The following is a summary of the PROG Holdings, Inc. (PRG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 revenues reached $606.1 million, up 4% compared to Q3 2023.

• Consolidated adjusted EBITDA was $63.5 million, resulting in a 10.5% margin, aligned with GMV growth.

• Despite a high 90-day buyout rate, Q3 write-offs maintained at 7.7%, consistent with pre-pandemic levels.

Business Progress:

• PROG Holdings has successfully increased GMV, notably a 11.6% growth in Progressive Leasing segment.

• New exclusive partnership with American Signature, Inc. to bolster regional market positioning.

• Investments in sales, marketing, and technology have notably enhanced retail partnerships.

• The introduction of AI-driven solutions has improved operational efficiency and customer satisfaction.

Opportunities:

• GMV growth in new customer segments, outlined as new and reactivated clients, up 20% and 12% respectively year-over-year, facilitating market penetration and customer acquisition.

• The new PROG Marketplace platform has achieved 300% growth year-to-date, forecasting to double the GMV.

• E-commerce integrations contributed to GMV comprising 16.6% of total in Q3 2024, signaling expansion prospects.

Risks:

• Nearing Q4 2024, the usual holiday period presents a high season for both opportunities and credit risks, with a potential increase in write-offs anticipated.

• The closure and bankruptcy proceedings of Big Lots could affect Q4 GMV by approximately 100 to 150 basis points.

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