** Shares of fintech PROG Holdings PRG.N fall as much as 23.5%, hitting their lowest since July 12

** Stock last down 22.9% at $32.94

** PRG forecast FY 2025 adjusted EPS to be between $3.10 and $3.50, compared with analysts' estimate of $3.88, according to data compiled by LSEG

** Company expects annual revenue to be between $2.52 billion and $2.59 billion, compared with the estimate of $2.62 billion

** PRG CEO Steve Michaels tells analysts the firm, due to higher delinquencies, implemented tightening measures in Q4 and again since the beginning of this year, which will create some headwinds to gross merchandise volume $(GMV.AU)$ in 2025

** Q4 provision for lease merchandise write-offs is 7.9%, slightly above PRG's expectation, driven by higher delinquencies

** Big Lots, one of PRG's large retail partners, filed for bankruptcy protection last year and commenced liquidation efforts

** That is also set to be a headwind to GMV growth this year, Michaels says

** PRG shares jumped 36.7% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))