Prog Holdings, Inc. has reported its financial results for the fourth quarter of 2024, showcasing significant growth and positive performance across various metrics. The company's consolidated revenues for the fourth quarter of 2024 stood at $623.3 million, marking an 8.0% increase from the same period in 2023. Additionally, consolidated net earnings for the quarter saw a substantial rise, reaching $57.5 million compared to $18.6 million in the prior-year period.
The company's adjusted EBITDA for the fourth quarter of 2024 was $65.7 million, which represents 10.5% of revenues and reflects an increase from $61.0 million, or 10.6% of revenues, for the same period in 2023. Moreover, the diluted earnings per share for the fourth quarter of 2024 were reported at $1.34, compared with $0.41 in the year-ago period. On a non-GAAP basis, diluted earnings per share were $0.80 in the fourth quarter of 2024, showing an improvement from $0.72 for the same period in 2023.
Progressive Leasing, a key segment of Prog Holdings, demonstrated strong performance with its fourth-quarter gross merchandise volume (GMV) reaching $597.5 million, signifying a 9.1% growth year-over-year. The provision for lease merchandise write-offs for the quarter was reported at 7.9%, while for the full year 2024, the provision stood at 7.5%, within the company's 6-8% targeted annual range.
In terms of liquidity and capital allocation, Prog Holdings concluded the fourth quarter of 2024 with $95.7 million in cash and gross debt of $650.0 million. The company repurchased $40.5 million of its stock during the quarter at an average price of $47.03 per share, leaving $361.3 million of repurchase authorization under its $500 million share repurchase program. Additionally, the company paid a cash dividend of $0.12 per share.
Looking ahead, Prog Holdings provided its outlook for the full year 2025, with total revenues projected to range between $2.515 billion and $2.59 billion. The company anticipates net earnings in the range of $115.5 million to $133.5 million for the full year 2025. Furthermore, the outlook includes adjusted EBITDA, diluted EPS, and non-GAAP diluted EPS expectations for both Prog Holdings and its segments.
The company has scheduled a live webcast and conference call for discussing its financial results for the fourth quarter of 2024. Prog Holdings, Inc., headquartered in Salt Lake City, Utah, is a fintech holding company that offers transparent and competitive payment options to consumers. It operates several subsidiaries, including Progressive Leasing, Vive Financial, Four Technologies, and Build. Today the company's shares have moved -27.4% to a price of $30.98. For the full picture, make sure to review PROG's 8-K report.
