The following is a summary of the PROG Holdings, Inc. (PRG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• PROG Holdings exceeded their Q1 outlook range, reporting high revenues and earnings, with adjusted EBITDA at $72.6 million or 11.3% of revenue.

• Gross Merchandise Volume (GMV) remained steady from Q1 last year, while considerable cash flow is expected for the full year, underpinned by the strong Q1 performance.

• The Company paid a quarterly dividend of $0.12 per share and repurchased approximately 781,000 shares during Q1.

Business Progress:

• PROG's management is working towards business growth by onboarding new retailers, improving direct-to-consumer marketing, and investing in technology for enhanced customer and retailer experience.

• The company anticipates growth in Q2 GMV, expecting contributions from both existing and new retailers.

• They are also seeking strategic M&A opportunities and plan to return excess cash to shareholders.

• On the vertical end, sluggishness is reported in the furniture and mattress markets but recovery is witnessed in consumer electronics.

• Technology advancements are underway with credit stack waterfalls and e-commerce cart integrations, specifically aimed at enhancing transactions and customer relationships.

More details: PROG Holdings IR

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