0000933036-23-000104 | 10-Q | XBRL Viewer

Senior Notes (Notes)	3 Months Ended
Senior Notes (Notes)	Mar. 31, 2023
Subsidiary Guarantors - Senior Notes [Abstract]
Senior Notes	Senior Notes On February 17, 2021, we issued $450 million in senior unsecured notes due February 15, 2029, at par value, bearing interest at 6.375% (the “Notes”), the proceeds of which were used to fund a portion of the Aggregate Cash Consideration upon closing of the Acima Holdings acquisition. Interest on the Notes is payable in arrears on February 15 and August 15 of each year. In connection with the issuance of the Notes, we incurred approximately $15.7 million in debt issuance costs, including bank financing fees and third party legal and other professional fees, which were capitalized in accordance with ASC Topic 470, “Debt” and recorded as a reduction of our outstanding Notes in our Condensed Consolidated Balance Sheets. Debt issuance costs are amortized as interest expense over the term of the Notes. As of March 31, 2023, the total remaining balance of unamortized debt issuance costs related to our senior notes reported in the Condensed Consolidated Balance Sheets was approximately $11.6 million. We may redeem some or all of the Notes at any time on or after February 15, 2024 for cash at the redemption prices set forth in the indenture governing the Notes, plus accrued and unpaid interest to, but not including, the redemption date. Prior to February 15, 2024, we may redeem up to 40% of the aggregate principal amount of the Notes with the proceeds of certain equity offerings at a redemption price of 106.375% plus accrued and unpaid interest to, but not including, the redemption date. In addition, we may redeem some or all of the Notes prior to February 15, 2024, at a redemption price of 100% of the principal amount of the Notes plus accrued and unpaid interest to, but not including, the redemption date, plus a “make-whole” premium. If we experience specific kinds of change of control, we will be required to offer to purchase the Notes at a price equal to 101% of the principal amount thereof plus accrued and unpaid interest. The Notes are our general unsecured senior obligations, and are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness, structurally subordinated to all existing and future indebtedness and other liabilities of our non-guarantor subsidiaries, equal in right of payment to all of our and our guarantor subsidiaries’ existing and future senior indebtedness and senior in right of payment to all of our future subordinated indebtedness, if any. The Notes are jointly and severally guaranteed on a senior unsecured basis by certain of our domestic subsidiaries that have outstanding indebtedness or guarantee other specified indebtedness, including the ABL Credit Facility and the Term Loan Facility. The indenture governing the Notes contains covenants that limit, among other things, our ability and the ability of some of our restricted subsidiaries to create liens, transfer or sell assets, incur indebtedness or issue certain preferred stock, pay dividends, redeem stock or make other distributions, make other restricted payments or investments, create restrictions on payment of dividends or other amounts to us by our restricted subsidiaries, merge or consolidate with other entities, engage in certain transactions with affiliates and designate our subsidiaries as unrestricted subsidiaries. These covenants are subject to a number of exceptions and qualifications. The covenants limiting restricted payments, restrictions on payment of dividends or other amounts to us by our restricted subsidiaries, the ability to incur indebtedness, asset dispositions and transactions with affiliates will be suspended if and while the Notes have investment grade ratings from any two of Standard & Poor’s Ratings Services, Moody’s Investors Service, Inc. and Fitch, Inc. The indenture governing the Notes also provides for events of default, which, if any of them occurs, would permit or require the principal, premium, if any, and interest on all the then outstanding Notes to be due and payable.

Senior Notes (Details)	3 Months Ended
Mar. 31, 2023 Rate
Senior Notes [Line Items]
Additional percentage of principal amount redeemed	100.00%
Percentage of principal amount purchased	101.00%

Label	Element	Value
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	$ 4,970,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	6,413,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	427,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	582,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	242,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	149,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	38,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	37,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	5,677,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	7,181,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	7,204,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	7,348,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	12,881,000
Depreciation, Amortization and Write-down of Intangibles	upbd_DepreciationAmortizationandWritedownofIntangibles	14,529,000
Cost of Rentals and Fees	upbd_CostOfRentalsAndFees	297,146,000
Cost of Rentals and Fees	upbd_CostOfRentalsAndFees	338,633,000
SeniorNotesNet	upbd_SeniorNotesNet	438,440,000
SeniorNotesNet	upbd_SeniorNotesNet	437,956,000
Increase (Decrease) of Operating Leases, Net	upbd_IncreaseDecreaseofOperatingLeasesNet	(87,000)
Increase (Decrease) of Operating Leases, Net	upbd_IncreaseDecreaseofOperatingLeasesNet	3,259,000
Depreciation of Rental Merchandise	upbd_DepreciationOfRentalMerchandise	288,434,000
Depreciation of Rental Merchandise	upbd_DepreciationOfRentalMerchandise	327,439,000
Rental Merchandise on Rent, Net	upbd_RentalMerchandiseOnRentNet	943,487,000
Rental Merchandise on Rent, Net	upbd_RentalMerchandiseOnRentNet	989,869,000
Rental Merchandise on Rent, Net	upbd_RentalMerchandiseOnRentNet	450,162,000
Rental Merchandise on Rent, Net	upbd_RentalMerchandiseOnRentNet	465,095,000
Rental Merchandise on Rent, Net	upbd_RentalMerchandiseOnRentNet	472,550,000
Rental Merchandise on Rent, Net	upbd_RentalMerchandiseOnRentNet	503,795,000
Rental Merchandise on Rent, Net	upbd_RentalMerchandiseOnRentNet	20,775,000
Rental Merchandise on Rent, Net	upbd_RentalMerchandiseOnRentNet	20,979,000
Franchise Merchandise Sales	upbd_FranchiseMerchandiseSales	22,827,000
Franchise Merchandise Sales	upbd_FranchiseMerchandiseSales	18,521,000
Franchise Merchandise Sales	upbd_FranchiseMerchandiseSales	0
Franchise Merchandise Sales	upbd_FranchiseMerchandiseSales	0
Franchise Merchandise Sales	upbd_FranchiseMerchandiseSales	0
Franchise Merchandise Sales	upbd_FranchiseMerchandiseSales	0
Franchise Merchandise Sales	upbd_FranchiseMerchandiseSales	0
Franchise Merchandise Sales	upbd_FranchiseMerchandiseSales	0
Franchise Merchandise Sales	upbd_FranchiseMerchandiseSales	18,521,000
Store revenues	upbd_Storerevenues	986,998,000
Store revenues	upbd_Storerevenues	1,134,307,000
Store revenues	upbd_Storerevenues	485,008,000
Store revenues	upbd_Storerevenues	483,847,000
Store revenues	upbd_Storerevenues	17,430,000
Store revenues	upbd_Storerevenues	713,000
Store revenues	upbd_Storerevenues	518,505,000
Store revenues	upbd_Storerevenues	599,377,000
Store revenues	upbd_Storerevenues	15,712,000
Store revenues	upbd_Storerevenues	713,000
Franchise Royalty Income and Fees	upbd_FranchiseRoyaltyIncomeAndFees	6,236,000
Franchise Royalty Income and Fees	upbd_FranchiseRoyaltyIncomeAndFees	6,894,000
Franchise Royalty Income and Fees	upbd_FranchiseRoyaltyIncomeAndFees	0
Franchise Royalty Income and Fees	upbd_FranchiseRoyaltyIncomeAndFees	0
Franchise Royalty Income and Fees	upbd_FranchiseRoyaltyIncomeAndFees	0
Franchise Royalty Income and Fees	upbd_FranchiseRoyaltyIncomeAndFees	0
Franchise Royalty Income and Fees	upbd_FranchiseRoyaltyIncomeAndFees	0
Franchise Royalty Income and Fees	upbd_FranchiseRoyaltyIncomeAndFees	0
Franchise Royalty Income and Fees	upbd_FranchiseRoyaltyIncomeAndFees	6,894,000
Long-Term Debt, Maturity, after Year Four	upbd_LongTermDebtMaturityAfterYearFour	815,938,000
Long-Term Debt, Maturity, after Year Four	upbd_LongTermDebtMaturityAfterYearFour	0
Long-Term Debt, Maturity, after Year Four	upbd_LongTermDebtMaturityAfterYearFour	815,938,000
Lease, Operating Lease, Liability, to be Paid, after Year Four	upbd_LeaseOperatingLeaseLiabilityToBePaidAfterYearFour	22,424,000
Provision for doubtful accounts, bad debt expense	upbd_Provisionfordoubtfulaccountsbaddebtexpense	5,861,000
Amount Of Difference Between Fair Value And Carrying Value	upbd_AmountOfDifferenceBetweenFairValueAndCarryingValue	(73,125,000)
Rentals and Fees	upbd_RentalsAndFees	806,717,000
Rentals and Fees	upbd_RentalsAndFees	883,047,000
Rentals and Fees	upbd_RentalsAndFees	426,069,000
Rentals and Fees	upbd_RentalsAndFees	364,165,000
Rentals and Fees	upbd_RentalsAndFees	16,483,000
Rentals and Fees	upbd_RentalsAndFees	0
Rentals and Fees	upbd_RentalsAndFees	442,695,000
Rentals and Fees	upbd_RentalsAndFees	425,471,000
Rentals and Fees	upbd_RentalsAndFees	14,881,000
Rentals and Fees	upbd_RentalsAndFees	0
Merchandise Sales	upbd_MerchandiseSales	162,989,000
Merchandise Sales	upbd_MerchandiseSales	232,881,000
Merchandise Sales	upbd_MerchandiseSales	42,788,000
Merchandise Sales	upbd_MerchandiseSales	119,371,000
Merchandise Sales	upbd_MerchandiseSales	830,000
Merchandise Sales	upbd_MerchandiseSales	0
Merchandise Sales	upbd_MerchandiseSales	58,294,000
Merchandise Sales	upbd_MerchandiseSales	173,783,000
Merchandise Sales	upbd_MerchandiseSales	804,000
Merchandise Sales	upbd_MerchandiseSales	0
Installment Sales	upbd_InstallmentSales	15,847,000
Installment Sales	upbd_InstallmentSales	17,089,000
Installment Sales	upbd_InstallmentSales	15,847,000
Installment Sales	upbd_InstallmentSales	0
Installment Sales	upbd_InstallmentSales	0
Installment Sales	upbd_InstallmentSales	0
Installment Sales	upbd_InstallmentSales	17,089,000
Installment Sales	upbd_InstallmentSales	0
Installment Sales	upbd_InstallmentSales	0
Installment Sales	upbd_InstallmentSales	0
Rental Merchandise Held for Rent, Net	upbd_RentalMerchandiseHeldForRentNet	126,762,000
Rental Merchandise Held for Rent, Net	upbd_RentalMerchandiseHeldForRentNet	134,959,000
Rental Merchandise Held for Rent, Net	upbd_RentalMerchandiseHeldForRentNet	116,936,000
Rental Merchandise Held for Rent, Net	upbd_RentalMerchandiseHeldForRentNet	124,117,000
Rental Merchandise Held for Rent, Net	upbd_RentalMerchandiseHeldForRentNet	605,000
Rental Merchandise Held for Rent, Net	upbd_RentalMerchandiseHeldForRentNet	373,000
Rental Merchandise Held for Rent, Net	upbd_RentalMerchandiseHeldForRentNet	9,221,000
Rental Merchandise Held for Rent, Net	upbd_RentalMerchandiseHeldForRentNet	10,469,000
Other Store Revenue	upbd_OtherStoreRevenue	1,445,000
Other Store Revenue	upbd_OtherStoreRevenue	1,290,000
Other Store Revenue	upbd_OtherStoreRevenue	304,000
Other Store Revenue	upbd_OtherStoreRevenue	311,000
Other Store Revenue	upbd_OtherStoreRevenue	117,000
Other Store Revenue	upbd_OtherStoreRevenue	713,000
Other Store Revenue	upbd_OtherStoreRevenue	427,000
Other Store Revenue	upbd_OtherStoreRevenue	123,000
Other Store Revenue	upbd_OtherStoreRevenue	27,000
Other Store Revenue	upbd_OtherStoreRevenue	$ 713,000
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPerformanceBasedGrantsInPeriod	upbd_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPerformanceBasedGrantsInPeriod	599,397
Required minimum consolidated fixed charge coverage ratio	upbd_Requiredminimumconsolidatedfixedchargecoverageratio	1.10
Line of Credit Facility, Covenant Compliance, Remaining Borrowing Capacity, Maximum	upbd_LineOfCreditFacilityCovenantComplianceRemainingBorrowingCapacityMaximum	$ 56,250,000
Actual fixed charge coverage ratio	upbd_ActualFixedChargeCoverageRatio	1.16
Debt Instrument, Periodic Payment, Percent	upbd_DebtInstrumentPeriodicPaymentPercent	1.00%
Loss Contingency, Escrowed Indemnity Amount	upbd_LossContingencyEscrowedIndemnityAmount	$ 50,000,000
Franchise Cost of Merchandise Sold	upbd_FranchiseCostOfMerchandiseSold	22,772,000
Franchise Cost of Merchandise Sold	upbd_FranchiseCostOfMerchandiseSold	18,742,000
Loss Contingency, Escrowed Indemnity Amount to be Released	upbd_LossContingencyEscrowedIndemnityAmountToBeReleased	45,000,000
Cost of store revenues	upbd_Costofstorerevenues	487,025,000
Cost of store revenues	upbd_Costofstorerevenues	594,885,000
Original issue discount	upbd_Originalissuediscount	$ 4,400,000
Debt Instrument, Decrease to Basis Spread on Variable Rate	upbd_DebtInstrumentDecreaseToBasisSpreadOnVariableRate	0.25%
Debt Instrument, Decrease to Basis Spread on Variable Rate	upbd_DebtInstrumentDecreaseToBasisSpreadOnVariableRate	0.75%
SecuredDebtNet	upbd_SecuredDebtNet	$ 889,950,000
SecuredDebtNet	upbd_SecuredDebtNet	930,902,000
Increase (Decrease) in Rental Merchandise	upbd_IncreaseDecreaseInRentalMerchandise	232,944,000
Increase (Decrease) in Rental Merchandise	upbd_IncreaseDecreaseInRentalMerchandise	165,303,000
Cost of Merchandise Sold	upbd_CostOfMerchandiseSold	184,260,000
Cost of Merchandise Sold	upbd_CostOfMerchandiseSold	250,331,000
Cost of Installment Sales	upbd_CostOfInstallmentSales	5,619,000
Cost of Installment Sales	upbd_CostOfInstallmentSales	$ 5,921,000
Debt Instrument, Consolidated Secured Leverage Ratio	upbd_DebtInstrumentConsolidatedSecuredLeverageRatio	100.00%
Accrued Revenue	upbd_AccruedRevenue	$ 21,900,000
Accrued Revenue	upbd_AccruedRevenue	$ 28,700,000

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Notes to Financial Statements Senior Notes (Notes) Notes Tables Receivables and Allowance for Doubtful Accounts (Tables) Notes Details Senior Notes (Details) Uncategorized Uncategorized Items - upbd-20230331_htm.xml All Reports