PROG Holdings said it released results for the third quarter ended Sept. 30 and plans to buy back $100 million of its shares through an accelerated repurchase. It also expanded and extended its broader share-repurchase authorization, leaving up to $500 million available for future buybacks.
The material provided includes no third-quarter financial figures, so it does not show how the company performed during the quarter.
- Planned $100 million accelerated buyback: PROG intends to repurchase $100 million of its outstanding common stock through an accelerated share repurchase program. The announcement does not specify the number of shares to be bought or the timing and terms of the transaction.
- $500 million total authorization: The board approved an additional $237.3 million for the existing repurchase program, bringing the amount available for future repurchases to $500 million.
- Program extended: The authorization runs until the earlier of Oct. 26, 2029, or the date PROG has repurchased $500 million of stock under the program.
- Flexible execution: The company may buy shares through open-market purchases, tender offers, trading plans or other transactions, including accelerated repurchases. The amount and timing will depend on market conditions and other factors.
- Board discretion: The board may suspend or end the program at any time. PROG’s stated intention to enter the $100 million accelerated repurchase is not a guarantee that it will proceed on the anticipated terms or timing.
If completed, the repurchases would use company capital to reduce the number of shares outstanding. The announcement does not specify how the buybacks fit with PROG’s other capital needs or investment opportunities.