PROG Holdings Inc. (NYSE:PRG) Q2 2022 Results Conference Call July 27, 2022 8:30 AM ET

Company Participants

Brian Garner - CFO

John Baugh - VP, IR

Steve Michaels - President, CEO

Conference Call Participants

Alessandra Jimenez - Raymond James

Anthony Chukumba - Loop Capital

Brad Thomas - KeyBanc Capital Markets

Hal Goetsch - Loop Capital

Jason Haas - Bank of America

Kyle Joseph - Jefferies

Vincent Caintic - Stephens

Operator

Good morning and welcome to the PROG Holdings, Inc., Second Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Mr. John Baugh, Vice President of Investor Relations for PROG Holdings. Please go ahead.

John Baugh

Thank you and good morning, everyone. Welcome to the PROG Holdings Second Quarter 2022 Earnings Call. Joining me this morning are Steve Michaels, PROG Holdings President and Chief Executive Officer; and Brian Garner, our Chief Financial Officer.

Many of you have already seen a copy of our earnings release issued this morning, which is available on our Investor Relations website, investor.progholdings.com. During this call, certain statements we make will be forward-looking including comments regarding our expectations related to the impact of our lease decisioning adjustments on write-off levels, Progressive Leasing's write-off levels for full year 2022 and the benefits we expect from the adjustments we have made to our SG&A spend.

I want to call your attention to our safe harbor provision for forward-looking statements that can be found at the end of the earnings press release that we issued earlier this morning. That safe harbor provision identifies risks that may cause actual results to differ materially from the expectations discussed in our forward-looking statements. There are additional risks that can be found in our annual report on Form 10-K for the year ended December 31, 2021, which we encourage you to read.

Listeners are cautioned not to place undue emphasis on forward-looking statements we make today and we undertake no obligation to update any such statements. On today's call, we will be referring to certain non-GAAP financial measures including adjusted EBITDA and non-GAAP earnings per share, which has been adjusted for certain items which may affect the comparability of our performance with other companies. These non-GAAP measures are detailed in the reconciliation tables included with our earnings release. The company believes that these non-GAAP financial measures provides meaningful insight into the company's operational performance and cash flows and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding the company's ongoing operational performance.