v3.25.3
SEGMENTS
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
As of September 30, 2025, the Company has two reportable segments: Progressive Leasing and Vive.
Progressive Leasing partners with traditional and e-commerce retailers, primarily in the consumer residential electronics, furniture and appliance, mobile phones and accessories, jewelry, mattresses, and automobile electronics and accessories industries to offer a lease-purchase solution primarily for customers who may not have access to traditional credit-based financing options. It does so by offering leases with monthly, semi-monthly, bi-weekly and weekly payment frequencies.
Vive offers a variety of second-look financing programs originated through third-party federally insured banks to customers of participating merchants and, together with Progressive Leasing, allows the Company to provide POS partners with near-prime and below-prime customers one source for financing and leasing transactions. On October 20, 2025, the Company completed the sale of substantially all of the assets of Vive, consisting primarily of its credit card receivable portfolio, along with related customer and merchant relationships.
Four is a BNPL company that allows shoppers to pay for merchandise through four interest-free installments. Four is not a reportable segment for the three and nine month periods ended September 30, 2025 and 2024 as its financial results are not significant to the Company's consolidated financial results. The revenues, earnings (loss) before income taxes, and assets of Four are included within Other, along with the Company's other strategic initiatives.
Factors Used by Management to Identify the Reportable Segments
The Company's reportable segments are based on the operations of the Company that the chief operating decision maker ("CODM") regularly reviews to analyze performance and allocate resources among business units of the Company. The Company's CODM is its President and CEO.
Segment Assets and Segment Profit or Loss
The CODM evaluates operating segment performance and decides how to allocate resources based on segment revenues and earnings (loss) before income tax expense (benefit). The Company determines earnings (loss) before income tax expense (benefit) for all reportable segments in accordance with U.S. GAAP. The CODM uses this information to evaluate the profitability of the Company's reportable segments and make decisions on future business plans.
The Company incurred various corporate overhead expenses for certain executive management, legal, human resources, finance, facilities, audit, risk management, technology, and other overhead functions during the three and nine months ended September 30, 2025 and 2024. Corporate overhead expenses incurred are primarily reflected as expenses of the Progressive Leasing segment and an immaterial amount was allocated to the Vive segment and Other. The allocation of corporate overhead costs to Progressive Leasing, Vive and Other was consistent with how the CODM analyzed performance and allocated resources among the segments of the Company.
The following is a summary of total assets by segment:
(In Thousands)September 30, 2025December 31, 2024
Assets:
Progressive Leasing$1,309,703 $1,282,585 
Vive146,023 137,762 
Other90,875 93,420 
Total Assets$1,546,601 $1,513,767 
The following is a summary of capital expenditures by segment:
Three Months Ended September 30,Nine Months Ended September 30,
(In Thousands)2025202420252024
Capital Expenditures:1
Progressive Leasing$2,886 $1,330 $5,451 $3,985 
Vive26 77 64 245 
Other641 631 1,934 1,807 
Total Capital Expenditures$3,553 $2,038 $7,449 $6,037 
1Capital expenditures primarily consists of internal-use software, as well as computer hardware and furniture and equipment.
The following table presents a summary of segment revenues, significant segment expenses, other segment items, and profit and loss information for the three and nine months ended September 30, 2025 and 2024. The revenues and earnings (loss) before income taxes within Other is comprised of the operating activities of Four and certain other strategic initiatives.
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
(In Thousands)
Progressive Leasing
Vive
Other
Total
Progressive Leasing
Vive
Other
Total
Revenues:
Lease Revenues and Fees1
$556,583 $— $— $556,583 $582,551 $— $— $582,551 
Interest and Fees on Loans Receivable2
— 17,402 21,123 38,525 — 16,000 7,594 23,594 
Total Revenues
556,583 17,402 21,123 595,108 582,551 16,000 7,594 606,145 
Significant Segment Expenses:3
Depreciation of Lease Merchandise
378,499 — — 378,499 401,070 — — 401,070 
Provision for Lease Merchandise Write-offs
41,037 — — 41,037 44,736 — — 44,736 
Selling, General and Administrative
79,272 6,415 9,569 95,256 76,472 6,277 6,955 89,704 
Provision for Loan Losses
— 10,654 9,991 20,645 — 11,009 4,124 15,133 
Total
498,808 17,069 19,560 535,437 522,278 17,286 11,079 550,643 
Other Segment Items:
Depreciation and Amortization4
5,116 138 888 6,142 5,390 155 720 6,265 
Restructuring Expenses
— — — — 6 — — 6 
Interest Expense5
10,106 275 2,009 12,390 9,976 — — 9,976 
Interest Income5
(4,185)(6)(317)(4,508)(2,276)— (316)(2,592)
Total
11,037 407 2,580 14,024 13,096 155 404 13,655 
Earnings (Loss) Before Income Tax
$46,738 $(74)$(1,017)$45,647 $47,177 $(1,441)$(3,889)$41,847 
1 Revenue within the scope of ASC 842, "Leases."
2 Revenue within the scope of ASC 310, "Receivables." Also included within Interest and Fees on Loans Receivable for the Other category is $5.1 million and $2.7 million of subscription fee revenue within the scope of ASC 606, "Revenues from Contracts with Customers," for the three months ended September 30, 2025 and 2024, respectively.
3 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
4 Excludes depreciation of lease merchandise, which is not included in the CODM's measure of depreciation and amortization.
5 Intersegment interest income and expense of $2.6 million and $0.3 million are included within the amounts shown for the three months ended September 30, 2025 and 2024, respectively.
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
(In Thousands)
Progressive Leasing
Vive
Other
Total
Progressive Leasing
Vive
Other
Total
Revenues:
Lease Revenues and Fees1
$1,777,814 $— $— $1,777,814 $1,773,617 $— $— $1,773,617 
Interest and Fees on Loans Receivable2
— 49,221 56,824 106,045 — 47,471 19,088 66,559 
Total Revenues
1,777,814 49,221 56,824 1,883,859 1,773,617 47,471 19,088 1,840,176 
Significant Segment Expenses:3
Depreciation of Lease Merchandise
1,224,049 — — 1,224,049 1,217,440 — — 1,217,440 
Provision for Lease Merchandise Write-offs
131,688 — — 131,688 131,660 — — 131,660 
Selling, General and Administrative
240,344 19,674 26,855 286,873 227,440 19,297 19,710 266,447 
Provision for Loan Losses
— 28,887 23,535 52,422 — 27,579 10,638 38,217 
Total
1,596,081 48,561 50,390 1,695,032 1,576,540 46,876 30,348 1,653,764 
Other Segment Items:
Depreciation and Amortization4
15,316 424 2,513 18,253 18,281 487 2,012 20,780 
Restructuring Expenses
— — — — 18,278 — 2,628 20,906 
Interest Expense5
30,180 643 5,611 36,434 29,958 — — 29,958 
Interest Income5
(10,672)(9)(632)(11,313)(6,036)— (949)(6,985)
Total
34,824 1,058 7,492 43,374 60,481 487 3,691 64,659 
Earnings (Loss) Before Income Tax
$146,909 $(398)$(1,058)$145,453 $136,596 $108 $(14,951)$121,753 
1 Revenue within the scope of ASC 842, "Leases."
2 Revenue within the scope of ASC 310, "Receivables." Also included within Interest and Fees on Loans Receivable for the Other category is $13.5 million and $6.4 million of subscription fee revenue within the scope of ASC 606, "Revenues from Contracts with Customers," for the nine months ended September 30, 2025 and 2024, respectively.
3 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
4 Excludes depreciation of lease merchandise, which is not included in the CODM's measure of depreciation and amortization.
5 Intersegment interest income and expense of $6.9 million and $0.9 million are included within the amounts shown for the nine months ended September 30, 2025 and 2024, respectively.