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PROG Holdings , Inc. PROG Holdings Reports Third Quarter 2021 Results November 3 , 2021 • Progressive Leasing GMV of $ 493 million , up 9.9 % • E - commerce grew 192 % to 14.5 % of Progressive Leasing GMV • Consolidated Revenues of $ 650 million , up 6.4 % • Consolidated earnings before taxes of $ 77.9 million ; Adjusted EBITDA of $ 93.6 million or 14.4 % of revenues • Diluted EPS of $ 0.86 ; Non - GAAP Diluted EPS of $ 0.94 • Board of Directors authorizes new $ 1 billion share repurchase program including a modified Dutch auction tender offer to purchase up to $ 425 million of Company stock , which is expected to commence November 4 , 2021 SALT LAKE CITY -- ( BUSINESS WIRE ) -- PROG Holdings , Inc. ( NYSE : PRG ) , the fintech holding company for Progressive Leasing , Vive Financial , and Four Technologies , today announced financial results for the third quarter ended September 30 , 2021 . " As we approach our first anniversary as a stand - alone , high - growth , asset - light fintech company , I'm pleased to report our continued progress positioning PROG Holdings for significant , long - term shareholder value creation . At the same time , we continue to successfully navigate pandemic- related volatility in our markets , " said Steve Michaels , President and Chief Executive Officer of PROG Holdings . “ During the third quarter , portfolio performance continued to return towards more normalized pre - pandemic levels . Against this backdrop , we sustained accelerating growth in our lease portfolio , and we remain on track to deliver mid - to - high teens GMV growth and record adjusted EBITDA . " Michaels added , " Since last November's spin transaction , we have taken significant steps to align our capital structure and capital allocation strategy with our business's impressive cash generation and balance sheet . Our Board's authorization of a $ 1 billion share repurchase program , which includes a cash and debt - funded tender offer to purchase up to $ 425 million of our outstanding common stock will lower our cost of capital and further demonstrate our commitment to return excess capital to shareholders while maintaining our ability to invest in organic growth and attractive M & A opportunities . " Financial Highlights Consolidated revenues for the third quarter of 2021 were $ 650.4 million , an increase of 6.4 % from the same period in 2020. The increase was primarily due to growth from key large national partners and continued e - commerce penetration . Progressive Leasing's GMV increased 9.9 % to $ 493.3 million compared with the same period in 2020 , with e - commerce GMV growing 192 % year - over - year . In addition , the Company's lease portfolio ended the quarter 11.5 % higher than the same period of 2020 . The Company reported consolidated net earnings from continuing operations for the third quarter of 2021 of $ 57.4 million compared with $ 74.6 million in the prior year period . Adjusted EBITDA for the third quarter of 2021 was $ 93.6 million compared with $ 110.6 million for the same period in 2020 , a decrease of $ 17.0 million , or 15.4 % . As a percentage of revenues , adjusted EBITDA was 14.4 % in the third quarter of 2021 compared with 18.1 % for the same period in 2020. The year - over - year decline in net earnings from continuing operations and adjusted EBITDA were primarily driven by Progressive Leasing's delinquencies and write - offs approaching a more normalized level as compared to the extraordinarily low delinquency and write - off levels in the prior year quarter . That trend more than offset the benefit of higher revenues and the declining number of customers exercising their 90 - day purchase option . Diluted earnings per share from continuing operations for the third quarter of 2021 were $ 0.86 compared with $ 1.10 in the year ago period . On a non - GAAP basis , diluted earnings per share from continuing operations were $ 0.94 in the third quarter of 2021 compared with $ 1.17 for the same quarter in 2020 . The provision for lease merchandise write - offs at Progressive Leasing was 5.4 % of lease revenues in the third quarter of 2021 , compared with 2.1 % in the same period of 2020. While this level is elevated from the record lows of the prior year , write - offs remain below the Company's historical 6-8 % annual range and are expected to remain at or below that historical range in the near - to mid - term . Liquidity and Capital Allocation PROG Holdings ended the third quarter of 2021 with cash of $ 128.8 million and debt of $ 50 million . The Company purchased $ 51.0 million of its stock in the period at an average price per share of $ 45.40 . The Company's Board of Directors has authorized a new $ 1 billion share repurchase program , which replaces the Company's prior $ 300 million program . Under the new authorization , purchases can be made from time to time using a variety of methods , which may include tender offers , open market purchases , purchases effected through 10b5-1 trading plans , accelerated share purchase programs , or other transactions . The amount of any shares of the Company's common stock that are purchased under the new repurchase program and the timing of any such purchases will be determined based on market conditions and other factors , and the program may be suspended or discontinued at any time . As part of the new repurchase program , the Company expects to commence a “ modified Dutch auction " tender offer on November 4 , 2021 , for up to $ 425 million in value of its outstanding common stock at an anticipated cash purchase price per share of not less than $ 44.00 and not more than $ 50.00 , less any applicable withholding taxes and without interest . Further information regarding the tender offer can be found in a separate press release , issued today , available on PROG Holdings ' investor relations page . Outlook