Question 1

What is PROG Holdings's depreciation of lease merchandise?

Accepted Answer

PROG Holdings (PRG) reported depreciation of lease merchandise of $409.01M in Q1 2026.

Question 2

How has PROG Holdings's depreciation of lease merchandise changed year-over-year?

Accepted Answer

PROG Holdings's depreciation of lease merchandise decreased by 11.2% year-over-year, from $460.44M to $409.01M.

Question 3

What is the long-term trend for PROG Holdings's depreciation of lease merchandise?

Accepted Answer

Over 4 years (2021 to 2025), PROG Holdings's depreciation of lease merchandise has grown at a -3.3% compound annual growth rate (CAGR), from $1.82B to $1.59B.

Question 4

What does depreciation of lease merchandise mean?

Accepted Answer

This represents the systematic allocation of the cost of tangible assets leased to customers over the expected term of the lease agreements. It reflects the consumption of the economic value of lease-to-own inventory as it is utilized by the lessee. Monitoring this metric is essential for understanding the capital intensity of the leasing business model and the rate at which assets are depreciating relative to lease revenue.

Line item	Three months ended March 31, 2026	Three months ended March 31, 2025
Other revenue	39,404	16,871
	742,674	668,428
Costs and expenses
Depreciation of lease merchandise	409,010	460,443
Cost of product sales	62,506	—
Provision for lease merchandise write-offs	43,651	48,018
Operating expenses	150,200	98,124
Provision for credit losses	24,167	5,501

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