PROG Holdings, Inc. Stock Research

Market Summary

USD33.19+0.96

Market Closed

2.98%

PRG Alerts

Big jump in Earnings (Y/Y)

PRG Stock Price

PRG RSI Chart

PRG Valuation

Market Cap

1.6B

Price/Earnings (Trailing)

13.28

Price/Sales (Trailing)

0.62

EV/EBITDA

6.85

Price/Free Cashflow

5.43

PRG Price/Sales (Trailing)

PRG Profitability

EBT Margin

5.71%

Return on Equity

17.3%

Return on Assets

6.62%

Free Cashflow Yield

18.42%

PRG Fundamentals

PRG Revenue

Revenue (TTM)

2.5B

Revenue Y/Y

-7.79%

Revenue Q/Q

7.03%

PRG Earnings

Earnings (TTM)

119.6M

Earnings Y/Y

77.01%

Earnings Q/Q

33.11%

Price Action

52 Week Range

12.1133.38

(Low)(High)

Last 7 days

1.3%

Last 30 days

10.2%

Last 90 days

36.2%

Trailing 12 Months

16.9%

PRG Financial Health

Debt/Equity

1.06

Debt/Cashflow

0.28

PRG Investor Care

Buy Backs (1Y)

13.62%

Diluted EPS (TTM)

2.41

Peers (Alternatives to PROG Holdings)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
AAPL	2.8T	385.1B	7.13%	22.38%	29.24	7.16	-0.24%	-7.47%
MSFT	2.5T	207.6B	12.70%	25.81%	35.87	11.93	7.81%	-4.74%
GOOG	1.6T	284.6B	20.09%	15.82%	27.24	5.61	5.28%	-21.40%
AMZN	1.2T	524.9B	14.41%	8.13%	286.93	2.35	9.87%	-79.95%
MID-CAP
JBLU	2.2B	9.8B	-0.73%	-35.63%	-7.49	0.23	38.47%	-57.37%
NYMT	876.2M	257.0M	-3.61%	-7.08%	-4.3	3.41	19.36%	-403.67%
SMALL-CAP
PLAY	1.6B	2.0B	-2.56%	-12.98%	11.69	0.82	50.64%	26.23%
TLRY	1.6B	596.3M	-7.75%	-62.41%	-0.89	2.66	-3.41%	-3791.67%
MFA	1.1B	508.3M	4.55%	-13.45%	-14.19	2.12	31.13%	-147.30%
GPRO	735.5M	1.1B	-3.18%	-38.47%	25.5	0.67	-10.44%	-101.73%
BYND	664.0M	401.7M	-20.14%	-60.45%	-2.04	1.65	-13.79%	-27.19%
CGC	426.5M	478.9M	-30.92%	-84.19%	-0.14	0.89	-31.50%	-634.70%
NKLA	350.3M	60.1M	-26.77%	-91.30%	-0.44	5.83	695.64%	-10.68%
INO	162.9M	-	-23.21%	-64.57%	-0.67	15.88	478.23%	26.48%

Financials for PROG Holdings

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	-2.1%	2,543	2,598	2,632	2,657	2,667
Operating Expenses	-0.3%	2,404	2,412	2,392	2,382	2,367
EBITDA	3.1%	186	180	222	277	-
EBITDA Margin	4.5%	0.07*	0.07*	0.08*	0.10*	-
Earnings Before Taxes	18.7%	176	148	147	198	262
EBT Margin	1.9%	0.06*	0.06*	0.07*	0.10*	-
Interest Expenses	-48.4%	19.00	37.00	13.00	4.00	-4.82
Net Income	21.2%	120	99.00	100	142	191
Net Income Margin	-0.4%	0.04*	0.04*	0.05*	0.07*	-
Free Cahsflow	3.9%	233	224	153	167	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	1.2%	1,510	1,492	1,491	1,478	1,573
Cash Equivalents	89.4%	250	132	222	127	184
Net PPE	-2.5%	23.00	24.00	25.00	25.00	24.00
Goodwill	0%	296	296	296	306	306
Liabilities	0.4%	925	921	925	922	940
Shareholder's Equity	2.5%	585	570	566	557	633
Retained Earnings	4.2%	1,202	1,154	1,118	1,102	1,083
Additional Paid-In Capital	-0.5%	337	339	336	333	331
Shares Outstanding	-5.2%	48.00	50.00	53.00	55.00	-

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	24.4%	302	242	234	163	177
Share Based Compensation	-6.9%	16.00	18.00	20.00	22.00	24.00
Cashflow From Investing	9.3%	-48.54	-53.53	-49.59	-45.46	-68.02
Cashflow From Financing	17.6%	-187	-227	-91.53	-127	-76.31
Dividend Payments	-	0.00	-	-	-	-
Buy Backs	-18.6%	182	224	201	242	192

Risks for PRG

What is the probability of a big loss on PRG?

86.0%

Probability that PROG Holdings stock will be more than 20% underwater in next one year

60.3%

Probability that PROG Holdings stock will be more than 30% underwater in next one year.

48.5%

Probability that PROG Holdings stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does PRG drawdown profile look like?

Y-axis is the maximum loss one would have experienced if PROG Holdings was unfortunately bought at previous high price.

Drawdowns

Returns for PRG

Cumulative Returns on PRG

Which funds bought or sold PRG recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-05-23	ROYCE & ASSOCIATES LP	reduced	-28.13	6,984	576,194	0.01%
2023-05-22	PUTNAM INVESTMENTS LLC	reduced	-31.71	-14,182	357,635	-%
2023-05-22	AMERIPRISE FINANCIAL INC	reduced	-4.22	4,764,160	18,417,200	0.01%
2023-05-18	NEW YORK STATE COMMON RETIREMENT FUND	reduced	-4.44	1,455,000	5,658,000	0.01%
2023-05-18	JPMORGAN CHASE & CO	added	5.98	7,589,000	22,992,000	-%
2023-05-17	VIRGINIA RETIREMENT SYSTEMS ET AL	added	17.11	218,838	901,926	0.01%
2023-05-17	Thrivent Financial for Lutherans	reduced	-3.39	313,000	1,180,000	-%
2023-05-17	Advisory Services Network, LLC	sold off	-100	-5,489	-	-%
2023-05-16	JANE STREET GROUP, LLC	new	-	642,925	642,925	-%
2023-05-16	Castleview Partners, LLC	unchanged	-	449	1,546	-%

Latest Funds Activity

Are funds buying PRG calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own PRG

No. of Funds

PRG Alerts

Big jump in Earnings (Y/Y)

PROG Holdings News

Schedule 13G FIlings of PROG Holdings

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	11.54%	5,773,175	SC 13G/A
Jan 23, 2023	blackrock inc.	17.9%	8,953,351	SC 13G/A
Jul 11, 2022	price t rowe associates inc /md/	3.0%	1,629,088	SC 13G/A
May 09, 2022	blackrock inc.	17.5%	9,465,313	SC 13G/A
Apr 11, 2022	price t rowe associates inc /md/	10.3%	5,734,770	SC 13G/A
Mar 09, 2022	vanguard group inc	10.33%	5,697,659	SC 13G/A
Feb 14, 2022	price t rowe associates inc /md/	8.5%	5,578,830	SC 13G/A
Jan 27, 2022	blackrock inc.	11.6%	7,616,588	SC 13G/A
Jan 26, 2022	blackrock inc.	11.6%	7,616,588	SC 13G/A
Feb 16, 2021	price t rowe associates inc /md/	8.7%	5,910,834	SC 13G

PRG Fair Value

Recent SEC filings of PROG Holdings

View All Filings

Date Filed	Form Type	Document
May 26, 2023	4	Insider Trading
May 26, 2023	4	Insider Trading
May 26, 2023	4	Insider Trading
May 26, 2023	4	Insider Trading
May 26, 2023	4	Insider Trading
May 26, 2023	4	Insider Trading
May 26, 2023	4	Insider Trading
May 17, 2023	3	Insider Trading
May 17, 2023	4	Insider Trading
May 11, 2023	8-K	Current Report

Latest Insider Trading transactions for PRG

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-05-15	King Michael Todd	acquired	161,198	32.06	5,028	chief legal and compliance off
2023-03-07	Doman Curtis Linn	sold (taxes)	-193,357	26.08	-7,414	chief innovation officer-prog
2023-03-07	Garner Brian	sold (taxes)	-120,776	26.08	-4,631	chief financial officer
2023-03-07	Sewell George M	sold (taxes)	-21,829	26.08	-837	principal acct off, vp fin rep
2023-03-07	Michaels Steven A	sold (taxes)	-618,513	26.08	-23,716	president and ceo
2023-03-01	Garner Brian	acquired	-	-	13,917	chief financial officer
2023-03-01	Michaels Steven A	acquired	-	-	50,607	president and ceo
2023-03-01	Sewell George M	acquired	-	-	2,935	principal acct off, vp fin rep
2022-11-01	Sewell George M	acquired	-	-	1,770	principal acct off, vp fin rep
2022-10-31	Thomas Eugene Vin IV	bought	9,857	15.95	618	general counsel and corp sec

About PROG Holdings

Steven A. Michaels

www.ProgLeasing.com

2020

PROG Holdings, Inc. operates as an omnichannel provider of lease-purchase solutions to underserved and credit-challenged customers. It operates in two segments, Progressive Leasing and Vive. The Progressive Leasing segment offers lease-purchase solutions to customers for various merchandize in the furniture, appliances, electronics, jewelry, mobile phones and accessories, mattresses, and automobile electronics and accessories markets through point-of-sale and e-commerce retail partners, as well in-store, mobile, and online solutions. The Vive segment provides second-look and revolving credit products to customers that may not qualify for traditional prime lending through private label and Vive-branded credit cards. It offers lease-purchase solutions through approximately 24,000 third-party point-of-sale partner locations and e-commerce websites in 49 states and the District of Columbia. The company was formerly known as Aaron's Holdings Company, Inc. and changed its name to PROG Holdings, Inc. in December 2020. PROG Holdings, Inc. was founded in 1955 and is based in Draper, Utah.

PRG Income Statement

2023-03-31

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES:
Revenues	$ 655,140	$ 710,464
COSTS AND EXPENSES:
Depreciation of Lease Merchandise	435,439	497,011
Provision for Lease Merchandise Write-offs	38,364	50,330
Operating Expenses	105,259	113,658
COSTS AND EXPENSES	579,062	660,999
OPERATING PROFIT	76,078	49,465
Interest Expense, Net	(8,491)	(9,629)
EARNINGS BEFORE INCOME TAX EXPENSE	67,587	39,836
INCOME TAX EXPENSE	19,554	12,701
NET EARNINGS	$ 48,033	$ 27,135
EARNINGS PER SHARE
Basic (in dollars per share)	$ 1.00	$ 0.49
Assuming Dilution (in dollars per share)	$ 1.00	$ 0.49
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic (in shares)	47,854	55,402
Assuming Dilution (in shares)	48,139	55,706
Lease Revenues and Fees
REVENUES:
Revenues	$ 637,082	$ 692,914
Interest and Fees on Loans Receivable
REVENUES:
Revenues	$ 18,058	$ 17,550

PRG Balance Sheet

2023-03-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS:
Cash and Cash Equivalents	$ 249,844	$ 131,880
Accounts Receivable (net of allowances of $65,170 in 2023 and $69,264 in 2022)	55,819	64,521
Lease Merchandise (net of accumulated depreciation and allowances of $454,444 in 2023 and $467,355 in 2022)	571,668	648,043
Loans Receivable (net of allowances and unamortized fees of $50,149 in 2023 and $53,635 in 2022)	122,352	130,966
Property and Equipment, Net	23,253	23,852
Operating Lease Right-of-Use Assets	11,234	11,875
Goodwill	296,061	296,061
Other Intangibles, Net	108,688	114,411
Income Tax Receivable	14,054	18,864
Deferred Income Tax Assets	2,955	2,955
Prepaid Expenses and Other Assets	53,658	48,481
Total Assets	1,509,586	1,491,909
LIABILITIES & SHAREHOLDERS’ EQUITY:
Accounts Payable and Accrued Expenses	152,379	135,025
Deferred Income Tax Liabilities	126,901	137,261
Customer Deposits and Advance Payments	34,481	37,074
Operating Lease Liabilities	19,742	21,122
Debt	591,291	590,966
Total Liabilities	924,794	921,448
Commitments and Contingencies (Note 4)
SHAREHOLDERS' EQUITY:
Common Stock, Par Value $0.50 Per Share: Authorized: 225,000,000 Shares at March 31, 2023 and December 31, 2022; Shares Issued: 82,078,654 at March 31, 2023 and December 31, 2022	41,039	41,039
Additional Paid-in Capital	337,103	338,814
Retained Earnings	1,202,268	1,154,235
Shareholders' Equity, before Treasury Shares at Cost	1,580,410	1,534,088
Less: Treasury Shares at Cost
Common Stock: 35,336,539 Shares at March 31, 2023 and 34,044,102 at December 31, 2022	(995,618)	(963,627)
Total Shareholders’ Equity	584,792	570,461
Total Liabilities & Shareholders’ Equity	$ 1,509,586	$ 1,491,909