PROG Holdings, Inc. (PRG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del financiamiento del consumidor, Prog Holdings, Inc. (PRG) ha revolucionado cómo las personas con crédito limitado pueden acceder a productos esenciales a través de soluciones innovadoras de arrendamiento a compra. Al cerrar la brecha entre las necesidades del consumidor y la accesibilidad financiera, la compañía ha desarrollado un modelo comercial único que faculta a los clientes adquirir electrónica, muebles y otros artículos vitales sin barreras de crédito tradicionales. Su enfoque estratégico combina tecnología de vanguardia, opciones de financiamiento flexible y asociaciones sólidas con los principales minoristas, creando una plataforma transformadora que reinvienta el poder adquisitivo de los consumidores para los que generalmente desatenden los sistemas financieros convencionales.

Prog Holdings, Inc. (PRG) - Modelo de negocio: asociaciones clave

Asociaciones minoristas

Las tenencias de Prog, a través del arrendamiento progresivo, mantienen asociaciones estratégicas con los principales minoristas nacionales:

Detallista	Detalles de la asociación
Walmart	Socio de arrendamiento principal con cobertura a nivel nacional
Depósito de hogar	Programa de arrendamiento a opciones para productos para mejoras para el hogar
Best Buy	Soluciones de arrendamiento de consumo de consumo a opciones

Asociaciones de tecnología financiera

Prog Holdings colabora con proveedores de tecnología financiera para el procesamiento de pagos avanzados:

• Socios de integración de la pasarela de pago
• Proveedores de seguridad de transacciones digitales
• Empresas de tecnología de verificación de crédito

Asociaciones de fabricación

Relaciones estratégicas en categorías de productos del consumidor:

Industria	Categorías de productos
Electrónica de consumo	Computadoras portátiles, teléfonos inteligentes, tabletas
Muebles	Sala de estar, dormitorio, muebles de oficina en casa
Accesorios	Refrigeradores, lavadoras, secadoras

Socios de integración de tecnología

Prog Holdings mantiene asociaciones centradas en la mejora de la plataforma digital:

• Proveedores de servicios de computación en la nube
• Empresas de ciberseguridad
• Empresas de desarrollo de aplicaciones móviles

Prog Holdings, Inc. (PRG) - Modelo de negocio: actividades clave

Arrendamiento a opciones de financiación para productos de consumo

En 2023, Prog Holdings procesó aproximadamente $ 2.1 mil millones en transacciones de arrendamiento a compra en múltiples categorías de productos.

Categoría de productos	Volumen de arrendamiento	Porcentaje de total
Muebles	$ 842 millones	40.1%
Electrónica	$ 567 millones	27%
Accesorios	$ 422 millones	20.1%
Otros productos	$ 269 millones	12.8%

Desarrollo y mantenimiento de la plataforma digital

Prog Holdings invirtió $ 37.2 millones en infraestructura tecnológica y desarrollo de plataformas digitales en 2023.

• Plataforma de procesamiento de aplicaciones de arrendamiento en línea
• Aplicación móvil para la gestión de cuentas
• Sistema de decisión de crédito en tiempo real

Evaluación de riesgo de crédito del cliente

La compañía utilizó modelos avanzados de calificación crediticia con una tasa de precisión del 92.3% en 2023.

Métrica de evaluación de riesgos	Actuación
Tasa de incumplimiento	7.6%
Rango de puntaje de crédito	550-720
Tasa de aprobación	68.4%

Ventas y marketing de soluciones de arrendamiento a opciones

El gasto de marketing en 2023 totalizaron $ 124.5 millones, con un costo de adquisición de clientes de $ 87 por arrendamiento nuevo.

• Canales de marketing digital
• Marketing de socios minoristas
• Publicidad de respuesta directa

Atención al cliente y gestión de cuentas

Prog Holdings mantuvo un equipo de atención al cliente de 1.247 representantes en 2023.

Métrico de soporte	Actuación
Tiempo de respuesta promedio	12 minutos
Tasa de satisfacción del cliente	88.6%
Interacciones de soporte total	2.3 millones

Prog Holdings, Inc. (PRG) - Modelo de negocio: recursos clave

Plataforma de tecnología patentada avanzada

Prog Holdings opera un Infraestructura tecnológica basada en la nube Con las siguientes especificaciones:

• Valor de la plataforma de tecnología empresarial: $ 87.4 millones (2023 año fiscal)
• Inversión tecnológica anual: $ 24.6 millones
• Capacidad de procesamiento de transacciones digitales: 3.2 millones de transacciones por año

Recurso tecnológico	Especificación	Inversión anual
Infraestructura en la nube	Plataforma SaaS de múltiples inquilinos	$ 12.3 millones
Sistemas de seguridad de datos	Cifrado de 256 bits	$ 5.7 millones
Software de gestión de clientes	Evaluación de crédito en tiempo real	$ 6.6 millones

Infraestructura financiera fuerte

Recursos financieros y estructura de capital:

• Activos totales: $ 1.62 mil millones (cuarto trimestre 2023)
• Reservas de efectivo de líquido: $ 287.4 millones
• Capacidad de la facilidad de crédito: $ 500 millones

Extensa red de socios minoristas

Composición del ecosistema de socios:

• Total de socios minoristas: 14,200
• Cobertura geográfica de socios: 47 estados
• Volumen de transacciones anual a través de socios: 2.1 millones

Capacidades de análisis de datos y evaluación de riesgos

Detalles de la infraestructura analítica:

Recurso analítico	Capacidad	Inversión anual
Modelos de riesgo predictivo	Algoritmos de aprendizaje automático	$ 8.2 millones
Sistema de calificación crediticia	Evaluación de riesgos en tiempo real	$ 6.5 millones

Fuerza laboral hábil

Métricas de capital humano:

• Total de empleados: 4.100
• Promedio de la tenencia del empleado: 6.3 años
• Inversión de capacitación anual: $ 4.7 millones
• Empleados con certificaciones financieras avanzadas: 62%

Prog Holdings, Inc. (PRG) - Modelo de negocio: propuestas de valor

Financiación alternativa flexible para consumidores con crédito limitado

Prog Holdings proporciona soluciones de compra de arrendamiento con las siguientes métricas financieras:

Parámetro financiero	2023 datos
Valor de la cartera de arrendamiento total	$ 1.2 mil millones
Rango promedio de puntaje de crédito del cliente	550-650
Tasa de aprobación de arrendamiento	78%

Adquisición inmediata de productos sin pago inicial completo

Características clave de adquisición de productos:

• Pago inicial mínimo: 5-10% del valor del producto
• Duración típica del arrendamiento: 12-24 meses
• Categorías de productos disponibles: electrónica, muebles, electrodomésticos

No se requieren verificaciones de crédito difíciles para la aprobación del arrendamiento

Detalles del proceso de aprobación del arrendamiento:

Método de verificación	Requisito
Verificación de ingresos	Mínimo de $ 1,000 ingresos mensuales
Estado laboral	3+ meses de empleo actual
Identificación	ID de gobierno válido

Opciones de arrendamiento convenientes en línea y en la tienda

Distribución del canal de arrendamiento:

• Transacciones de plataforma en línea: 42%
• Transacciones físicas de la tienda: 58%
• Recuento total de tiendas: más de 1,700 ubicaciones

Términos de pago transparentes y directos

Detalles de la estructura de pago:

Característica de pago	Especificación
Opción de pago semanal	Disponible
Opción de pago quincenal	Disponible
Opción de pago mensual	Disponible
Opción de compra temprana	90 días sin penalización

Prog Holdings, Inc. (PRG) - Modelo de negocios: relaciones con los clientes

Gestión de cuentas de autoservicio digital

Prog Holdings proporciona administración de cuentas en línea a través de sus plataformas digitales con las siguientes características:

• Acceso a cuenta en línea 24/7
• Portal de pago digital
• Saldo de la cuenta y seguimiento del historial de transacciones

Métrica de plataforma digital	2023 datos
Usuarios de cuentas en línea	862,000
Descargas de aplicaciones móviles	412,000
Transacciones de pago digital	3.2 millones

Atención al cliente personalizada

Prog Holdings ofrece atención al cliente multicanal a través de:

• Soporte telefónico
• Asistencia por correo electrónico
• Servicios de chat en vivo

Métrica de soporte al cliente	2023 rendimiento
Tiempo de respuesta promedio	12 minutos
Tasa de satisfacción del cliente	87%
Canales de soporte	3 canales activos

Procesos de aplicaciones en línea y móviles

Prog Holdings permite el envío de la solicitud digital con:

• Aplicación de arrendamiento en línea
• Envío de aplicaciones móviles
• Verificaciones de calificación instantánea

Métrica del proceso de solicitud	2023 datos
Aplicaciones en línea	215,000
Porcentaje de aplicación móvil	62%
Tiempo promedio de procesamiento de aplicaciones	24 horas

Programación de pagos flexibles

Prog Holdings ofrece opciones de pago flexibles que incluyen:

• Selecciones de fecha de pago múltiple
• Pagos recurrentes automáticos
• Extensiones de pago

Métrica de flexibilidad de pago	2023 rendimiento
Clientes que usan pagos automáticos	53%
Solicitudes de extensión de pago	78,000
Uso de flexibilidad de pago promedio	45%

Retención de clientes a través de oportunidades de arrendamiento repetidas

Prog Holdings mantiene la lealtad del cliente a través de:

• Programas de fidelización
• Incentivos de clientes repetidos
• Opciones de renovación de arrendamiento personalizada

Métrica de retención de clientes	2023 datos
Tarifa de cliente repetida	37%
Participantes del programa de fidelización del cliente	512,000
Tasa de renovación de arrendamiento	29%

Prog Holdings, Inc. (PRG) - Modelo de negocio: canales

Plataforma web en línea

A partir de 2024, Prog Holdings opera su plataforma en línea principal en www.rentcenter.com. El canal digital procesó $ 1.47 mil millones en ingresos totales en 2022. La plataforma en línea representa aproximadamente el 35.6% de los canales de ventas totales de la compañía.

Métricas de plataforma web	Datos 2022
Transacciones totales en línea	2.3 millones
Valor de pedido en línea promedio	$638
Tráfico web móvil	62.4%

Aplicación móvil

Aplicación móvil Prog Holdings disponible en plataformas iOS y Android. Las descargas de aplicaciones móviles alcanzaron 487,000 en 2022.

• Calificación de la tienda de aplicaciones: 4.2/5
• Usuarios activos mensuales: 215,000
• Porcentaje de transacción móvil: 28.3%

Ubicaciones de socios minoristas en la tienda

Prog Holdings opera a través de 2.424 ubicaciones de socios minoristas a partir del cuarto trimestre de 2022.

Tipo de ubicación minorista	Número de ubicaciones
Tiendas propiedad de la compañía	1,072
Lugar de franquicia	1,352

Equipo de ventas directas

La fuerza de ventas directas comprende 3,685 representantes de ventas a partir de 2022. El equipo total de ventas generó $ 2.19 mil millones en ingresos.

• Productividad de representante promedio de ventas: $ 594,000 anualmente
• Cobertura geográfica del equipo de ventas: 47 estados
• Tasa de comisión del equipo de ventas: 6-12%

Centros de llamadas de servicio al cliente

Prog Holdings mantiene 12 centros de llamadas de servicio al cliente con 1.247 representantes de servicio al cliente.

Métricas del centro de llamadas	Rendimiento 2022
Interacciones totales del cliente	3.6 millones
Tiempo de resolución de llamadas promedio	8.3 minutos
Tasa de satisfacción del cliente	87.5%

Prog Holdings, Inc. (PRG) - Modelo de negocio: segmentos de clientes

Consumidores con historial de crédito limitado

Prog Holdings se dirige a aproximadamente el 30% de los consumidores estadounidenses con un historial crediticio limitado o nulo tradicional. Según los datos de 2023, este segmento representa aproximadamente 53 millones de estadounidenses entre las edades de entre 18 y 64 años.

Crédito Profile Característica	Porcentaje
Sin puntaje de crédito	11%
Historial de crédito limitado	19%
Puntaje de crédito de alto riesgo	16%

Demográfico de bajos ingresos

Prog Holdings se centra en los hogares con ingresos anuales entre $ 25,000 y $ 50,000, lo que representa aproximadamente el 22.4% de los hogares estadounidenses.

• El ingreso promedio del hogar dirigido: $ 37,500
• Mercado total direccionable: 28.6 millones de hogares
• Gasto anual promedio en Electrónica de consumo: $ 1,247

Individuos que buscan financiamiento alternativo

El tamaño del mercado de financiamiento alternativo alcanzó los $ 42.6 mil millones en 2023, con tenencias de Prog que capturan aproximadamente 3.5% de participación de mercado.

Tipo de financiamiento	Penetración del mercado
Alquiler	27%
Compra de arrendamiento	18%
Planes a plazos	55%

Compradores por primera vez de electrónica de consumo

Prog Holdings atiende a aproximadamente 4,2 millones de compradores de electrónica de consumo por primera vez anualmente, con un valor de transacción promedio de $ 872.

• Rango de edad: 18-34 años
• Categorías de productos primarios: computadoras portátiles, teléfonos inteligentes, televisores
• Preferencia por opciones de pago flexibles: 76%

Clientes que necesitan opciones de compra flexibles

El segmento de mercado de opciones de compras flexibles representa $ 27.3 mil millones en 2023, con Prog Holdings que atiende a aproximadamente 2.1 millones de clientes.

Preferencia de pago flexible	Porcentaje del cliente
Pagos semanales	22%
Pagos quincenales	43%
Pagos mensuales	35%

Prog Holdings, Inc. (PRG) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

En el año fiscal 2023, Prog Holdings asignó $ 42.3 millones para el mantenimiento de la infraestructura tecnológica y el desarrollo de la plataforma digital.

Categoría de costos tecnológicos	Gasto anual
Infraestructura de computación en la nube	$ 18.7 millones
Sistemas de ciberseguridad	$ 12.5 millones
Licencia de software	$ 11.1 millones

Gastos de marketing y adquisición de clientes

Prog Holdings gastó $ 87.6 millones en marketing y adquisición de clientes en 2023.

• Canales de marketing digital: $ 35.2 millones
• Publicidad tradicional: $ 22.4 millones
• Programas de referencia de clientes: $ 15.6 millones
• Comisión de ventas: $ 14.4 millones

Sobrecarga operativa

La sobrecarga operativa total para 2023 fue de $ 156.9 millones.

Categoría de gastos generales	Costo anual
Mantenimiento de la instalación	$ 24.3 millones
Gastos de servicios públicos	$ 18.7 millones
Costos administrativos	$ 113.9 millones

Gestión de riesgos y evaluación de crédito

Prog Holdings invirtió $ 63.5 millones en procesos de gestión de riesgos y evaluación de crédito en 2023.

• Modelado de riesgo de crédito: $ 28.6 millones
• Sistemas de detección de fraude: $ 22.4 millones
• Infraestructura de cumplimiento: $ 12.5 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 224.8 millones.

Categoría de compensación	Gasto anual
Salarios base	$ 178.6 millones
Bonos de rendimiento	$ 31.2 millones
Desarrollo profesional	$ 15.0 millones

Prog Holdings, Inc. (PRG) - Modelo de negocio: flujos de ingresos

Tarifas de transacción de arrendamiento a opción

En el año fiscal 2023, las tenencias de Prog generaron $ 1.8 mil millones en ingresos totales de transacciones de arrendamiento a compra. Las tarifas de transacción representaron aproximadamente el 35% de las fuentes de ingresos totales.

Categoría de ingresos	Monto ($)	Porcentaje de ingresos totales
Tarifas de transacción de arrendamiento a opción	$ 630 millones	35%

Cargos de interés y finanzas

Prog Holdings recaudó $ 412 millones en cargos por intereses y finanzas durante el año fiscal 2023, lo que representa el 22.8% de las fuentes de ingresos totales.

Pagos de arrendamiento mensuales recurrentes

Los pagos mensuales de arrendamiento contribuyeron con $ 845 millones a los ingresos de la compañía en 2023, lo que representa el 46.9% de los ingresos totales.

Tipo de pago de arrendamiento	Ingresos anuales ($)	Ingresos mensuales promedio ($)
Pagos de arrendamiento mensuales recurrentes	$ 845 millones	$ 70.4 millones

Tasas de adquisición de productos de socios minoristas

Las tarifas de adquisición de socios minoristas generaron $ 127 millones en ingresos para la tenencia de Prog en 2023.

• Los principales socios minoristas incluyeron importantes minoristas de electrónica y muebles
• Tarifa de adquisición promedio por transacción: $ 85

Pagos de pago atrasado y de servicio

Los cargos por pago atrasado y de servicio ascendieron a $ 86 millones en 2023, lo que representa el 4.8% de las fuentes de ingresos totales.

Tipo de carga	Ingresos anuales totales ($)	Cargo promedio por cuenta
Tarifas de pago tardías	$ 62 millones	$45
Cargos de servicio	$ 24 millones	$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.