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Here are 1-3 brief analogies for PROG Holdings (PRG):

• PROG is like **Rent-A-Center for other retailers**. (It offers lease-to-own solutions, but through partnerships with third-party stores rather than its own locations.)
• PROG is like **Affirm or Klarna for lease-to-own options**. (It provides flexible payment solutions at checkout, similar to Buy Now Pay Later services, but specifically through a lease-to-own model which often caters to consumers with less traditional credit.)

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• Lease-to-own Financing: Offers consumers a flexible payment option to acquire durable goods from retailers through periodic lease payments, with an option to own the merchandise.
• Second-look Credit Cards & Installment Loans: Provides private-label credit cards and installment loans to consumers for purchases at partner retailers, often catering to non-prime credit profiles.
• Buy Now, Pay Later (BNPL) Services: Enables consumers to split online purchases into interest-free installment payments, facilitating immediate purchases with deferred payment schedules.

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PROG Holdings, Inc. (PRG) - Major Customers

PROG Holdings, Inc. (PRG) primarily sells its lease-to-own financing solutions to individual consumers. The company partners with retailers to offer these solutions at the point of sale.

The major categories of individual customers it serves include:

• Credit-constrained Consumers: Individuals who may have limited or no access to traditional credit options (e.g., credit cards, bank loans) due to their credit history or score, and therefore seek alternative financing solutions like lease-to-own to acquire essential goods.
• Budget-conscious Shoppers: Consumers who prefer flexible payment plans that allow them to acquire durable goods over time without a large upfront payment, helping them manage their budget effectively.
• Convenience-seeking Customers: Individuals who value the simplicity and speed of point-of-sale financing offered by PROG's solutions directly through retail partners, allowing them to make immediate purchases without navigating complex traditional credit applications.

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Steven A. Michaels, President and Chief Executive Officer

Steven A. Michaels serves as the President and Chief Executive Officer of PROG Holdings, Inc.. He is also a member of the company's Board of Directors. Prior to his current role, he was CEO of Prog Holdings in April 2021.

Brian Garner, Chief Financial Officer

Brian Garner has been the Chief Financial Officer of PROG Holdings since December 2020. Before this, he held various financial roles within the company's Progressive Leasing segment, including Senior Vice President of Finance and Accounting, Vice President of Finance and Accounting, and Controller. His professional background also includes working at Ernst & Young in their Assurance and Advisory practice, where he provided technical guidance and advised on SEC filings, initial public offerings, and M&A transactions for public and private corporations. Mr. Garner holds a Master of Science degree in Accounting and Finance from Brigham Young University.

Curt Doman, Co-Founder and Special Advisor to the CEO

Curt Doman is a Co-Founder of PROG Holdings, Inc. and serves as a Special Advisor to the CEO. He is also listed as a Co-Founder on the company's Board of Directors.

Debra Fiori, Chief People Officer

Debra Fiori is the Chief People Officer at PROG Holdings, Inc.. Her responsibilities have included leadership development, succession planning, organizational design, reward systems, talent acquisition, and human resources operations.

Trevor Thatcher, Chief Operations Officer

Trevor Thatcher has served as the Chief Operations Officer of PROG Holdings, Inc. since December 2020. Before assuming this role, he was the Vice President of Operations for the company's Progressive Leasing operating segment from February 2015 through November 2020.

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1. Regulatory and Compliance Risks: PROG Holdings operates in a heavily regulated subprime financial marketplace, making it subject to extensive federal, state, and local laws and regulations. Recent settlements with the FTC and the Pennsylvania Attorney General underscore the potential for increased compliance costs and significant monetary penalties. The evolving regulatory landscape, including privacy acts like the California Consumer Privacy Act, further complicates compliance efforts and raises operational costs.
2. Vulnerability to Macroeconomic Conditions and Business Model Dependence: The company's business model, particularly its Progressive Leasing segment's lease-to-own solutions for subprime consumers, is highly susceptible to adverse macroeconomic factors such as inflation, elevated interest rates, and unemployment. These conditions can significantly reduce consumer demand, impacting the company's financial performance and leading to declining Gross Merchandise Volume (GMV). Furthermore, a large portion of Progressive Leasing's revenue is concentrated with several key point-of-sale partners, introducing a risk if these relationships are not maintained or expanded.
3. Weakening Financial Performance and High Indebtedness: PROG Holdings has experienced challenges with declining GMV in its Progressive Leasing segment and unstable earnings trends, with projections indicating potential negative EBITDA in the near term. The company also carries a high level of debt, and its variable rate indebtedness exposes it to interest rate risk, which could significantly impact debt service obligations if rates increase. This level of indebtedness and associated restrictive covenants may also limit the company's operational flexibility and ability to respond to market changes.

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The primary clear emerging threat for PROG (Progressive Leasing, Vive Financial) is the rapid expansion and increasing consumer adoption of Buy Now, Pay Later (BNPL) financing solutions.

While PROG traditionally operates in the lease-to-own (LTO) space, serving customers who may not qualify for traditional credit, BNPL services (e.g., Affirm, Afterpay, Klarna, PayPal Pay in 4) are growing rapidly and increasingly targeting a broader spectrum of credit profiles, including near-prime and subprime customers. These BNPL services often present a more consumer-friendly payment option (e.g., 0% interest installments, clearer path to ownership) which directly competes with LTO for point-of-sale financing at retail partners.

As more retailers integrate multiple BNPL options, and as BNPL providers continue to innovate their underwriting and product offerings, there is a clear risk of market share erosion for PROG's traditional LTO business, potentially leading to reduced demand from both consumers and retail partners.

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For PROG Holdings (PRG), the addressable markets for their main products and services are as follows:

• Lease-to-Own Solutions (Progressive Leasing): The U.S. rent-to-own market was valued at approximately US$11.95 billion in 2023. This market is projected to grow to about US$18.17 billion by 2029, with a compound annual growth rate (CAGR) of 7.32% from 2024 to 2029. Another estimate places the U.S. rent-to-own market value at around USD 12.31 billion in 2023, with a projection to reach approximately USD 19.39 billion by 2031, growing at a CAGR of about 6.77% from 2024 to 2031.

• Buy Now, Pay Later (BNPL) Options (Four Technologies): The global transaction volume for BNPL services exceeded US$214 billion in 2022. Analysts expect global consumer spending through BNPL services to reach approximately US$566 billion by 2026. The global BNPL services market is anticipated to grow at a CAGR of 29% until 2032, potentially exceeding US$9.2 trillion by the end of the forecast period.

• Second-Look Revolving Credit Products (Vive Financial): null

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• Growth in Progressive Leasing's Gross Merchandise Volume (GMV): Progressive Leasing, the company's largest segment, is a primary revenue driver. The company aims to grow GMV by investing in existing partnerships, forming new retail partnerships, enhancing brand awareness to attract new customers, and increasing its e-commerce penetration. Progressive Leasing experienced an 11.6% year-over-year GMV growth in Q3 2024. The broader U.S. rent-to-own market is projected to expand, with increasing e-commerce adoption acting as a significant catalyst.
• Expansion of Four Technologies (Buy Now, Pay Later - BNPL): Four Technologies, PROG's Buy Now, Pay Later (BNPL) offering, is a rapidly growing segment. It has demonstrated substantial growth, with over 200% year-over-year revenue growth and 167% GMV growth in Q2 2025, and achieved profitability for two consecutive quarters. The BNPL market is anticipated to see considerable expansion, with consumers expected to spend approximately $566 billion on BNPL services by 2026. Additionally, the direct-to-consumer (DTC) PROG Marketplace is on track to generate over $75 million in GMV for 2025.
• Benefiting from a Tightened Credit Environment: A macroeconomic environment characterized by tightened credit from traditional lenders serves as a tailwind for PROG Holdings. As conventional financing options become less accessible, more consumers are likely to turn to lease-to-own and BNPL solutions, thereby increasing demand for PROG's offerings.
• Strategic Enhancements to Customer and Retailer Experiences: The company's focus on improving both customer and retailer experiences is expected to fuel top-line momentum and increase its share with existing retail partners. This includes initiatives such as deeper e-commerce integrations and optimizing application processes to streamline the customer journey.

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Share Repurchases

• In November 2021, PROG Holdings authorized a $1 billion share repurchase program, including a $425 million modified Dutch auction tender offer completed in the fourth quarter of 2021.
• The company authorized a new $500 million share repurchase program in February 2024.
• PROG Holdings actively repurchased shares, including $31.3 million in Q4 2023, $36.4 million in Q3 2023, and $25.7 million in Q2 2025.

Share Issuance

• No significant share issuances were explicitly reported. Diluted weighted average shares outstanding generally decreased due to repurchases.

Inbound Investments

• No information is available regarding large inbound investments made in the company by third-parties.

Outbound Investments

• In Q3 2025, PROG Holdings sold its Vive Financial credit card portfolio as a step to improve capital efficiency.
• The company prioritizes strategic mergers and acquisitions as part of its capital allocation strategy.
• PROG Holdings' strategy includes investing in and expanding high-impact businesses and products within its portfolio, such as the Buy Now, Pay Later (BNPL) platform Four Technologies and the PROG Marketplace.

Capital Expenditures

• Capital expenditures are primarily focused on investing in existing and new partnerships and products to drive future growth.
• The company emphasizes reinvesting in its business, particularly in key growth initiatives, technology, and new products like Four Technologies.
• Specific dollar values for capital expenditures or expected capital expenditures for the upcoming year are not readily available in the provided information.