PROG Holdings, Inc. reported a revenue of $2.5 billion for the fiscal year ending December 31, 2024, reflecting a 2.3% increase from $2.4 billion in 2023. The growth was primarily driven by a rise in Gross Merchandise Volume (GMV) from its Progressive Leasing and Four segments, with Progressive Leasing contributing approximately 96% of total revenues. The company’s earnings before income tax decreased to $163.6 million, down from $196.2 million in the previous year, attributed to higher provisions for lease merchandise write-offs and increased restructuring expenses.
The company experienced notable operational changes, including a 7.3% increase in GMV for Progressive Leasing, which rose to $1.93 billion in 2024 from $1.80 billion in 2023. This growth was supported by strategic initiatives such as enhanced marketing efforts and e-commerce integrations with point-of-sale partners. However, the company faced challenges, including elevated customer payment delinquencies and the bankruptcy of Big Lots, one of its key partners, which is expected to negatively impact financial performance in 2025.
In terms of customer engagement, PROG Holdings reported an active customer count of 934,893 for Progressive Leasing, an increase from 943,000 in 2023. The Vive segment maintained a stable customer base of 90, while the Other segment, which includes Four, saw its customer count rise to 252 from 113. The company’s workforce consisted of 1,403 employees across its segments as of December 31, 2024, reflecting ongoing restructuring efforts aimed at aligning costs with revenue expectations.
Looking ahead, PROG Holdings anticipates continued growth in GMV driven by its strategic initiatives, although it remains cautious due to macroeconomic pressures such as inflation and rising interest rates. The company plans to enhance its customer experience through technology investments and expand its product offerings, while also managing its cost structure to mitigate the impact of external economic factors. The outlook for 2025 suggests a focus on stabilizing operations and maintaining relationships with key partners to support revenue growth.
About PROG Holdings, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.