PROG Holdings, Inc. (NYSE:PRG) Q1 2022 Earnings Conference Call April 27, 2022 8:30 AM ET
Company Participants
John Baugh - Vice President, Investor Relations
Steven Michaels - Chief Executive Officer
Brian Garner - Chief Financial Officer
Conference Call Participants
Kyle Joseph - Jefferies
Bobby Griffin - Raymond James
Anthony Chukumba - Loop Capital
Jason Haas - Bank of America
Brad Thomas - KeyBanc
Michael Young - Truist
Carla Casella - J.P. Morgan
Vincent Caintic - Stephens
Operator
00:04 Good morning, and welcome to the PROG Holdings Inc. First Quarter 2022 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.
00:33 I would now like to turn the conference over to John Baugh, Vice President, Investor Relations. Please go ahead.
John Baugh
00:42 Thank you, and good morning, everyone. Welcome to the PROG Holdings first 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.
01:12 During this call, certain statements we make will be forward-looking, including comments regarding our expectations related to Progressive Leasing's GMV and levels of write-offs for the remainder of 2022, including our targeted annual write-offs range for Progressive Leasing and our 2022 outlook.
01:36 I want to call your attention to our safe harbor provisions 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.
02:21 On today's call, we will be referring to certain non-GAAP financial measures, including adjusted EBITDA and non-GAAP earnings per share, which have 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 provide 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.