PROG Holdings, Inc.

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Prague Holdings first quarter earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone keypad. At this time, I would like to turn the conference over to Mr. John Baugh, Vice President of Investor Relations. Mr. Baugh, you may begin.

Thank you and good morning, everyone.

Welcome to the Prague Holdings first quarter 2023 earnings call. Joining me this morning are Steve Michaels, Prague 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 made will be forward-looking, including comments regarding our expectations related to the range of 2023 write-offs resulting from our lease decisioning posture, our GMV, gross lease assets balance, and levels of 90-day buyouts in future periods, the strength of our balance sheet and our capital allocation priorities, and our revised outlook for the 2023 full year as well as our outlook for the second quarter of 2023. 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 31st, 2022, 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 EPS, 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 provide 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. With that, I would like to turn the call over to Steve Michaels, Frog Holdings President and Chief Executive Officer. Steve?