets 2,368 2,981 Prepaid Expenses and Other Assets 69,125 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 Liabilities 81,716 104,838 Customer Deposits and Advance Payments 33,200 35,713 Operating Lease Liabilities 12,241 15,849 Debt 593,238 592,265 Total Liabilities 815,533 899,924 Commitments and Contingencies (Note 4) 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 Capital 354,141 352,421 Retained Earnings 1,416,961 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' Equity 630,807 591,331 Total Liabilities & Shareholders' Equity $ 1,446,340 $ 1,491,255 The accompanying notes are an integral part of the Condensed Consolidated Financial Statements . 3 PROG HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Una

View Full Filing

View this 10-Q filing on SEC EDGAR