PROG Holdings, Inc. Financial Ratios — PRG Stock

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	16.61	14.85	12.51	16.51	10.14	6.09	9.81	9.2	16.98	10.02	1.53	-3.66	20.48	8.61	10.98
Return on Assets (%)	8.82	8.38	7.04	9.76	6.63	3.65	5.26	5.24	11.02	7.11	1.03	-2.66	16.57	6.34	9.31
Return on Capital (%)	15.12	14.22	11.59	14.8	9.33	5.46	7.56	7.46	- -	8.33	1.37	-3.53	16.11	7.03	8.52
Return on Invested Capital (%)	10.87	10.23	10.44	11.6	14.27	13.33	16.61	16.76	- -	19.18	-9.18	27.37	31.46	23.74	25.71
Gross Margin (%)	81.43	81.14	81.39	81.52	83.8	86.84	88.28	90.8	92.35	90.47	93.66	100	100	100	100
EBITDA Margin (%)	39.94	12.73	13.74	13.85	15.08	15.15	18.12	18.74	10.5	29.58	14.08	21.47	19.71	18.24	19.3
Operating Margin (%)	10.31	10.31	11.11	11.28	12.53	11.98	15.59	16.18	8.06	24.95	9.22	17.69	18.46	16.94	17.97
Incremental Operating Margin (%)	20.81	10.23	22.21	13.01	138.78	9.31	35.7	82.46	-139.89	-17.47	-243.26	74.69	28.39	67.9	3.79
Pretax Margin (%)	10.07	10.17	9.11	12.51	8.28	4.52	6.7	6.81	7.08	7.7	1.28	10.93	12.26	5.71	8.15
Profit Margin (%)	6.42	6.31	5.65	7.82	5.4	2.9	4.27	4.34	8.65	9.64	1.45	-2.47	9.1	3.8	5.77
Net Income to Common Margin (%)	6.42	6.31	5.65	7.82	5.4	2.9	4.27	4.34	8.65	9.64	1.45	-2.47	9.1	3.8	5.77
Effective Tax Rate (%)	36.02	37.95	37.96	37.5	34.76	35.72	36.32	36.23	- -	20.09	189.14	13.97	25.79	33.41	29.24
Dvd Payout Ratio (%)	4.12	2.47	3.58	3.38	3.21	10	5.03	5.33	2.72	4.98	-38.34	5.9	- -	- -	- -
Sustainable Growth Rate (%)	15.92	14.48	12.06	15.95	9.81	5.49	9.31	8.71	16.52	9.52	2.11	-3.45	20.48	8.61	10.98

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	55	42	154	142	143	606	607	498	369	425	37	80	615	612	608
ST Debt	- -	- -	14	13	14	81	156	147	97	21	3	50	- -	- -	- -
LT Debt	55	42	140	128	128	525	451	351	272	404	34	30	615	612	608
Total Debt/EBITDA	0.08	0.18	0.56	0.46	0.42	1.48	1.05	0.83	1.04	0.71	0.12	0.15	1.17	1.29	1.31
Net Debt/EBITDA	-0.08	-0.13	-0.13	- -	-0.31	1.45	1.03	0.31	0.89	0.67	0.92	0.12	0.79	0.97	0.94
Total Debt/EBIT	0.3	0.22	0.69	0.57	0.51	1.88	1.22	0.96	1.35	0.84	0.18	0.18	1.24	1.39	1.4
Net Debt/EBIT	-0.3	-0.16	-0.16	-0.01	-0.37	1.83	1.19	0.36	1.17	0.8	1.41	0.14	0.85	1.04	1.01
EBITDA to Interest Expense	162.85	77.13	58.71	47.95	60.03	21.25	24.68	25.71	17.3	- -	- -	2,852.16	99.13	12.67	15.81
EBITDA-CapEx/Interest Expense	143.51	48.83	42.1	37.77	49.67	18.78	22.09	23.25	14.48	- -	- -	2,508.07	97.34	12.41	15.48
EBIT to Interest Expense	42.04	62.46	47.49	39.06	49.87	16.8	21.24	22.18	13.28	- -	- -	2,350.48	92.89	11.77	14.72
Interest Expense	4	3	5	6	6	19	23	23	21	- -	- -	- -	5	37	29
Common Equity/Total Assets	56	56.89	55.67	62.46	68.28	53.71	53.68	60.42	69.27	72.55	62.92	97.29	67.62	80.12	89.46
Long-Term Debt/Equity (%)	6.2	4.27	14.36	11.29	11.25	42.92	32.97	23.71	15.72	22.92	1.95	2.99	90.53	107.3	102.84
Long-Term Debt/Capital (%)	6.92	4.66	12.55	10.07	9.22	27.27	21.92	16.9	12.16	16.3	1.61	2.17	35.93	33.87	31.31
Long-Term Debt/Total Assets (%)	4.17	2.78	8.1	7.07	7.02	21.37	16.69	13.43	10.09	14.28	1.03	2.24	37.93	41.03	40.78
Total Debt/Equity (%)	6.2	4.27	15.75	12.46	12.52	49.54	44.4	33.6	21.34	24.12	2.11	8.06	90.53	107.3	102.84
Total Debt/Capital (%)	6.92	4.66	13.76	11.11	10.26	31.47	29.52	23.95	16.51	17.16	1.73	5.84	35.93	33.87	31.31
Total Debt/Total Assets (%)	4.17	2.78	8.88	7.81	7.81	24.67	22.48	19.03	13.7	15.03	1.11	6.04	37.93	41.03	40.78
Net Debt to Equity	-6.16	-3.09	-3.69	-0.11	-9.02	48.28	43.3	12.77	18.39	22.96	16.15	6.42	61.74	80.48	73.88
Net Debt/Capital (%)	-7.97	-3.67	-3.82	-0.11	-8.87	30.73	29.01	10.7	14.56	16.43	13.66	4.78	27.21	27.4	24.45
EBITDA	700	239	276	306	337	408	576	601	355	602	305	533	528	474	465
EBITDA-CapEx	617	151	198	241	279	361	515	544	297	523	212	469	518	464	455
Operating Income (Loss)	181	193	224	250	280	323	496	519	273	508	199	440	494	440	433

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.32	0.15	0.84	0.45	0.7	0.01	0.03	0.65	0.12	0.04	0.04	0.21	0.94	0.77	0.83
Current Ratio	2.52	1.99	3.46	4.14	3.59	3.02	2.94	3.34	3.56	4.36	1.94	4.66	6.18	5.99	5.63
Quick Ratio	0.52	0.29	1.1	0.72	0.92	0.53	0.72	1.06	0.77	0.59	0.15	1.01	2.04	2.01	2.05
CFO/Avg Current Liab	0.58	0.12	0.76	0.19	1	-0.13	0.34	0.91	0.35	0.88	0.35	0.57	1.38	1.37	1.14
Common Equity/Total Assets	56	56.89	55.67	62.46	68.28	53.71	53.68	60.42	69.27	72.55	62.92	97.29	67.62	80.12	89.46
Long-Term Debt/Equity (%)	6.2	4.27	14.36	11.29	11.25	42.92	32.97	23.71	15.72	22.92	1.95	2.99	90.53	107.3	102.84
Long-Term Debt/Capital (%)	6.92	4.66	12.55	10.07	9.22	27.27	21.92	16.9	12.16	16.3	1.61	2.17	35.93	33.87	31.31
Long-Term Debt/Total Assets (%)	4.17	2.78	8.1	7.07	7.02	21.37	16.69	13.43	10.09	14.28	1.03	2.24	37.93	41.03	40.78
Total Debt/Equity (%)	6.2	4.27	15.75	12.46	12.52	49.54	44.4	33.6	21.34	24.12	2.11	8.06	90.53	107.3	102.84
Total Debt/Capital (%)	6.92	4.66	13.76	11.11	10.26	31.47	29.52	23.95	16.51	17.16	1.73	5.84	35.93	33.87	31.31
Total Debt/Total Assets (%)	4.17	2.78	8.88	7.81	7.81	24.67	22.48	19.03	13.7	15.03	1.11	6.04	37.93	41.03	40.78
CFO/Total Liabilities	44.55	9.43	40.67	8.83	44.88	-3.97	12.58	41.2	16.5	33.44	20.33	137.64	26.1	26.31	22.69
CFO/CapEx	2.33	0.56	3.93	0.92	5.3	-1.03	2.77	8.13	2.74	4.52	3.41	7.09	25.74	25.07	21.24
Altman's Z-Score	5.93	5.08	4.91	5.41	5.58	5.1	4.99	5.76	6.18	5.9	4.02	13.84	7.74	6.76	7

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	27.91	27.64	25.62	27.38	31.29	30.61	28.8	30.66	34.59	20.56	26.18	38.72	42	39.72	36.38
Days Sales Outstanding	13.08	13.2	14.25	13.33	11.67	11.92	12.67	11.9	10.55	17.75	13.94	9.43	8.69	9.19	10.03
Inventory Turnover	0.48	0.47	0.45	0.45	0.39	0.36	0.33	0.28	0.24	0.16	0.14	- -	- -	- -	- -
Days Inventory Outstanding	764.58	771.85	817.1	814.99	924.75	1,007.08	1,089.65	1,322.02	1,516.42	2,324.16	2,619.82	- -	- -	- -	- -
Accounts Payable Turnover	1.86	5.48	3.7	2.25	1.14	2.22	2.3	1.82	5.39	4.26	-10.5	-3.93	9.28	-4.69	-0.84
Accounts Payable Turnover Days	196.15	66.57	98.66	162.16	320.21	164.13	158.59	200.05	67.72	85.69	-34.77	-92.78	39.34	-77.76	-432.31
Cash Conversion Cycle	581.51	718.48	732.69	666.16	616.21	854.87	943.73	1,133.87	1,459.25	2,256.22	2,668.53	- -	- -	- -	- -
Inventory to Cash Days	-751.5	-758.65	-802.85	-801.66	-913.09	-995.16	-1,076.97	-1,310.11	-1,505.86	-2,306.41	-2,605.88	- -	- -	- -	- -
Inventories	682	814	862	964	870	1,087	1,139	999	1,152	1,318	652	610	714	648	633
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	1,123	1,280	862	964	870	1,087	1,139	999	1,152	1,318	652	610	714	648	633
Other Inventory	- -	- -	502	- -	- -	- -	- -	- -	- -	817	896	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	1,745	1,587	2,003	2,065	2,150	2,143	1,578	2,257	2,761	2,852	3,781	3,579	2,942	866	1,405
- Cash & Cash Equivalents	110	72	176	130	231	4	15	309	51	15	58	37	170	132	155
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	55	42	154	142	143	606	607	498	369	425	37	80	615	612	608
Enterprise Value	1,691	1,557	1,882	2,077	2,062	2,745	2,170	2,447	3,079	3,261	3,760	3,622	3,387	1,346	1,858
Total Capital	795	896	1,118	1,274	1,390	1,926	2,055	2,078	2,234	2,475	2,112	1,361	1,712	1,807	1,942
Total Debt/Capital (%)	6.92	4.66	13.76	11.11	10.26	31.47	29.52	23.95	16.51	17.16	1.73	5.84	35.93	33.87	31.31
Total Debt / EV	0.03	0.03	0.08	0.07	0.07	0.22	0.28	0.2	0.12	0.13	0.01	0.02	0.18	0.45	0.33
EV/Sales	0.96	0.83	0.94	0.94	0.92	1.02	0.68	0.76	0.91	1.6	1.74	1.46	1.26	0.52	0.77
EV/EBITDA	2.41	6.52	6.81	6.78	6.12	6.72	3.77	4.07	8.67	5.41	12.35	6.79	6.42	2.84	4
EV/EBIT	9.35	8.05	8.42	8.32	7.37	8.5	4.38	4.72	11.29	6.42	18.85	8.24	6.85	3.06	4.29
EV/Cash Flow to Firm	8.62	30.42	6.07	32.57	6.61	- -	11.9	5.07	16.71	9.15	11.85	7.94	13.55	5.03	8.26
EV/Free Cash Flow to Firm	6.05	11.22	4.85	16.12	5.57	250.59	8.93	4.53	12.71	7.49	9.17	6.96	13.05	4.86	7.92
Diluted Market Cap	1,763	1,605	2,034	2,092	2,169	2,153	1,589	2,278	2,811	2,912	3,781	3,619	2,959	869	1,421
Diluted Enterprise Value	1,708	1,575	2,012	2,104	2,080	2,755	2,180	2,467	3,129	3,322	3,760	3,662	3,404	1,349	1,874
EV per Share	20.84	19.18	24.1	27.39	27.22	37.92	29.91	33.82	43.47	47.17	55.85	53.85	51.3	25.93	40.36
TTM Sales	1,753	1,876	2,013	2,213	2,235	2,695	3,180	3,208	3,384	2,036	2,163	2,485	2,678	2,598	2,408
TTM EBITDA	700	239	276	306	337	408	576	601	355	602	305	533	528	474	465
TTM Operating Income	181	193	224	250	280	323	496	519	273	508	199	440	494	440	433
TTM Cash Flow to Firm	196	51	310	64	312	-37	182	482	184	356	317	456	250	267	225
TTM Free Cash Flow to Firm	279	139	388	129	370	11	243	540	242	435	410	520	259	277	235

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings		15.5	13.41	17.6

PROG Holdings, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples