v3.26.3
SEGMENTS
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
As of September 30, 2026, the Company has three reportable segments: Progressive Leasing, Purchasing Power and Four.
Progressive Leasing partners with traditional and e-commerce retailers, mainly 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 weekly, bi-weekly, semi-monthly and monthly payment frequencies.
Purchasing Power is a voluntary employee benefit program provider allowing employees of its employer-clients to purchase brand-name products and services from Purchasing Power and then pay for those purchases through either automatic payroll deductions or allotments. Millions of employees nationwide have access to Purchasing Power's purchasing options.
Four is a buy-now, pay-later company that allows shoppers to pay for merchandise through four interest-free installments. As of December 31, 2025, Four was a reportable segment, as its financial results were considered significant to the Company's consolidated financial results. Prior year segment information has been recast for comparability to reflect Four as a reportable segment for the year ended December 31, 2025. For the periods prior to becoming a reportable segment, the revenues, loss before income taxes, and assets of Four were 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, 2026 and 2025. Corporate overhead expenses incurred are primarily reflected as expenses of Progressive Leasing. Purchasing Power separately incurs certain direct overhead costs associated with its operations, including costs related to its corporate office and functional support areas such as merchandising, technology, finance, legal, and accounting. An immaterial amount of corporate overhead was allocated from Progressive Leasing to Purchasing Power, Four, and our other strategic operations based on functional identification. The allocation of corporate overhead costs between Progressive Leasing, Purchasing Power, Four 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 from continuing operations by segment:
(in thousands)
September 30, 2026December 31, 2025
Assets:
Progressive Leasing$1,098,996 $1,444,367 
Purchasing Power
799,044 — 
Four
129,870 132,337 
Other19,207 20,154 
Total assets from continuing operations
$2,047,117 $1,596,858 
The following is a summary of capital expenditures from continuing operations by segment:
Three months ended September 30,Nine months ended September 30,
(in thousands)
2026202520262025
Capital expenditures:1
Progressive Leasing$3,635 $2,886 $8,205 $5,451 
Purchasing Power
1,181 — 4,052 — 
Four
3 39 95 121 
Other— 602 661 1,813 
Total capital expenditures from continuing operations
$4,819 $3,527 $13,013 $7,385 
1 Capital expenditures primarily consists of internal-use software, as well as computer hardware and furniture and equipment.
The following tables present 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, 2026 and 2025.
Three months ended September 30, 2026
(in thousands)
Progressive Leasing
Purchasing Power
Four
Other
Total
Revenues:
Lease revenues and fees
$552,266 $— $— $— $552,266 
Product and service revenues
— 128,941 — — 128,941 
Other revenues
464 2,855 37,239 4,014 44,572 
Total revenues
552,730 131,796 37,239 4,014 725,779 
Significant segment expenses1
Depreciation of lease merchandise
376,821 — — — 376,821 
Cost of product sales
— 75,826 — — 75,826 
Provision for lease merchandise write-offs
45,977 — — — 45,977 
Selling, general and administrative
83,763 25,366 14,023 2,339 125,491 
Provision for credit losses
— 16,011 12,042 2,473 30,526 
Total
506,561 117,203 26,065 4,812 654,641 
Other segment items:
Depreciation and amortization2
1,600 8,087 4 623 10,314 
Restructuring and other expenses(1,628)830 — — (798)
Gain on sale of lease receivables
(2,881)— — — (2,881)
Gain on change in fair value of receivables
— (1,478)— — (1,478)
Interest expense3
10,241 4,432 1,310 269 16,252 
Interest income3
(1,987)(241)(123)(230)(2,581)
Total
5,345 11,630 1,191 662 18,828 
Earnings (loss) before income tax expense
$40,824 $2,963 $9,983 $(1,460)$52,310 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2 Excludes depreciation of lease merchandise, which is not included in the CODM's measure of depreciation and amortization.
3 Intersegment interest income and expense of $2.1 million are included within the amounts shown.
Three months ended September 30, 2025
(in thousands)
Progressive Leasing
Purchasing Power
Four
Other
Total
Revenues:
Lease revenues and fees
$556,583 $— $— $— $556,583 
Other revenues
— — 17,414 3,709 21,123 
Total revenues
556,583 — 17,414 3,709 577,706 
Significant segment expenses1
Depreciation of lease merchandise
378,499 — — — 378,499 
Provision for lease merchandise write-offs
41,037 — — — 41,037 
Selling, general and administrative
79,272 — 7,275 3,037 89,584 
Provision for credit losses
— — 7,609 2,382 9,991 
Total
498,808 — 14,884 5,419 519,111 
Other segment items:
Depreciation and amortization2
5,116 — 243 645 6,004 
Interest expense3
10,106 — 1,123 1,170 12,399 
Interest income3
(4,185)— (110)(213)(4,508)
Total
11,037 — 1,256 1,602 13,895 
Earnings (loss) before income tax expense
$46,738 $— $1,274 $(3,312)$44,700 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2 Excludes depreciation of lease merchandise, which is not included in the CODM's measure of depreciation and amortization.
3 Intersegment interest income and expense of $2.6 million are included within the amounts shown.
Nine months ended September 30, 2026
(in thousands)
Progressive Leasing
Purchasing Power
Four
Other
Total
Revenues:
Lease revenues and fees
$1,698,960 $— $— $— $1,698,960 
Product and service revenues— 363,854 — — 363,854 
Other revenues
1,188 5,461 107,291 11,414 125,354 
Total revenues
1,700,148 369,315 107,291 11,414 2,188,168 
Significant segment expenses1
Depreciation of lease merchandise
1,150,142 — — — 1,150,142 
Cost of product sales— 214,034 — — 214,034 
Provision for lease merchandise write-offs
136,127 — — — 136,127 
Selling, general and administrative
247,852 83,133 39,619 14,630 385,234 
Provision for credit losses
— 43,920 35,327 6,113 85,360 
Total
1,534,121 341,087 74,946 20,743 1,970,897 
Other segment items:
Depreciation and amortization2
9,109 24,210 513 1,690 35,522 
Restructuring and other expenses3
3,648 4,217 — 3 7,868 
Gain on sale of lease receivables(14,039)— — — (14,039)
Gain on change in fair value of receivables— (9,000)— — (9,000)
Interest expense4
35,387 14,260 3,768 786 54,201 
Interest income4
(6,292)(631)(368)(670)(7,961)
Total
27,813 33,056 3,913 1,809 66,591 
Earnings (loss) before income tax expense
$138,214 $(4,828)$28,432 $(11,138)$150,680 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2 Excludes depreciation of lease merchandise, which is not included in the CODM's measure of depreciation and amortization.
3 Includes $4.8 million of expense to settle a legal dispute.
4 Intersegment interest income and expense of $6.4 million are included within the amounts shown.
Nine months ended September 30, 2025
(in thousands)
Progressive Leasing
Purchasing Power
Four
Other
Total
Revenues:
Lease revenues and fees
$1,777,814 $— $— $— $1,777,814 
Other revenues
— — 47,919 8,904 56,823 
Total revenues
1,777,814 — 47,919 8,904 1,834,637 
Significant segment expenses1
Depreciation of lease merchandise
1,224,049 — — — 1,224,049 
Provision for lease merchandise write-offs
131,688 — — — 131,688 
Selling, general and administrative
240,344 — 19,641 9,307 269,292 
Provision for credit losses
— — 18,017 5,518 23,535 
Total
1,596,081 — 37,658 14,825 1,648,564 
Other segment items:
Depreciation and amortization2
15,316 — 883 1,630 17,829 
Interest expense3
30,180 — 3,411 2,852 36,443 
Interest income3
(10,672)— (220)(421)(11,313)
Total
34,824 — 4,074 4,061 42,959 
Earnings (loss) before income tax expense
$146,909 $— $6,187 $(9,982)$143,114 
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2 Excludes depreciation of lease merchandise, which is not included in the CODM's measure of depreciation and amortization.
3 Intersegment interest income and expense of $6.9 million are included within the amounts shown.