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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