Prog Holdings, Inc. (PRG): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique du financement des consommateurs, Prog Holdings, Inc. (PRG) a révolutionné la façon dont les individus ayant un crédit limité peuvent accéder aux produits essentiels grâce à des solutions innovantes de location à l'automobile. En combler l'écart entre les besoins des consommateurs et l'accessibilité financière, la société a développé un modèle commercial unique qui permet aux clients d'acquérir l'électronique, les meubles et autres articles vitaux sans barrières de crédit traditionnelles. Leur approche stratégique combine des technologies de pointe, des options de financement flexibles et des partenariats robustes avec les principaux détaillants, créant une plate-forme transformatrice qui réinvente le pouvoir d'achat des consommateurs pour ceux généralement mal desservis par des systèmes financiers conventionnels.

Prog Holdings, Inc. (PRG) - Modèle d'entreprise: partenariats clés

Partenariats de vente au détail

Prog Holdings, grâce à la location progressive, maintient des partenariats stratégiques avec les principaux détaillants nationaux:

Détaillant	Détails du partenariat
Walmart	Partenaire de bail primaire avec la couverture nationale
Home dépot	Programme de location pour les produits de rénovation domiciliaire
Meilleur achat	Solutions de location d'électronique grand public

Partenariats technologiques financières

PROS Holdings collabore avec les fournisseurs de technologies financières pour le traitement avancé des paiements:

• Paiement des partenaires d'intégration de la passerelle
• Fournisseurs de sécurité des transactions numériques
• Entreprises de technologie de vérification du crédit

Partenariats de fabrication

Relations stratégiques entre les catégories de produits de consommation:

Industrie	Catégories de produits
Électronique grand public	Ordinateurs portables, smartphones, tablettes
Meubles	Salon, chambre à coucher, meubles de bureau à domicile
Appareils	Réfrigérateurs, laveuses, sécheuses

Partenaires d'intégration technologique

Prog Holdings maintient des partenariats axés sur l'amélioration des plates-formes numériques:

• Fournisseurs de services de cloud computing
• Entreprises de cybersécurité
• Sociétés de développement d'applications mobiles

Prog Holdings, Inc. (PRG) - Modèle d'entreprise: activités clés

Financement de location pour les produits de consommation

En 2023, PROS Holdings a traité environ 2,1 milliards de dollars de transactions de bail à l'autre dans plusieurs catégories de produits.

Catégorie de produits	Volume de location	Pourcentage du total
Meubles	842 millions de dollars	40.1%
Électronique	567 millions de dollars	27%
Appareils	422 millions de dollars	20.1%
Autres produits	269 ​​millions de dollars	12.8%

Développement et maintenance de plate-forme numérique

Prog Holdings a investi 37,2 millions de dollars dans l'infrastructure technologique et le développement de plateformes numériques en 2023.

• Plateforme de traitement des applications de location en ligne
• Application mobile pour la gestion des comptes
• Système de décision de crédit en temps réel

Évaluation des risques de crédit client

La société a utilisé des modèles de notation de crédit avancés avec un taux de précision de 92,3% en 2023.

Métrique d'évaluation des risques	Performance
Taux par défaut	7.6%
Plage de cotes de crédit	550-720
Taux d'approbation	68.4%

Ventes et commercialisation de solutions de location

Les dépenses de marketing en 2023 ont totalisé 124,5 millions de dollars, avec un coût d'acquisition de client de 87 $ par nouveau bail.

• Canaux de marketing numérique
• Marketing de partenaire de vente au détail
• Publicité de réponse directe

Support client et gestion des comptes

Prog Holdings a maintenu une équipe de support client de 1 247 représentants en 2023.

Métrique de soutien	Performance
Temps de réponse moyen	12 minutes
Taux de satisfaction client	88.6%
Interactions totales de soutien	2,3 millions

Prog Holdings, Inc. (PRG) - Modèle d'entreprise: Ressources clés

Plateforme technologique propriétaire avancée

Prog Holdings exploite un infrastructure technologique basée sur le cloud avec les spécifications suivantes:

• Valeur de la plate-forme technologique d'entreprise: 87,4 millions de dollars (2023 Exercice)
• Investissement technologique annuel: 24,6 millions de dollars
• Capacité de traitement des transactions numériques: 3,2 millions de transactions par an

Ressource technologique	Spécification	Investissement annuel
Infrastructure cloud	Plate-forme SaaS multi-locataire	12,3 millions de dollars
Systèmes de sécurité des données	Cryptage 256 bits	5,7 millions de dollars
Logiciel de gestion des clients	Évaluation du crédit en temps réel	6,6 millions de dollars

Forte infrastructure financière

Ressources financières et structure du capital:

• Actif total: 1,62 milliard de dollars (Q4 2023)
• Réserves de trésorerie liquide: 287,4 millions de dollars
• Capacité de facilité de crédit: 500 millions de dollars

Réseau de partenaires de vente au détail

Composition de l'écosystème des partenaires:

• Total des partenaires de vente au détail: 14 200
• Couverture géographique partenaire: 47 États
• Volume de transaction annuel par le biais de partenaires: 2,1 millions

Analyse des données et capacités d'évaluation des risques

Détails de l'infrastructure analytique:

Ressource analytique	Capacité	Investissement annuel
Modèles de risque prédictifs	Algorithmes d'apprentissage automatique	8,2 millions de dollars
Système de notation du crédit	Évaluation des risques en temps réel	6,5 millions de dollars

Main-d'œuvre qualifiée

Métriques du capital humain:

• Total des employés: 4 100
• Tenure moyenne des employés: 6,3 ans
• Investissement de formation annuelle: 4,7 millions de dollars
• Employés avec des certifications financières avancées: 62%

Prog Holdings, Inc. (PRG) - Modèle d'entreprise: propositions de valeur

Financement alternatif flexible pour les consommateurs avec un crédit limité

Prog Holdings fournit des solutions de location-achat avec les mesures financières suivantes:

Paramètre financier	2023 données
Valeur du portefeuille de location total	1,2 milliard de dollars
Gamme moyenne des cotes de crédit client	550-650
Taux d'approbation de location	78%

Acquisition immédiate des produits sans paiement initial complet

Caractéristiques clés de l'acquisition de produits:

• Paiement initial minimum: 5-10% de la valeur du produit
• Durée de location typique: 12-24 mois
• Catégories de produits disponibles: électronique, meubles, appareils électroménagers

Aucun chèque de crédit dur requis pour l'approbation du bail

Détails du processus d'approbation de location:

Méthode de vérification	Exigence
Vérification des revenus	Revenu mensuel minimum de 1 000 $
Statut d'emploi	3 mois et plus d'emploi actuel
Identification	ID du gouvernement valide

Options de location en ligne et en magasin pratique

Distribution des canaux de location:

• Transactions de plate-forme en ligne: 42%
• Transactions de magasin physique: 58%
• Nombre total de magasins: plus de 1 700 emplacements

Conditions de paiement transparents et simples

Détails de la structure de paiement:

Caractéristique de paiement	Spécification
Option de paiement hebdomadaire	Disponible
Option de paiement bihebdomadaire	Disponible
Option de paiement mensuelle	Disponible
Option d'achat précoce	90 jours sans pénalité

Prog Holdings, Inc. (PRG) - Modèle d'entreprise: relations avec les clients

Gestion du compte en libre-service numérique

Prog Holdings fournit la gestion des comptes en ligne via ses plateformes numériques avec les fonctionnalités suivantes:

• Accès du compte en ligne 24/7
• Portail de paiement numérique
• Solde du compte et suivi de l'historique des transactions

Métrique de la plate-forme numérique	2023 données
Utilisateurs de compte en ligne	862,000
Téléchargements d'applications mobiles	412,000
Transactions de paiement numérique	3,2 millions

Support client personnalisé

Prog Holdings propose un support client multicanal à travers:

• Support téléphonique
• Assistance par e-mail
• Services de chat en direct

Métrique du support client	Performance de 2023
Temps de réponse moyen	12 minutes
Taux de satisfaction client	87%
Canaux de support	3 canaux actifs

Processus d'application en ligne et mobiles

Prog Holdings permet la soumission des applications numériques avec:

• Demande de location en ligne
• Soumission d'application mobile
• Contrôles de qualification instantanée

Métrique du processus d'application	2023 données
Applications en ligne	215,000
Pourcentage d'application mobile	62%
Temps de traitement moyen	24 heures

Planification des paiements flexibles

Prog Holdings propose des options de paiement flexibles, notamment:

• Sélections de date de paiement multiples
• Paiements récurrents automatiques
• Extensions de paiement

Métrique de flexibilité de paiement	Performance de 2023
Les clients utilisant l'auto-pay	53%
Demandes de prolongation de paiement	78,000
Utilisation de la flexibilité des paiements moyens	45%

Rétention de la clientèle grâce à des opportunités de location répétées

Prog Holdings maintient la fidélité des clients:

• Programmes de fidélité
• Incitations aux clients répétés
• Options de renouvellement de location personnalisées

Métrique de la fidélisation de la clientèle	2023 données
Tarif client répété	37%
Participants du programme de fidélisation de la clientèle	512,000
Taux de renouvellement de location	29%

Prog Holdings, Inc. (PRG) - Modèle d'entreprise: canaux

Plate-forme Web en ligne

En 2024, PROS Holdings exploite sa principale plate-forme en ligne sur www.rentcenter.com. Le canal numérique a traité 1,47 milliard de dollars de revenus totaux en 2022. La plate-forme en ligne représente environ 35,6% du total des canaux de vente de l'entreprise.

Métriques de la plate-forme Web	2022 données
Total des transactions en ligne	2,3 millions
Valeur de commande en ligne moyenne	$638
Trafic Web mobile	62.4%

Application mobile

Prog Holdings Mobile App Disponible sur les plates-formes iOS et Android. Les téléchargements d'applications mobiles ont atteint 487 000 en 2022.

• Évaluation de l'App Store: 4.2 / 5
• Utilisateurs actifs mensuels: 215 000
• Pourcentage de transaction mobile: 28,3%

Emplacements de partenaires de vente au détail en magasin

PROS Holdings opère dans 2 424 emplacements de partenaires de vente au détail au quatrième trimestre 2022.

Type d'emplacement de vente au détail	Nombre d'emplacements
Magasins appartenant à l'entreprise	1,072
Lieu de franchise	1,352

Équipe de vente directe

La force de vente directe comprend 3 685 représentants commerciaux en 2022. L'équipe de vente totale a généré 2,19 milliards de dollars de revenus.

• Productivité du représentant des ventes moyennes: 594 000 $ par an
• Couverture géographique de l'équipe de vente: 47 États
• Taux de commission de l'équipe de vente: 6-12%

Centres d'appels de service client

Prog Holdings conserve 12 centres d'appels de service à la clientèle avec 1 247 représentants du service client.

Métriques du centre d'appel	2022 Performance
Interactions totales du client	3,6 millions
Temps de résolution des appels moyens	8,3 minutes
Taux de satisfaction client	87.5%

Prog Holdings, Inc. (PRG) - Modèle d'entreprise: segments de clientèle

Consommateurs ayant des antécédents de crédit limités

Prog Holdings cible environ 30% des consommateurs américains ayant des antécédents de crédit limités ou non traditionnels. Selon les données de 2023, ce segment représente environ 53 millions d'Américains âgés de 18 à 64 ans.

Crédit Profile Caractéristiques	Pourcentage
Pas de pointage de crédit	11%
Historique de crédit limité	19%
Cote de crédit subprime	16%

Démographique à faible revenu

Prog Holdings se concentre sur les ménages ayant un revenu annuel entre 25 000 $ et 50 000 $, ce qui représente environ 22,4% des ménages américains.

• Revenu médian des ménages ciblés: 37 500 $
• Marché total adressable: 28,6 millions de ménages
• Dépenses annuelles moyennes en électronique grand public: 1 247 $

Individus à la recherche d'un financement alternatif

La taille alternative du marché du financement a atteint 42,6 milliards de dollars en 2023, les progrès progressifs capturant environ 3,5% de part de marché.

Type de financement	Pénétration du marché
Louer	27%
Achat de location	18%
Plans de versement	55%

Premier acheteurs d'électronique grand public

Prog Holdings dessert environ 4,2 millions d'acheteurs d'électronique grand public par an, avec une valeur de transaction moyenne de 872 $.

• Tranche d'âge: 18-34 ans
• Catégories de produits primaires: ordinateurs portables, smartphones, téléviseurs
• Préférence pour les options de paiement flexibles: 76%

Les clients ont besoin d'options d'achat flexibles

Le segment du marché des options d'achat flexible représente 27,3 milliards de dollars en 2023, avec Prog Holdings desservant environ 2,1 millions de clients.

Préférence de paiement flexible	Pourcentage de clientèle
Paiements hebdomadaires	22%
Paiements bihebdomadaires	43%
Paiements mensuels	35%

Prog Holdings, Inc. (PRG) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Au cours de l'exercice 2023, PROS Holdings a alloué 42,3 millions de dollars à la maintenance des infrastructures technologiques et au développement de la plate-forme numérique.

Catégorie de coûts technologiques	Dépenses annuelles
Infrastructure de cloud computing	18,7 millions de dollars
Systèmes de cybersécurité	12,5 millions de dollars
Licence de logiciel	11,1 millions de dollars

Frais de marketing et d'acquisition des clients

Prog Holdings a dépensé 87,6 millions de dollars en marketing et acquisition de clients en 2023.

• Canaux de marketing numérique: 35,2 millions de dollars
• Publicité traditionnelle: 22,4 millions de dollars
• Programmes de référence client: 15,6 millions de dollars
• Commission des ventes: 14,4 millions de dollars

Frais généraux opérationnels

Les frais généraux opérationnels totaux pour 2023 étaient de 156,9 millions de dollars.

Catégorie aérienne	Coût annuel
Entretien d'installation	24,3 millions de dollars
Dépenses des services publics	18,7 millions de dollars
Frais administratifs	113,9 millions de dollars

Gestion des risques et évaluation du crédit

Prog Holdings a investi 63,5 millions de dollars dans les processus de gestion des risques et d'évaluation du crédit en 2023.

• Modélisation au risque de crédit: 28,6 millions de dollars
• Systèmes de détection de fraude: 22,4 millions de dollars
• Infrastructure de conformité: 12,5 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 224,8 millions de dollars.

Catégorie de compensation	Dépenses annuelles
Salaires de base	178,6 millions de dollars
Bonus de performance	31,2 millions de dollars
Développement professionnel	15,0 millions de dollars

Prog Holdings, Inc. (PRG) - Modèle d'entreprise: Strots de revenus

Frais de transaction de location

Au cours de l'exercice 2023, PROS Holdings a généré 1,8 milliard de dollars de revenus totaux des transactions de bail à base. Les frais de transaction représentaient environ 35% du total des sources de revenus.

Catégorie de revenus	Montant ($)	Pourcentage du total des revenus
Frais de transaction de location	630 millions de dollars	35%

Intérêt et frais de financement

PROS Holdings a récolté 412 millions de dollars en frais d'intérêt et de financement au cours de l'exercice 2023, représentant 22,8% du total des sources de revenus.

Paiements de location mensuels récurrents

Les paiements de location mensuels ont contribué 845 millions de dollars aux revenus de la société en 2023, représentant 46,9% des revenus totaux.

Type de paiement de location	Revenus annuels ($)	Revenus mensuels moyens ($)
Paiements de location mensuels récurrents	845 millions de dollars	70,4 millions de dollars

Frais d'acquisition de produits des partenaires de vente au détail

Les frais d'acquisition de partenaires de vente au détail ont généré 127 millions de dollars de revenus pour PROG Holdings en 2023.

• Les meilleurs partenaires de vente au détail comprenaient les grands détaillants d'électronique et de meubles
• Frais d'acquisition moyenne par transaction: 85 $

Paiement tardif et frais de service

Les frais de paiement en retard et de service s'élevaient à 86 millions de dollars en 2023, ce qui représente 4,8% du total des sources de revenus.

Type de charge	Revenu annuel total ($)	Frais moyens par compte
Frais de paiement en retard	62 millions de dollars	$45
Frais de service	24 millions de dollars	$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.