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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PRG

PRG fundamentals

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