Prog Holdings, Inc. (PRG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do financiamento do consumidor, a Prog Holdings, Inc. (PRG) revolucionou como indivíduos com crédito limitado podem acessar produtos essenciais por meio de soluções inovadoras de arrendamento de aro. Ao preencher a lacuna entre as necessidades do consumidor e a acessibilidade financeira, a empresa desenvolveu um modelo de negócios exclusivo que capacita os clientes a adquirir eletrônicos, móveis e outros itens vitais sem barreiras de crédito tradicionais. Sua abordagem estratégica combina tecnologia de ponta, opções de financiamento flexíveis e parcerias robustas com os principais varejistas, criando uma plataforma transformadora que reimagina o poder de compra do consumidor para aqueles que normalmente carentes de sistemas financeiros convencionais.

Prog Holdings, Inc. (PRG) - Modelo de negócios: Parcerias -chave

Parcerias de varejo

A Prog Holdings, por meio de leasing progressivo, mantém parcerias estratégicas com os principais varejistas nacionais:

Varejista	Detalhes da parceria
Walmart	Parceiro de arrendamento principal de proprietário da cobertura nacional
Home Depot	Programa de arrendamento para obter produtos para melhorar a casa
Best Buy	Soluções de arrendamento de eletrônicos de consumo

Parcerias de tecnologia financeira

A Prog Holdings colabora com os provedores de tecnologia financeira para processamento avançado de pagamento:

• Parceiros de integração de gateway de pagamento
• Provedores de segurança de transações digitais
• Empresas de tecnologia de verificação de crédito

Parcerias de fabricação

Relacionamentos estratégicos nas categorias de produtos de consumo:

Indústria	Categorias de produtos
Eletrônica de consumo	Laptops, smartphones, tablets
Mobília	Sala de estar, quarto, móveis de escritório em casa
Aparelhos	Refrigeradores, arruelas, secadoras

Parceiros de integração de tecnologia

A Prog Holdings mantém parcerias focadas no aprimoramento da plataforma digital:

• Provedores de serviços de computação em nuvem
• Empresas de segurança cibernética
• Empresas de desenvolvimento de aplicativos móveis

Prog Holdings, Inc. (PRG) - Modelo de negócios: Atividades -chave

Financiamento de arrendamento para obter produtos de consumo

Em 2023, a Prog Holdings processaram aproximadamente US $ 2,1 bilhões em transações de arrendamento de pernas em várias categorias de produtos.

Categoria de produto	Volume de arrendamento	Porcentagem de total
Mobília	US $ 842 milhões	40.1%
Eletrônica	US $ 567 milhões	27%
Aparelhos	US $ 422 milhões	20.1%
Outros produtos	US $ 269 milhões	12.8%

Desenvolvimento e manutenção da plataforma digital

A Prog Holdings investiu US $ 37,2 milhões em infraestrutura de tecnologia e desenvolvimento de plataformas digitais em 2023.

• Plataforma de processamento de aplicativos de arrendamento on -line
• Aplicativo móvel para gerenciamento de contas
• Sistema de decisão de crédito em tempo real

Avaliação de risco de crédito ao cliente

A empresa utilizou modelos avançados de pontuação de crédito com uma taxa de precisão de 92,3% em 2023.

Métrica de avaliação de risco	Desempenho
Taxa padrão	7.6%
Intervalo de pontuação de crédito	550-720
Taxa de aprovação	68.4%

Vendas e marketing de soluções arrendadas

As despesas de marketing em 2023 totalizaram US $ 124,5 milhões, com um custo de aquisição de clientes de US $ 87 por novo contrato.

• Canais de marketing digital
• Marketing de parceiros de varejo
• Publicidade de resposta direta

Suporte ao cliente e gerenciamento de contas

A Prog Holdings manteve uma equipe de suporte ao cliente de 1.247 representantes em 2023.

Métrica de suporte	Desempenho
Tempo médio de resposta	12 minutos
Taxa de satisfação do cliente	88.6%
Interações de suporte total	2,3 milhões

Prog Holdings, Inc. (PRG) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia proprietária avançada

Prog Holdings opera um Infraestrutura de tecnologia baseada em nuvem Com as seguintes especificações:

• Valor da plataforma de tecnologia corporativa: US $ 87,4 milhões (2023 ano fiscal)
• Investimento de tecnologia anual: US $ 24,6 milhões
• Capacidade de processamento de transações digitais: 3,2 milhões de transações por ano

Recurso de tecnologia	Especificação	Investimento anual
Infraestrutura em nuvem	Plataforma SaaS de vários inquilinos	US $ 12,3 milhões
Sistemas de segurança de dados	Criptografia de 256 bits	US $ 5,7 milhões
Software de gerenciamento de clientes	Avaliação de crédito em tempo real	US $ 6,6 milhões

Forte infraestrutura financeira

Recursos financeiros e estrutura de capital:

• Total de ativos: US $ 1,62 bilhão (Q4 2023)
• Reservas de caixa líquido: US $ 287,4 milhões
• Capacidade da linha de crédito: US $ 500 milhões

Extensa rede de parceiros de varejo

Composição do ecossistema de parceiros:

• Total de parceiros de varejo: 14.200
• Cobertura geográfica de parceiros: 47 estados
• Volume anual de transações através de parceiros: 2,1 milhões

Análise de dados e recursos de avaliação de risco

Detalhes da infraestrutura analítica:

Recurso de análise	Capacidade	Investimento anual
Modelos de risco preditivos	Algoritmos de aprendizado de máquina	US $ 8,2 milhões
Sistema de pontuação de crédito	Avaliação de risco em tempo real	US $ 6,5 milhões

Força de trabalho qualificada

Métricas de capital humano:

• Total de funcionários: 4.100
• Posse média dos funcionários: 6,3 anos
• Investimento anual de treinamento: US $ 4,7 milhões
• Funcionários com certificações financeiras avançadas: 62%

Prog Holdings, Inc. (PRG) - Modelo de negócios: proposições de valor

Financiamento alternativo flexível para consumidores com crédito limitado

A Prog Holdings fornece soluções de compra de arrendamento com as seguintes métricas financeiras:

Parâmetro financeiro	2023 dados
Valor total do portfólio de arrendamento	US $ 1,2 bilhão
Intervalo de pontuação de crédito médio do cliente	550-650
Taxa de aprovação do arrendamento	78%

Aquisição imediata de produtos sem pagamento completo

Principais características de aquisição de produtos:

• Pagamento inicial mínimo: 5-10% do valor do produto
• Duração típica do arrendamento: 12-24 meses
• Categorias de produtos disponíveis: eletrônicos, móveis, eletrodomésticos

Não é necessário verificações de crédito difícil para a aprovação do arrendamento

Detalhes do processo de aprovação do arrendamento:

Método de verificação	Exigência
Verificação de renda	Receita mensal mínima de US $ 1.000
Status de emprego	Mais de 3 meses de emprego atual
Identificação	ID do governo válido

Opções convenientes de leasing online e na loja

Distribuição de canais de leasing:

• Transações de plataforma online: 42%
• Transações de lojas físicas: 58%
• Contagem total de lojas: 1.700 mais de locais

Termos de pagamento transparentes e diretos

Detalhes da estrutura de pagamento:

Característica de pagamento	Especificação
Opção de pagamento semanal	Disponível
Opção de pagamento quinzenal	Disponível
Opção de pagamento mensal	Disponível
Opção de compra antecipada	90 dias sem penalidade

Prog Holdings, Inc. (PRG) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de conta de autoatendimento digital

A Prog Holdings fornece gerenciamento de contas on -line por meio de suas plataformas digitais com os seguintes recursos:

• 24/7 de acesso à conta online
• Portal de pagamento digital
• Saldo da conta e rastreamento do histórico de transações

Métrica da plataforma digital	2023 dados
Usuários da conta on -line	862,000
Downloads de aplicativos móveis	412,000
Transações de pagamento digital	3,2 milhões

Suporte personalizado ao cliente

A Prog Holdings oferece suporte ao cliente multicanal por meio de:

• Suporte telefônico
• Assistência por e -mail
• Serviços de bate -papo ao vivo

Métrica de suporte ao cliente	2023 desempenho
Tempo médio de resposta	12 minutos
Taxa de satisfação do cliente	87%
Canais de suporte	3 canais ativos

Processos de aplicativos online e móveis

Prog Holdings permite o envio de aplicativos digitais com:

• Aplicativo de arrendamento on -line
• Envio de aplicativos móveis
• Verificações de qualificação instantânea

Processo de aplicação Métrica	2023 dados
Aplicativos online	215,000
Porcentagem de aplicativos móveis	62%
Tempo médio de processamento de aplicativos	24 horas

Programação de pagamento flexível

Prog Holdings oferece opções de pagamento flexíveis, incluindo:

• Seleções de data de pagamento múltiplas
• Pagamentos recorrentes automáticos
• Extensões de pagamento

Métrica de flexibilidade de pagamento	2023 desempenho
Clientes usando pagamento automático	53%
Solicitações de extensão de pagamento	78,000
Uso médio de flexibilidade de pagamento	45%

Retenção de clientes através de oportunidades de arrendamento repetidas

Prog Holdings mantém a lealdade do cliente por meio de:

• Programas de fidelidade
• Repetir incentivos ao cliente
• Opções de renovação de arrendamento personalizadas

Métrica de retenção de clientes	2023 dados
Repetir a taxa de cliente	37%
Participantes do Programa de Fidelidade do Cliente	512,000
Taxa de renovação do arrendamento	29%

Prog Holdings, Inc. (PRG) - Modelo de Negócios: Canais

Plataforma da Web online

A partir de 2024, a Prog Holdings opera sua plataforma on -line principal em www.rentcenter.com. O canal digital processou US $ 1,47 bilhão em receitas totais em 2022. A plataforma on -line é responsável por aproximadamente 35,6% do total de canais de vendas da empresa.

Métricas da plataforma da web	2022 dados
Total de transações online	2,3 milhões
Valor médio do pedido online	$638
Tráfego da Web móvel	62.4%

Aplicativo móvel

O aplicativo móvel Prog Holdings disponível em plataformas iOS e Android. Os downloads de aplicativos móveis atingiram 487.000 em 2022.

• App Store Classificação: 4.2/5
• Usuários ativos mensais: 215.000
• Porcentagem de transação móvel: 28,3%

Locais de parceiros de varejo na loja

A Prog Holdings opera em 2.424 localizações de parceiros de varejo a partir do quarto trimestre 2022.

Tipo de localização no varejo	Número de locais
Lojas de propriedade da empresa	1,072
Locais de franquia	1,352

Equipe de vendas diretas

A força de vendas direta compreende 3.685 representantes de vendas em 2022. A equipe total de vendas gerou US $ 2,19 bilhões em receita.

• Produtividade representativa de vendas médias: US $ 594.000 anualmente
• Cobertura geográfica da equipe de vendas: 47 estados
• Taxa de comissão da equipe de vendas: 6-12%

Centros de atendimento ao cliente

A Prog Holdings mantém 12 centros de atendimento ao cliente com 1.247 representantes de atendimento ao cliente.

Métricas de call center	2022 Performance
Interações totais do cliente	3,6 milhões
Tempo médio de resolução de chamadas	8,3 minutos
Taxa de satisfação do cliente	87.5%

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

Consumidores com histórico de crédito limitado

A Prog Holdings tem como alvo aproximadamente 30% dos consumidores dos EUA com histórico de crédito limitado ou não tradicional. De acordo com os dados de 2023, esse segmento representa aproximadamente 53 milhões de americanos entre as idades de 18 a 64 anos.

Crédito Profile Característica	Percentagem
Sem pontuação de crédito	11%
Histórico de crédito limitado	19%
Pontuação de crédito subprime	16%

Demografia demográfica de baixa renda

A Prog Holdings se concentra em famílias com renda anual entre US $ 25.000 e US $ 50.000, representando aproximadamente 22,4% das famílias dos EUA.

• Renda familiar mediana direcionada: US $ 37.500
• Mercado endereçável total: 28,6 milhões de famílias
• Gastos anuais médios em eletrônicos de consumo: US $ 1.247

Indivíduos que buscam financiamento alternativo

O tamanho do mercado de financiamento alternativo atingiu US $ 42,6 bilhões em 2023, com a Prog Holdings capturando aproximadamente 3,5% de participação de mercado.

Tipo de financiamento	Penetração de mercado
Aluguel-to-for-próprio	27%
Compra de arrendamento	18%
Planos de parcelamento	55%

Compradores iniciantes de eletrônicos de consumo

A Prog Holdings atende a aproximadamente 4,2 milhões de compradores de eletrônicos de consumo pela primeira vez anualmente, com um valor médio de transação de US $ 872.

• Faixa etária: 18-34 anos
• Categorias de produtos primários: laptops, smartphones, televisores
• Preferência por opções de pagamento flexíveis: 76%

Clientes que precisam de opções de compra flexíveis

O segmento de mercado de opções flexíveis de compras representa US $ 27,3 bilhões em 2023, com a Prog Holdings atendendo aproximadamente 2,1 milhões de clientes.

Preferência de pagamento flexível	Porcentagem do cliente
Pagamentos semanais	22%
Pagamentos quinzenais	43%
Pagamentos mensais	35%

Prog Holdings, Inc. (PRG) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

No ano fiscal de 2023, a Prog Holdings alocou US $ 42,3 milhões para a manutenção de infraestrutura tecnológica e o desenvolvimento da plataforma digital.

Categoria de custo de tecnologia	Despesas anuais
Infraestrutura de computação em nuvem	US $ 18,7 milhões
Sistemas de segurança cibernética	US $ 12,5 milhões
Licenciamento de software	US $ 11,1 milhões

Despesas de marketing e aquisição de clientes

A Prog Holdings gastou US $ 87,6 milhões em marketing e aquisição de clientes em 2023.

• Canais de marketing digital: US $ 35,2 milhões
• Publicidade tradicional: US $ 22,4 milhões
• Programas de referência de clientes: US $ 15,6 milhões
• Comissão de Vendas: US $ 14,4 milhões

Sobrecarga operacional

A sobrecarga operacional total para 2023 foi de US $ 156,9 milhões.

Categoria de sobrecarga	Custo anual
Manutenção da instalação	US $ 24,3 milhões
Despesas de utilidade	US $ 18,7 milhões
Custos administrativos	US $ 113,9 milhões

Gerenciamento de riscos e avaliação de crédito

A Prog Holdings investiu US $ 63,5 milhões em processos de gerenciamento de riscos e avaliação de crédito em 2023.

• Modelagem de risco de crédito: US $ 28,6 milhões
• Sistemas de detecção de fraude: US $ 22,4 milhões
• Infraestrutura de conformidade: US $ 12,5 milhões

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 224,8 milhões.

Categoria de compensação	Despesas anuais
Salários da base	US $ 178,6 milhões
Bônus de desempenho	US $ 31,2 milhões
Desenvolvimento profissional	US $ 15,0 milhões

Prog Holdings, Inc. (PRG) - Modelo de negócios: fluxos de receita

Taxas de transação de arrendamento para ser proprietárias

No ano fiscal de 2023, a Prog Holdings gerou US $ 1,8 bilhão em receita total de transações de arrendamento para pertencer. As taxas de transação representaram aproximadamente 35% do total de fluxos de receita.

Categoria de receita	Valor ($)	Porcentagem da receita total
Taxas de transação de arrendamento para ser proprietárias	US $ 630 milhões	35%

Juros e cobranças financeiras

A Prog Holdings arrecadou US $ 412 milhões em acusações de juros e finanças durante o ano fiscal de 2023, representando 22,8% do total de fluxos de receita.

Pagamentos mensais de arrendamento recorrentes

Os pagamentos mensais de arrendamento contribuíram com US $ 845 milhões para a receita da empresa em 2023, representando 46,9% da receita total.

Tipo de pagamento de arrendamento	Receita anual ($)	Receita média mensal ($)
Pagamentos mensais de arrendamento recorrentes	US $ 845 milhões	US $ 70,4 milhões

Taxas de aquisição de produtos de parceiros de varejo

As taxas de aquisição de parceiros de varejo geraram US $ 127 milhões em receita para a Prog Holdings em 2023.

• Os principais parceiros de varejo incluíram os principais varejistas eletrônicos e móveis
• Taxa de aquisição média por transação: US $ 85

Cobranças de pagamento e serviço

As cobranças de pagamento e serviço atrasadas totalizaram US $ 86 milhões em 2023, representando 4,8% do total de fluxos de receita.

Tipo de carga	Receita anual total ($)	Cobrança média por conta
Taxas de atraso no pagamento	US $ 62 milhões	$45
Cobranças de serviço	US $ 24 milhões	$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.