<\/p>\n
Upbound Group, Inc. Reports First Quarter 2023 Results<\/b><\/p>\n
Total Revenue of $1.016 Billion<\/b><\/p>\n
GAAP Diluted EPS of $0.84; Non-GAAP Diluted EPS $0.83<\/b><\/p>\n
$105.4 Million of Cash From Operations; $95.9 Million of Free Cash Flow<\/b><\/p>\n
Consolidated Skip-Stolen Loss Rate Improved 150 bps Year-Over-Year<\/b><\/p>\n
Raises Full Year 2023 Targets for Adjusted EBITDA and Non-GAAP EPS<\/b><\/p>\n
PLANO, Texas–(BUSINESS WIRE<\/a>)– \n“The first quarter was a promising start to the year for the Company. Although external conditions remain uncertain our businesses performed better than expected. Demand for our leasing solutions and top line trends at both the Rent-A-Center Business and Acima segments were consistent with our outlook despite a muted tax season, while effective underwriting and account management drove sequential improvement in loss rates. These factors, combined with cost management efforts, contributed to first quarter Non-GAAP earnings per share that exceeded the assumptions underlying our 2023 outlook,” said CEO Mitch Fadel.<\/p>\n \n“Looking forward to the rest of the year, we remain cautiously optimistic. Considering our performance so far this year, the health of our portfolio following a year of tighter underwriting standards and our assessment of the still uncertain external environment, we are raising our full-year 2023 Adjusted EBITDA and Non-GAAP EPS outlook,\u201d concluded Mr. Fadel.<\/p>\n First Quarter Consolidated Results<\/span><\/b><\/p>\n First Quarter Segment Highlights<\/span><\/b><\/p>\n Rent-A-Center Business Segment:<\/span><\/b> First quarter 2023 revenues of $485.0 million decreased 6.5% year-over-year with a 6.6% decrease in same-store sales that was primarily attributable to lower rentals and fee revenues resulting from a smaller lease portfolio value compared to the prior year period. Merchandise sales revenue also decreased year-over-year, primarily due to fewer customers electing early payout options. At the end of the first quarter, the segment lease portfolio value was 3.2% lower than the prior year period. E-commerce accounted for approximately 25% of revenue in our lease-to-own stores in the first quarter, compared to approximately 23% in the prior year period.<\/p>\n \nSkip\/stolen losses in our lease to own stores were 4.8% of revenue in the first quarter of 2023 compared to 3.9% in the prior year period and 5.8% in the fourth quarter of 2022. On a GAAP basis, segment operating profit in the quarter was $69.0 million with an operating profit margin of 14.2%, compared to $100.2 million and 19.3% in the first quarter of 2022. Adjusted EBITDA in the quarter was $73.9 million with an Adjusted EBITDA margin of 15.2%, compared to $107.4 million and 20.7% in the first quarter of 2022. The year-over-year decline in Adjusted EBITDA and Adjusted EBITDA margin was primarily attributable to lower revenues and higher loss rates, both of which are attributable to pressure on customers’ discretionary income. As of March 31, 2023, the Rent-A-Center segment had 1,850 company-operated locations.<\/p>\n Acima Segment:<\/span><\/b> First quarter 2023 GMV decreased 12.6% year-over-year due to fewer lease applications compared to the prior year period that resulted from lower durable goods demand at merchant partners. We believe this was mainly attributable to pressure on consumer discretionary income and demand pulled forward with stimulus programs in 2020 and 2021. First quarter revenues of $483.8 million decreased 19.3% year-over-year, on lower rentals and fees revenue and lower merchandise sales revenue. The decrease in rentals and fees revenue was primarily due to fewer open lease agreements during the current year period for the same reasons as described above. The decrease in merchandise sales revenues was primarily attributable to year-over-year decreases in GMV and fewer customers electing early payout options in the current year period.<\/p>\n \nSkip\/stolen losses improved 370 bps to 8.9% of revenue in the first quarter of 2023 compared to 12.6% in the prior year period. Skip\/stolen losses for just the virtual business was 7.7% in first quarter of 2023, which is within the 6% – 8% long-term target range we initially identified in 2021. On a GAAP basis, first quarter of 2023 segment operating profit was $53.9 million with an operating profit margin of 11.1%, compared to $9.6 million and 1.6% in the first quarter of 2022. Adjusted EBITDA was $68.6 million with an Adjusted EBITDA margin of 14.2% in the first quarter of 2023, compared to $29.0 million and 4.8% in the first quarter of 2022. The increase in Adjusted EBITDA was primarily attributable to fewer customers electing early payouts and lower loss rates compared to the prior year period.<\/p>\n Franchising Segment:<\/span><\/b>First quarter 2023 revenues of $29.8 million increased 14.0% year-over-year due to higher inventory purchases per store. Segment operating profit, on a GAAP basis, and Adjusted EBITDA were each $4.8 million in the first quarter and decreased slightly compared to the prior year period. As of March 31, 2023, there were 440 franchise-operated locations.<\/p>\n Mexico Segment:<\/span><\/b>First quarter 2023 revenues of $17.4 million increased 1.1% year-over-year on a constant currency basis. Segment operating profit, on a GAAP basis, and Adjusted EBITDA were approximately $1.0 million and $1.2 million, respectively. As of March 31, 2023, the Mexico business had 126 company-operated locations.<\/p>\n Corporate Segment:<\/span><\/b> First quarter 2023 GAAP basis expenses increased 55.0% primarily due to higher stock compensation expense related to the accelerated vesting of restricted stock agreements issued to the former owners of Acima Holdings. Non-GAAP basis expenses decreased $7.6 million year-over-year or 13.1%, primarily due to lower payroll costs and professional fees compared to the prior year period. Excluding the impact of stock based compensation and depreciation, expenses decreased 16.0% year-over year.<\/p>\n Key Metrics<\/span><\/b><\/p>\n Table 1<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Q1<\/b><\/p>\n 2023<\/b><\/p>\n<\/td>\n Q1<\/b><\/p>\n 2022<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Q4<\/b><\/p>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n Metrics ($’s Millions – except per share & store count data)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Consolidated<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,016.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,159.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n990.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGAAP Operating (Loss) Profit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(35.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n11.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n42.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdj. EBITDA (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n111.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n99.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n110.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSkip \/ Stolen Loss Rate (4)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nAdj. EBITDA Margin (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nGAAP Operating Expenses as % of Total Revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n46.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nGAAP Diluted EPS<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.84<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.08<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.05<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP Diluted EPS (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.83<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.74<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.86<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating Cash Flow<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n105.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n205.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n56.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nFree Cash Flow (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n95.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n188.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n44.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Rent-A-Center Business Segment<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLease Portfolio – Monthly Value (as of period end) (2)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n140.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n144.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n142.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLease Portfolio Value (Y\/Y % Change – as of period end) (2)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.2<\/p>\n<\/td>\n \n) %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4.7<\/p>\n<\/td>\n \n) %<\/p>\n<\/td>\n<\/tr>\n \nSame Store Sales (Y\/Y % Change) (3)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6.6<\/p>\n<\/td>\n \n) %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.1<\/p>\n<\/td>\n \n) %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8.1<\/p>\n<\/td>\n \n) %<\/p>\n<\/td>\n<\/tr>\n \nRevenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n485.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n518.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n467.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGAAP Operating Profit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n69.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n100.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n63.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdj. EBITDA (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n73.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n107.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n68.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdj. EBITDA Margin (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nSkip \/ Stolen Loss Rate (4)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n30+ Day Past Due Rate (5)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nCorporate Owned Store Count (U.S. & PR – as of period end)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,850<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,852<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,851<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Acima Business Segment<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGMV (6)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n348.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n398.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n399.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGMV (Y\/Y % Change) (6)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12.6<\/p>\n<\/td>\n \n) %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(21.2<\/p>\n<\/td>\n \n) %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(23.4<\/p>\n<\/td>\n \n) %<\/p>\n<\/td>\n<\/tr>\n \nRevenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n483.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n599.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n476.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGAAP Operating Profit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n53.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n57.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdj. EBITDA (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n68.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n29.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n71.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdj. EBITDA Margin (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nSkip \/ Stolen Loss Rate (4)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n60+ Day Past Due Rate (7)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n (1)<\/sup><\/p>\n<\/td>\n \nNon-GAAP financial measure. Refer to the explanations and reconciliations elsewhere in this release.<\/p>\n<\/td>\n<\/tr>\n (2)<\/sup><\/p>\n<\/td>\n \nLease Portfolio Value: Represents the aggregate dollar value of the expected monthly rental income associated with current active lease agreements from our Rent-A-Center Business stores and e\u2011commerce platform at the end of any given period.<\/p>\n<\/td>\n<\/tr>\n (3)<\/sup><\/p>\n<\/td>\n \nSame Store Sales (SSS): Same store sales generally represents revenue earned in stores that were operated by us for 13 months or more and are reported on a constant currency basis as a percentage of total revenue earned in stores of the segment during the indicated period. The Company excludes from the same store sales base any store that receives a certain level of customer accounts from closed stores or acquisitions. The receiving store will be eligible for inclusion in the same store sales base in the 30th full month following account transfer.<\/p>\n<\/td>\n<\/tr>\n (4)<\/sup><\/p>\n<\/td>\n (5)<\/sup><\/p>\n<\/td>\n \n30+ Days Past Due Rate: Defined as the average number of accounts 30+ days past due as a % of total open leases.<\/p>\n<\/td>\n<\/tr>\n (6)<\/sup><\/p>\n<\/td>\n \nGross Merchandise Volume (GMV): The Company defines Gross Merchandise Volume as the retail value in U.S. dollars of merchandise acquired by the Company that is leased to customers through a transaction that occurs within a defined period, net of cancellations.<\/p>\n<\/td>\n<\/tr>\n (7)<\/sup><\/p>\n<\/td>\n \n60+ Days Past Due Rate: Defined as the average number of accounts 60+ days past due as a % of total open leases.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Full Year 2023 Guidance<\/span><\/b><\/p>\n \nThe Company is providing the following guidance for its 2023 fiscal year. Because of the inherent uncertainty related to the special items identified in the tables below, management does not believe it is able to provide a meaningful forecast of the comparable GAAP measures or reconciliation to any forecasted GAAP measure without unreasonable effort. The actual amount of these items during 2023 may have a significant impact on our future GAAP results.<\/p>\n \n\u00a0<\/p>\n<\/td>\n \nTable 2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Guidance<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Full Year 2023<\/b><\/p>\n Updated<\/b><\/p>\n<\/td>\n Full Year 2023<\/b><\/p>\n Prior<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Consolidated<\/b> (1)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nRevenues ($’s billion)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$3.8 – $4.0<\/p>\n<\/td>\n \n$3.8 – $4.0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAdjusted EBITDA Excluding Stock Based Compensation (2) <\/sup>($’s million)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$395 – $435<\/p>\n<\/td>\n \n$380 – $415<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nNon-GAAP Diluted Earnings Per Share (2)(3)<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.70 – $3.20<\/p>\n<\/td>\n \n$2.50 – $3.00<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nFree Cash Flow (2) <\/sup>($’s million)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$200 – $235<\/p>\n<\/td>\n \n$180 – $215<\/p>\n<\/td>\n<\/tr>\n<\/table>\n (1)<\/sup><\/p>\n<\/td>\n \nConsolidated includes Acima, Rent-A-Center Business, Franchising, Mexico and Corporate Segments.<\/p>\n<\/td>\n<\/tr>\n (2)<\/sup><\/p>\n<\/td>\n \nNon-GAAP financial measure. See descriptions below in this release. Adjusted EBITDA figures exclude stock based compensation beginning with the first quarter of 2022.<\/p>\n<\/td>\n<\/tr>\n (3)<\/sup><\/p>\n<\/td>\n \nNon-GAAP diluted earnings per share excludes the impact of incremental depreciation and amortization related to the estimated fair value of acquired Acima assets, stock compensation expense associated with the Acima Acquisition equity consideration, which is subject to vesting conditions, and one-time transaction and integration costs related to the Acima Acquisition. Guidance excludes the impact of any future share repurchases.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Webcast Information<\/span><\/b><\/p>\n \nUpbound Group, Inc. will host a conference call to discuss the first quarter results, guidance and other operational matters on the morning of Thursday, May 4, 2023, at 9:00 a.m. ET. For a live webcast of the call, visit https:\/\/investor.upbound.com<\/a>. Certain financial and other statistical information that will be discussed during the conference call will also be provided on the same website. Participants can access the call by phone via this link (registration link<\/a>), where the dial-in details will be provided.<\/p>\n Investor Day Event<\/span><\/b><\/p>\n \nUpbound Group, Inc. will host its Investor Day on Wednesday, May 24, 2023, in New York City. The event will feature presentations from senior leadership highlighting the Company\u2019s strong underlying fundamentals, progress since the transformational acquisition of Acima Holdings in February 2021 and go-forward strategy. The event is scheduled to start at 10:00 am (ET) and conclude at 1:00 pm (ET). A live webcast will be available through the investor relations website at https:\/\/investor.upbound.com<\/a>.<\/p>\n
\nUpbound Group, Inc. (the “Company” or “Upbound”) (NASDAQ:UPBD) today announced results for the quarter ended March 31, 2023.<\/p>\n\n
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