What is PROG Holdings's gross profit margin?

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Did PROG Holdings beat or miss consensus estimates last quarter?

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What were the key takeaways from PROG Holdings’s earnings call?

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- **Revenue Growth**: Q3 revenue of $595.1 million and EPS of $0.90 beat expectations, driven by Four Technologies' 8th straight quarter of triple-digit GMV growth.
- **Portfolio Resilience**: Progressive Leasing write-offs improved to 7.4%, with gross margin up 80 bps to 32% despite 10% GMV decline. PROG Marketplace GMV grew 59% YoY.
- **Strategic Shift**: $150M Vive sale enhances capital flexibility; 70% of leasing GMV now under exclusive contracts through 2030. Four Technologies' subscription model drives 80% of GMV.

**【CEO Summary Section】**
- **Revenue and Earnings Beat**: Q3 revenue of $595.1 million and non-GAAP EPS of $0.90 exceeded high-end guidance, driven by strong performance in Four Technologies and cost control. Progressive Leasing GMV declined 10% YoY due to Big Lots bankruptcy and tightened underwriting, but adjusted GMV (excluding these factors) grew mid-single digits.
- **Portfolio Health**: Write-offs improved to 7.4% (70-80 bps better than 2024), reflecting successful underwriting adjustments. Gross margin expanded 80 bps to 32% due to longer lease durations and higher yields.
- **Strategic Divestiture**: Sold Vive portfolio to Atlanticus for $150 million, enhancing capital efficiency and flexibility. Progressive Leasing now focuses on exclusive long-term contracts with major retailers, covering 70% of GMV through 2030.
- **Growth Initiatives**: PROG Marketplace GMV grew 59% YoY to 23% of total leasing GMV. Four Technologies delivered 8th consecutive quarter of triple-digit GMV growth, with 80% of GMV from its subscription model (Four+).

PROG Holdings, Inc. (PRG) Q3 2025 Earnings Call Transcript

Lease and Fees

Interest and Fees on Loans Receivable

PRG

PRG fundamentals

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