Propel Holdings (PRL) Q4 2024 earnings summary

Executive summary

• Achieved record results in 2024, with revenue of $450 million (up 42% YoY), adjusted EBITDA, and net income at all-time highs.

• Served a record 407,000 consumers, a 39% increase year-over-year, and total originations funded reached $586 million, up 42%.

• Expanded into new geographies, including the U.K. via the QuidMarket acquisition, which is integrating ahead of schedule and contributing to growth.

• Increased quarterly dividend by 43% year-over-year and again by 10% in Q1 2025 to C$0.165 per share.

• Recognized among top-growing businesses and best places to work by multiple organizations.

Financial highlights

• Total originations funded reached $586 million in 2024, up 42% from 2023, and ending CLAB up 42% to $481 million.

• Record revenue of $450 million for 2024, a 42% increase year-over-year; Q4 revenue was $129.3 million, up 35%.

• Net income rose 67% to $46.4 million; adjusted net income up 75% to $62.3 million for 2024.

• Diluted EPS for 2024 was $1.22; adjusted EPS $1.64, both annual records.

• Adjusted EBITDA rose 60% to $121.3 million for 2024; margin at 27%.

Outlook and guidance

• 2025 revenue target: $590–$650 million, representing 31–45% growth.

• Ending CLAB growth target: 25–35% for 2025.

• Adjusted EBITDA margin target: 26–30%; net income margin: 10.5–14.5%; adjusted net income margin: 13.25–16.25%.

• Adjusted ROE target: 34%+; ROE target: 27%+ for 2025.

• Management expects further margin expansion from portfolio aging, QuidMarket, and lending-as-a-service contributions.