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SEGMENTS
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
As of March 31, 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.
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 month periods ended March 31, 2025 and 2024 as its financial results are not significant to the Company's consolidated financial results. The revenues, 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. The Company determines earnings (loss) before income tax expense 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 months ended March 31, 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)March 31, 2025December 31, 2024
Assets:
Progressive Leasing$1,258,466 $1,282,585 
Vive135,486 137,762 
Other75,961 93,420 
Total Assets$1,469,913 $1,513,767 
The following is a summary of capital expenditures by segment:
Three Months Ended March 31,
(In Thousands)20252024
Capital Expenditures:1
Progressive Leasing$1,219 $1,405 
Vive19 68 
Other724 623 
Total Capital Expenditures$1,962 $2,096 
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 months ended March 31, 2025 and 2024. The revenues and loss before income taxes within Other is comprised of the operating activities of Four and certain other strategic initiatives.
Three Months Ended March 31, 2025
(In Thousands)
Progressive Leasing
Vive
Other
Total
Revenues:
Lease Revenues and Fees1
$651,557 $— $— $651,557 
Interest and Fees on Loans Receivable2
— 15,660 16,871 32,531 
Total Revenues
651,557 15,660 16,871 684,088 
Significant Segment Expenses:3
Depreciation of Lease Merchandise
460,443 — — 460,443 
Provision for Lease Merchandise Write-offs
48,018 — — 48,018 
Selling, General and Administrative
82,174 7,299 9,343 98,816 
Provision for Loan Losses
— 8,861 5,501 14,362 
Total
590,635 16,160 14,844 621,639 
Other Segment Items:
Depreciation and Amortization4
5,128 147 847 6,122 
Restructuring Expenses
6 — — 6 
Interest Expense5
9,964 186 1,741 11,891 
Interest Income5
(2,801)— — (2,801)
Total
12,297 333 2,588 15,218 
Earnings (Loss) Before Income Tax Expense
$48,625 $(833)$(561)$47,231 
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 $6.2 million of subscription fee and interchange revenue within the scope of ASC 606, "Revenues from Contracts with Customers."
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 $2.0 million are included within the amounts shown.
Three Months Ended March 31, 2024
(In Thousands)
Progressive Leasing
Vive
Other
Total
Revenues:
Lease Revenues and Fees1
$620,550 $— $— $620,550 
Interest and Fees on Loans Receivable2
— 16,051 5,269 21,320 
Total Revenues
620,550 16,051 5,269 641,870 
Significant Segment Expenses:3
Depreciation of Lease Merchandise
431,571 — — 431,571 
Provision for Lease Merchandise Write-offs
43,141 — — 43,141 
Selling, General and Administrative
76,573 6,769 6,918 90,260 
Provision for Loan Losses
— 8,198 2,851 11,049 
Total
551,285 14,967 9,769 576,021 
Other Segment Items:
Depreciation and Amortization4
7,231 166 621 8,018 
Restructuring Expenses
18,014 — — 18,014 
Interest Expense5
9,676 — — 9,676 
Interest Income5
(1,109)— (317)(1,426)
Total
33,812 166 304 34,282 
Earnings (Loss) Before Income Tax Expense
$35,453 $918 $(4,804)$31,567 
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 $1.4 million of subscription fee and interchange revenue within the scope of ASC 606, "Revenues from Contracts with Customers."
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 $0.3 million are included within the amounts shown.