Financial Data and Key Metrics Changes - For the full year of 2025, consolidated GMV grew 12.1%, supported by Four's triple-digit growth at approximately 144% [9] - Adjusted EBITDA from continuing operations for 2025 was $269 million, which was essentially flat compared to the previous year and exceeded the high end of the outlook provided in October [10][33] - Non-GAAP diluted EPS from continuing operations was $3.51, beating both the October outlook and the original guidance provided in February [10][33] Business Line Data and Key Metrics Changes - Leasing GMV was down 8.6% year-over-year, primarily due to the bankruptcy of a large retail partner and intentional tightening actions [5][6] - Excluding the impact of Big Lots bankruptcy and decisioning tightening, underlying GMV grew in the mid-single digits [6] - Four Technologies delivered triple-digit GMV and revenue growth throughout the year, contributing approximately $736 million of GMV, representing 144% growth year-over-year [31] Market Data and Key Metrics Changes - Progressive Leasing's Q4 GMV declined 10.6% year-over-year, driven by the impact of the Big Lots bankruptcy and intentional tightening actions [28] - Digital channels, particularly PROG Marketplace, saw GMV increase by 187% year-over-year, highlighting the effectiveness of direct-to-consumer investments [29] - E-commerce GMV reached an all-time high of approximately 30% of total Progressive Leasing GMV in Q4 2025, compared to 17% in 2024 [14] Company Strategy and Development Direction - The company is focusing on a three-pillar strategy: grow, enhance, and expand, with an emphasis on a multiproduct platform [11][24] - The acquisition of Purchasing Power is expected to expand offerings into a differentiated channel and enhance customer lifetime value across the platform [21][24] - The company aims to balance near-term pressures with long-term value creation, emphasizing disciplined execution and strategic investments [11][24] Management's Comments on Operating Environment and Future Outlook - The management anticipates a challenging operating environment in 2026, particularly for consumer segments, but expects higher tax refunds to provide incremental liquidity [22][23] - The company plans to reinvest in the business while focusing on debt reduction and maintaining a leaner cost structure [24][35] - Management expressed confidence in navigating the challenging environment while building long-term shareholder value [39] Other Important Information - The company sold its Vive portfolio to realign capital towards opportunities with stronger strategic alignment [7] - The integration of Purchasing Power is expected to drive cross-product engagement and leverage shared data capabilities [21][24] - The company ended 2025 with $308.8 million in cash and total available liquidity of approximately $659 million [33] Q&A Session Summary Question: Performance expectations for Purchasing Power - Management expects low double-digit revenue growth for Purchasing Power in 2026, with potential for synergies and improved EBITDA margins over time [43][46] Question: Credit outlook by product - Management is encouraged by the outcomes of tightening efforts and expects to maintain a disciplined decisioning posture across products, including Progressive Leasing and Four [48][52] Question: Trends in GMV and retail partnerships - Management noted a slight rebound in GMV towards the end of 2025 and expects to lap headwinds from bankrupt partners in early 2026, leading to improved trends [75]

Financial Data and Key Metrics Changes - For the full year of 2025, consolidated GMV grew 12.1%, supported by Four's triple-digit growth at approximately 144% [9] - Adjusted EBITDA from continuing operations for 2025 was $269 million, which was essentially flat compared to the previous year and exceeded the high end of the outlook provided in October [10][33] - Non-GAAP diluted EPS from continuing operations was $3.51, beating both the October outlook and the original guidance provided in February [10][33] - Q4 consolidated revenues from continued operations declined 5.2% year-over-year to $574.6 million, reflecting a smaller leasing portfolio [32] Business Line Data and Key Metrics Changes - Progressive Leasing's GMV declined 10.6% year-over-year in Q4, primarily due to the impact of the Big Lots bankruptcy and intentional tightening actions [28] - Excluding the impact of Big Lots and decisioning, underlying GMV grew 1% year-over-year [29] - Four Technologies delivered approximately $736 million of GMV in 2025, representing 144% growth year-over-year, and generated approximately $10 million of adjusted EBITDA [31][18] Market Data and Key Metrics Changes - The retail and consumer environment remained challenging, particularly in the categories served by the company, with significant disruption following the bankruptcy of a large retail partner [4] - The company began 2026 with a smaller lease portfolio, down 9.4% year-over-year, creating revenue headwinds [22] Company Strategy and Development Direction - The company is focused on a three-pillar strategy: grow, enhance, and expand, with an emphasis on a multiproduct offering [11][23] - The acquisition of Purchasing Power is expected to expand offerings into a differentiated channel and align with the long-term strategy [8][19] - The company aims to leverage its ecosystem to drive cross-product engagement and enhance customer lifetime value [19][20] Management's Comments on Operating Environment and Future Outlook - The management anticipates a challenging operating environment in 2026, particularly for consumer segments, but expects higher tax refunds to provide incremental liquidity [21][22] - The company plans to reinvest in the business while focusing on debt reduction and maintaining a leaner cost structure [23][36] - Management expressed confidence in navigating the challenging environment while continuing to build long-term shareholder value [38] Other Important Information - The company generated strong free cash flow in 2025, allowing for reinvestment in the business and returning capital to shareholders [10][34] - The sale of the Vive portfolio was a strategic realignment of capital, allowing for reinvestment in products with better strategic fit [19] Q&A Session Summary Question: Performance expectations for Purchasing Power - Management expects low double-digit revenue growth for Purchasing Power in 2026, with potential for synergies and efficiencies as part of the PROG ecosystem [40][41] Question: Credit outlook by product - Management is encouraged by the outcomes of tightening efforts and expects to maintain a disciplined decisioning posture across products, including Progressive Leasing and Four [45][46] Question: Trends in GMV and retail partnerships - Management noted a slight rebound in GMV trends towards the end of 2025 and expects to lap headwinds from bankrupt partners in 2026, leading to improved results [71][72]

PROG Holdings, Inc. Q4 2025 Earnings Supplement February 18, 2026 PROG Internal Use of Forward-Looking Statements Statements, estimates and projections in this earnings supplement regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminolo ...

Core Insights - PROG Holdings (PRG) is expected to report quarterly earnings of $0.60 per share, reflecting a 25% decline year-over-year [1] - Revenue forecasts stand at $584.65 million, indicating a 6.2% decrease compared to the previous year [1] - The consensus EPS estimate has remained unchanged over the past 30 days, suggesting analysts have reassessed their projections [1] Revenue Estimates - Analysts predict 'Revenues- Lease Revenues and Fees' will reach $552.79 million, a year-over-year decline of 6.8% [4] - 'Revenues- Interest and Fees on Loans Receivable' is estimated to be $30.09 million, reflecting a decrease of 1.2% year-over-year [4] Gross Merchandise Volume (GMV) - The expected GMV for Progressive Leasing is projected at $554.29 million, down from $597.49 million reported in the same quarter last year [5] Stock Performance - PROG Holdings shares have returned +2.7% over the past month, contrasting with a -1.7% change in the Zacks S&P 500 composite [5] - The company holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the overall market [5]

2025年，持牌消费金融行业在强监管与弱增长的双重挤压下，走出了一条冰火交织的发展之路。 WEMONEY研究室联合企业预警通盘点全年31家持牌消费金融公司，数据显示，多家机构留下了增 资、监管处罚或业务调整等公开记录，其中129条负面事件占比超五成，罚单总额突破千万元。与此同 时，行业增资总额超150亿元，助贷合作模式在透明化要求下加速分化。罚单、增资与助贷三条主线交 织，勾勒出行业在转型阵痛中艰难求生的真实图景。 罚单高悬：合规旧疾难除 监管力度的持续加码成为行业新常态。"双罚制"已全面落地，121条监管预警事件中，90%以上同时追 究机构与责任人责任，厦门金美信消金相关负责人被警告，蒙商消金风险管理部总监因异议处理不当被 罚3.4万元。从处罚主体来看，国家金融监督管理总局及其地方分局主导行政处罚，央行则聚焦征信管 理违规，形成全方位监管闭环。业内专家指出，监管已从"事后处罚"转向"事前预防+事中监测"，合规 底线持续抬高，粗放生长模式已无生存空间。 2025年消费金融行业的罚单呈现出"频次高、范围广、金额大"的特征。企业预警通显示，全年共有9家 机构收到行政处罚，罚单总额达1292.7万元。其中上半年处罚 ...

Company Overview - OneMain is a consumer finance lender that provides personal loans, auto loans, and credit cards, focusing primarily on the subprime consumer market [2] Leadership - Doug Shulman serves as the CEO of OneMain and participated in a conference to discuss the company's operations and market focus [2] Industry Context - The consumer finance sector, particularly in the subprime lending space, is characterized by its focus on providing financial services to consumers with lower credit scores [2]

OneMain Conference Call Summary Company Overview - **Company**: OneMain - **Industry**: Consumer Finance, Specialty Payments - **Focus**: Personal loans, auto loans, credit cards, primarily targeting subprime consumers [1][3] Key Insights on Non-Prime Consumer Health - **Resilience of Non-Prime Consumers**: The non-prime consumer segment is described as resilient, with income levels catching up to inflation. However, there has not been a dramatic improvement in their financial situation over the past year [4][5][6] - **Employment Trends**: Unemployment remains historically low, allowing most individuals seeking jobs to find employment. However, there are some crosscurrents affecting the economic landscape [5][6] - **Loan Approval Rates**: Approval rates are not a primary focus; instead, the emphasis is on whether applicants meet underwriting criteria. The company has seen a steady flow of applications [12][14] Portfolio Resilience and Underwriting Strategy - **Portfolio Management**: The current portfolio is considered resilient, with a conservative underwriting approach established since 2022. The company has implemented a minimum threshold of 20% return on equity (ROE) for loans [14][16] - **Stress Testing**: A stress test model predicts losses at 6.5%, accounting for a 30% stress overlay, indicating a conservative approach to potential economic downturns [14][16] - **Lessons Learned**: The importance of discipline in lending practices is emphasized, with a focus on data-driven decision-making and maintaining a conservative balance sheet [17][18] ILC Application Update - **ILC License Status**: No updates on the Industrial Loan Company (ILC) application; it is viewed as a "nice to have" rather than a necessity for the business [24][30] - **Operational Benefits**: If granted, the ILC license could simplify operations across different states and enhance the ability to issue credit cards directly [30][31] Funding Strategy - **Conservative Balance Sheet**: The company maintains a diversified funding strategy, including asset-backed securities (ABS) and bank lines totaling over $7 billion from 14 banks. This approach aims to mitigate liquidity risks [41][43][50] - **Long Liquidity Runway**: The company keeps about two years of liquidity to ensure operational stability during market disruptions [50][52] Auto and Credit Card Business Updates - **Auto Lending Growth**: The auto lending segment has been expanding, with a focus on independent dealerships and a recent acquisition of Foursight to enhance capabilities [56][57][58] - **Credit Card Strategy**: The credit card business is growing, with a focus on serving the non-prime consumer. The integration of credit cards into the overall strategy is seen as complementary to personal loans [62][63][66] Capital Allocation and Returns - **Capital Priorities**: The company prioritizes investing in business growth, maintaining a healthy dividend, and opportunistic share buybacks. A recent buyback program was increased to $1 billion through 2028 [93][94] - **M&A Considerations**: While open to M&A opportunities, the company currently favors organic growth and share repurchases as the best use of capital [95] Conclusion - **Investor Communication**: The company aims to clarify misconceptions about its risk profile, emphasizing the strength of its balance sheet and the stability of its non-prime lending model [102][103] - **Long-Term Strategy**: OneMain is positioned as a resilient player in the consumer finance space, focusing on disciplined lending practices and maintaining a strong balance sheet to navigate economic cycles [107][108]

Synchrony Financial 2026 Conference Summary Company Overview - **Company**: Synchrony Financial (NYSE: SYF) - **Date of Conference**: February 10, 2026 Key Points Industry Insights - The consumer finance sector is experiencing a K-shaped recovery, with stability observed in non-prime consumers while the middle-income segment faces pressure due to wage growth and affordability issues [7][8][9] - The high-end consumers are showing signs of reduced spending, while the non-prime consumers are adapting well to economic pressures [8][11] Consumer Behavior - Non-prime consumers are demonstrating resilience by taking multiple jobs and engaging in the gig economy, while middle-income consumers are struggling with disposable income [11] - Average tax refunds are expected to increase by approximately $1,000, benefiting higher-income consumers more than moderate-income consumers [13][14] - Purchase volume is anticipated to rise among moderate-income consumers, while higher-income consumers may focus on debt repayment or savings [14][15] Financial Performance - Synchrony Financial's loan receivables are projected to grow in the mid-single digits, with a slight decline of 50 basis points year-over-year noted in recent data [39][41] - Delinquencies are performing better than seasonal expectations, with early-stage delinquencies down 7 basis points compared to historical averages [42][72] - The company is experiencing a sub-5% loss rate, indicating strong credit quality [42] Strategic Initiatives - Synchrony is focusing on expanding its health and wellness product offerings, which are expected to drive significant growth [61] - Investments in technology and customer experience are prioritized to enhance operational efficiency and consumer engagement [62][63] - The launch of the OnePay Walmart program is highlighted as a significant success, with a richer value proposition compared to previous offerings [29][32] Economic Outlook - The macroeconomic environment is perceived as more stable, with manageable inflation and unemployment rates [44][45] - Net interest income (NII) is expected to grow in 2026, although specific guidance on growth rates was not provided [46][49] - The company is positioned to return capital to shareholders, with a focus on prudent buybacks and maintaining a strong capital position [81][82] Investment and Growth Strategy - Synchrony plans to invest in technology and strategic partnerships to drive long-term growth, with a focus on maintaining low customer acquisition costs [86] - The company aims for double-digit EPS growth by 2027, supported by ongoing investments in its portfolio and technology [86] Credit Quality and Risk Management - Credit metrics are stable, with no significant deterioration expected, and the company is managing credit risk effectively compared to industry peers [72][73] - Reserve releases in 2026 are anticipated to be influenced by growth rates, with a focus on maintaining confidence in credit quality [73] Conclusion - Synchrony Financial is navigating a complex consumer finance landscape with a focus on strategic growth, technological investment, and maintaining credit quality. The company is optimistic about its future performance, aiming for sustainable growth and shareholder value enhancement.

Summary of SLM (Sallie Mae) Conference Call Company Overview - **Company**: Sallie Mae (SLM) - **Industry**: Private Student Lending - **Conference Date**: February 10, 2026 Key Points Business Transformation and Strategy - Sallie Mae is undergoing a transformation in its business model, focusing on expanding its reach in the private student lending market due to federal reforms in student lending [4][5] - The company has initiated strategic partnerships, starting with KKR, to enhance its funding capabilities and capitalize on acquisition opportunities [4][5] Financial Guidance - For 2026, Sallie Mae expects private loan originations to grow by 12%-14% year-over-year, with a significant contribution from Grad PLUS loans [6][12] - The Grad PLUS opportunity is estimated to be a $5 billion market, with initial scaling expected to be $2.5 billion in the first year [7][10][11] Loan Portfolio Management - The loan portfolio is expected to remain flat to slightly down in the near term, with a gradual return to growth projected at 1%-2% annually [14][16] - The company is balancing traditional loan growth with new partnerships, which will allow for a more capital-efficient origination strategy [14][15] Partnerships and Market Position - The KKR partnership is unique as it involves selling newly originated loans before full disbursement, differing from traditional seasoned portfolio sales [18][21] - Sallie Mae's existing relationships with over 2,100 schools provide a competitive advantage in the undergrad space, which is crucial for entering the grad market [32] Competitive Landscape - The competitive intensity in the student lending market remains stable, with existing players signaling intentions to pursue the same opportunities [40] - Sallie Mae anticipates that marketing efforts will be inefficient in the first year as they target new-to-firm customers, but expects to optimize over time [34][41] Credit Performance and Risk Management - The company expects stable credit performance in 2026, with net charge-offs consistent with the previous year [24] - The Grad PLUS cohort is anticipated to have higher credit quality, potentially leading to lower reserve requirements over time [25] Investment and Expenses - Sallie Mae plans to increase investments in product design, technology, and marketing to attract a new consumer profile, with a projected 16% year-over-year increase in expenses [27][30] - Approximately 40% of the expense increase is attributed to strategic investments aimed at enhancing product offerings for the grad market [28] Capital Return and Financial Health - The company has a history of returning capital to shareholders, with a new $500 million share repurchase authorization announced [51] - Sallie Mae maintains a matched book strategy to manage interest rate risks, with expectations of operating within a low to mid 5% net interest margin [52] Employment Trends and Borrower Support - New grad unemployment rates have increased slightly, but Sallie Mae's products are designed to support borrowers during the transition to employment [53][54] - The company has a high cosigner rate of over 90% on new originations, which aids in borrower support and reduces delinquency risks [58][60] Investor Sentiment - Investors generally understand the potential for Sallie Mae's growth and support the company's strategic direction, particularly regarding the Grad PLUS opportunity [66][67] Additional Insights - The company views the current opportunity as a once-in-a-career chance for significant growth in originations, emphasizing the importance of product design and marketing strategies to capture this market [67]

Group 1 - The core theme of the 2025 financial summit is "Moving towards newness and achieving quality for the long term," highlighting the importance of digital transformation in the consumer finance sector [1] - Ping An Consumer Finance received the "2025 Outstanding Growth Value Award" for its impressive performance in financial practices and service promotion [1] Group 2 - Financial digital transformation is essential for survival and competitiveness, requiring the integration of AI, big data, and cloud computing into business processes [3] - Ping An Consumer Finance has accumulated over 240 intellectual property rights in the field of financial technology and has provided services to over 10 million customers across more than 2,500 cities, with nearly 80% of clients from lower-tier cities [3] Group 3 - The company is enhancing customer service through AI technology, achieving a coverage of 90% in consultation scenarios and maintaining a human connection rate of over 97% [4] - Ping An Consumer Finance aims to continue integrating technology with financial services, focusing on value-driven approaches as it moves forward [4]