- Big Lots bankruptcy from late 2024 caused approximately $40 million GMV headwind in Q2.
- Deliberate tightening actions in late 2024 and early 2025 impacted GMV, with effects expected to lap in Q4 2025 and Q1 2026.
- Adjusted GMV growth ex-Headwinds was around 1%, with a pro forma high single-digit to 10% growth trajectory.
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- PROG Holdings announced the sale of its Vive Financial credit card receivables portfolio to Atlantica Holdings for approximately $150 million, a move aimed at improving capital efficiency.
- The sale of Vive, which has been part of PROG since 2016, is expected to enhance the company's profitability profile and balance sheet strength.
- PROG will partner with Fortiva, a division of Atlanticus, to ensure continuity of payment options for retail partners and consumers, maintaining access to flexible payment solutions.
- The proceeds from the sale provide additional liquidity and flexibility, allowing PROG to focus on growth initiatives, M&A, and shareholder returns.
- GNL completed a $1.8 billion sale of its multi-tenant retail portfolio to RCG Ventures, streamlining into a pure-play single-tenant net lease company.
- The sale is expected to reduce G&A by approximately $6.5 million annually and generate $30 million in capital expenditure savings.
- The disposition improved occupancy to 98%, expanded NOI margin by 800 basis points, and increased liquidity to $1 billion from $492 million.
- Proceeds from asset sales were used to reduce leverage, including a $1.1 billion paydown on the revolving credit facility and $466 million in mortgage debt assumed by RCG Ventures.
- Total asset sales since the disposition initiative began in 2024 exceed $3 billion, with a pipeline of about $200 million as of August 2025.
- Management is reevaluating their portfolio composition in light of the upcoming Worldpay acquisition, considering assets that may no longer align with the new strategic focus.
- The company has already exited or announced transactions to divest over $550 million of revenue, aligning with prior plans but now influenced by the Worldpay deal.
- There is an emphasis on using proceeds from potential additional divestitures to return capital to shareholders, maintaining leverage neutrality.
- The reevaluation includes assessing vertical market exposure and the potential for further asset monetization to optimize the business portfolio.
- Management indicated that some decisions made before the acquisition are being revisited to better fit the combined company's long-term strategy.
- The company aims to accelerate capital returns and streamline its assets to support the integration and growth post-Worldpay.
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