PROG Holdings Q2 GAAP EPS Outlook $0.68-$0.77 Vs $0.84 Estimate

2025 Outlook

In light of the deterioration in the macroeconomic environment since the Company issued its full-year outlook on February 19, 2025, the Company is updating its full year 2025 outlook for revenue and earnings as well as providing guidance for the second quarter of 2025. The updated outlook below assumes a difficult operating environment with soft demand for consumer durable goods, no material changes in the Company's current decisioning posture, an effective tax rate for Non-GAAP EPS of approximately 28%, and no impact from additional share repurchases. Additionally, the company has not assumed a recession which, among other factors, would likely be accompanied by a rise in the unemployment rate.

	Revised 2025 Outlook							Previous 2025 Outlook
(In thousands, except per share amounts)	Low			High				Low			High
PROG Holdings - Total Revenues	$	2,425,000		$	2,500,000			$	2,515,000		$	2,590,000
PROG Holdings - Net Earnings		109,000			125,000				115,500			133,500
PROG Holdings - Adjusted EBITDA		245,000			265,000				260,000			280,000
PROG Holdings - Diluted EPS		2.62			3.01				2.82			3.22
PROG Holdings - Diluted Non-GAAP EPS		2.90			3.30				3.10			3.50
Progressive Leasing - Total Revenues		2,300,000			2,360,000				2,385,000			2,445,000
Progressive Leasing - Earnings Before Taxes		168,000			185,000				181,000			195,000
Progressive Leasing - Adjusted EBITDA		245,000			261,000				260,000			275,000
Vive - Total Revenues		60,000			65,000				65,000			70,000
Vive - Loss Before Taxes		(5,000	)		(3,500	)			(5,500	)		(2,500	)
Vive - Adjusted EBITDA		(2,500	)		(1,000	)			(2,500	)		—
Other - Total Revenues		65,000			75,000				65,000			75,000
Other - Loss Before Taxes		(9,000	)		(7,500	)			(9,000	)		(6,000	)
Other - Adjusted EBITDA		2,500			5,000				2,500			5,000

	Three Months Ended June 30, 2025 Outlook
(In thousands, except per share amounts)	Low		High
PROG Holdings - Total Revenues	$	575,000	$	595,000
PROG Holdings - Net Earnings		28,000		32,000
PROG Holdings - Adjusted EBITDA		61,000		66,000
PROG Holdings - Diluted EPS		0.68		0.77
PROG Holdings - Diluted Non-GAAP EPS		0.75		0.85