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and XXXX we discuss drive into in executing insights to growth our share also sustainable are initiatives the will We ahead. strategic years the
of GMV resilience outstanding Progressive year billion, and supported and marketing lenders higher effectively XXXX X.X% better-than-expected optimizing execution up across was managing we by delivered grew stack. initiatives tighter as technology, by GMV sales, while $X.XX and to Leasing's a further approval rates and driven the lease the costs. portfolio in growth credit from
direct-to-consumer environment, Despite with including our share September, retail expanded a the the retail of new through and onboarded retail key major challenges broader partner again bankruptcy in relationships gained marketing. balance partners, we in base customer of
expanding long-term value Looking acquisition, we remain driving lifetime on customer and increasing sustainable focused ahead, growth.
gross Leasing's to new was customers above-average opting payment lower performance by due made early low difficult driven margin a our XX-day customer for options. purchase XXXX. options Progressive was and within This in higher higher XXXX percentage cohort, compared historically more levels delinquencies, to purchase particularly of comparison of in XX-day XXXX and
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last same the a as balance X.X% X.X%, lease larger up Progressive being compared XXXX, entering quarter, the September of time portfolio revenue Leasing at to driven by QX year. grew down X.X% XX,
range. performed targeted Our yields, X% in expected with write-offs portfolio and we X% to successfully our line managed within annual
largely X.X%, at acquisitions. including write-offs slightly XXXX to above delinquencies, due QX customer expectations, higher from However, in came new
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in ability momentum on of beyond. and XXXX team's proud execution our our this and to in build am confident I
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mindful growth-focused optimistic in we remain across headwinds ahead, of growth through we execution and initiatives again, about, While marketing effective GMV the are XXXX and technology. achieving sales,
positioning ahead. We years us for sustained in will advance the expand, our success and grow, to strategy X-pillar enhance
Now a I'd provide to considered outlook. XXXX like into in headwind our insight
the half One Lots, the large commenced Big partners, in our second in of and liquidation for of year protection bankruptcy efforts retail filed December.
in reflect approximately We GMV have GMV the projections, accounted flat for for which our this first impact quarter.
has carries in our like Boomers for in Their portfolio present shifts typically heavily margin of X high as a mix. customers, originated contributed category, performance Lots. above-average customer and Additionally, in repeat and factors will the the I headwinds base These Gen Progressive adjust the margins term financial toward Baby of to that's the Leasing's portion in more would all portfolio higher presence furniture Big near long-standing strong which through we our significant partnership out driving point with Lots rate skewed role played to Big profitability. to
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focus on integrations these renewals these place, initiative and partners can continue we With roadmap our in drive future to deepening with to accelerating growth. key
track make and and website in branded a growth. cycle our For our SEO brand which to awareness, advancing life proven include personalized Marketplace. customer XXXX, investments acquisition also direct-to-consumer through strategy, strengthening we to of profitable effectiveness, GMV boost within expanding partner ecosystem campaigns incremental marketing has PROG record driving PROG plan efforts marketing, The initiatives enhancing launching
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through operations, R&D AI-driven group, well Enterprise out and retailer-specific enhancing our and included XXXX, an Labs, This and driving productivity on innovation ChatGPT efficiency up employee training applications internal AI employee equips resources streamline on as sales PROG is assistant both to rates. retailer pillar, to and to enhanced OpenAI's materials, AI-powered our and we rolled elevate free increase In customer an self-service conversion boost generative experiences. platform benefits developed with team our policies and higher-value under initiatives. customer that improving focus AI-powered for compliance as Also
assistants introduced we user These a better for our for driven in tasks. and pilot a Leasing chat reduce center journey customers the routine AI-powered self-service PRG generative AI offerings, reliance engagement, chatbot Cash customer Progressive product. improve App help Ventures' understand Advance launched our minimize the To contact in on experience and Money friction
these Encouraged aim to capabilities by expand early results we XXXX. in
customer across multiple personalize areas to our committed and experience, engagement, to fueling drive are we the recommendations ultimately ahead, GMV AI of Looking higher enhance leveraging growth. business
employee are Additionally, performance. to and optimize expected strengthen help AI-driven by us efficiencies and fraud, operational improving costs productivity reducing servicing
more Under multiproduct the customers journey. expand financial ecosystem our empowers on pillar, their
meaningful ecosystem value driving for customer offering while opportunities. reduce value solutions Our designed anticipating for Leasing lifetime to increase financial their needs goal by their This customers experiences. create to GMV friction incremental is Progressive that also in cross-selling is through and
achieving to an Operations, XX% sustainable we million our $X Other as key for purposes, reflects within progress This delivering and entities our reporting momentum strong significant execution or X within includes towards XXXX. these drive growth. improvement XXXX compared ecosystem, profitability, strides disciplined the businesses which Our in made over
once and doubling $XXX further our our footwear, it tripled from and platform nationwide. options, with installments. goods X GMV products, electronics, just again, ecosystem contribution flexible to scale empowers GMV more integrating later interest-free payment other use to now, within by overall Four expect pay Four buy its shoppers solution, Four's than merchandise Four furniture, enterprise our proprietary them and its clothing, XXXX, consumer health XXXX, through its allowing to reaching Technologies, we beauty in value. over retailers purchase jewelry to maximizing purchase million. Entering Shoppers
our continue We dedicated innovation developing that through scaling new business. PRG enhance lease-to-own financial our to drive products division core Ventures, to and
mobile the XXXX. made customer app, expanded a cash Money short-term level provides credit introduced which App, in achieved AI-powered significant Build, Our for a Ventures profitability App successfully team strides. unit an advances, We in chatbot piloted personal XXXX, Money unique automated product, year-over-year, our QX. building and customer launched base and In support
are on expansion on Looking proprietary and product advance ahead XXXX, the driving credit cash our builder growing we and tech improving to further a stack program. focused new of
empower the that lifetime increase Our solutions provide to our financial same: customers goal and remains innovative customer value.
While year. X Similar to XXXX macroeconomic perspective I'd Brian more remain the our for detail share we pressures will our backdrop the outlook, to past financial our the on on as years, a provide challenge consumers. like enter
a of necessities rate eased food. as higher such household XXXX, by and budgets strained the inflation for utilities cost living some of housing, are While in
to posture us As decisioning X- dynamic always, short and to supported portfolio customer a allowing cycle, health X-week trends. we to by a adjust feedback swiftly maintain
amounts, learning we agile conditions. machine models proprietary market and to rates and refine ensuring continuously Our our approval responsive remain decisioning
financial jewelry, customers impact on appliance near-term the in particularly partner, these large pressures of electronics are retail retail broader headwinds. and While and categories, results, our believe we furniture, challenges, a bankruptcy manageable
through We expansion business will retail these and existing partners navigate challenges development. new with
on and remains strategies are strengthen our position. growth pipeline strong and market Our executing actively drive we to
priorities capital allocation remain Our unchanged.
in cash to We shareholders business capital the and meaningful cash us business, to in XXXX, well We initiatives excess our expect growth targeted will reinvest free in shareholders. with flow the return excess through invest repurchases. return M&A to as as generate believe opportunities providing flexibility dividends to pursue share and
As mentioned focuses on buy-now, well earlier, our initiatives pay-later our at reinvestment Progressive business, as as expanding strategy Leasing Four.
successful and retail invested and We with of a growth delivered growth was relationships. our both retailer and key technology us balance new In we regional marketing and forward businesses. that sales, gained dedication XXXX to in across excellent XXXX and as XXXX beyond. of and national the look We execution drove on in success progress in partners in their and our opportunities. XXXX. proud share summary, of onboarded year the building I ecosystem our I'm multiproduct for and We value for cross-selling momentum strategy extremely made on team demonstrated this position
now on to QX CFO, outlook. more Brian Garner, XXXX results our for turn the and over I'll call Brian? details
