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PROG Holdings , Inc. PROG Holdings Reports Second Quarter 2021 Results July 29 , 2021 • Progressive Leasing GMV of $ 506 million , up 25.2 % • E - commerce GMV grew 274 % to 13.0 % of Progressive Leasing GMV • Consolidated Revenues of $ 660 million , up 10.1 % • Diluted EPS of $ 1.02 ; Non - GAAP Diluted EPS of $ 1.09 , up 18.5 % • Consolidated earnings before taxes of $ 68.8 million ; Adjusted EBITDA of $ 104.9 million , up 42.7 % SALT LAKE CITY -- ( BUSINESS WIRE ) -- PROG Holdings , Inc. ( NYSE : PRG ) , the fintech holding company for Progressive Leasing , a leading provider of e - commerce , app - based , and in - store lease - to - own solutions , Vive Financial , a provider of omnichannel second - look revolving credit solutions , and Four Technologies , a provider of Buy Now , Pay Later solutions , today announced financial results for the second quarter ended June 30 , 2021 . " I'm pleased to report exceptional financial results for the period , driven by a 25 % increase in Progressive Leasing's GMV , strong customer payment performance , and a return to growth in our portfolio , " said Steve Michaels , President and Chief Executive Officer of PROG Holdings . " Our Progressive Leasing segment delivered record second quarter results in GMV , revenue , Adjusted EBITDA , and earnings before taxes . We also expanded our fintech offerings with the acquisition of Buy Now , Pay Later provider Four Technologies as part of our strategy to grow our ecosystem of flexible and transparent consumer financial products . As we enter the second half of the year , we are encouraged by the opportunity to serve more of our significant addressable market . " Financial Highlights Consolidated revenues for the second quarter of 2021 were $ 660.0 million , an increase of 10.1 % from the same period in 2020. The increase was primarily due to growth of key large national partners and e - commerce penetration , and from continued strong customer payment performance across both the Progressive Leasing and Vive Financial businesses . Progressive Leasing's GMV increased 25.2 % to $ 506 million compared with the same period in 2020 , with e - commerce GMV growing 274 % year - over - year . The provision for lease merchandise write - offs at Progressive Leasing was 4.8 % of lease revenues in the second quarter of 2021 , compared with 6.1 % in the same period of 2020. Low levels of delinquencies and strong customer payment performance benefited our provision for write - offs in the period . The Company reported net earnings from continuing operations for the second quarter of 2021 of $ 68.8 million compared with $ 59.0 million in the prior year period . Adjusted EBITDA for the second quarter of 2021 was $ 104.9 million compared with $ 73.5 million for the same period in 2020 , an increase of $ 31.4 million , or 42.7 % . As a percentage of revenues , Adjusted EBITDA was 15.9 % in the second quarter of 2021 compared with 12.3 % for the same period in 2020. The increases in net earnings from continuing operations and adjusted EBITDA were primarily driven by the Company's increased revenues and improvements in our provision for write - offs . Diluted earnings per share from continuing operations for the second quarter of 2021 were $ 1.02 compared with $ 0.87 in the year ago period . On a non - GAAP basis , diluted earnings per share from continuing operations were $ 1.09 in the first quarter of 2021 compared with $ 0.92 for the same quarter in 2020 . Liquidity and Capital Allocation PROG Holdings ended the second quarter of 2021 with cash of $ 137.6 million and debt of $ 50 million . The Company repurchased $ 49.1 million of its stock in the period at an average price per share of $ 53.84 , leaving $ 223 million available under its $ 300 million repurchase authorization . The company utilized $ 23 million of cash to purchase Four Technologies in the second quarter . The Company expects to repurchase additional shares under its $ 300 million program from time to time , subject to its capital plan , market conditions , and other factors . The timing and amount of any further repurchases under the program will be determined by management . The Company is not obligated to acquire any specific number of shares , and the program may be suspended or discontinued at any time . Outlook The Company is increasing its full year 2021 consolidated outlook for Adjusted EBITDA to a range of $ 390 million to $ 405 million , up from the previous range of $ 380 million to $ 400 million , due to better - than - expected portfolio performance . Non - GAAP diluted EPS is expected to be between $ 3.90 and $ 4.10 , up from a range of $ 3.80 and $ 4.05 , while GAAP diluted EPS is expected to be between $ 3.66 and $ 3.86 , up from a range of $ 3.56 and $ 3.81 . Conference Call and Webcast The Company has scheduled a live webcast and conference call for Thursday , July 29 , 2021 , at 8:30 A.M. ET to discuss its financial results for the second quarter of 2021. To access the live webcast , visit the Company's investor relations website , https://investor.progholdings.com/ . To join the conference call via telephone , dial 877-270-2148 and request to join the PROG Holdings , Inc. call . International participants without internet access can join the conference call by dialing 412-902-6510 and requesting to join the PROG Holdings , Inc. call . The webcast will be archived for playback on the investor relations website following the event . About PROG Holdings , Inc. PROG Holdings , Inc. ( NYSE : PRG ) is a fintech holding company headquartered in Salt Lake City , UT , that provides transparent and competitive payment options to consumers . The Company owns Progressive Leasing , a leading provider of e - commerce , app - based , and in - store point - of - sale