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SEGMENTS
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
As of June 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 six months ended June 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 were 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)
June 30, 2026December 31, 2025
Assets:
Progressive Leasing$1,105,002 $1,444,367 
Purchasing Power
801,750 — 
Four
112,930 132,337 
Other17,701 20,154 
Total assets from continuing operations
$2,037,383 $1,596,858 
The following is a summary of capital expenditures from continuing operations by segment:
Three months ended June 30,Six months ended June 30,
(in thousands)
2026202520262025
Capital expenditures:1
Progressive Leasing$3,245 $1,346 $4,570 $2,565 
Purchasing Power
1,452 — 2,871 — 
Four
48 48 92 82 
Other300 521 661 1,211 
Total capital expenditures from continuing operations
$5,045 $1,915 $8,194 $3,858 
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 six months ended June 30, 2026 and 2025.
Three months ended June 30, 2026
(in thousands)
Progressive Leasing
Purchasing Power
Four
Other
Total
Revenues:
Lease revenues and fees
$549,830 $— $— $— $549,830 
Product and service revenues
— 128,507 — — 128,507 
Other revenues
724 1,877 35,085 3,692 41,378 
Total revenues
550,554 130,384 35,085 3,692 719,715 
Significant segment expenses1
Depreciation of lease merchandise
364,311 — — — 364,311 
Cost of product sales
— 75,702 — — 75,702 
Provision for lease merchandise write-offs
46,499 — — — 46,499 
Selling, general and administrative
82,829 29,381 12,942 2,413 127,565 
Provision for credit losses
— 14,949 13,688 2,030 30,667 
Total
493,639 120,032 26,630 4,443 644,744 
Other segment items:
Depreciation and amortization2
2,198 8,038 256 566 11,058 
Restructuring and other expenses4,750 44 — — 4,794 
Gain on sale of lease receivables
(4,701)— — — (4,701)
Gain on change in fair value of receivables
— (1,810)— — (1,810)
Interest expense3
11,206 4,614 1,262 294 17,376 
Interest income3
(1,968)(243)(122)(220)(2,553)
Total
11,485 10,643 1,396 640 24,164 
Earnings (loss) before income tax expense
$45,430 $(291)$7,059 $(1,391)$50,807 
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 $2.2 million are included within the amounts shown.
Three months ended June 30, 2025
(in thousands)
Progressive Leasing
Purchasing Power
Four
Other
Total
Revenues:
Lease revenues and fees
$569,674 $— $— $— $569,674 
Other revenues
— — 16,076 2,753 18,829 
Total revenues
569,674 — 16,076 2,753 588,503 
Significant segment expenses1
Depreciation of lease merchandise
385,107 — — — 385,107 
Provision for lease merchandise write-offs
42,633 — — — 42,633 
Selling, general and administrative
78,892 — 5,678 2,989 87,559 
Provision for credit losses
— — 6,263 1,780 8,043 
Total
506,632 — 11,941 4,769 523,342 
Other segment items:
Depreciation and amortization2
5,072 — 248 530 5,850 
Interest expense3
10,111 — 1,055 988 12,154 
Interest income3
(3,687)— (110)(208)(4,005)
Total
11,496 — 1,193 1,310 13,999 
Earnings (loss) before income tax expense
$51,546 $— $2,942 $(3,326)$51,162 
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 $1.7 million are included within the amounts shown.
Six months ended June 30, 2026
(in thousands)
Progressive Leasing
Purchasing Power
Four
Other
Total
Revenues:
Lease revenues and fees
$1,146,694 $— $— $— $1,146,694 
Product and service revenues— 234,913 — — 234,913 
Other revenues
724 2,606 70,052 7,400 80,782 
Total revenues
1,147,418 237,519 70,052 7,400 1,462,389 
Significant segment expenses1
Depreciation of lease merchandise
773,321 — — — 773,321 
Cost of product sales— 138,208 — — 138,208 
Provision for lease merchandise write-offs
90,150 — — — 90,150 
Selling, general and administrative
164,089 57,766 25,596 12,292 259,743 
Provision for credit losses
— 27,910 23,285 3,639 54,834 
Total
1,027,560 223,884 48,881 15,931 1,316,256 
Other segment items:
Depreciation and amortization2
7,509 16,123 509 1,067 25,208 
Restructuring and other expenses5,276 3,387 — 3 8,666 
Gain on sale of lease receivables(11,158)— — — (11,158)
Gain on change in fair value of receivables— (7,522)— — (7,522)
Interest expense3
25,146 9,828 2,458 517 37,949 
Interest income3
(4,305)(390)(245)(440)(5,380)
Total
22,468 21,426 2,722 1,147 47,763 
Earnings (loss) before income tax expense
$97,390 $(7,791)$18,449 $(9,678)$98,370 
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 $4.3 million are included within the amounts shown.
Six months ended June 30, 2025
(in thousands)
Progressive Leasing
Purchasing Power
Four
Other
Total
Revenues:
Lease revenues and fees
$1,221,231 $— $— $— $1,221,231 
Other revenues
— — 30,505 5,195 35,700 
Total revenues
1,221,231 — 30,505 5,195 1,256,931 
Significant segment expenses1
Depreciation of lease merchandise
845,550 — — — 845,550 
Provision for lease merchandise write-offs
90,651 — — — 90,651 
Selling, general and administrative
161,072 — 12,366 6,270 179,708 
Provision for credit losses
— — 10,408 3,136 13,544 
Total
1,097,273 — 22,774 9,406 1,129,453 
Other segment items:
Depreciation and amortization2
10,200 — 640 985 11,825 
Interest expense3
20,075 — 2,288 1,684 24,047 
Interest income3
(6,488)— (110)(210)(6,808)
Total
23,787 — 2,818 2,459 29,064 
Earnings (loss) before income tax expense
$100,171 $— $4,913 $(6,670)$98,414 
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 $3.7 million are included within the amounts shown.