SM Energy (SM) Gets a Hold from Wells Fargo
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Chang covers the Energy sector, focusing on stocks such as Vital Energy, Matador Resources, and SM Energy. According to TipRanks, Chang has an average return of -2.8% and a 38.24% success rate on recommended stocks.
In addition to Wells Fargo, SM Energy also received a Hold from J.P. Morgan's Zach Parham in a report issued on July 10. However, on July 16, Siebert Williams Shank & Co maintained a Buy rating on SM Energy (NYSE: SM).
Based on SM Energy's latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $844.54 million and a net profit of $182.27 million. In comparison, last year the company earned a revenue of $559.87 million and had a net profit of $131.2 million
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is neutral on the stock. Last month, Richard A. Jenkins, the SVP – Utah of SM sold 7,726.00 shares for a total of $220,113.74.
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The provision for lease merchandise write-offs for the quarter was 7.5% of leasing revenues, within the Company's 6-8% targeted annual range. Liquidity and Capital Allocation PROG Holdings ended the second quarter of 2025 with cash of $222.0 million and gross debt of $600.0 million. The Company repurchased $25.7 million of its stock in the quarter at an average price of $28.51 per share, leaving $309.6 million of repurchase capacity under its $500 million share repurchase program. Additionally, the Company paid a quarterly cash dividend of $0.13 per share. 2025 Outlook The Company is providing selective third quarter outlook metrics and updating its full year 2025 outlook by increasing the low end of our previous range on revenues and earnings metrics and maintaining the previous high ends of those same metrics. The updated outlook below assumes a difficult operating environment with soft demand for consumer durable goods, no material changes in the Company's current decisioning posture, an effective tax rate for Non-GAAP EPS of approximately 27%, and no impact from additional share repurchases. Conference Call and Webcast The Company has scheduled a live webcast and conference call for Wednesday, July 23, 2025, at 8:30 A.M. ET to discuss its financial results for the second quarter of 2025. To access the live webcast, visit the Events and Presentations page of the Company's Investor Relations website, About PROG Holdings, Inc. PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company headquartered in Salt Lake City, UT, that provides transparent and competitive payment options to consumers. The Company owns Progressive Leasing, a leading provider of e-commerce, app-based, and in-store point-of-sale lease-to-own solutions, Vive Financial, an omnichannel provider of second-look revolving credit products, Four Technologies, a provider of Buy Now, Pay Later payment options through its platform, Four, and Build, provider of personal credit building products. More information on PROG Holdings and its companies can be found at Forward Looking Statements: Statements, estimates and projections in this press release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "delivering," "driving," "advancing," "expectation," "estimate," "target," "uncertainty," "outlook," "assumes," "intends" and similar forward-looking terminology. These risks and uncertainties include (i) continued volatility and challenges in the macroeconomic environment and their impact on: (a) consumer confidence and customer demand for the merchandise that our retail partners sell, in particular consumer durables, such as home appliances, electronics and furniture; (b) our customers' disposable income and their ability to make the lease and loan payments they owe the Company; (c) the availability of consumer credit; and (d) our overall financial performance and outlook; (ii) the impact of the uncertain macroeconomic environment on our proprietary algorithms and decisioning tools that we use to approve customers such that they are no longer indicative of our customers' ability to perform, which in turn may limit the ability of our businesses to manage risk, avoid lease and loan charge-offs and may result in insufficient reserves to cover actual losses; (iii) a large percentage of Progressive Leasing's revenue being concentrated with several key retail partners, and the loss of any of these retail partner relationships materially and adversely affecting several aspects of our performance; (iv) Progressive Leasing being unable to attract additional retail partners and retain and grow its relationships with its existing retail partners, resulting in several aspects of our performance being materially and adversely affected; (v) Progressive Leasing being unable to attract new consumers and retain and grow its relationships with its existing customers materially and adversely affecting several aspects of our performance; (vi) Vive and Four's business models differing significantly from Progressive Leasing's lease-to-own business, which means each of these businesses have different risk profiles; (vii) our efforts to modernize and enhance certain enterprise-wide information management systems and technologies adversely impacting our businesses and operations; (viii) the inability of our businesses to successfully operate in highly and increasingly competitive industries materially and adversely affecting several aspects of our performance; (ix) our business, results of operations, financial condition, and prospects being materially and adversely affected due to Progressive Leasing failing to maintain a consistently high level of consumer satisfaction and trust in its brand; (x) our businesses being subject to extensive federal, state and local laws and regulations, including certain laws and regulations unique to the industries in which our businesses operate, that may subject them to government investigations and significant monetary penalties, remediation expenses and compliance-related burdens that may result in them changing the manner in which they operate, which may be materially adverse to several aspects of our performance; (xi) our performance being materially and adversely affected due to the transactions offered to consumers by our businesses being negatively characterized by federal, state and local government officials, consumer advocacy groups and the media; (xii) our inability to protect confidential, proprietary, or sensitive information, including the confidential information of our customers, being adversely affected by cyber-attacks or similar disruptions, which may result in significant costs, litigation and reputational damage or otherwise have a material adverse impact on several aspects of our performance; (xiii) any significant disruption in our vendors' information technology systems, or disruptions in the information our businesses rely on in their lease and loan decisioning, materially and adversely affecting several aspects of our performance; (xiv) our capital allocation strategy and financial policies, including our current stock repurchase and dividend programs, as well as any potential debt repurchase program not being effective at enhancing shareholder value, or providing other benefits we expect; and (xv) the other risks and uncertainties discussed under "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 19, 2025. Statements, estimates and projections in this press release that are "forward-looking" include without limitation statements, estimates and projections about: (i) growing our balance of share with key retail partners; (ii) the performance of our lease portfolio, including our annual write-offs; (iii) the progress of our Four Technologies business and the benefits we expect from that business; (iv) the advancement of our technology initiatives; (v) our ability to continue achieving sustainable and profitable growth; (vi) our revised full year 2025 outlook and the guidance we provide for the third quarter. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances after the date of this press release. PROG Holdings, Inc. Consolidated Balance Sheets (In thousands, except share data) (Unaudited) June 30, 2025 December 31, 2024 ASSETS: Cash and Cash Equivalents $ 222,027 $ 95,655 Accounts Receivable (net of allowances of $68,788 in 2025 and $71,607 in 2024) 60,531 80,225 Lease Merchandise (net of accumulated depreciation and allowances of $440,339 in 2025 and $440,831 in 2024) 526,303 680,242 Loans Receivable (net of allowances and unamortized fees of $58,930 in 2025 and $57,342 in 2024) 148,320 146,985 Property and Equipment, Net 21,179 21,443 Operating Lease Right-of-Use Assets 3,352 4,035 Goodwill 296,061 296,061 Other Intangibles, Net 65,774 73,775 Income Tax Receivable 8,817 10,644 Deferred Income Tax Assets 26,472 26,472 Prepaid Expenses and Other Assets 75,760 78,230 Total Assets $ 1,454,596 $ 1,513,767 LIABILITIES & SHAREHOLDERS' EQUITY: Accounts Payable and Accrued Expenses $ 92,765 $ 93,190 Deferred Income Tax Liabilities 54,271 74,320 Customer Deposits and Advance Payments 35,504 40,917 Operating Lease Liabilities 9,171 11,496 Debt, Net 594,212 643,563 Total Liabilities 785,923 863,486 SHAREHOLDERS' EQUITY: Common Stock, Par Value $0.50 Per Share: Authorized: 225,000,000 Shares at June 30, 2025 and December 31, 2024; Shares Issued: 82,078,654 at June 30, 2025 and December 31, 2024 41,039 41,039 Additional Paid-in Capital 349,707 358,538 Retained Earnings 1,531,768 1,469,450 1,922,514 1,869,027 Less: Treasury Shares at Cost Common Stock: 42,535,192 Shares at June 30, 2025 and 41,262,901 at December 31, 2024 (1,253,841 ) (1,218,746 ) Total Shareholders' Equity 668,673 650,281 Total Liabilities & Shareholders' Equity $ 1,454,596 $ 1,513,767 Expand PROG Holdings, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended June 30, 2025 2024 OPERATING ACTIVITIES: Net Earnings $ 73,201 $ 55,740 Adjustments to Reconcile Net Earnings to Cash Provided by Operating Activities: Depreciation of Lease Merchandise 845,550 816,370 Other Depreciation and Amortization 12,111 14,515 Provisions for Accounts Receivable and Loan Losses 198,650 174,822 Stock-Based Compensation 14,536 13,737 Deferred Income Taxes (20,049 ) (16,973 ) Impairment of Assets — 6,018 Non-Cash Lease Expense (1,642 ) (1,603 ) Other Changes, Net (943 ) (155 ) Changes in Operating Assets and Liabilities: Additions to Lease Merchandise (784,951 ) (836,084 ) Book Value of Lease Merchandise Sold or Disposed 93,340 89,549 Accounts Receivable (147,179 ) (145,312 ) Prepaid Expenses and Other Assets 5,480 377 Income Tax Receivable and Payable 1,749 26,206 Accounts Payable and Accrued Expenses (4,620 ) (5,113 ) Customer Deposits and Advance Payments (5,413 ) (967 ) Cash Provided by Operating Activities 279,820 191,127 INVESTING ACTIVITIES: Investments in Loans Receivable (370,099 ) (172,513 ) Proceeds from Loans Receivable 339,206 158,644 Purchases of Property and Equipment (3,896 ) (3,999 ) Other Proceeds — 46 Cash Used in Investing Activities (34,789 ) (17,822 ) FINANCING ACTIVITIES: Repayments on Revolving Facility (50,000 ) — Dividends Paid (10,443 ) (10,346 ) Acquisition of Treasury Stock (51,775 ) (61,177 ) Issuance of Stock Under Stock Option and Employee Purchase Plans 1,028 799 Cash Paid for Shares Withheld for Employee Taxes (7,385 ) (7,863 ) Debt Issuance Costs (84 ) — Cash Used in Financing Activities (118,659 ) (78,587 ) Increase in Cash and Cash Equivalents 126,372 94,718 Cash and Cash Equivalents at Beginning of Period 95,655 155,416 Cash and Cash Equivalents at End of Period $ 222,027 $ 250,134 Net Cash Paid During the Period: Interest $ 18,795 $ 18,461 Income Taxes $ 45,044 $ 12,728 Expand PROG Holdings, Inc. Quarterly Revenues by Segment (In thousands) (Unaudited) Three Months Ended June 30, 2025 Progressive Leasing Vive Other Consolidated Total Lease Revenues and Fees $ 569,674 $ — $ — $ 569,674 Interest and Fees on Loans Receivable — 16,160 18,829 34,989 Total Revenues $ 569,674 $ 16,160 $ 18,829 $ 604,663 Expand (Unaudited) Three Months Ended June 30, 2024 Progressive Leasing Vive Other Consolidated Total Lease Revenues and Fees $ 570,516 $ — $ — $ 570,516 Interest and Fees on Loans Receivable — 15,421 6,224 21,645 Total Revenues $ 570,516 $ 15,421 $ 6,224 $ 592,161 Expand PROG Holdings, Inc. Six Month Revenues by Segment (In thousands) (Unaudited) Six Months Ended June 30, 2025 Progressive Leasing Vive Other Consolidated Total Lease Revenues and Fees $ 1,221,231 $ — $ — $ 1,221,231 Interest and Fees on Loans Receivable — 31,820 35,700 67,520 Total Revenues $ 1,221,231 $ 31,820 $ 35,700 $ 1,288,751 Expand (Unaudited) Six Months Ended June 30, 2024 Progressive Leasing Vive Other Consolidated Total Lease Revenues and Fees $ 1,191,066 $ — $ — $ 1,191,066 Interest and Fees on Loans Receivable — 31,471 11,494 42,965 Total Revenues $ 1,191,066 $ 31,471 $ 11,494 $ 1,234,031 Expand Use of Non-GAAP Financial Information: Non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA are supplemental measures of our performance that are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). Non-GAAP diluted earnings per share for the full year 2025 and third quarter 2025 outlook excludes intangible amortization expense. Non-GAAP net earnings and non-GAAP diluted earnings per share for the three and six months ended June 30, 2025 exclude intangible amortization expense and costs related to the cybersecurity incident, net of insurance recoveries. Non-GAAP net earnings and non-GAAP diluted earnings per share for the three and six months ended June 30, 2024 exclude intangible amortization expense, restructuring expenses, costs related to the cybersecurity incident, and accrued interest on an uncertain tax position related to Progressive Leasing's $175 million settlement with the FTC in 2020. The amount for the after-tax non-GAAP adjustment, which is tax effected using our statutory tax rate, can be found in the reconciliation of net earnings and diluted earnings per share to non-GAAP net earnings and diluted earnings per share table in this press release. The Adjusted EBITDA figures presented in this press release are calculated as the Company's earnings before interest expense, net, depreciation on property and equipment, amortization of intangible assets and income taxes. Adjusted EBITDA for the full year 2025 and third quarter 2025 outlook excludes stock-based compensation expense. Adjusted EBITDA for the three and six months ended June 30, 2025 excludes stock-based compensation expense and costs related to the cybersecurity incident, net of insurance recoveries. Adjusted EBITDA for the three and six months ended June 30, 2024 excludes stock-based compensation expense, restructuring expenses, and costs related to the cybersecurity incident. The amounts for these pre-tax non-GAAP adjustments can be found in the segment EBITDA tables in this press release. Management believes that non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA provide relevant and useful information, and are widely used by analysts, investors and competitors in our industry as well as by our management in assessing both consolidated and business unit performance. Non-GAAP net earnings, non-GAAP diluted earnings, and adjusted EBITDA provide management and investors with an understanding of the results from the primary operations of our business by excluding the effects of certain items that generally arose from larger, one-time transactions that are not reflective of the ordinary earnings activity of our operations or transactions that have variability and volatility of the amount. We believe the exclusion of stock-based compensation expense provides for a better comparison of our operating results with our peer companies as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions and the variety of award types. This measure may be useful to an investor in evaluating the underlying operating performance of our business. Adjusted EBITDA also provides management and investors with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes. These measures may be useful to an investor in evaluating our operating performance because the measures: Are widely used by investors to measure a company's operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. Are used by rating agencies, lenders and other parties to evaluate our creditworthiness. Are used by our management for various purposes, including as a measure of performance of our operating entities and as a basis for strategic planning and forecasting. Non-GAAP financial measures, however, should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP, such as the Company's GAAP basis net earnings and diluted earnings per share and the GAAP revenues and earnings before income taxes of the Company's segments, which are also presented in the press release. Further, we caution investors that amounts presented in accordance with our definitions of non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. (1) Adjustments are tax-effected using an assumed statutory tax rate of 26%. (2) In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding. Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand (Unaudited) Three Months Ended June 30, 2024 Progressive Leasing Vive Other Consolidated Total Net Earnings $ 33,774 Income Tax Expense (1) 14,565 Earnings (Loss) Before Income Tax Expense $ 53,966 $ 631 $ (6,258 ) 48,339 Interest Expense, Net 7,655 — (316 ) 7,339 Depreciation 1,651 166 441 2,258 Amortization 4,009 — 230 4,239 EBITDA 67,281 797 (5,903 ) 62,175 Stock-Based Compensation 6,135 360 600 7,095 Restructuring Expense 258 — 2,628 2,886 Costs Related to the Cybersecurity Incident 116 — — 116 Adjusted EBITDA $ 73,790 $ 1,157 $ (2,675 ) $ 72,272 Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand (Unaudited) Six Months Ended June 30, 2024 Progressive Leasing Vive Other Consolidated Total Net Earnings $ 55,740 Income Tax Expense (1) 24,166 Earnings (Loss) Before Income Tax Expense $ 89,419 $ 1,549 $ (11,062) 79,906 Interest Expense, Net 16,222 — (633) 15,589 Depreciation 3,461 332 833 4,626 Amortization 9,430 — 459 9,889 EBITDA 118,532 1,881 (10,403) 110,010 Stock-Based Compensation 10,846 698 2,193 13,737 Restructuring Expense 18,272 — 2,628 20,900 Costs Related to the Cybersecurity Incident 232 — — 232 Adjusted EBITDA $ 147,882 $ 2,579 $ (5,582) $ 144,879 Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand Previous Fiscal Year 2025 Ranges Progressive Leasing Vive Other Consolidated Total Estimated Net Earnings $109,000 - $125,000 Income Tax Expense (1) 45,000 - 49,000 Projected Earnings (Loss) Before Income Tax Expense $168,000 - $185,000 $(5,000) - $(3,500) $(9,000) - $(7,500) 154,000 - 174,000 Interest Expense, Net 30,000 - 28,000 1,000 6,000 37,000 - 35,000 Depreciation 6,000 500 2,500 9,000 Amortization 15,000 — 1,000 16,000 Projected EBITDA 219,000 - 234,000 (3,500) - (2,000) 500 - 2,000 216,000 - 234,000 Stock-Based Compensation 26,000 - 27,000 1,000 2,000 - 3,000 29,000 - 31,000 Projected Adjusted EBITDA $245,000 - $261,000 $(2,500) - $(1,000) $2,500 - $5,000 $245,000 - $265,000 Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand (1) Adjustments are tax-effected using an assumed statutory tax rate of 26%. (2) In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding. Expand (1) Adjustments are tax-effected using an assumed statutory tax rate of 26%. (2) In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding. Expand (1) Adjustments are tax-effected using an assumed statutory tax rate of 26%. (2) In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding Expand .
