Wed, Jul 24, 1:23 PM (45 days ago)
PROG Holdings, Inc. reported revenues of $592.2 million for Q2 2024, nearly flat compared to $592.8 million in Q2 2023. Progressive Leasing's GMV increased by $33.3 million due to higher lease applications, while Vive's GMV decreased by $4.1 million due to reduced customer demand. Net earnings were $33.8 million, down from $37.2 million in the prior year, driven by higher loan loss provisions and restructuring costs, despite lower personnel costs from cost-cutting measures. Cash flow from operations was $191.1 million, down from $205.4 million. The company repurchased $61.2 million in shares and paid $10.3 million in dividends. Future operations may be impacted by ongoing macroeconomic challenges and a cybersecurity incident.