10-Q Filing

PROG HOLDINGS, INC. CIK: 1808834 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001808834-23-000056`
Period End Date	20230331
Filing Date	20230426
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	prg-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 28 Cash Flow Statement 70

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivable`	$71.23M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivable`	$65.17M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivable`	$69.26M	USD	Point-in-time
Accounts receivable, allowances	`AllowanceForDoubtfulAccountsReceivable`	$76.51M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$249.84M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$131.88M	USD	Point-in-time
Lease merchandise, accumulated depreciation and allowances	`AccumulatedDepreciationOnLeaseMerchandise`	$467.36M	USD	Point-in-time
Lease merchandise, accumulated depreciation and allowances	`AccumulatedDepreciationOnLeaseMerchandise`	$454.44M	USD	Point-in-time
Accounts Receivable (net of allowances of $65,170 in 2023 and $69,264 in 2022)	`AccountsReceivableNet`	$64.52M	USD	Point-in-time
Loans receivable, allowances and unamortized fees	`FinancingReceivableUnamortizedFeesAndAllowanceForCreditLosses`	$50.15M	USD	Point-in-time
Loans receivable, allowances and unamortized fees	`FinancingReceivableUnamortizedFeesAndAllowanceForCreditLosses`	$53.63M	USD	Point-in-time
Accounts Receivable (net of allowances of $65,170 in 2023 and $69,264 in 2022)	`AccountsReceivableNet`	$55.82M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Lease Merchandise (net of accumulated depreciation and allowances of $454,444 in 2023 and $467,355 in 2022)	`LeaseMerchandiseNet`	$571.67M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Lease Merchandise (net of accumulated depreciation and allowances of $454,444 in 2023 and $467,355 in 2022)	`LeaseMerchandiseNet`	$648.04M	USD	Point-in-time
Loans Receivable (net of allowances and unamortized fees of $50,149 in 2023 and $53,635 in 2022)	`NotesReceivableNet`	$122.35M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	225.00M	shares	Point-in-time
Loans Receivable (net of allowances and unamortized fees of $50,149 in 2023 and $53,635 in 2022)	`NotesReceivableNet`	$130.97M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	225.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	82.08M	shares	Point-in-time
Property and Equipment, Net	`PropertyPlantAndEquipmentNet`	$23.85M	USD	Point-in-time
Property and Equipment, Net	`PropertyPlantAndEquipmentNet`	$23.25M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	82.08M	shares	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$11.88M	USD	Point-in-time
Operating Lease Right-of-Use Assets	`OperatingLeaseRightOfUseAsset`	$11.23M	USD	Point-in-time
Treasury stock shares (in shares)	`TreasuryStockCommonShares`	35.34M	shares	Point-in-time
Treasury stock shares (in shares)	`TreasuryStockCommonShares`	34.04M	shares	Point-in-time
Goodwill	`Goodwill`	$296.06M	USD	Point-in-time
Goodwill	`Goodwill`	$296.06M	USD	Point-in-time
Other Intangibles, Net	`IntangibleAssetsNetExcludingGoodwill`	$114.41M	USD	Point-in-time
Other Intangibles, Net	`IntangibleAssetsNetExcludingGoodwill`	$108.69M	USD	Point-in-time
Income Tax Receivable	`IncomeTaxReceivable`	$14.05M	USD	Point-in-time
Income Tax Receivable	`IncomeTaxReceivable`	$18.86M	USD	Point-in-time
Deferred Income Tax Assets	`DeferredIncomeTaxAssetsNet`	$2.96M	USD	Point-in-time
Deferred Income Tax Assets	`DeferredIncomeTaxAssetsNet`	$2.96M	USD	Point-in-time
Prepaid Expenses and Other Assets	`PrepaidExpenseAndOtherAssets`	$53.66M	USD	Point-in-time
Prepaid Expenses and Other Assets	`PrepaidExpenseAndOtherAssets`	$48.48M	USD	Point-in-time
Total Assets	`Assets`	$1.51B	USD	Point-in-time
Total Assets	`Assets`	$1.49B	USD	Point-in-time
Accounts Payable and Accrued Expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$152.38M	USD	Point-in-time
Accounts Payable and Accrued Expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$135.03M	USD	Point-in-time
Deferred Income Tax Liabilities	`DeferredIncomeTaxLiabilitiesNet`	$137.26M	USD	Point-in-time
Deferred Income Tax Liabilities	`DeferredIncomeTaxLiabilitiesNet`	$126.90M	USD	Point-in-time
Customer Deposits and Advance Payments	`ContractWithCustomerLiability`	$37.07M	USD	Point-in-time
Customer Deposits and Advance Payments	`ContractWithCustomerLiability`	$34.48M	USD	Point-in-time
Operating Lease Liabilities	`OperatingLeaseLiability`	$19.74M	USD	Point-in-time
Operating Lease Liabilities	`OperatingLeaseLiability`	$21.12M	USD	Point-in-time
Debt	`DebtAndCapitalLeaseObligations`	$591.29M	USD	Point-in-time
Debt	`DebtAndCapitalLeaseObligations`	$590.97M	USD	Point-in-time
Total Liabilities	`Liabilities`	$921.45M	USD	Point-in-time
Total Liabilities	`Liabilities`	$924.79M	USD	Point-in-time
Commitments and Contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common Stock, Par Value $0.50 Per Share: Authorized: 225,000,000 Shares at March 31, 2023 and December 31, 2022; Shares Issued: 82,078,654 at March 31, 2023 and December 31, 2022	`CommonStockValue`	$41.04M	USD	Point-in-time
Common Stock, Par Value $0.50 Per Share: Authorized: 225,000,000 Shares at March 31, 2023 and December 31, 2022; Shares Issued: 82,078,654 at March 31, 2023 and December 31, 2022	`CommonStockValue`	$41.04M	USD	Point-in-time
Additional Paid-in Capital	`AdditionalPaidInCapitalCommonStock`	$338.81M	USD	Point-in-time
Additional Paid-in Capital	`AdditionalPaidInCapitalCommonStock`	$337.10M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$1.15B	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$1.20B	USD	Point-in-time
Shareholders' Equity, before Treasury Shares at Cost	`StockholdersEquityBeforeTreasuryStock`	$1.53B	USD	Point-in-time
Shareholders' Equity, before Treasury Shares at Cost	`StockholdersEquityBeforeTreasuryStock`	$1.58B	USD	Point-in-time
Common Stock: 35,336,539 Shares at March 31, 2023 and 34,044,102 at December 31, 2022	`TreasuryStockCommonValue`	$963.63M	USD	Point-in-time
Common Stock: 35,336,539 Shares at March 31, 2023 and 34,044,102 at December 31, 2022	`TreasuryStockCommonValue`	$995.62M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$584.79M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$632.53M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$679.41M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$570.46M	USD	Point-in-time
Total Liabilities & Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$1.49B	USD	Point-in-time
Total Liabilities & Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$1.51B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$655.14M	USD	1 Quarter
Revenues	`Revenues`	$710.46M	USD	1 Quarter
Depreciation of Lease Merchandise	`DepreciationOfLeaseMerchandise`	$435.44M	USD	1 Quarter
Depreciation of Lease Merchandise	`DepreciationOfLeaseMerchandise`	$497.01M	USD	1 Quarter
Provision for Lease Merchandise Write-offs	`DirectFinancingLeaseNetInvestmentInLeaseAllowanceForCreditLossWriteoff`	$38.36M	USD	1 Quarter
Provision for Lease Merchandise Write-offs	`DirectFinancingLeaseNetInvestmentInLeaseAllowanceForCreditLossWriteoff`	$50.33M	USD	1 Quarter
Operating Expenses	`OperatingCostsAndExpenses`	$113.66M	USD	1 Quarter
Operating Expenses	`OperatingCostsAndExpenses`	$105.26M	USD	1 Quarter
COSTS AND EXPENSES	`CostsAndExpenses`	$661.00M	USD	1 Quarter
COSTS AND EXPENSES	`CostsAndExpenses`	$579.06M	USD	1 Quarter
OPERATING PROFIT	`OperatingIncomeLoss`	$76.08M	USD	1 Quarter
OPERATING PROFIT	`OperatingIncomeLoss`	$49.47M	USD	1 Quarter
Interest Expense, Net	`InterestIncomeExpenseNet`	$-9.63M	USD	1 Quarter
Interest Expense, Net	`InterestIncomeExpenseNet`	$-8.49M	USD	1 Quarter
EARNINGS BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$67.59M	USD	1 Quarter
EARNINGS BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$39.84M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$19.55M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$12.70M	USD	1 Quarter
NET EARNINGS	`NetIncomeLoss`	$27.14M	USD	1 Quarter
NET EARNINGS	`NetIncomeLoss`	$48.03M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.00	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.49	USD	1 Quarter
Assuming Dilution (in dollars per share)	`EarningsPerShareDiluted`	$0.49	USD	1 Quarter
Assuming Dilution (in dollars per share)	`EarningsPerShareDiluted`	$1.00	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	47.85M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	55.40M	shares	1 Quarter
Assuming Dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.14M	shares	1 Quarter
Assuming Dilution (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	55.71M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net Earnings	`NetIncomeLoss`	$27.14M	USD	1 Quarter
Net Earnings	`NetIncomeLoss`	$48.03M	USD	1 Quarter
Depreciation of Lease Merchandise	`DepreciationOfLeaseMerchandise`	$435.44M	USD	1 Quarter
Depreciation of Lease Merchandise	`DepreciationOfLeaseMerchandise`	$497.01M	USD	1 Quarter
Other Depreciation and Amortization	`OtherDepreciationAndAmortization`	$8.48M	USD	1 Quarter
Other Depreciation and Amortization	`OtherDepreciationAndAmortization`	$7.98M	USD	1 Quarter
Provisions for Accounts Receivable and Loan Losses	`ProvisionForAccountsReceivableCreditLossAndLoanLosses`	$96.23M	USD	1 Quarter
Provisions for Accounts Receivable and Loan Losses	`ProvisionForAccountsReceivableCreditLossAndLoanLosses`	$78.67M	USD	1 Quarter
Stock-Based Compensation	`ShareBasedCompensation`	$5.42M	USD	1 Quarter
Stock-Based Compensation	`ShareBasedCompensation`	$6.62M	USD	1 Quarter
Deferred Income Taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$10.36M	USD	1 Quarter
Deferred Income Taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-6.10M	USD	1 Quarter
Non-Cash Lease Expense	`NonCashLeaseExpense`	$-739.00K	USD	1 Quarter
Non-Cash Lease Expense	`NonCashLeaseExpense`	$274.00K	USD	1 Quarter
Other Changes, Net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$1.71M	USD	1 Quarter
Other Changes, Net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$814.00K	USD	1 Quarter
Additions to Lease Merchandise	`AdditionsToLeaseMerchandise`	$399.29M	USD	1 Quarter
Additions to Lease Merchandise	`AdditionsToLeaseMerchandise`	$480.11M	USD	1 Quarter
Book Value of Lease Merchandise Sold or Disposed	`BookValueOfLeaseMerchandiseSoldOrDisposed`	$51.93M	USD	1 Quarter
Book Value of Lease Merchandise Sold or Disposed	`BookValueOfLeaseMerchandiseSoldOrDisposed`	$40.23M	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$61.25M	USD	1 Quarter
Accounts Receivable	`IncreaseDecreaseInAccountsReceivable`	$94.74M	USD	1 Quarter
Prepaid Expenses and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.09M	USD	1 Quarter
Prepaid Expenses and Other Assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$9.39M	USD	1 Quarter
Income Tax Receivable and Payable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-841.00K	USD	1 Quarter
Income Tax Receivable and Payable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-26.30M	USD	1 Quarter
Operating Lease Right-of-Use Assets and Liabilities	`IncreaseDecreaseOperatingLeaseRightOfUseAssetsAndLiability`	$-556.00K	USD	1 Quarter
Operating Lease Right-of-Use Assets and Liabilities	`IncreaseDecreaseOperatingLeaseRightOfUseAssetsAndLiability`	-	USD	1 Quarter
Accounts Payable and Accrued Expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.50M	USD	1 Quarter
Accounts Payable and Accrued Expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.24M	USD	1 Quarter
Customer Deposits and Advance Payments	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.59M	USD	1 Quarter
Customer Deposits and Advance Payments	`IncreaseDecreaseInContractWithCustomerLiability`	$-5.58M	USD	1 Quarter
Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$157.42M	USD	1 Quarter
Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$98.30M	USD	1 Quarter
Investments in Loans Receivable	`PaymentsToAcquireLoansReceivable`	$43.05M	USD	1 Quarter
Investments in Loans Receivable	`PaymentsToAcquireLoansReceivable`	$42.32M	USD	1 Quarter
Proceeds from Loans Receivable	`ProceedsFromCollectionOfLoansReceivable`	$44.13M	USD	1 Quarter
Proceeds from Loans Receivable	`ProceedsFromCollectionOfLoansReceivable`	$39.05M	USD	1 Quarter
Outflows on Purchases of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.33M	USD	1 Quarter
Outflows on Purchases of Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.68M	USD	1 Quarter
Proceeds from Property and Equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$6.00K	USD	1 Quarter
Proceeds from Property and Equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$5.00K	USD	1 Quarter
Proceeds from Acquisitions of Businesses	`PaymentsForProceedsFromPreviousAcquisition`	-	USD	1 Quarter
Proceeds from Acquisitions of Businesses	`PaymentsForProceedsFromPreviousAcquisition`	$-7.00K	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.59M	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-590.00K	USD	1 Quarter
Acquisition of Treasury Stock	`PaymentsForRepurchaseOfCommonStock`	$36.47M	USD	1 Quarter
Acquisition of Treasury Stock	`PaymentsForRepurchaseOfCommonStock`	$78.08M	USD	1 Quarter
Tender Offer Shares Repurchased and Retired	`ProceedsFromIssuanceOfPrivatePlacement`	$199.00K	USD	1 Quarter
Tender Offer Shares Repurchased and Retired	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	1 Quarter
Shares Withheld for Tax Payments	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.39M	USD	1 Quarter
Shares Withheld for Tax Payments	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.52M	USD	1 Quarter
Debt Issuance Costs	`ProceedsFromDebtNetOfIssuanceCosts`	$1.53M	USD	1 Quarter
Debt Issuance Costs	`ProceedsFromDebtNetOfIssuanceCosts`	-	USD	1 Quarter
Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-38.87M	USD	1 Quarter
Cash Used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-78.86M	USD	1 Quarter
Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$13.85M	USD	1 Quarter
Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$117.96M	USD	1 Quarter
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$170.16M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$131.88M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$249.84M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$184.01M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$170.16M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$131.88M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$249.84M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$184.01M	USD	Point-in-time
Interest	`InterestPaidNet`	$268.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$185.00K	USD	1 Quarter
Income Taxes	`IncomeTaxesPaidNet`	$2.53M	USD	1 Quarter
Income Taxes	`IncomeTaxesPaidNet`	$4.16M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.