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    Hoang Nguyen • TD Cowen

    Hoang Nguyen's questions to PROG leadership

    Hoang Nguyen's questions to PROG leadership • Q2 2025

    Question

    Hoang Nguyen questioned what macroeconomic or internal conditions would be required for the company to fully reverse its credit tightening measures and asked about the competitive landscape for Four's subscription-based BNPL product.

    Answer

    CEO Steven Michaels stated that a full reversal of underwriting tightening is not planned and any loosening would be incremental, pending significant improvements in consumer health data. On Four, he acknowledged the industry has moved toward a subscription model, which has seen strong adoption, and noted Four's direct-to-consumer approach is a key differentiator.

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    Hoang Nguyen's questions to Upbound Group Inc (UPBD) leadership

    Hoang Nguyen's questions to Upbound Group Inc (UPBD) leadership • Q1 2025

    Question

    Hoang Nguyen asked for an update on the plan to accelerate revenue growth at Brigit and questioned whether cross-selling between Brigit and the lease-to-own businesses could reduce the overall cyclicality of Upbound's model.

    Answer

    CFO Fahmi Karam confirmed that Brigit's growth is on track with the initial 2025 and 2026 plans, supported by a strong macro backdrop and a pipeline of new products. CEO Mitchell E. Fadel added that cross-selling marketing efforts have already begun. Mr. Karam also noted that all of Upbound's businesses are designed to be countercyclical, as both lease-to-own and liquidity solutions see increased demand in tougher economic times, making the combined platform highly resilient.

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    Hoang Nguyen's questions to Upbound Group Inc (UPBD) leadership • Q4 2024

    Question

    Hoang Nguyen of TD Cowen asked for an update on the Brigit acquisition integration, specifically regarding cash-flow underwriting and the cross-selling roadmap, and also inquired about the merchant pipeline and recent wins at Acima.

    Answer

    CFO Fahmi Karam stated that while it is early, the immediate priority for the Brigit integration is cross-marketing to the existing customer bases, with the more complex cash-flow underwriting integration to follow. CEO Mitchell E. Fadel added that cross-selling could begin post-tax season and represents potential upside to 2025 guidance. Fadel also praised Acima's sales team for achieving 10% location growth in 2024 and noted the pipeline remains strong, driven by superior technology, integration speed, and service offerings.

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    Hoang Nguyen's questions to Upbound Group Inc (UPBD) leadership • Q3 2024

    Question

    Hoang Nguyen asked which customer segment is contributing to the rise in losses and delinquencies and requested more color on the $7.5 million estimated expense for legal settlements.

    Answer

    CEO Mitchell E. Fadel clarified that the loss uptick occurred in the Rent-A-Center segment, as Acima's losses are actually trending down due to the trade-down effect. CFO Fahmi Karam explained that the $7.5 million is a required accounting accrual for three outstanding legal matters (CFPB, NY AG, Multistate AG) now that a settlement is considered probable and estimable, but could not provide further specifics.

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    Hoang Nguyen's questions to PROG Holdings Inc (PRG) leadership

    Hoang Nguyen's questions to PROG Holdings Inc (PRG) leadership • Q1 2025

    Question

    Hoang Nguyen asked for a breakdown of the revised guidance drivers, specifically the impact of the Q1 GMV miss versus future expectations, and inquired about the nature of conversations with retail partners regarding affordability and tariffs.

    Answer

    CFO Brian Garner explained the guidance revision was primarily driven by the Q1 GMV miss and the prolonged impact of demand headwinds, as early-year GMV has a more pronounced P&L impact. CEO Steven Michaels added that they did not provide a specific GMV guide for the rest of the year due to a lack of clarity. Regarding partners, Michaels described conversations as very positive, citing a new e-commerce integration with a national partner, and noted that while tariffs are a focus for retailers, PROG is positioned as a solution to help them navigate the challenges.

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    Hoang Nguyen's questions to PROG Holdings Inc (PRG) leadership • Q4 2024

    Question

    Hoang Nguyen of TD Cowen sought more specific details on the assumptions behind the Big Lots impact, including any potential GMV from surviving stores or liquidation sales, and asked about the expected magnitude of margin erosion in 2025.

    Answer

    President and CEO Steven Michaels stated that closeout sales did not provide a volume boost and the company's base case assumes no further GMV from Big Lots in 2025, though any survival of furniture-carrying stores would be upside. CFO Brian Garner added that the implied Progressive Leasing margin for 2025 is 10.9% to 11.2%, reflecting the loss of the high-margin Big Lots business and continued investment in technology and growth initiatives.

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    Hoang Nguyen's questions to PROG Holdings Inc (PRG) leadership • Q3 2024

    Question

    Hoang Nguyen asked about the potential for charge-offs to trend toward the middle of the target range, the drivers behind the strong Q4 EPS guidance, and the promotional outlook for the holiday season.

    Answer

    President and CEO Steve Michaels responded that the company is comfortable operating within its 6-8% write-off range and is not targeting a specific midpoint. CFO Brian Garner attributed the strong Q4 outlook to revenue growth from an increased portfolio size, a sequential decline in write-offs, and disciplined spending. Michaels added that he expects a promotional holiday season, with GMV growth driven by company initiatives rather than a rebound in underlying demand.

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