•Diluted EPS of $0.62; Non-GAAP Diluted EPS $0.95, up 46.2%
•Earnings before taxes of $66.3 million; Adjusted EBITDA of $90.0 million, up 35.9%
•Progressive Leasing earnings before taxes of $88.1 million; Adjusted EBITDA of $96.7 million, up 25.4%
•Board of Directors authorizes new $300 million share repurchase program
SALT LAKE CITY, UT February 25, 2021/PRNewswire/-PROG Holdings, Inc. (NYSE:PRG), a FinTech holding company operating Progressive Leasing, a leading provider of virtual in store, e-commerce and app-based point-of-sale lease-to-own solutions, and Vive Financial, an omni-channel provider of second-look revolving credit products, today announced fourth quarter 2020 results for the first time as a stand-alone public company.
“Our Progressive Leasing segment delivered record revenue, earnings before taxes, and adjusted EBITDA for the fourth quarter period, in spite of challenges posed by the pandemic”, said Steve Michaels, PROG’s Chief Executive Officer. “During our first quarter as a stand-alone FinTech company, the PROG team provided exceptional service to our customers and point-of-sale retail partners while also completing the spin-off of our former Aaron’s Business segment. We continued to navigate challenging economic conditions, as changes in customer behavior, supply chain disruptions, and broader economic uncertainty negatively impacted gross merchandise volume (GMV) in the period. During 2021, we expect to achieve strong GMV growth by expanding our e-commerce business and driving increased sales for our existing and new point-of-sale retail partners.”
The following information was filed by Prog Holdings, Inc. (PRG) on Thursday, February 25, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: PRG CIK: 1808834 Form Type:10-K Annual Report Accession Number: 0001808834-21-000012 Submitted to the SEC: Thu Feb 25 2021 7:25:03 PM EST Accepted by the SEC: Fri Feb 26 2021 Period: Thursday, December 31, 2020 Industry: Equipment Rental And Leasing