PROG Holdings, Inc. (PRG): Business Model Canvas

In der dynamischen Welt der Verbraucherfinanzierung hat PROG Holdings, Inc. (PRG) die Art und Weise revolutioniert, wie Personen mit begrenzter Kreditwürdigkeit durch innovative Leasing-to-Own-Lösungen auf wichtige Produkte zugreifen können. Durch die Überbrückung der Lücke zwischen Verbraucherbedürfnissen und finanzieller Zugänglichkeit hat das Unternehmen ein einzigartiges Geschäftsmodell entwickelt, das es Kunden ermöglicht, Elektronikgeräte, Möbel und andere lebenswichtige Artikel ohne traditionelle Kreditbarrieren zu erwerben. Ihr strategischer Ansatz kombiniert modernste Technologie, flexible Finanzierungsoptionen und solide Partnerschaften mit großen Einzelhändlern und schafft so eine transformative Plattform, die die Kaufkraft der Verbraucher für diejenigen neu definiert, die normalerweise von herkömmlichen Finanzsystemen unterversorgt sind.

PROG Holdings, Inc. (PRG) – Geschäftsmodell: Wichtige Partnerschaften

Einzelhandelspartnerschaften

PROG Holdings unterhält über Progressive Leasing strategische Partnerschaften mit großen nationalen Einzelhändlern:

Einzelhändler	Einzelheiten zur Partnerschaft
Walmart	Primärer Mietkaufpartner mit landesweiter Abdeckung
Heimdepot	Lease-to-Own-Programm für Heimwerkerprodukte
Bester Kauf	Leasinglösungen für Unterhaltungselektronik

Finanztechnologie-Partnerschaften

PROG Holdings arbeitet mit Finanztechnologieanbietern für die erweiterte Zahlungsabwicklung zusammen:

• Partner für die Integration von Zahlungsgateways
• Anbieter digitaler Transaktionssicherheit
• Unternehmen im Bereich der Bonitätsprüfungstechnologie

Fertigungspartnerschaften

Strategische Beziehungen über Verbraucherproduktkategorien hinweg:

Industrie	Produktkategorien
Unterhaltungselektronik	Laptops, Smartphones, Tablets
Möbel	Wohnzimmer-, Schlafzimmer- und Home-Office-Möbel
Haushaltsgeräte	Kühlschränke, Waschmaschinen, Trockner

Partner für Technologieintegration

PROG Holdings unterhält Partnerschaften, die sich auf die Verbesserung digitaler Plattformen konzentrieren:

• Anbieter von Cloud-Computing-Diensten
• Cybersicherheitsfirmen
• Unternehmen für die Entwicklung mobiler Anwendungen

PROG Holdings, Inc. (PRG) – Geschäftsmodell: Hauptaktivitäten

Lease-to-Own-Finanzierung für Konsumgüter

Im Jahr 2023 wickelte PROG Holdings rund 2,1 Milliarden US-Dollar an Lease-to-Own-Transaktionen in mehreren Produktkategorien ab.

Produktkategorie	Leasingvolumen	Prozentsatz der Gesamtsumme
Möbel	842 Millionen Dollar	40.1%
Elektronik	567 Millionen US-Dollar	27%
Haushaltsgeräte	422 Millionen Dollar	20.1%
Andere Produkte	269 Millionen Dollar	12.8%

Entwicklung und Wartung digitaler Plattformen

PROG Holdings investierte im Jahr 2023 37,2 Millionen US-Dollar in die Technologieinfrastruktur und die Entwicklung digitaler Plattformen.

• Online-Plattform zur Bearbeitung von Mietanträgen
• Mobile Anwendung zur Kontoverwaltung
• Echtzeit-Kreditentscheidungssystem

Bewertung des Kundenkreditrisikos

Das Unternehmen nutzte fortschrittliche Kreditbewertungsmodelle mit einer Genauigkeitsrate von 92,3 % im Jahr 2023.

Risikobewertungsmetrik	Leistung
Standardtarif	7.6%
Kredit-Score-Bereich	550-720
Zustimmungsrate	68.4%

Vertrieb und Marketing von Lease-to-Own-Lösungen

Die Marketingausgaben im Jahr 2023 beliefen sich auf insgesamt 124,5 Millionen US-Dollar, wobei die Kosten für die Kundenakquise 87 US-Dollar pro neuem Mietvertrag betrugen.

• Digitale Marketingkanäle
• Marketing für Handelspartner
• Direct-Response-Werbung

Kundensupport und Kontoverwaltung

PROG Holdings unterhielt im Jahr 2023 ein Kundensupportteam von 1.247 Vertretern.

Support-Metrik	Leistung
Durchschnittliche Reaktionszeit	12 Minuten
Kundenzufriedenheitsrate	88.6%
Gesamtzahl der Support-Interaktionen	2,3 Millionen

PROG Holdings, Inc. (PRG) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche proprietäre Technologieplattform

PROG Holdings betreibt ein Cloudbasierte Technologieinfrastruktur mit folgenden Spezifikationen:

• Wert der Unternehmenstechnologieplattform: 87,4 Millionen US-Dollar (Geschäftsjahr 2023)
• Jährliche Technologieinvestition: 24,6 Millionen US-Dollar
• Kapazität der digitalen Transaktionsverarbeitung: 3,2 Millionen Transaktionen pro Jahr

Technologieressource	Spezifikation	Jährliche Investition
Cloud-Infrastruktur	Mandantenfähige SaaS-Plattform	12,3 Millionen US-Dollar
Datensicherheitssysteme	256-Bit-Verschlüsselung	5,7 Millionen US-Dollar
Kundenmanagement-Software	Bonitätsbeurteilung in Echtzeit	6,6 Millionen US-Dollar

Starke Finanzinfrastruktur

Finanzausstattung und Kapitalstruktur:

• Gesamtvermögen: 1,62 Milliarden US-Dollar (4. Quartal 2023)
• Liquide Barreserven: 287,4 Millionen US-Dollar
• Kapazität der Kreditfazilität: 500 Millionen US-Dollar

Umfangreiches Einzelhandelspartnernetzwerk

Zusammensetzung des Partnerökosystems:

• Gesamtzahl der Handelspartner: 14.200
• Geografische Abdeckung der Partner: 47 Staaten
• Jährliches Transaktionsvolumen über Partner: 2,1 Millionen

Datenanalyse- und Risikobewertungsfunktionen

Details zur analytischen Infrastruktur:

Analytics-Ressource	Fähigkeit	Jährliche Investition
Prädiktive Risikomodelle	Algorithmen für maschinelles Lernen	8,2 Millionen US-Dollar
Kreditbewertungssystem	Risikobewertung in Echtzeit	6,5 Millionen Dollar

Qualifizierte Arbeitskräfte

Kennzahlen zum Humankapital:

• Gesamtzahl der Mitarbeiter: 4.100
• Durchschnittliche Betriebszugehörigkeit: 6,3 Jahre
• Jährliche Schulungsinvestition: 4,7 Millionen US-Dollar
• Mitarbeiter mit fortgeschrittenen Finanzzertifizierungen: 62 %

PROG Holdings, Inc. (PRG) – Geschäftsmodell: Wertversprechen

Flexible alternative Finanzierung für Verbraucher mit begrenzter Kreditwürdigkeit

PROG Holdings bietet Leasing-Kauf-Lösungen mit den folgenden Finanzkennzahlen:

Finanzielle Parameter	Daten für 2023
Gesamtwert des Leasingportfolios	1,2 Milliarden US-Dollar
Durchschnittlicher Bereich der Kundenbonitätsbewertung	550-650
Mietgenehmigungsrate	78%

Sofortiger Produkterwerb ohne vollständige Vorauszahlung

Wichtige Merkmale der Produktakquise:

• Mindesteinzahlung: 5-10 % des Produktwertes
• Typische Mietdauer: 12–24 Monate
• Verfügbare Produktkategorien: Elektronik, Möbel, Haushaltsgeräte

Für die Leasinggenehmigung sind keine harten Bonitätsprüfungen erforderlich

Details zum Mietgenehmigungsprozess:

Verifizierungsmethode	Anforderung
Einkommensüberprüfung	Mindesteinkommen von 1.000 US-Dollar pro Monat
Beschäftigungsstatus	3+ Monate aktuelle Beschäftigung
Identifikation	Gültiger amtlicher Ausweis

Bequeme Online- und In-Store-Leasingoptionen

Vertrieb über Leasingkanäle:

• Online-Plattformtransaktionen: 42 %
• Transaktionen in physischen Geschäften: 58 %
• Gesamtzahl der Filialen: 1.700+ Standorte

Transparente und unkomplizierte Zahlungsbedingungen

Einzelheiten zur Zahlungsstruktur:

Zahlungsmerkmal	Spezifikation
Wöchentliche Zahlungsoption	Verfügbar
Zweiwöchentliche Zahlungsoption	Verfügbar
Monatliche Zahlungsoption	Verfügbar
Frühzeitige Kaufoption	90 Tage ohne Strafe

PROG Holdings, Inc. (PRG) – Geschäftsmodell: Kundenbeziehungen

Digitales Self-Service-Kontomanagement

PROG Holdings bietet über seine digitalen Plattformen eine Online-Kontoverwaltung mit den folgenden Funktionen:

• Online-Kontozugriff rund um die Uhr
• Digitales Zahlungsportal
• Verfolgung des Kontostands und des Transaktionsverlaufs

Digitale Plattformmetrik	Daten für 2023
Benutzer von Online-Konten	862,000
Mobile App-Downloads	412,000
Digitaler Zahlungsverkehr	3,2 Millionen

Personalisierter Kundensupport

PROG Holdings bietet Multi-Channel-Kundensupport durch:

• Telefonischer Support
• E-Mail-Unterstützung
• Live-Chat-Dienste

Kundensupport-Metrik	Leistung 2023
Durchschnittliche Reaktionszeit	12 Minuten
Kundenzufriedenheitsrate	87%
Support-Kanäle	3 aktive Kanäle

Online- und mobile Bewerbungsprozesse

PROG Holdings ermöglicht die digitale Einreichung von Bewerbungen mit:

• Online-Mietantrag
• Einreichung mobiler Bewerbungen
• Sofortige Qualifikationsprüfungen

Bewerbungsprozessmetrik	Daten für 2023
Online-Bewerbungen	215,000
Prozentsatz der mobilen Anwendungen	62%
Durchschnittliche Bearbeitungszeit für Bewerbungen	24 Stunden

Flexible Zahlungsplanung

PROG Holdings bietet flexible Zahlungsoptionen, darunter:

• Mehrere Zahlungstermine zur Auswahl
• Automatische wiederkehrende Zahlungen
• Zahlungsverlängerungen

Zahlungsflexibilitätsmetrik	Leistung 2023
Kunden, die Auto-Pay nutzen	53%
Anträge auf Zahlungsverlängerung	78,000
Durchschnittliche Nutzung der Zahlungsflexibilität	45%

Kundenbindung durch wiederholte Leasingmöglichkeiten

PROG Holdings erhält die Kundenbindung aufrecht durch:

• Treueprogramme
• Wiederholen Sie Kundenanreize
• Personalisierte Optionen zur Mietverlängerung

Kundenbindungsmetrik	Daten für 2023
Wiederholungskundenpreis	37%
Teilnehmer des Kundenbindungsprogramms	512,000
Mietverlängerungsrate	29%

PROG Holdings, Inc. (PRG) – Geschäftsmodell: Kanäle

Online-Webplattform

Ab 2024 betreibt PROG Holdings seine primäre Online-Plattform unter www.rentcenter.com. Der digitale Kanal erwirtschaftete im Jahr 2022 einen Gesamtumsatz von 1,47 Milliarden US-Dollar. Die Online-Plattform macht etwa 35,6 % der gesamten Vertriebskanäle des Unternehmens aus.

Webplattform-Metriken	Daten für 2022
Gesamte Online-Transaktionen	2,3 Millionen
Durchschnittlicher Online-Bestellwert	$638
Mobiler Webverkehr	62.4%

Mobile Anwendung

Die mobile App von PROG Holdings ist auf iOS- und Android-Plattformen verfügbar. Im Jahr 2022 erreichten die Downloads mobiler Apps 487.000.

• App Store-Bewertung: 4,2/5
• Monatlich aktive Benutzer: 215.000
• Prozentsatz der mobilen Transaktionen: 28,3 %

Standorte von Einzelhandelspartnern im Geschäft

PROG Holdings ist ab dem vierten Quartal 2022 über 2.424 Einzelhandelspartnerstandorte tätig.

Einzelhandelsstandorttyp	Anzahl der Standorte
Firmeneigene Geschäfte	1,072
Franchise-Standorte	1,352

Direktvertriebsteam

Der Direktvertrieb umfasst ab 2022 3.685 Vertriebsmitarbeiter. Das gesamte Vertriebsteam erwirtschaftete einen Umsatz von 2,19 Milliarden US-Dollar.

• Durchschnittliche Produktivität der Vertriebsmitarbeiter: 594.000 US-Dollar pro Jahr
• Geografische Abdeckung des Vertriebsteams: 47 Staaten
• Provisionssatz für das Vertriebsteam: 6-12 %

Kundendienst-Callcenter

PROG Holdings unterhält 12 Kundendienst-Callcenter mit 1.247 Kundendienstmitarbeitern.

Callcenter-Kennzahlen	Leistung 2022
Gesamte Kundeninteraktionen	3,6 Millionen
Durchschnittliche Anruflösungszeit	8,3 Minuten
Kundenzufriedenheitsrate	87.5%

PROG Holdings, Inc. (PRG) – Geschäftsmodell: Kundensegmente

Verbraucher mit eingeschränkter Bonität

PROG Holdings richtet sich an etwa 30 % der US-Verbraucher mit begrenzter oder keiner traditionellen Kredithistorie. Laut Daten aus dem Jahr 2023 umfasst dieses Segment etwa 53 Millionen Amerikaner im Alter zwischen 18 und 64 Jahren.

Kredit Profile Charakteristisch	Prozentsatz
Kein Kredit-Score	11%
Begrenzte Bonitätshistorie	19%
Subprime-Kreditwürdigkeit	16%

Bevölkerungsgruppe mit niedrigerem Einkommen

PROG Holdings konzentriert sich auf Haushalte mit einem Jahreseinkommen zwischen 25.000 und 50.000 US-Dollar, was etwa 22,4 % der US-Haushalte ausmacht.

• Angestrebtes mittleres Haushaltseinkommen: 37.500 US-Dollar
• Gesamter adressierbarer Markt: 28,6 Millionen Haushalte
• Durchschnittliche jährliche Ausgaben für Unterhaltungselektronik: 1.247 $

Einzelpersonen, die eine alternative Finanzierung suchen

Die Marktgröße für alternative Finanzierungen erreichte im Jahr 2023 42,6 Milliarden US-Dollar, wobei PROG Holdings einen Marktanteil von etwa 3,5 % eroberte.

Finanzierungsart	Marktdurchdringung
Mietkauf	27%
Leasing-Kauf	18%
Ratenzahlungspläne	55%

Erstkäufer von Unterhaltungselektronik

PROG Holdings bedient jährlich etwa 4,2 Millionen Erstkäufer von Unterhaltungselektronik mit einem durchschnittlichen Transaktionswert von 872 US-Dollar.

• Altersspanne: 18–34 Jahre
• Hauptproduktkategorien: Laptops, Smartphones, Fernseher
• Präferenz für flexible Zahlungsmöglichkeiten: 76 %

Kunden, die flexible Einkaufsoptionen benötigen

Das Marktsegment der flexiblen Kaufoptionen macht im Jahr 2023 einen Wert von 27,3 Milliarden US-Dollar aus, wobei PROG Holdings etwa 2,1 Millionen Kunden betreut.

Flexible Zahlungspräferenz	Kundenprozentsatz
Wöchentliche Zahlungen	22%
Zweiwöchentliche Zahlungen	43%
Monatliche Zahlungen	35%

PROG Holdings, Inc. (PRG) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Im Geschäftsjahr 2023 stellte PROG Holdings 42,3 Millionen US-Dollar für die Wartung der Technologieinfrastruktur und die Entwicklung digitaler Plattformen bereit.

Kategorie „Technologiekosten“.	Jährliche Ausgaben
Cloud-Computing-Infrastruktur	18,7 Millionen US-Dollar
Cybersicherheitssysteme	12,5 Millionen US-Dollar
Softwarelizenzierung	11,1 Millionen US-Dollar

Aufwendungen für Marketing und Kundenakquise

PROG Holdings gab im Jahr 2023 87,6 Millionen US-Dollar für Marketing und Kundenakquise aus.

• Digitale Marketingkanäle: 35,2 Millionen US-Dollar
• Traditionelle Werbung: 22,4 Millionen US-Dollar
• Kundenempfehlungsprogramme: 15,6 Millionen US-Dollar
• Verkaufsprovision: 14,4 Millionen US-Dollar

Betriebsaufwand

Der gesamte Betriebsaufwand für 2023 belief sich auf 156,9 Millionen US-Dollar.

Overhead-Kategorie	Jährliche Kosten
Anlagenwartung	24,3 Millionen US-Dollar
Nebenkosten	18,7 Millionen US-Dollar
Verwaltungskosten	113,9 Millionen US-Dollar

Risikomanagement und Bonitätsbewertung

PROG Holdings investierte im Jahr 2023 63,5 Millionen US-Dollar in Risikomanagement- und Bonitätsbewertungsprozesse.

• Kreditrisikomodellierung: 28,6 Millionen US-Dollar
• Betrugserkennungssysteme: 22,4 Millionen US-Dollar
• Compliance-Infrastruktur: 12,5 Millionen US-Dollar

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben beliefen sich im Jahr 2023 auf 224,8 Millionen US-Dollar.

Vergütungskategorie	Jährliche Ausgaben
Grundgehälter	178,6 Millionen US-Dollar
Leistungsprämien	31,2 Millionen US-Dollar
Berufliche Entwicklung	15,0 Millionen US-Dollar

PROG Holdings, Inc. (PRG) – Geschäftsmodell: Einnahmequellen

Transaktionsgebühren für Mietkaufverträge

Im Geschäftsjahr 2023 erwirtschaftete PROG Holdings einen Gesamtumsatz von 1,8 Milliarden US-Dollar aus Lease-to-Own-Transaktionen. Transaktionsgebühren machten etwa 35 % der gesamten Einnahmequellen aus.

Umsatzkategorie	Betrag ($)	Prozentsatz des Gesamtumsatzes
Transaktionsgebühren für Mietkaufverträge	630 Millionen Dollar	35%

Zinsen und Finanzierungskosten

PROG Holdings hat im Geschäftsjahr 2023 Zins- und Finanzierungskosten in Höhe von 412 Millionen US-Dollar eingenommen, was 22,8 % der gesamten Einnahmequellen entspricht.

Wiederkehrende monatliche Leasingzahlungen

Monatliche Leasingzahlungen trugen im Jahr 2023 845 Millionen US-Dollar zum Umsatz des Unternehmens bei, was 46,9 % des Gesamtumsatzes entspricht.

Art der Leasingzahlung	Jahresumsatz ($)	Durchschnittlicher monatlicher Umsatz ($)
Wiederkehrende monatliche Leasingzahlungen	845 Millionen Dollar	70,4 Millionen US-Dollar

Produkterwerbsgebühren von Einzelhandelspartnern

Die Gebühren für die Akquise von Einzelhandelspartnern generierten im Jahr 2023 einen Umsatz von 127 Millionen US-Dollar für PROG Holdings.

• Zu den Top-Handelspartnern gehörten große Elektronik- und Möbelhändler
• Durchschnittliche Abschlussgebühr pro Transaktion: 85 $

Verspätete Zahlung und Servicegebühren

Die Gebühren für verspätete Zahlungen und Serviceleistungen beliefen sich im Jahr 2023 auf 86 Millionen US-Dollar, was 4,8 % der gesamten Einnahmequellen entspricht.

Gebührentyp	Gesamtjahresumsatz ($)	Durchschnittliche Gebühr pro Konto
Gebühren für verspätete Zahlung	62 Millionen Dollar	$45
Servicegebühren	24 Millionen Dollar	$18

PROG Holdings, Inc. (PRG) - Canvas Business Model: Value Propositions

You're looking at the core benefits PROG Holdings, Inc. (PRG) offers its customers and partners as of late 2025. This isn't just about offering credit; it's about providing specific access points for consumers often overlooked by traditional finance.

Inclusive payment options for near- and below-prime consumers

The foundation remains Progressive Leasing, serving consumers who need flexible options for durable goods. For the third quarter of 2025, the Gross Merchandise Volume (GMV) for Progressive Leasing was $410.9 million. The company actively manages this segment, targeting annual write-offs to remain within the 6% to 8% range, with Q3 2025 write-offs at 7.4% of leasing revenues. This discipline keeps the service viable for the near- and below-prime segment.

Flexible lease-to-own solutions for durable goods

The lease-to-own model itself is the value proposition here-providing immediate access to necessary or desired items. In the second quarter of 2025, Progressive Leasing reported a gross margin of 32.4%, showing the operational efficiency in delivering these flexible terms. The GMV for that quarter hit $413.9 million, illustrating the scale of goods moved through this channel.

Here's a quick look at the core lease-to-own segment performance from recent quarters:

Metric	Q2 2025 Value	Q3 2025 Value
Gross Merchandise Volume (GMV)	$413.9 million	$410.9 million
Write-offs (% of Leasing Revenue)	7.5%	7.4%
Gross Margin	32.4%	Not explicitly stated

What this estimate hides is the varying consumer demand across different durable goods categories.

Buy Now, Pay Later (BNPL) with Four Technologies

Four Technologies is the high-growth engine, validating the market for interest-free installment payments. In Q2 2025, this platform delivered over 200% revenue growth year-over-year, with GMV growing 167%. The company is actively scaling this, aiming for the PROG Marketplace platform to surpass $75 million in GMV for 2025. The take rate for Four Technologies was approximately 10% in Q2 2025, and active shoppers grew over 130% year-over-year.

The omnichannel push is clear, too; e-commerce represented an all-time high of approximately 21% of the total Progressive Leasing GMV in Q2 2025.

• Four Technologies GMV Growth (Q3 2025): 162.8%
• Four Technologies Consecutive Quarters of Triple-Digit Growth: Eight
• PROG Marketplace GMV Target (2025): Over $75 million

Payroll-deducted purchasing for financial wellness (Purchasing Power)

The announced acquisition of Purchasing Power in December 2025 immediately adds a highly secure payment rail. PROG Holdings is paying $420 million in cash for this platform, which is expected to carry approximately $330 million of non-recourse funding debt, implying an enterprise value around $750 million. This provides access to a new, non-overlapping customer base of over seven million employees through more than 360 employer partnerships, including 48 Fortune 500 companies. Management expects this acquisition to contribute between $50 million and $60 million in adjusted EBITDA in 2026. This model uses automatic payroll deductions, which defintely mitigates credit risk.

Seamless, omnichannel application and servicing experience

PROG Holdings is investing in technology to make the process smoother across all channels. In Q2 2025, technology initiatives included the rollout of a new consumer chat feature and expanded AI-driven tools. These enhancements were specifically implemented to lift application starts and reduce call center volumes, improving the servicing experience for customers interacting with Progressive Leasing.

You should track the impact of these digital investments on application start rates versus call center costs going into 2026.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Customer Relationships

You're looking at how PROG Holdings, Inc. (PRG) manages its interactions with customers, both the end-users and the retail merchants, as of late 2025. It's a mix of digital efficiency and necessary human touchpoints.

Automated, app-based, and digital self-service tools

PROG Holdings, Inc. is clearly pushing customers toward digital channels. Technology initiatives in the Progressive Leasing segment included the rollout of a new consumer chat feature, expanded AI-driven tools, and enhancements to digital servicing. These efforts are designed to create a more seamless, personalized customer journey. The focus on digital is evident in the e-commerce penetration within the core leasing business; e-commerce represented approximately 21% of Progressive Leasing Gross Merchandise Volume (GMV) in the second quarter of 2025, which was an all-time high for the company. Also, the direct-to-consumer channel, PROG Marketplace, is a key focus for engagement.

Dedicated call center support for lease and payment inquiries

While the company is advancing digital tools, the stated goal of those enhancements was to lift application starts and reduce call center volumes. This suggests that while digital adoption is growing, a dedicated call center remains a necessary component for handling lease and payment inquiries, even if the volume is being actively managed downward through technology.

High-touch relationship management with key retail partners

The relationship with retail partners is critical, especially for the Progressive Leasing segment. Management noted deliberate actions taken to preserve portfolio health while expanding balance of share with key retail partners, even while navigating GMV headwinds. The Progressive Leasing segment reported a GMV of $413.9 million in the second quarter of 2025 and $410.9 million in the third quarter of 2025. The company is focused on deepening engagement within its existing network.

Here are some key metrics showing the scale of the core leasing business and the growth of the partner ecosystem:

Metric	Period End Date	Value
Progressive Leasing GMV	Q2 2025	$413.9 million
Progressive Leasing GMV	Q3 2025	$410.9 million
Progressive Leasing GMV	Q1 2025	$402.0 million
Provision for Lease Merchandise Write-offs (Q2 2025)	Q2 2025	7.5% of leasing revenues

Direct-to-consumer marketing via PROG Marketplace

The PROG Marketplace serves as a direct-to-consumer (DTC) channel, enhancing customer engagement across the PROG Holdings, Inc. ecosystem. This platform is on track to surpass $75 million in Gross Merchandise Volume (GMV) for the full year 2025. In the second quarter of 2025 specifically, the PROG Marketplace GMV was up 38% year-over-year. This channel also benefits from the success of the Four+ subscription service, which drove over 85% of Four Technologies' GMV. The overall growth in the Four Technologies platform is also a customer relationship story, with active shoppers growing over 130% year-over-year.

The growth in the Four Technologies platform, which includes the PROG Marketplace, shows strong customer adoption:

• Four Technologies GMV growth (YoY) in Q2 2025: 166.5%
• Four Technologies revenue growth (YoY) in Q2 2025: Over 200%
• Four Technologies trailing 12-month take rate: Approximately 10%
• Active shoppers growth (YoY) for Four Technologies: Over 130%

Finance: draft 13-week cash view by Friday.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Channels

You're looking at how PROG Holdings, Inc. gets its services-lease-to-own and BNPL-to the customer base as of late 2025. It's a multi-pronged approach, relying heavily on existing retail relationships but increasingly pushing direct digital channels.

Retail partner point-of-sale (in-store and e-commerce)

This remains the core engine for Progressive Leasing, where the lease-to-own option is presented right at the checkout, both physically and online. You see the impact of these relationships in the Gross Merchandise Volume (GMV) figures, though macro issues and specific partner bankruptcies, like Big Lots, created headwinds.

For instance, in the third quarter of 2025, Progressive Leasing's GMV was $410.9 million, which was down 10.0% compared to the third quarter of 2024. Still, the company is actively expanding this base, having signed 3 recognizable new retail partners since the previous earnings call. The digital component of this channel is growing fast; e-commerce GMV represented 23% of total Progressive Leasing GMV in Q3 2025, up from 16.6% in Q3 2024. That's a clear shift in how customers are accessing the service.

Progressive Leasing mobile app and e-commerce platform

The digital experience within the core Progressive Leasing business is a major focus area under the Enhance strategic pillar. Technology investments here aim to lift application starts and reduce the need for call center support.

The e-commerce channel, which includes the app and online portal for Progressive Leasing transactions, hit an all-time high percentage of total leasing GMV in Q2 2025 at approximately 21%. By Q3 2025, this figure edged up to 23%. This channel is definitely where PROG Holdings, Inc. is seeing its incremental growth, helping offset the drag from physical retail softness.

Four Technologies BNPL platform integration

Four Technologies is the high-growth engine, operating as a Buy Now, Pay Later (BNPL) platform. This channel is integrated across various merchant points-of-sale, often complementing or running alongside the Progressive Leasing offering.

The performance here is starkly different from the core leasing business. Four Technologies delivered over 200% revenue growth and its GMV grew 162.8% in Q3 2025. For the first nine months of 2025, Four generated year-to-date adjusted EBITDA of $11.1 million, which translates to a 23% margin on its revenue. This segment achieved profitability for its second consecutive quarter in Q2 2025.

Employer benefit programs and broker networks

Specific, standalone financial metrics for channels flowing through employer benefit programs or broker networks are not explicitly broken out in the latest public disclosures. The company generally discusses its ecosystem strategy, which includes cross-selling initiatives, but the revenue or GMV contribution from this specific pathway isn't itemized separately from the main segments.

PROG Marketplace direct-to-consumer channel

The PROG Marketplace is the dedicated direct-to-consumer (D2C) channel, designed to drive incremental traffic and sales outside of the primary retail partner flow. Management has a clear target for this channel.

PROG Holdings, Inc. is on track to surpass $75 million in GMV for the PROG Marketplace in 2025. In the third quarter of 2025 alone, the Marketplace delivered 59% year-over-year GMV growth. This channel is clearly being invested in to build a direct relationship with the end consumer.

Here's a quick look at how the key revenue-driving channels stacked up in the third quarter of 2025:

Channel/Metric	Value (Q3 2025)	Context/Comparison
Progressive Leasing Revenue	$556.6 million	Down approximately 4.5% YoY
Progressive Leasing GMV	$410.9 million	Down 10.0% YoY
E-commerce GMV % of Progressive Leasing GMV	23%	Up from 20.9% in Q2 2025
PROG Marketplace GMV Growth	59%	Year-over-year growth
Four Technologies GMV Growth	162.8%	Year-over-year growth
Four Technologies YTD Adj. EBITDA Margin	23%	On revenue through Q3 2025

The full-year 2025 consolidated revenue outlook is guiding between $2.45 billion and $2.5 billion. If onboarding takes 14+ days, churn risk rises, which impacts the realized GMV across all these channels.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Customer Segments

You're analyzing the customer base for PROG Holdings, Inc. as of late 2025. The company's model centers on providing access to goods for consumers who may not qualify for traditional credit or prefer flexible payment structures. This focus is evident across its core operating segments, even as the company actively manages its portfolio, such as the recent divestiture of the Vive Financial portfolio.

Near- and below-prime consumers needing flexible payment options represent the core of the Progressive Leasing business. Management noted in Q3 2025 that these consumers faced ongoing economic pressures, leading to a deliberate tightening of lease approvals to protect portfolio health. This segment is served by the lease-to-own model, which saw its Gross Merchandise Volume (GMV) reach $410.9 million in the third quarter of 2025.

Shoppers of durable goods (furniture, electronics, appliances) are the direct end-users of the Progressive Leasing service at the point of sale. The company's ability to service this segment is reflected in its overall financial health, with full-year 2025 revenue guidance projected between $2.41 billion and $2.435 billion. The provision for lease merchandise write-offs for Q3 2025 was maintained at 7.4% of leasing revenues, which is within the targeted annual range of 6-8%.

Consumers seeking second-look financing and credit building products are served through the remaining portfolio assets, primarily the Build product, following the sale of the Vive Financial second-look revolving credit business. The company's financial strength supports these inclusive products, evidenced by a cash position of $292.6 million at the end of Q3 2025. The Build product specifically targets consumers looking to establish or repair their credit profiles.

Employees of large corporations seeking payroll-deducted purchases are a segment targeted through specific partnership channels, often integrated with the lease-to-own or BNPL offerings. While specific segment revenue is not broken out, the overall growth in the Buy Now, Pay Later (BNPL) platform, Four Technologies, validates the company's ability to scale innovative payment methods. Four Technologies achieved GMV growth of 162.8% in Q3 2025, marking its eighth consecutive quarter of triple-digit GMV growth.

Here's a quick look at the key financial metrics grounding the capacity to serve these segments as of the latest reported quarter:

Metric	Value (Q3 2025)	Context
Consolidated Revenue	$595.1 million	Third Quarter 2025
Progressive Leasing GMV	$410.9 million	Third Quarter 2025
Four Technologies GMV Growth	162.8%	Year-over-year in Q3 2025
Lease Write-Off Rate	7.4%	Q3 2025 of leasing revenues
Non-GAAP Diluted EPS	$0.90	Third Quarter 2025
Full-Year 2025 Revenue Guidance (Midpoint)	$2.4225 billion	Updated as of Q3 2025

You can see the focus on operational efficiency alongside customer access. The company is clearly managing risk while trying to expand its reach:

• Progressive Leasing revenue rose 5% to $651.6 million in Q1 2025, driven by a larger lease portfolio balance.
• The company generated $389.9 million in cash flow from operations for the nine months ended September 30, 2025.
• The company maintains a gross debt of $600.0 million against cash of $292.6 million as of Q3 2025.
• The company paid a quarterly cash dividend of $0.13 per share.

If onboarding for new partners takes longer than expected, the ability to capture new durable goods shoppers in Q4 could be delayed.

Finance: draft 13-week cash view by Friday.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Cost Structure

You're looking at the core expenses PROG Holdings, Inc. incurs to keep the engine running, especially as they navigate the shift away from the Vive Financial portfolio and lean into Four Technologies. Here's the quick math on what's hitting the bottom line from an operational and financing perspective as of late 2025.

The provision for lease merchandise write-offs remains a critical variable cost tied directly to the core Progressive Leasing revenue base. For the third quarter of 2025, the actual write-offs landed at 7.4% of leasing revenue. This result keeps the company squarely within its targeted annual range of 6% to 8%, which is a key metric management watches closely for portfolio health.

Technology development and maintenance costs are embedded within operating expenses, particularly SG&A, reflecting ongoing investment in the platform. For instance, in the second quarter of 2025, the deleverage in Progressive Leasing's SG&A was explicitly attributed to active investments in technology and sales enablement, showing where some of those fixed-cost dollars are going to drive future efficiency.

Selling, general, and administrative (SG&A) expenses show the ongoing operational spend. For Progressive Leasing in the third quarter of 2025, SG&A hit $79.3 million, which represented 14.2% of that segment's revenue. This compares to 13.1% of revenue in the third quarter of 2024, indicating some deleverage due to investments and the revenue mix shift.

Financing costs are tied to the capital structure. PROG Holdings ended the third quarter of 2025 with a gross debt level of $600 million. While the exact Interest Expense, Net for Q3 2025 isn't immediately isolated in the latest reports, the Interest Expense, Net for the second quarter of 2025 was reported as ($8,149 thousand), which gives you a sense of the interest burden associated with their debt load.

Costs associated with retail partner integration and support are a component of the overall SG&A structure, often falling under sales enablement. The company has been focused on strengthening these relationships, for example, by extending long-term exclusive agreements with existing retail partners, which suggests continued investment in the operational support needed to maintain those channel placements.

Here is a snapshot of the key expense-related figures we have for the period:

Cost Component	Metric/Period	Amount/Percentage
Provision for Lease Merchandise Write-offs	Q3 2025 Actual (as % of Leasing Revenue)	7.4%
Provision for Lease Merchandise Write-offs	Targeted Annual Range	6% to 8%
Progressive Leasing SG&A	Q3 2025 (in millions)	$79.3 million
Progressive Leasing SG&A	Q3 2025 (as % of Revenue)	14.2%
Gross Debt	End of Q3 2025 (in millions)	$600 million
Interest Expense, Net (Proxy)	Q2 2025 (in thousands)	($8,149 thousand)

You should track the SG&A as a percentage of revenue closely, especially for Progressive Leasing, as it reflects the balance between necessary technology investment and the impact of revenue fluctuations from partner losses like Big Lots.

• Active investments in technology and sales enablement are driving SG&A deleverage expectations.
• Four Technologies generated year-to-date adjusted EBITDA of $11.1 million through Q3 2025, representing a 23% margin on revenue.
• The company paid a quarterly cash dividend of $0.13 per share in Q3 2025.

Finance: draft 13-week cash view by Friday.

PROG Holdings, Inc. (PRG) - Canvas Business Model: Revenue Streams

You're looking at the core ways PROG Holdings, Inc. brings in cash as of late 2025, which is a mix of legacy lease-to-own, a rapidly expanding BNPL offering, and the financial impact of strategic divestitures. The company's latest full-year guidance reflects a slight recalibration following the sale of a business line.

The overall expectation for the full-year 2025 consolidated revenue is projected between $2.41 billion and $2.435 billion. This compares to the trailing twelve months revenue ending September 30, 2025, which totaled $2.51B. For the most recently reported quarter, Q3 2025, consolidated revenues were $595.1 million.

The primary driver remains the lease-to-own business, but the high-growth segment is definitely the Buy Now, Pay Later (BNPL) offering.

Here's a quick look at the key components driving that revenue picture, using the latest reported quarterly figures and guidance:

Revenue Component	Latest Reported Metric/Figure	Period/Context
Full-Year 2025 Consolidated Revenue Projection	$2.41 billion to $2.435 billion	Full Year 2025 Guidance
Lease Revenues from Progressive Leasing segment	$556.6 million	Q3 2025 Revenue
Progressive Leasing Gross Merchandise Volume (GMV)	$410.9 million	Q3 2025
Fees from BNPL transactions (Four Technologies)	23% margin on revenue (YTD Adjusted EBITDA)	Year-to-Date through Q3 2025
Interest and fee income from Vive Financial	Proceeds from sale: $150 million in cash	Divestiture in Q3 2025 (Cessation of income stream)

Lease revenues from the Progressive Leasing segment are the foundation. In Q3 2025, this segment generated $556.6 million in revenue, even as its Gross Merchandise Volume (GMV) declined 10.0% year-over-year to $410.9 million. The write-offs as a percentage of leasing revenue for that quarter were 7.4%, staying within the targeted annual range of 6% to 8%.

Fees from Buy Now, Pay Later (BNPL) transactions, primarily through Four Technologies, show explosive growth. This segment delivered its eighth consecutive quarter of triple-digit GMV growth. For the year-to-date period through Q3 2025, Four Technologies generated an adjusted EBITDA of $11.1 million, representing a strong 23% margin on its revenue.

Regarding the other streams you mentioned:

• Interest and fee income from Vive Financial is no longer a revenue stream, as PROG Holdings sold the credit card receivables portfolio in Q3 2025 for approximately $150 million in cash.
• Data on revenue from payroll-deducted purchases (Purchasing Power, post-acquisition) is not detailed in the latest public financial reports available as of late 2025.

The company's technology focus is clearly aimed at driving the BNPL revenue stream, with Four Technologies achieving over 200% revenue growth in Q2 2025. Also, the PROG Marketplace platform is on track to surpass $75 million in GMV for the full year 2025.

Finance: draft 13-week cash view by Friday.