0000933036-24-000137 | 10-Q | XBRL Viewer

Other Gains and Charges (Tables)

6 Months Ended

Jun. 30, 2024

Unusual or Infrequent Items, or Both [Abstract]

Activity with respect to other gains and charges is summarized in the below table:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023










Acima acquired assets depreciation and amortization	$	14,900	$	18,233	$	31,546	$	36,467
Acima equity consideration vesting	—		9,276		4,893		118,749
Accelerated software depreciation	1,534		—		6,145		—
Asset impairments	5,382		—		6,028		—
Accelerated stock compensation	1,733		—		1,733		—
Legal settlement reserve	700		277		700		140






Other(1)	673		—		673		—
Total other gains and charges	$	24,922	$	27,786	$	51,718	$	155,356

(1) Primarily represents shutdown and holding expenses related to store closures.

Receivables and Allowance for Doubtful Accounts

6 Months Ended

Jun. 30, 2024

Receivables and Allowance for Doubtful Accounts [Abstract]

Receivables and Allowance for Doubtful Accounts

Installment sales receivables consist primarily of receivables due from customers for the sale of merchandise in our retail installment stores. Installment sales receivables associated with the sale of merchandise at our Get It Now and Home Choice stores generally consist of the sales price of the merchandise purchased and any additional fees for optional services the customer has chosen, less the customer’s down payment. No interest is accrued and interest income is recognized each time a customer makes a payment, generally on a monthly basis. Interest payments received on installment agreements for each of the six months ended June 30, 2024 and 2023 were $5.3 million and $5.9 million, respectively.

Trade and notes receivables consist of amounts due from our lease-to-own customers for lease renewal payments and past due uncollected lease payments, adjusted for the probability of collection based on our assessment of historical collection rates and length of time the receivable is past due; amounts owed from our franchisees for inventory purchases, earned royalties and other obligations; and other corporate related receivables. Credit is extended to franchisees based on an evaluation of each franchisee’s financial condition and collateral is generally not required. Trade receivables are generally due within 30 days.

Receivables consist of the following:


(in thousands)	June 30, 2024		December 31, 2023
Installment sales receivables	$	60,122	$	62,901
Trade and notes receivables(1)	68,779		62,358

Total receivables	128,901		125,259
Less allowance for doubtful accounts(2)	(13,751)		(14,254)
Total receivables, net of allowance for doubtful accounts	$	115,150	$	111,005

(1) Trade and notes receivables includes accrued revenue, adjusted for the probability of collection, related to our lease-to-own agreements of $40.3 million and $36.8 million at June 30, 2024 and December 31, 2023, respectively.

(2) Lease receivables are accrued on a net basis, adjusted for the probability of collection based on our assessment of historical collection rates, as described above. Therefore, we do not maintain a separate allowance for doubtful accounts related to our lease receivables.

We have established an allowance for doubtful accounts for our installment notes receivable. Our policy for determining the allowance is primarily based on historical loss experience, as well as the results of management’s review and analysis of the payment and collection of the installment notes receivable within the previous year. We believe our allowance is adequate to absorb all expected losses. Our policy is to charge off installment notes receivable that are 120 days or more past due. Charge-offs are applied as a reduction to the allowance for doubtful accounts and any recoveries of previously charged off balances are recognized as contra-bad debt expense in our Condensed Consolidated Statements of Operations.

The allowance for our Franchising trade and notes receivables is determined by considering a number of factors, including the length of time receivables are past due, previous loss history, the franchisee’s current ability to pay its obligation, and the condition of the general economy and the industry as a whole. Trade receivables that are more than 90 days past due are either written-off or fully reserved in our allowance for doubtful accounts. Payments subsequently received on such receivables are recognized as contra-bad debt expense in our Condensed Consolidated Statements of Operations.

The allowance for doubtful accounts related to Franchising trade and notes receivables was $1.5 million and $1.2 million at June 30, 2024 and December 31, 2023, respectively, and the allowance for doubtful accounts related to installment sales receivables was $12.3 million and $13.0 million at June 30, 2024 and December 31, 2023, respectively.

Changes in our allowance for doubtful accounts are as follows:


(in thousands)	June 30, 2024
Beginning allowance for doubtful accounts	$	14,254
Bad debt expense(1)	9,460

Accounts written off, net of recoveries	(9,963)
Ending allowance for doubtful accounts	$	13,751

(1) Uncollectible installment payments, franchisee obligations, and other corporate receivables are recognized in non-labor operating expenses in our condensed consolidated financial statements.

Document and Company Information - shares	6 Months Ended
Document and Company Information - shares	Jun. 30, 2024	Jul. 25, 2024
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-38047
Entity Registrant Name	Upbound Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-0491516
Entity Address, Address Line One	5501 Headquarters Drive
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75024
City Area Code	972
Local Phone Number	801-1100
Title of 12(b) Security	Common stock, $.01 par value
Trading Symbol	UPBD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,684,722
Entity Central Index Key	0000933036
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies, indemnity holdback	$ 45
Escrowed indemnity amount	$ 50

Common Stock and Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 17, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 19,988	$ 131,106
Other gains and charges		$ 24,922	$ 27,786	51,718	155,356
Accelerated stock compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other gains and charges		1,733	0	1,733	$ 0
Share Repurchase 500 Million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount		500,000		500,000
Remaining Authorized Repurchase Amount		235,000		$ 235,000
Shares repurchased (in shares)				0	0
Acima Holdings [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock consideration, shares	10,779,923
Common stock price (in dollars per share)	$ 51.14
Share-Based Payment Arrangement, Accelerated Cost					$ 78,400
Acima Holdings [Member] \| Acima equity consideration vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other gains and charges		0	9,276	$ 4,893	118,749
Acima Holdings [Member] \| Share-based Payment Arrangement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock consideration, shares	2,683,328
2021 and 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 6,400	$ 6,100	$ 13,400	$ 12,400
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Time-vesting restricted stock units granted (in shares)				276,006
Weighted average grant date fair value of restricted stock units granted (in dollars per share)				$ 33.79
Performance-based restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based restricted stock units granted (in shares)				496,803
Weighted average grant date fair value of restricted stock units granted (in dollars per share)				$ 38.39
Restricted share units [Member] \| Acima Holdings [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock consideration, shares	8,096,595
Stock consideration, value	$ 414,100

Senior Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Senior Debt

On February 17, 2021, we entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and lenders party thereto, providing for a seven-year $875 million senior secured term loan facility (the “Term Loan Facility”), as amended on September 21, 2021, June 15, 2023 and May 28, 2024, and an Asset Based Loan Credit Facility (the “ABL Credit Facility”), as amended August 10, 2022 and June 7, 2024, providing for a five-year asset-based revolving credit facility with commitments of $550 million and a letter of credit sublimit of $150 million. Commitments under the ABL Credit Facility may be increased, at our option and under certain conditions, by up to an additional $125 million in the aggregate.

Proceeds from the Term Loan Facility were net of original issue discount of $4.4 million upon issuance from the lenders. In addition, in connection with the closing of the Term Loan Facility and the ABL Credit Facility, we incurred approximately $30.2 million in debt issuance costs, including third party legal and other professional fees, of which $25.3 million was capitalized in accordance with ASC Topic 470, “Debt” and recorded as a reduction of our outstanding senior debt, net in our Condensed Consolidated Balance Sheets.

On August 10, 2022, we entered into a First Amendment to the ABL Credit Facility, effective as of August 10, 2022. The amendment effected the replacement of LIBOR with Term Secured Overnight Financing Rate (“Term SOFR”) as the benchmark rate of interest thereunder.

On June 15, 2023, we entered into a Second Amendment to the Term Loan Facility, effective as of June 15, 2023. The amendment effected the replacement of LIBOR with Term SOFR as the benchmark rate of interest.

On May 28, 2024 we entered into a Third Amendment to the Term Loan Facility, effective as of May 28, 2024. The amendment, in addition to certain other changes, effected a repricing of the applicable margin under the Term Loan Facility by reducing the applicable margin, with respect to any initial term loans, by 50 basis points from 3.25% to 2.75% and removing the credit spread adjustment that was previously included in the calculation of the adjusted Term SOFR rate for term benchmark loans.

In connection with the execution of the Third Amendment to the Term Loan Facility, we incurred approximately $2.0 million in debt issuance costs, including third party arrangement and other professional fees, of which approximately $1.8 million were expensed as debt refinance charges in our Condensed Consolidated Statement of Operations, and approximately $0.2 million were capitalized and recorded as a reduction to our outstanding senior debt in our Condensed Consolidated Balance Sheets. In addition, in accordance with ASC Topic 470, “Debt”, we recorded approximately $4.4 million in write-offs of unamortized debt issuance costs and original issue discount previously capitalized upon the issuance of the Term Loan Facility on February 17, 2021. The write-offs were recorded as debt refinance charges in our Condensed Consolidated Statement of Operations.

On June 7, 2024, we entered into a Second Amendment to the ABL Credit Facility, effective as of June 7, 2024. The amendment, in addition to certain other changes, extended the maturity date for loans outstanding to June 7, 2029 (subject to certain springing maturity provisions).

In connection with the execution of the Second Amendment to the ABL Credit Facility, we incurred approximately $3.2 million in debt issuance costs, including third-party arrangement and other professional fees, which were capitalized and recorded as a reduction to our outstanding senior debt in our Condensed Consolidated Balance Sheets. In addition, in accordance with ASC Topic 470, “Debt”, we recorded approximately $0.4 million in write-offs of unamortized debt issuance costs previously capitalized upon the issuance of the ABL Credit Facility on February 17, 2021. The write-offs were recorded as debt refinance charges in our Condensed Consolidated Statement of Operations.

As of June 30, 2024, the total remaining balance of unamortized debt issuance costs and original issue discount related to our senior debt reported in the Condensed Consolidated Balance Sheets was approximately $10.0 million and $0.9 million, respectively. Remaining unamortized debt issuance costs and original issue discount will be amortized to interest expense over the remaining terms of the ABL Credit Facility and Term Loan Facility.

We had $79.0 million in outstanding borrowings under our ABL Credit Facility at June 30, 2024 and borrowing capacity of $420.6 million, net of issued letters of credit of approximately $50.4 million. The amount outstanding under the Term Loan Facility was $806.7 million at June 30, 2024.

ABL Credit Facility

The ABL Credit Facility will mature on June 7, 2029, (subject to certain springing maturity provisions). We may borrow only up to the lesser of the level of the then-current borrowing base and the aggregate amount of commitments under the ABL Credit Facility. The borrowing base is tied to the amount of eligible installment sales accounts, inventory and eligible lease contracts, reduced by certain reserves.

The ABL Credit Facility bears interest at a fluctuating rate determined by reference to an adjusted Term SOFR rate plus an applicable margin of 1.50% to 2.00%. The total interest rate on the ABL Credit Facility at June 30, 2024 was 7.43%. A commitment fee equal to 0.250% to 0.375% of the unused portion of the ABL Credit Facility fluctuates dependent upon average utilization for the prior month as defined by a pricing grid included in the governing documents of the ABL Credit Facility. The commitment fee at June 30, 2024 was 0.375%. We paid $0.7 million of commitment fees during the second quarter of 2024.

Loans under the ABL Credit Facility may be borrowed, repaid and re-borrowed until June 7, 2029, at which time all amounts borrowed must be repaid. The obligations under the ABL Credit Facility are guaranteed by us and certain of our material wholly owned domestic restricted subsidiaries, subject to certain exceptions. The obligations under the ABL Credit Facility and such guarantees are secured on a first-priority basis by all of our and our subsidiary guarantors’ accounts, inventory, deposit accounts, securities accounts, cash and cash equivalents, rental agreements, general intangibles (other than equity interests in our subsidiaries), chattel paper, instruments, documents, letter of credit rights, commercial tort claims related to the foregoing and other related assets and all proceeds thereof related to the foregoing, subject to permitted liens and certain exceptions (such assets, collectively, the “ABL Priority Collateral”) and a second-priority basis in substantially all other present and future tangible and intangible personal property of ours and the subsidiary guarantors, subject to certain exceptions.

The ABL Credit Facility contains covenants that are usual and customary for similar facilities and transactions and that, among other things, restrict our ability and our restricted subsidiaries’ ability to create certain liens and enter into certain sale and lease-back transactions; create, assume, incur or guarantee certain indebtedness; consolidate or merge with, or convey, transfer or lease all or substantially all of our and our restricted subsidiaries’ assets, to another person; pay dividends or make other distributions on, or repurchase or redeem, our capital stock or certain other debt; and make other restricted payments.

The governing documents of the ABL Credit Facility provide for customary events of default, including, but not limited to, failure to pay principal and interest, failure to comply with covenants, agreements or conditions, and certain events of bankruptcy or insolvency involving us and our significant subsidiaries. As of June 30, 2024, we were in compliance with all requirements and conditions set forth in our ABL Credit Facility governing documents.

Term Loan Facility

The Term Loan Facility, which matures on February 17, 2028, amortizes in equal quarterly installments at a rate of 1.00% per annum of the original principal amount thereof, with the remaining balance due at final maturity. Subject in each case to certain restrictions and conditions, we may add up to $500 million of incremental term loan facilities to the Term Loan Facility or utilize incremental capacity under the Term Loan Facility at any time by issuing or incurring incremental equivalent term debt.

Interest on borrowings under the Term Loan Facility is payable at a fluctuating rate of interest determined by reference to the Term SOFR rate plus an applicable margin of 2.75%, subject to a 0.50% Term SOFR floor. The total interest rate on the Term Loan Facility was 8.09% at June 30, 2024.

The Term Loan Facility is secured by a first-priority security interest in substantially all of our present and future tangible and intangible personal property, including our subsidiary guarantors, other than the ABL Priority Collateral (as defined below), and by a second-priority security interest in the ABL Priority Collateral, subject to certain exceptions. The obligations under the Term Loan Facility are guaranteed by us and our material wholly-owned domestic restricted subsidiaries that also guarantee the ABL Credit Facility.

The Term Loan Facility contains covenants that are usual and customary for similar facilities and transactions and that, among other things, restrict our ability and our restricted subsidiaries’ ability to create certain liens and enter into certain sale and lease-back transactions; create, assume, incur or guarantee certain indebtedness; consolidate or merge with, or convey, transfer or lease all or substantially all of our and our restricted subsidiaries’ assets, to another person; pay dividends or make other distributions on, or repurchase or redeem, our capital stock or certain other debt; and make other restricted payments. The Term Loan Facility also includes mandatory prepayment requirements related to asset sales (subject to reinvestment), debt incurrence (other than permitted debt) and excess cash flow, subject to certain limitations described therein. These covenants are subject to a number of limitations and exceptions set forth in the governing documents of the Term Loan Facility.

In the event our Consolidated Secured Leverage Ratio (as such term is defined in the Term Loan Facility credit agreement) exceeds 1:1, we are required to prepay the loans under the Term Loan Facility by a percentage of annual excess cash flow, as more fully described in the Term Loan Facility credit agreement. We made mandatory excess cash flow prepayments of approximately $42.6 million, including $0.6 million in accrued interest, in March 2023, relating to results for the year ended December 31, 2022.

The Term Loan Facility provides for customary events of default, including, but not limited to, failure to pay principal and interest, failure to comply with covenants, agreements or conditions, and certain events of bankruptcy or insolvency involving us and our significant subsidiaries.

The table below shows the scheduled maturity dates of our outstanding senior debt at June 30, 2024 for each of the years ending December 31:


(in thousands)	ABL Credit Facility		Term Loan Facility(1)		Total
2024	$	—	$	—	$	—
2025	—		—		—
2026	—		—		—
2027	—		—		—
2028	—		806,708		806,708
Thereafter	79,000		—		79,000
Total senior debt	$	79,000	$	806,708	$	885,708

(1) Annual installment requirements were reduced by the amount of the excess cash flow payment described above, in accordance with the terms of the credit agreement governing the Term Loan Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Other Gains and Charges

6 Months Ended

Jun. 30, 2024

Unusual or Infrequent Items, or Both [Abstract]

Other Gains and Charges

Acima Holdings Acquisition. On February 17, 2021, we completed the acquisition of Acima Holdings, a leading provider of virtual lease-to-own solutions. Included in the aggregate consideration issued to the former owners of Acima Holdings were 8,096,595 common shares, valued at $414.1 million, subject to 36-month vesting conditions under restricted stock agreements, which were recognized over the vesting term as stock compensation expense, in accordance with ASC Topic 718, “Stock-based Compensation”. During the six months ended June 30, 2024 and 2023, we recognized approximately $4.9 million and $118.7 million in stock compensation expense, respectively, related to these restricted stock agreements. See Note 10 for additional information.

The fair value of assets acquired as part of the transaction included $520 million in intangible assets and $170 million in developed technology. During the six months ended June 30, 2024 and 2023, we recognized approximately $23.6 million and $28.5 million in amortization expense, respectively, related to acquired intangible assets. We also recognized approximately $7.9 million in incremental depreciation expense related to acquired technology assets during both the six months ended June 30, 2024 and 2023.

Internally Developed Software Depreciation. During the third quarter of 2023, we completed initial development and began pilot testing a new internally developed point-of-sale system for our Rent-A-Center lease-to-own stores. Deployment of the new system across our lease-to-own store network began in the second quarter of 2024 and is expected to be complete in the third

quarter of 2024, at which time our existing point-of-sale software will be retired. Therefore, in the third quarter of 2023, we accelerated the remaining useful lives of our existing point-of-sale software assets to align with the current deployment timeline of our new point-of-sale system, which resulted in the recognition of additional depreciation expense of $6.1 million for the six months ended June 30, 2024.

Store Consolidations. During the first half of 2024, we closed 55 Rent-A-Center stores, resulting in pre-tax charges of $5.4 million in lease impairment charges, $0.6 million in disposal of fixed assets and $0.4 million in other miscellaneous shutdown and holding costs.

Stock Award Letter Agreement. On April 3, 2024, we entered into a letter agreement with the Company’s Chief Executive Officer as disclosed in our Current Report on Form 8-K dated as of April 5, 2024. The terms of the letter agreement included special provisions for his outstanding restricted stock awards vesting at various times through February 2027, which resulted in the acceleration of stock compensation expense for those awards in accordance with ASC Topic 718, “Stock-based Compensation”. Accelerated stock compensation expense recognized for the six months ended June 30, 2024 due to this letter agreement was approximately $1.7 million.

Activity with respect to other gains and charges is summarized in the below table:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023










Acima acquired assets depreciation and amortization	$	14,900	$	18,233	$	31,546	$	36,467
Acima equity consideration vesting	—		9,276		4,893		118,749
Accelerated software depreciation	1,534		—		6,145		—
Asset impairments	5,382		—		6,028		—
Accelerated stock compensation	1,733		—		1,733		—
Legal settlement reserve	700		277		700		140






Other(1)	673		—		673		—
Total other gains and charges	$	24,922	$	27,786	$	51,718	$	155,356

(1) Primarily represents shutdown and holding expenses related to store closures

Revenues

6 Months Ended

Jun. 30, 2024

Revenues [Abstract]

Revenues

The following tables disaggregate our revenue for the periods ended June 30, 2024 and 2023:


	Three Months Ended June 30, 2024
	Acima		Rent-A-Center		Mexico		Franchising		Consolidated
(in thousands)
Rentals and fees	$	435,804	$	430,566	$	19,607	$	—	$	885,977
Merchandise sales	116,536		28,748		955		—		146,239
Installment sales	—		15,225		—		—		15,225
Franchise merchandise sales	—		—		—		21,082		21,082
Royalty income and fees	—		—		—		6,113		6,113
Other	454		364		306		750		1,874
Total revenues	$	552,794	$	474,903	$	20,868	$	27,945	$	1,076,510



	Six Months Ended June 30, 2024
	Acima		Rent-A-Center		Mexico		Franchising		Consolidated
(in thousands)
Rentals and fees	$	859,411	$	860,150	$	38,955	$	—	$	1,758,516
Merchandise sales	254,090		69,994		1,854		—		325,938
Installment sales	—		29,917		—		—		29,917
Merchandise sales	—		—		—		41,941		41,941
Royalty income and fees	—		—		—		12,676		12,676
Other	639		595		626		1,629		3,489
Total revenues	$	1,114,140	$	960,656	$	41,435	$	56,246	$	2,172,477


	Three Months Ended June 30, 2023
	Acima		Rent-A-Center		Mexico		Franchising		Consolidated
(in thousands)
Rentals and fees	$	368,576	$	421,625	$	17,355	$	—	$	807,556
Merchandise sales	95,513		28,298		892		—		124,703
Installment sales	—		15,900		—		—		15,900
Franchise merchandise sales	—		—		—		22,869		22,869
Royalty income and fees	—		—		—		6,587		6,587
Other	269		368		207		704		1,548
Total revenues	$	464,358	$	466,191	$	18,454	$	30,160	$	979,163



	Six Months Ended June 30, 2023
	Acima		Rent-A-Center		Mexico		Franchising		Consolidated
(in thousands)
Rentals and fees	$	732,742	$	847,694	$	33,837	$	—	$	1,614,273
Merchandise sales	214,884		71,086		1,722		—		287,692
Installment sales	—		31,747		—		—		31,747
Merchandise sales	—		—		—		45,696		45,696
Royalty income and fees	—		—		—		12,823		12,823
Other	580		672		324		1,417		2,993
Total revenues	$	948,206	$	951,199	$	35,883	$	59,936	$	1,995,224

Lease Purchase Agreements

Rentals and Fees. Rental merchandise is leased to customers pursuant to lease-to-own agreements, which provide for weekly, bi-weekly, semi-monthly or monthly terms with non-refundable lease payments. At the expiration of each lease term, customers may renew the lease-to-own agreement for the next lease term. The customer has the right to acquire title of the merchandise either through an early purchase option or through payment of all required lease renewal terms. Customers can terminate the lease-to-own agreement and return the product at the end of any lease term without penalty. Therefore, lease-to-own agreements are accounted for as operating leases.

Lease payments received at our Rent-A-Center stores, certain Acima locations formerly operating under the Acceptance Now brand, and Mexico stores must be prepaid in advance of the next lease renewal term. Under the Acima Holdings business model, in certain cases revenues may be earned prior to the lease payment due date, in which case revenue is accrued prior to receipt of the lease payment, net of estimated returns and uncollectible renewal payments. Under both models, rental revenue is recognized over the lease term. See Note 3 for additional information regarding accrued lease revenue.

Cash received for rental payments, including fees, prior to the period in which it should be recognized, is deferred and recognized according to the lease term. At June 30, 2024 and December 31, 2023, we had $66.7 million and $68.6 million, respectively, in deferred revenue included in accrued liabilities related to our lease-to-own agreements. Revenue related to various payment, reinstatement or late fees is recognized when paid by the customer at the point service is provided. Rental merchandise in our Rent-A-Center stores, certain Acima locations formerly operating under the Acceptance Now brand, and Mexico stores is depreciated using the income forecasting method and recognized in cost of rentals and fees in our Condensed Consolidated Statements of Operations over the lease term. Lease merchandise under Acima Holdings is depreciated over the lease term using a straight-line depreciation method. Under the income forecasting method, the consumption of lease merchandise occurs during periods of rental and depreciation directly coincides with the receipt of rental revenue over the lease-to-own contract period. Depreciation under the straight-line method is recognized each period over the term of the lease-to-own contract irrespective of receipt of revenue payments from the customer.

We also offer additional optional product plans along with our lease-to-own agreements which provide customers with liability protection against significant damage or loss of a product, and club membership benefits, including various discount programs and product service and replacement benefits in the event merchandise is damaged or lost, and payment waivers in the event eligible customers become unemployed. Customers renew product plans in conjunction with their lease term renewals, and can cancel the plans at any time. Revenue for product plans is recognized over the term of the plan. Costs incurred related to product plans are primarily recognized in cost of revenues.

Revenue from contracts with customers

Merchandise Sales. Merchandise sales include payments received for the exercise of the early purchase options offered through our lease-to-own agreements or merchandise sold through point-of-sale transactions. Revenue for merchandise sales is recognized when payment is received and ownership of the merchandise passes to the customer. The remaining net value of merchandise sold is recorded to cost of merchandise sold at the time of the transaction.

Installment Sales. Revenue from the sale of merchandise in our retail installment stores is recognized when the installment note is signed and control of the merchandise has passed to the customer. The cost of merchandise sold through installment agreements is recognized in cost of installment sales at the time of the transaction. We offer optional extended service plans with our installment agreements which are administered by third parties and provide customers with product maintenance beyond the term of the installment agreement. Payments received for extended service plans are deferred and recognized, net of

related costs, when the installment payment plan is complete and the service plan goes into effect. Customers can cancel extended service plans at any time during the installment agreement period and receive a refund for payments previously made towards the plan. At June 30, 2024 and December 31, 2023, we had $0.8 million and $1.1 million, respectively, in deferred revenue included in accrued liabilities related to extended service plans.

Franchise Merchandise Sales. Revenue from the sale of rental merchandise is recognized upon shipment of the merchandise to the franchisee.

Royalty Income and Fees. Franchise royalties, including franchisee contributions to corporate advertising funds, represent sales-based royalties calculated as a percentage of gross rental payments and sales. Royalty revenue is accrued and recognized as rental payments and merchandise sales occur. Franchise fees are initial fees charged to franchisees for new or converted franchise stores. Franchise fee revenue is recognized on a straight-line basis over the term of the franchise agreement. At June 30, 2024 and December 31, 2023, we had $2.5 million and $3.0 million, respectively, in deferred revenue included in accrued liabilities related to franchise fees.

Other. Other revenue consists of revenue generated by other miscellaneous product plans offered to our rental and installment customers. Revenue for other product plans is recognized in accordance with the terms of the applicable plan agreement.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2024
Basis of Presentation [Abstract]
Use of Estimates	Use of Estimates In preparing financial statements in conformity with U.S. generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent losses and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. In applying accounting principles, we must often make individual estimates and assumptions regarding expected outcomes or uncertainties. Our estimates, judgments and assumptions are continually evaluated based on available information and experience. However, uncertainties, including those related to recent macroeconomic trends or other factors, may affect certain estimates and assumptions inherent in the financial reporting process, which may impact reported amounts of assets and liabilities in future periods and cause actual results to differ from those estimates.
Principles of Consolidation and Nature of Operations	Principles of Consolidation and Nature of Operations The financial statements included herein include the accounts of Upbound Group, Inc. and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. Unless the context indicates otherwise, references to “Upbound Group, Inc.” refer only to Upbound Group, Inc., the parent, and references to the “Company”, “we,” “us” and “our” refer to the consolidated business operations of Upbound Group and any or all of its direct and indirect subsidiaries. We report four operating segments: Acima, Rent-A-Center, Mexico, and Franchising. Our Acima segment, which primarily operates in the United States and Puerto Rico, includes the operations of Acima Holdings and certain locations previously operating under our Acceptance Now brand and generally offers consumers who do not qualify for traditional financing the lease-to-own transaction through staffed or unstaffed kiosks located within third-party retailer locations or other virtual options. In virtual locations, customers, either directly or with the assistance of a representative of the third-party retailer, initiate the lease-to-own transaction online in the retailers’ locations using our virtual solutions. Our Rent-A-Center segment consists of company-owned lease-to-own stores in the United States and Puerto Rico that lease household durable goods to customers through lease purchase agreements. We also offer merchandise on an installment sales basis in certain of our stores under the names “Get It Now” and “Home Choice” in Minnesota and Wisconsin. Our Rent-A-Center segment operates through our company-owned stores and e-commerce platforms through rentacenter.com, getitnowstores.com and homechoicestores.com. Our Mexico segment consists of our company-owned stores in Mexico that lease household durable goods to customers on a lease-to-own basis. Rent-A-Center Franchising International, Inc., an indirect wholly-owned subsidiary of Upbound Group, Inc., is a franchisor of lease-to-own stores. Our Franchising segment’s primary source of revenue is the sale of rental merchandise to our franchisees, who in turn offer the merchandise to the general public for rent or purchase under a lease-to-own transaction. The balance of our Franchising segment’s revenue is generated primarily from royalties based on franchisees’ monthly gross revenues.
Newly Adopted Accounting Pronouncements	Newly Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures of significant segment expenses on a quarterly and annual basis and is intended to improve the transparency of reportable segment disclosures. Adoption of ASU 2023-07 was required for us beginning January 1, 2024 for our fiscal year ended December 31, 2024. We will include required disclosures in our annual reporting period ending December 31, 2024 and interim reporting periods beginning after December 31, 2024 using a retrospective approach.

Other Gains and Charges - Activity (Details) $ in Thousands		3 Months Ended		6 Months Ended
Other Gains and Charges - Activity (Details) $ in Thousands	Feb. 17, 2021 USD ($) shares	Jun. 30, 2024 USD ($) store	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) store	Jun. 30, 2023 USD ($)
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges		$ 24,922	$ 27,786	$ 51,718	$ 155,356
Number of stores consolidated in 2024 \| store		55		55
Acima acquired assets depreciation [Member]
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges				$ 7,900	7,900
Accelerated software depreciation
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges		$ 1,534	0	6,145	0
Asset impairments
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges		5,382	0	6,028	0
Impaired Long-Lived Assets Held and Used, Operating Lease, Right-of-Use Asset
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges				5,400
Impaired Long-Lived Assets Held and used, Property, Plant and Equipment
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges				600
Accelerated stock compensation
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges		1,733	0	1,733	0
Legal settlement reserve
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges		700	277	700	140
Other(1)
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges		673	0	673	0
Other charges [Member]
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges				400
Acima Holdings [Member]
Unusual or Infrequent Item, or Both [Line Items]
Stock consideration, shares \| shares	10,779,923
Award vesting period	36 months
Other intangible assets	$ 520,000
Acima Holdings [Member] \| Software [Member]
Unusual or Infrequent Item, or Both [Line Items]
Property assets	$ 170,000
Acima Holdings [Member] \| Acima acquired assets amortization [Member]
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges		10,900	14,300	23,600	28,500
Acima Holdings [Member] \| Acima acquired assets depreciation and amortization
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges		14,900	18,233	31,546	36,467
Acima Holdings [Member] \| Acima equity consideration vesting
Unusual or Infrequent Item, or Both [Line Items]
Other gains and charges		$ 0	$ 9,276	$ 4,893	$ 118,749
Acima Holdings [Member] \| Restricted share units [Member]
Unusual or Infrequent Item, or Both [Line Items]
Stock consideration, shares \| shares	8,096,595
Stock consideration, value	$ 414,100
Acima Holdings [Member] \| Restricted share units [Member]
Unusual or Infrequent Item, or Both [Line Items]
Stock consideration, shares \| shares	8,096,595

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 82,515	$ 93,705
Receivables, net of allowance for doubtful accounts of $13,751 and $14,254 in 2024 and 2023, respectively	115,150	111,005
Prepaid expenses and other assets	52,037	50,259
Rental merchandise, net
On rent	1,064,942	1,109,896
Held for rent	128,915	124,167
Merchandise held for installment sale	5,455	6,398
Property assets, net of accumulated depreciation of $638,635 and $611,120 in 2024 and 2023, respectively	259,036	273,118
Operating lease right-of-use assets	275,321	289,702
Deferred tax asset	69,832	72,032
Goodwill	289,750	289,750
Other intangible assets, net	277,326	301,398
Total assets	2,620,279	2,721,430
LIABILITIES
Accounts payable – trade	114,001	177,249
Accrued liabilities	268,111	322,905
Operating lease liabilities	283,813	293,435
Deferred tax liability	42,366	60,842
Senior debt, net	874,787	866,707
Senior notes, net	440,900	439,920
Total liabilities	2,023,978	2,161,058
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value; 250,000,000 shares authorized; 125,716,438 and 125,415,059 shares issued in June 30, 2024 and December 31, 2023, respectively	1,107	1,100
Additional paid-in capital	1,477,685	1,459,709
Retained earnings	1,016,001	994,892
Treasury stock at cost, 71,060,928 shares in June 30, 2024 and December 31, 2023	(1,890,966)	(1,890,966)
Accumulated other comprehensive loss	(7,526)	(4,363)
Total Stockholders' Equity	596,301	560,372
Total Liabilities and Stockholders' Equity	$ 2,620,279	$ 2,721,430

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Rentals and fees	$ 885,977	$ 807,556	$ 1,758,516	$ 1,614,273
Merchandise sales	146,239	124,703	325,938	287,692
Installment sales	15,225	15,900	29,917	31,747
Franchise merchandise sales	21,082	22,869	41,941	45,696
Royalty income and fees	6,113	6,587	12,676	12,823
Other	1,874	1,548	3,489	2,993
Total revenues	1,076,510	979,163	2,172,477	1,995,224
Rental purchase agreements [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	66,700		66,700		$ 68,600
Other product plans [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	800		800		1,100
Franchise fees [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	2,500		2,500		$ 3,000
Acima [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	435,804	368,576	859,411	732,742
Merchandise sales	116,536	95,513	254,090	214,884
Installment sales	0	0	0	0
Franchise merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Other	454	269	639	580
Total revenues	552,794	464,358	1,114,140	948,206
Rent-A-Center [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	430,566	421,625	860,150	847,694
Merchandise sales	28,748	28,298	69,994	71,086
Installment sales	15,225	15,900	29,917	31,747
Franchise merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Other	364	368	595	672
Total revenues	474,903	466,191	960,656	951,199
Mexico [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	19,607	17,355	38,955	33,837
Merchandise sales	955	892	1,854	1,722
Installment sales	0	0	0	0
Franchise merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Other	306	207	626	324
Total revenues	20,868	18,454	41,435	35,883
Franchising [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	0	0	0	0
Merchandise sales	0	0	0	0
Installment sales	0	0	0	0
Franchise merchandise sales	21,082	22,869	41,941	45,696
Royalty income and fees	6,113	6,587	12,676	12,823
Other	750	704	1,629	1,417
Total revenues	$ 27,945	$ 30,160	$ 56,246	$ 59,936

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 1,076,510	$ 979,163	$ 2,172,477	$ 1,995,224
Gross profit	531,959	506,226	1,061,027	1,012,490
Operating profit (Ioss)	80,655	84,031	142,417	48,918
Depreciation and amortization	12,618	12,597	26,091	25,478
Capital expenditures	14,427	11,860	26,244	21,394
On rent	1,064,942		1,064,942		$ 1,109,896
Held for rent	128,915		128,915		124,167
Assets	2,620,279		2,620,279		2,721,430
Stock-based compensation expense			19,988	131,106
Other gains and charges	24,922	27,786	51,718	155,356
Depreciation [Member]
Segment Reporting Information [Line Items]
Other gains and charges	5,500
Acima Holdings [Member] \| Acima acquired assets amortization [Member]
Segment Reporting Information [Line Items]
Other gains and charges	10,900	14,300	23,600	28,500
Acima Holdings [Member] \| Depreciation [Member]
Segment Reporting Information [Line Items]
Other gains and charges		3,900	14,000	7,900
Acima Holdings [Member] \| Acima equity consideration vesting
Segment Reporting Information [Line Items]
Other gains and charges	0	9,276	4,893	118,749
Acima [Member]
Segment Reporting Information [Line Items]
Total revenues	552,794	464,358	1,114,140	948,206
Rent-A-Center [Member]
Segment Reporting Information [Line Items]
Total revenues	474,903	466,191	960,656	951,199
Mexico [Member]
Segment Reporting Information [Line Items]
Total revenues	20,868	18,454	41,435	35,883
Franchising [Member]
Segment Reporting Information [Line Items]
Total revenues	27,945	30,160	56,246	59,936
Operating segments [Member]
Segment Reporting Information [Line Items]
Operating profit (Ioss)	143,112	148,300	274,857	276,886
Depreciation and amortization	5,586	5,318	11,248	10,995
Capital expenditures	7,958	3,490	13,160	7,242
Assets	2,274,235		2,274,235		2,358,322
Operating segments [Member] \| Acima [Member]
Segment Reporting Information [Line Items]
Total revenues	552,794	464,358	1,114,140	948,206
Gross profit	179,611	159,687	348,913	314,832
Operating profit (Ioss)	69,991	63,109	121,902	116,979
Depreciation and amortization	382	416	672	843
Capital expenditures	989	24	1,208	82
On rent	608,634		608,634		606,912
Held for rent	248		248		498
Assets	1,206,064		1,206,064		1,221,845
Operating segments [Member] \| Rent-A-Center [Member]
Segment Reporting Information [Line Items]
Total revenues	474,903	466,191	960,656	951,199
Gross profit	330,505	326,253	668,148	657,979
Operating profit (Ioss)	67,033	78,914	141,807	147,875
Depreciation and amortization	4,780	4,573	9,770	9,543
Capital expenditures	6,263	2,788	10,454	5,765
On rent	433,593		433,593		478,774
Held for rent	117,684		117,684		112,129
Assets	988,472		988,472		1,061,107
Operating segments [Member] \| Mexico [Member]
Segment Reporting Information [Line Items]
Total revenues	20,868	18,454	41,435	35,883
Gross profit	15,011	13,047	29,727	25,436
Operating profit (Ioss)	1,559	1,298	3,255	2,293
Depreciation and amortization	388	293	734	535
Capital expenditures	706	678	1,498	1,394
On rent	22,715		22,715		24,210
Held for rent	10,983		10,983		11,540
Assets	59,001		59,001		57,347
Operating segments [Member] \| Franchising [Member]
Segment Reporting Information [Line Items]
Total revenues	27,945	30,160	56,246	59,936
Gross profit	6,832	7,239	14,239	14,243
Operating profit (Ioss)	4,529	4,979	7,893	9,739
Depreciation and amortization	36	36	72	74
Capital expenditures	0	0	0	1
Assets	20,698		20,698		18,023
Corporate, non-segment [Member]
Segment Reporting Information [Line Items]
Operating profit (Ioss)	(62,457)	(64,269)	(132,440)	(227,968)
Depreciation and amortization	7,032	7,279	14,843	14,483
Capital expenditures	6,469	$ 8,370	13,084	$ 14,152
Assets	$ 346,044		$ 346,044		$ 363,108

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net earnings (loss)	$ 61,636	$ 1,712
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation of rental merchandise	639,709	571,076
Bad debt expense	9,459	11,833
Stock-based compensation expense	19,988	131,106
Depreciation of property assets	39,710	32,934
Loss on sale or disposal of property assets	537	366
Amortization of intangibles	24,072	29,012
Amortization of financing fees	3,017	3,164
Write-off of debt financing fees	4,817	0
Deferred income taxes	(15,248)	(78,822)
Changes in operating assets and liabilities, net of acquired assets
Rental merchandise	(598,621)	(514,053)
Receivables	(13,605)	1,237
Prepaid expenses and other assets	(1,779)	4,932
Operating lease right-of-use assets and lease liabilities	4,761	378
Accounts payable – trade	(63,248)	(51,939)
Accrued liabilities	(54,744)	(976)
Net cash provided by operating activities	60,461	141,960
Cash flows from investing activities
Purchase of property assets	(26,244)	(21,394)
Proceeds from sale of assets	140	5
Acquisitions of businesses	0	(39)
Net cash used in investing activities	(26,104)	(21,428)
Cash flows from financing activities
Exercise of stock options	1,050	1,055
Shares withheld for payment of employee tax withholdings	(3,054)	(2,535)
Debt issuance costs	(5,186)	0
Proceeds from debt	165,000	0
Repayments of debt	(160,375)	(134,218)
Dividends paid	(41,750)	(44,336)
Net cash used in financing activities	(44,315)	(180,034)
Effect of exchange rate changes on cash	(1,232)	2,162
Net decrease in cash and cash equivalents	(11,190)	(57,340)
Cash and cash equivalents at beginning of period	93,705	144,141
Cash and cash equivalents at end of period	$ 82,515	$ 86,801

Common Stock and Stock-Based Compensation	6 Months Ended
Common Stock and Stock-Based Compensation	Jun. 30, 2024
Stock-Based Compensation [Abstract]
Common Stock and Stock-Based Compensation	Common Stock and Stock-Based Compensation Stock Repurchase Program In early December 2021, our Board of Directors authorized a stock repurchase program for up to $500 million (the “December 2021 Program”), which superseded our previous stock repurchase program. Under the December 2021 Program, we may purchase shares of our common stock from time to time in the open market or privately negotiated transactions. We are not obligated to acquire any shares under the program, and the program may be suspended or discontinued at any time. There were no repurchases of our common stock during the six months ended June 30, 2024 and 2023, and approximately $235.0 million remains available for repurchases under the current authorization at June 30, 2024. Stock Based Compensation We recognized $6.4 million and $6.1 million in compensation expense related to stock awards issued under the Upbound Group, Inc. Amended 2021 Long-Term Incentive Plan (the “2021 Plan”) and 2016 Long-Term Incentive Plan (the “2016 Plan”) during the three months ended June 30, 2024 and 2023, respectively, and $13.4 million and $12.4 million during the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2024, we granted 496,803 market-based performance units and 276,006 time-vesting units under the 2021 Plan. Performance-based restricted stock units are valued using a Monte Carlo simulation. Time-vesting restricted stock units are valued based on our closing stock price on the trading day immediately preceding the date of the grant, or as of the date of modification in the event an award is modified. The weighted-average grant date fair value of the market-based performance and time-vesting restricted stock units granted during the six months ended June 30, 2024 was $38.39 and $33.79, respectively. In connection with the acquisition of Acima Holdings in 2021, we issued to the former owners of Acima Holdings 10,779,923 of common shares valued at $51.14 per share, as of the date of closing. Of this total, 2,683,328 common shares were included in the aggregate purchase price of the transaction for financial reporting purposes, while 8,096,595 common shares, valued at $414.1 million, issued under restricted stock agreements and subject to vesting conditions, were recognized as stock compensation expense over the vesting term in accordance with ASC Topic 718, “Stock-based Compensation” and recorded to other gains and charges in our unaudited Condensed Consolidated Statements of Operations. We recognized $4.9 million in stock compensation expense related to these restricted stock agreements during the six months ended June 30, 2024, and $9.3 million and $118.7 million during the three and six months ended June 30, 2023, respectively. These restricted stock agreements were fully vested during the three months ended March 31, 2024. Stock compensation expense recognized during the six months ended June 30, 2023 for these restricted stock agreements included $78.4 million attributable to the acceleration of vesting provisions, primarily related to former employee and Acima founder Aaron Allred’s transition from Executive Vice President of Acima to an advisory role in early 2023. On April 3, 2024, we entered into a letter agreement with the Company’s Chief Executive Officer as disclosed in our Current Report on Form 8-K dated as of April 5, 2024. The terms of the letter agreement included special provisions for his outstanding restricted stock awards vesting at various times through February 2027, which resulted in the acceleration of stock compensation expense for those awards in accordance with ASC Topic 718, “Stock-based Compensation”. Accelerated stock compensation expense recognized for the three and six months ended June 30, 2024 due to this letter agreement was approximately $1.7 million and was recorded to other gains and charges in our unaudited Condensed Consolidated Statements of Operations.

Condensed Consolidated Statement of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, net of tax of $(1,020) and $1,102, $(841) and $1,927 for the three and six months ended June 30, 2024 and 2023, respectively	$ (1,020)	$ 1,102	$ (841)	$ 1,927

Senior Debt (Details) - USD ($)					1 Months Ended	3 Months Ended		6 Months Ended
Senior Debt (Details) - USD ($)	Jun. 07, 2024	May 28, 2024	Sep. 21, 2021	Feb. 17, 2021	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Senior Debt [Line Items]
Capitalized debt issuance costs				$ 30,200,000
Unamortized Debt Issuance Expense				25,300,000
Write-off of debt financing fees								$ 4,817,000	$ 0
Outstanding Senior debt						$ 885,708,000		885,708,000
Excess cash flow prepayments								160,375,000	134,218,000
Debt issuance costs								(5,186,000)	0
Debt refinancing charges						(6,604,000)	$ 0	(6,604,000)	$ 0
Original Issue Discount [Member]
Senior Debt [Line Items]
Unamortized Debt Issuance Expense						900,000		900,000
Debt Issuance Costs [Member]
Senior Debt [Line Items]
Unamortized Debt Issuance Expense						10,000,000		10,000,000
Term Loan Facility
Senior Debt [Line Items]
Capitalized debt issuance costs		$ 200,000
Term Loan Facility \| London Interbank Offered Rate (LIBOR) \| Minimum [Member]
Senior Debt [Line Items]
Basis margin on variable rate		2.75%
Term Loan Facility \| Secured Overnight Financing Rate (SOFR)
Senior Debt [Line Items]
Decrease to basis spread on variable rate		0.50%
Term Loan Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum [Member]
Senior Debt [Line Items]
Basis margin on variable rate			3.25%
ABL credit facility [Member]
Senior Debt [Line Items]
Write-off of debt financing fees	$ 400,000
Debt issuance costs	$ (3,200,000)
Term Loan Facility
Senior Debt [Line Items]
Write-off of debt financing fees		$ 4,400,000
Debt issuance costs		(2,000,000)
Debt refinancing charges		$ (1,800,000)
Term Loan Facility
Senior Debt [Line Items]
Senior secured term loan facility				875,000,000
Available increase in Senior Debt capacity				500,000,000
Original issue discount				$ 4,400,000
Outstanding Senior debt						$ 806,708,000		$ 806,708,000
Debt instrument, maturity date				Feb. 17, 2028
Debt Instrument, Frequency of Periodic Payment								quarterly
Debt Instrument, Periodic Payment, Percent								1.00%
Excess cash flow prepayments					$ 42,600,000
Accrued interest					$ 600,000
Term Loan Facility \| Secured Overnight Financing Rate (SOFR)
Senior Debt [Line Items]
Basis margin on variable rate								2.75%
Actual interest rate						8.09%		8.09%
Term Loan Facility \| Secured Overnight Financing Rate (SOFR) Floor
Senior Debt [Line Items]
Basis margin on variable rate								0.50%
ABL credit facility [Member]
Senior Debt [Line Items]
Revolving credit facility commitments				$ 550,000,000
Available increase in Senior Debt capacity				125,000,000
Outstanding Senior debt						$ 79,000,000		$ 79,000,000
ABL credit facility borrowing capacity						420,600,000		420,600,000
Letters of credit, amount outstanding						50,400,000		$ 50,400,000
Debt instrument, maturity date	Jun. 07, 2029
Line of credit facility, unused capacity, commitment fee percentage								0.375%
Line of credit commitment fee						$ 700,000
ABL credit facility [Member] \| Maximum [Member]
Senior Debt [Line Items]
Line of credit facility, unused capacity, commitment fee percentage								0.375%
ABL credit facility [Member] \| Minimum [Member]
Senior Debt [Line Items]
Line of credit facility, unused capacity, commitment fee percentage								0.25%
ABL credit facility [Member] \| Secured Overnight Financing Rate (SOFR)
Senior Debt [Line Items]
Actual interest rate						7.43%		7.43%
ABL credit facility [Member] \| Secured Overnight Financing Rate (SOFR) \| Maximum [Member]
Senior Debt [Line Items]
Basis margin on variable rate								2.00%
ABL credit facility [Member] \| Secured Overnight Financing Rate (SOFR) \| Minimum [Member]
Senior Debt [Line Items]
Basis margin on variable rate								1.50%
ABL Letter of Credit
Senior Debt [Line Items]
Maximum borrowing capacity				$ 150,000,000

Senior Notes	6 Months Ended
Senior Notes	Jun. 30, 2024
Subsidiary Guarantors - Senior Notes [Abstract]
Senior Notes	Senior Notes On February 17, 2021, we issued $450 million in senior unsecured notes all of which are 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 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 June 30, 2024, the total remaining balance of unamortized debt issuance costs related to our Notes reported in the Condensed Consolidated Balance Sheets was approximately $9.1 million. We may redeem some or all of the Notes at any time 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. If we experience specific kinds of change in 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 unsecured 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.

Segment Information

6 Months Ended

Jun. 30, 2024

Segment Information [Abstract]

Segment Information

The operating segments reported below are the segments for which separate financial information is available and for which segment results are evaluated by the chief operating decision makers. Our operating segments are organized based on factors including, but not limited to, type of business transactions, geographic location and store ownership. Within our operating segments, we offer merchandise for lease from certain basic product categories, such as: furniture, including mattresses; tires; consumer electronics; appliances; tools; handbags; computers; smartphones; and accessories.

Segment information as of and for the three and six months ended June 30, 2024 and 2023 is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Revenues
Acima	$	552,794	$	464,358	$	1,114,140	$	948,206
Rent-A-Center	474,903		466,191		960,656		951,199
Mexico	20,868		18,454		41,435		35,883
Franchising	27,945		30,160		56,246		59,936
Total revenues	$	1,076,510	$	979,163	$	2,172,477	$	1,995,224


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Gross profit
Acima	$	179,611	$	159,687	$	348,913	$	314,832
Rent-A-Center	330,505		326,253		668,148		657,979
Mexico	15,011		13,047		29,727		25,436
Franchising	6,832		7,239		14,239		14,243
Total gross profit	$	531,959	$	506,226	$	1,061,027	$	1,012,490


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Operating profit
Acima	$	69,991	$	63,109	$	121,902	$	116,979
Rent-A-Center	67,033		78,914		141,807		147,875
Mexico	1,559		1,298		3,255		2,293
Franchising	4,529		4,979		7,893		9,739
Total segments	143,112		148,300		274,857		276,886
Corporate(1)	(62,457)		(64,269)		(132,440)		(227,968)
Total operating profit	$	80,655	$	84,031	$	142,417	$	48,918

(1) Includes stock compensation expense of $4.9 million recognized for the six months ended June 30, 2024 and $9.3 million and $118.7 million recognized for the three and six months ended June 30, 2023, respectively, related to common stock issued to Acima Holdings employees under restricted stock agreements as part of the acquisition consideration subject to vesting restrictions as described in Note 10. These restricted stock agreements were fully vested during the three months ended March 31, 2024


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Depreciation and amortization
Acima(1)	$	382	$	416	$	672	$	843
Rent-A-Center	4,780		4,573		9,770		9,543
Mexico	388		293		734		535
Franchising	36		36		72		74
Total segments	5,586		5,318		11,248		10,995
Corporate(2)	7,032		7,279		14,843		14,483
Total depreciation and amortization	$	12,618	$	12,597	$	26,091	$	25,478

(1) Excludes amortization expense of approximately $10.9 million and $23.6 million for the three and six months ended June 30, 2024, and $14.3 million and $28.5 million for the three and six months ended June 30, 2023, respectively, recorded to other gains and charges in the Condensed Consolidated Statements of Operations, related to intangible assets acquired upon closing of the Acima Holdings acquisition. See Note 8 for additional information.

(2) Excludes depreciation expense of approximately $5.5 million and $14.0 million for the three and six months ended June 30, 2024, and $3.9 million and $7.9 million for the three and six months ended June 30, 2023 recorded to other gains and charges in the Condensed Consolidated Statements of Operations, related to software acquired upon closing of the Acima Holdings acquisition and accelerated software depreciation. See Note 8 for additional information.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Capital expenditures
Acima	$	989	$	24	$	1,208	$	82
Rent-A-Center	6,263		2,788		10,454		5,765
Mexico	706		678		1,498		1,394
Franchising	—		—		—		1
Total segments	7,958		3,490		13,160		7,242
Corporate	6,469		8,370		13,084		14,152
Total capital expenditures	$	14,427	$	11,860	$	26,244	$	21,394


(in thousands)	June 30, 2024		December 31, 2023
On rent rental merchandise, net
Acima	$	608,634	$	606,912
Rent-A-Center	433,593		478,774
Mexico	22,715		24,210
Total on rent rental merchandise, net	$	1,064,942	$	1,109,896


(in thousands)	June 30, 2024		December 31, 2023
Held for rent rental merchandise, net
Acima	$	248	$	498
Rent-A-Center	117,684		112,129
Mexico	10,983		11,540
Total held for rent rental merchandise, net	$	128,915	$	124,167


(in thousands)	June 30, 2024		December 31, 2023
Assets by segment
Acima	$	1,206,064	$	1,221,845
Rent-A-Center	988,472		1,061,107
Mexico	59,001		57,347
Franchising	20,698		18,023
Total segments	2,274,235		2,358,322
Corporate	346,044		363,108
Total assets	$	2,620,279	$	2,721,430

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Earnings (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

Summarized basic and diluted earnings per common share were calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2024		2023		2024		2023
Numerator:
Net earnings (loss)	$	33,949	$	(45,618)	$	61,636	$	1,712
Denominator:
Weighted-average shares outstanding	54,650		55,242		54,597		55,199
Effect of dilutive stock awards(1) (2)	1,192		—		1,231		1,375
Weighted-average dilutive shares	55,842		55,242		55,828		56,574

Basic earnings (loss) per common share	$	0.62	$	(0.83)	$	1.13	$	0.03
Diluted earnings (loss) per common share(1)	$	0.61	$	(0.83)	$	1.10	$	0.03
Anti-dilutive securities excluded from diluted earnings (loss) per common share:
Anti-dilutive restricted share units	1		624		1		47
Anti-dilutive performance share units	488		1,334		488		789
Anti-dilutive stock options	57		739		57		225

(1) Weighted-average dilutive shares outstanding for the six months ended June 30, 2023, includes approximately 0.7 million common shares, issued in connection with the acquisition of Acima Holdings and subject to vesting conditions under restricted stock agreements.

(2) There was no dilutive effect to the loss per common share for the three months ended June 30, 2023 due to the net loss incurred for the period.

Receivables and Allowance for Doubtful Accounts (Tables)

6 Months Ended

Jun. 30, 2024

Receivables and Allowance for Doubtful Accounts [Abstract]

Receivables

Receivables consist of the following:


(in thousands)	June 30, 2024		December 31, 2023
Installment sales receivables	$	60,122	$	62,901
Trade and notes receivables(1)	68,779		62,358

Total receivables	128,901		125,259
Less allowance for doubtful accounts(2)	(13,751)		(14,254)
Total receivables, net of allowance for doubtful accounts	$	115,150	$	111,005

Changes in Allowance for Doubtful Accounts

Changes in our allowance for doubtful accounts are as follows:


(in thousands)	June 30, 2024
Beginning allowance for doubtful accounts	$	14,254
Bad debt expense(1)	9,460

Accounts written off, net of recoveries	(9,963)
Ending allowance for doubtful accounts	$	13,751

(1) Uncollectible installment payments, franchisee obligations, and other corporate receivables are recognized in non-labor operating expenses in our condensed consolidated financial statements.

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	Feb. 17, 2021	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Common Share
Net earnings (loss)		$ 33,949	$ 27,687	$ (45,618)	$ 47,330	$ 61,636	$ 1,712
Weighted-average shares outstanding		54,650,000		55,242,000		54,597,000	55,199,000
Effect of dilutive stock awards		1,192,000		0		1,231,000	1,375,000
Weighted-average dilutive shares		55,842,000		55,242,000		55,828,000	56,574,000
Basic earnings (loss) per common share		$ 0.62		$ (0.83)		$ 1.13	$ 0.03
Diluted earnings (loss) per common share(1)		$ 0.61		$ (0.83)		$ 1.10	$ 0.03
Acima Holdings [Member]
Earnings Per Common Share
Stock consideration, shares	10,779,923
Acima Holdings [Member] \| Restricted share units [Member]
Earnings Per Common Share
Weighted-average dilutive shares							700,000
Stock consideration, shares	8,096,595
Restricted share units [Member] \| Acima Holdings [Member]
Earnings Per Common Share
Stock consideration, shares	8,096,595
Retained Earnings
Earnings Per Common Share
Net earnings (loss)		$ 33,949	$ 27,687	$ (45,618)	$ 47,330
Restricted Stock Units [Member]
Earnings Per Common Share
Anti-dilutive securities		1,000		624,000		1,000	47,000
Performance-based restricted stock units [Member]
Earnings Per Common Share
Anti-dilutive securities		488,000		1,334,000		488,000	789,000
Stock options [Member]
Earnings Per Common Share
Anti-dilutive securities		57,000		739,000		57,000	225,000

Senior Notes (Details) - USD ($) $ in Thousands		6 Months Ended
Senior Notes (Details) - USD ($) $ in Thousands	Feb. 17, 2021	Jun. 30, 2024
Senior Notes [Line Items]
Unamortized Debt Issuance Expense	$ 25,300
Senior Notes [Member]
Senior Notes [Line Items]
Carrying value of senior notes	$ 450,000	$ 450,000
Debt instrument, maturity date	Feb. 15, 2029
Interest rate, stated percentage	6.375%
Unamortized Debt Issuance Expense	$ 15,700	$ 9,100
Debt Instrument, Redemption Price, Percentage		101.00%

Senior Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

The table below shows the scheduled maturity dates of our outstanding senior debt at June 30, 2024 for each of the years ending December 31:


(in thousands)	ABL Credit Facility		Term Loan Facility(1)		Total
2024	$	—	$	—	$	—
2025	—		—		—
2026	—		—		—
2027	—		—		—
2028	—		806,708		806,708
Thereafter	79,000		—		79,000
Total senior debt	$	79,000	$	806,708	$	885,708

(1) Annual installment requirements were reduced by the amount of the excess cash flow payment described above, in accordance with the terms of the credit agreement governing the Term Loan Facility.

Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Information [Abstract]

Segment Information

Segment information as of and for the three and six months ended June 30, 2024 and 2023 is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Revenues
Acima	$	552,794	$	464,358	$	1,114,140	$	948,206
Rent-A-Center	474,903		466,191		960,656		951,199
Mexico	20,868		18,454		41,435		35,883
Franchising	27,945		30,160		56,246		59,936
Total revenues	$	1,076,510	$	979,163	$	2,172,477	$	1,995,224


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Gross profit
Acima	$	179,611	$	159,687	$	348,913	$	314,832
Rent-A-Center	330,505		326,253		668,148		657,979
Mexico	15,011		13,047		29,727		25,436
Franchising	6,832		7,239		14,239		14,243
Total gross profit	$	531,959	$	506,226	$	1,061,027	$	1,012,490


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Operating profit
Acima	$	69,991	$	63,109	$	121,902	$	116,979
Rent-A-Center	67,033		78,914		141,807		147,875
Mexico	1,559		1,298		3,255		2,293
Franchising	4,529		4,979		7,893		9,739
Total segments	143,112		148,300		274,857		276,886
Corporate(1)	(62,457)		(64,269)		(132,440)		(227,968)
Total operating profit	$	80,655	$	84,031	$	142,417	$	48,918


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Depreciation and amortization
Acima(1)	$	382	$	416	$	672	$	843
Rent-A-Center	4,780		4,573		9,770		9,543
Mexico	388		293		734		535
Franchising	36		36		72		74
Total segments	5,586		5,318		11,248		10,995
Corporate(2)	7,032		7,279		14,843		14,483
Total depreciation and amortization	$	12,618	$	12,597	$	26,091	$	25,478


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Capital expenditures
Acima	$	989	$	24	$	1,208	$	82
Rent-A-Center	6,263		2,788		10,454		5,765
Mexico	706		678		1,498		1,394
Franchising	—		—		—		1
Total segments	7,958		3,490		13,160		7,242
Corporate	6,469		8,370		13,084		14,152
Total capital expenditures	$	14,427	$	11,860	$	26,244	$	21,394


(in thousands)	June 30, 2024		December 31, 2023
On rent rental merchandise, net
Acima	$	608,634	$	606,912
Rent-A-Center	433,593		478,774
Mexico	22,715		24,210
Total on rent rental merchandise, net	$	1,064,942	$	1,109,896


(in thousands)	June 30, 2024		December 31, 2023
Held for rent rental merchandise, net
Acima	$	248	$	498
Rent-A-Center	117,684		112,129
Mexico	10,983		11,540
Total held for rent rental merchandise, net	$	128,915	$	124,167


(in thousands)	June 30, 2024		December 31, 2023
Assets by segment
Acima	$	1,206,064	$	1,221,845
Rent-A-Center	988,472		1,061,107
Mexico	59,001		57,347
Franchising	20,698		18,023
Total segments	2,274,235		2,358,322
Corporate	346,044		363,108
Total assets	$	2,620,279	$	2,721,430

Receivables and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Receivables [Line Items]
Interest paid on installment agreements	$ 5,300	$ 5,900
Gross receivables	128,901		$ 125,259
Total receivables, net of allowance for doubtful accounts	115,150		111,005
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Less allowance for doubtful accounts	(13,751)		(14,254)
Bad debt expense	9,460
Accounts written off, net of recoveries	(9,963)
Installment sales receivable [Member]
Receivables [Line Items]
Gross receivables	60,122		62,901
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Less allowance for doubtful accounts	(12,300)		(13,000)
Trade and notes receivables [Member]
Receivables [Line Items]
Gross receivables	68,779		62,358
Accrued Revenue	40,300		36,800
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Less allowance for doubtful accounts	$ (1,500)		$ (1,200)

Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value of our Notes is based on Level 1 inputs and was as follows at June 30, 2024:


	June 30, 2024
(in thousands)	Carrying Value		Fair Value		Difference
Senior notes	$	450,000	$	430,290	$	(19,710)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenues [Abstract]

Disaggregation of Revenue

The following tables disaggregate our revenue for the periods ended June 30, 2024 and 2023:


	Three Months Ended June 30, 2024
	Acima		Rent-A-Center		Mexico		Franchising		Consolidated
(in thousands)
Rentals and fees	$	435,804	$	430,566	$	19,607	$	—	$	885,977
Merchandise sales	116,536		28,748		955		—		146,239
Installment sales	—		15,225		—		—		15,225
Franchise merchandise sales	—		—		—		21,082		21,082
Royalty income and fees	—		—		—		6,113		6,113
Other	454		364		306		750		1,874
Total revenues	$	552,794	$	474,903	$	20,868	$	27,945	$	1,076,510



	Six Months Ended June 30, 2024
	Acima		Rent-A-Center		Mexico		Franchising		Consolidated
(in thousands)
Rentals and fees	$	859,411	$	860,150	$	38,955	$	—	$	1,758,516
Merchandise sales	254,090		69,994		1,854		—		325,938
Installment sales	—		29,917		—		—		29,917
Merchandise sales	—		—		—		41,941		41,941
Royalty income and fees	—		—		—		12,676		12,676
Other	639		595		626		1,629		3,489
Total revenues	$	1,114,140	$	960,656	$	41,435	$	56,246	$	2,172,477


	Three Months Ended June 30, 2023
	Acima		Rent-A-Center		Mexico		Franchising		Consolidated
(in thousands)
Rentals and fees	$	368,576	$	421,625	$	17,355	$	—	$	807,556
Merchandise sales	95,513		28,298		892		—		124,703
Installment sales	—		15,900		—		—		15,900
Franchise merchandise sales	—		—		—		22,869		22,869
Royalty income and fees	—		—		—		6,587		6,587
Other	269		368		207		704		1,548
Total revenues	$	464,358	$	466,191	$	18,454	$	30,160	$	979,163



	Six Months Ended June 30, 2023
	Acima		Rent-A-Center		Mexico		Franchising		Consolidated
(in thousands)
Rentals and fees	$	732,742	$	847,694	$	33,837	$	—	$	1,614,273
Merchandise sales	214,884		71,086		1,722		—		287,692
Installment sales	—		31,747		—		—		31,747
Merchandise sales	—		—		—		45,696		45,696
Royalty income and fees	—		—		—		12,823		12,823
Other	580		672		324		1,417		2,993
Total revenues	$	948,206	$	951,199	$	35,883	$	59,936	$	1,995,224

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 13,751	$ 14,254
Property assets, accumulated depreciation	$ 638,635	$ 611,120
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares, issued (in shares)	125,716,438	125,415,059
Treasury stock (in shares)	71,060,928	71,060,928

Condensed Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 33,949	$ (45,618)	$ 61,636	$ 1,712
Foreign currency translation adjustments, net of tax of $(1,020) and $1,102, $(841) and $1,927 for the three and six months ended June 30, 2024 and 2023, respectively	(3,839)	4,145	(3,163)	7,249
Total other comprehensive (loss) income	(3,839)	4,145	(3,163)	7,249
Comprehensive income (loss)	$ 30,110	$ (41,473)	$ 58,473	$ 8,961

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies We, along with our subsidiaries, are party to various legal proceedings and governmental inquiries and investigations given the nature of our business. We regularly monitor developments related to these matters, determine whether a reserve is appropriate if the loss is both probable and reasonably estimable, and review the adequacy of our reserves for such matters on a quarterly basis. As a result, we do not have reserves for all matters with respect to which we may or will have future liability, and no assurance can be given that our reserves, when recorded, will be adequate to cover the full amount of any loss we may ultimately incur. In addition, certain of the matters described below involve demands for monetary relief and changes to our business practices that could materially and adversely impact our business, financial condition and results of operations were we to agree to them as part of a settlement or be subject to them following an adverse result in litigation. We cannot predict the ultimate resolution of our pending legal proceedings and governmental inquiries and investigations or other similar matters that may arise in the future given the nature of our business and the inherent uncertainty associated with legal proceedings and governmental inquiries and investigations, including those described below. Unclaimed Property. We are subject to unclaimed property audits by states in the ordinary course of business. The property subject to review in the audit process includes unclaimed wages, vendor payments and customer refunds. State escheat laws generally require entities to report and remit abandoned and unclaimed property to the state. Failure to timely report and remit the property can result in assessments that could include interest and penalties, in addition to the payment of the escheat liability itself. We routinely remit escheat payments to states and believe we are in compliance with applicable escheat laws. Consumer Financial Protection Bureau (“CFPB”) Investigation. In October 2020, prior to the December 2020 execution of the definitive agreement to acquire Acima, Acima received a Civil Investigative Demand (the “CID”) from the CFPB requesting certain information, documents and data relating to Acima’s products, services and practices from January 1, 2015 forward. The stated purpose of the CID was to determine whether Acima extends credit, offers leases, or otherwise offers or provides a consumer financial product or service and whether Acima complies with certain consumer financial protection laws. After the original CID, the CFPB issued subsequent CIDs requesting further information, documents and testimony. Acima responded to all CIDs and cooperated with the CFPB throughout their investigation. In May 2023, in accordance with the CFPB’s Notice and Opportunity to Respond and Advise (“NORA”) process, the CFPB staff notified Acima that the staff may recommend that the CFPB take legal action against Acima based on allegations that Acima violated the Consumer Financial Protection Act of 2010; the Truth in Lending Act and its implementing regulation, Regulation Z; the Electronic Fund Transfer Act and its implementing regulation, Regulation E; and the Fair Credit Reporting Act and its implementing regulation, Regulation V, and seek remedies including restitution, disgorgement, damages, injunctive relief, and civil money penalties. In June 2023, Acima submitted its response to the NORA notice. After the Company’s first quarter 2024 Form 10-Q filing, Acima was informed by the CFPB staff that the CFPB authorized “sue or settle” authority pursuant to the NORA process. The CFPB subsequently provided Acima with a settlement proposal. Although Acima engaged in discussions with the CFPB regarding its settlement demands, Acima’s efforts to negotiate a resolution were met with the CFPB’s threat of imminent commencement of litigation, refusal to meet with Acima in person to discuss a potential resolution, and what Acima believes are unsupportable demands. As a result, on July 22, 2024, Acima filed a lawsuit against the CFPB in the U.S. District Court for the Eastern District of Texas. Acima seeks to halt what it contends is the CFPB’s unauthorized attempt to expand its authority as limited by federal law and usurp the long-standing, comprehensive state regulatory framework governing the lease-to-own industry. Acima filed this action reluctantly, only after concluding in its judgment that the CFPB was not prepared to settle with Acima on acceptable terms. On July 26, 2024, the CFPB filed a lawsuit against Acima and its former founder in the U.S. District Court for the District of Utah, alleging violations of the consumer financial protection laws and regulations described above in connection with the CFPB’s May 2023 NORA notice. The CFPB’s lawsuit seeks injunctive relief, unspecified monetary relief and civil penalties and other relief. Acima intends to vigorously defend itself against the litigation. We cannot provide any assurance that Acima’s litigation against the CFPB will be successful or that Acima will be successful in defending against the CFPB’s litigation, and that the CFPB’s ongoing regulatory efforts will not lead to the imposition of financial and other relief, and/or require changes to Acima’s business practices or operations that could materially and adversely affect our business, financial condition, results of operations or reputation. In connection with our acquisition of Acima, $45 million of a $50 million initial holdback escrowed at the closing of the transaction remains available for fines, penalties or customer restitution paid in connection with a resolution of the CFPB matter, including an adverse litigation outcome. Although the CFPB’s complaint does not contain a specific monetary demand, the CFPB’s initial monetary settlement demand exceeded the remaining $45 million holdback by a substantial amount. Therefore, there can be no assurance that the remaining escrowed amount will be sufficient to address all covered losses that may ultimately be incurred for this matter. In addition, Acima expects to incur substantial legal and related expenses associated with this matter, which are not recoverable from the holdback amount. Multi-State Attorneys’ General Investigation. In November 2021, Acima received a letter from the Nebraska Attorney General’s office stating that the Attorney General of Nebraska, along with a coalition of thirty-eight state Attorneys General, initiated a multi-state investigation into the business acts and practices of Acima and that a civil investigative demand(s) and/or subpoena(s) pursuant to respective state consumer protection laws will be forthcoming. Since receiving the letter, we have held multiple discussions with officials at the lead attorneys’ general offices and, based on those discussions, it is our understanding that the investigation is looking at business practices within the virtual lease-to-own industry and includes multiple companies and, as it relates to Acima, involves forty states and the District of Columbia. In April 2022, we received a request for information and documents, and produced various records in response to the request. In March 2024, the multi-state attorneys’ general group presented their findings and allegations from their investigation to Acima. In May 2024, Acima submitted its response to the multi-state attorneys’ general group’s presentation. After the Company’s first quarter 2024 Form 10-Q filing, Acima received a settlement proposal from the multi-state attorneys’ general group. As of the date of this Quarterly Report on Form 10-Q, although we would not be willing to agree to the initial monetary demand which we believe is unsupportable or agree to a number of the other terms presented by the multi-state attorneys’ general group, we expect to continue to discuss the potential resolution of this matter and have not yet determined the monetary and other terms of our anticipated next response to the multi-state attorneys’ general group. We are currently unable to predict whether or on what terms, including the amount of a monetary payment and the nature of business practice changes, any settlement with the multi-state attorneys’ general group, or individual members of the group, can be achieved. If we are unable to reach agreement on terms acceptable to us and to the various states involved in the group, some or all of such states may commence legal proceedings against Acima. We cannot provide any assurance that any settlement or adverse result in litigation will not require a monetary payment and/or changes to Acima’s business practices or operations that could materially and adversely affect our business, financial condition, results of operations or reputation. New York Attorney General Investigation. The New York Attorney General (the “NYAG”) issued a subpoena to our Acima subsidiary in January 2020, prior to our acquisition of Acima Holdings, seeking information with respect to various business practices in connection with Acima’s lease-to-own transactions. Acima received additional subpoenas from the NYAG in August 2021 and July 2023. Since receiving the subpoenas, we have cooperated with the NYAG in connection with its investigation. In March 2023, the NYAG provided Acima with a proposed assurance of discontinuance alleging violations of certain consumer laws, seeking injunctive relief regarding certain business practices, and seeking payment of unspecified amounts for restitution and civil penalties. In April 2023, Acima submitted its response to the NYAG’s proposed assurance of discontinuance. In February 2024, Acima provided a settlement proposal to the NYAG. In March 2024, the NYAG presented Acima with an initial monetary demand for settlement purposes. We have also had discussions with the NYAG regarding their demands for injunctive relief regarding certain business practices. As of the date of this Quarterly Report on Form 10-Q, although we would not be willing to agree to the initial monetary demand which we believe is unsupportable or agree to a number of the other terms presented by the NYAG, we expect to continue to discuss the potential resolution of this matter with the NYAG to attempt to arrive at terms that would be acceptable to us and have submitted an updated proposal to the NYAG regarding the non-monetary terms, which the parties are presently focusing on addressing to determine if agreement can be reached prior to addressing the monetary terms. We are currently unable to predict whether or on what terms, including the amount of a monetary payment and the nature of business practice changes, any settlement with the NYAG can be achieved. If we are unable to reach agreement on terms acceptable to us and to the NYAG, the NYAG has indicated an intention to bring an action which is likely to include both the alleged violations and the requested relief in the NYAG’s proposed assurance of discontinuance. We cannot provide any assurance that any settlement or adverse result in litigation will not require a monetary payment and/or changes to Acima’s business practices or operations that could materially and adversely affect our business, financial condition, results of operations or reputation. McBurnie Litigation. We are a defendant in a putative class action entitled McBurnie, et al. v. Acceptance Now, LLC, brought on behalf of individuals who entered into a rental purchase agreement with the Company’s Acceptance Now business in California and were charged a processing fee and/or an expedited fee. Plaintiffs allege that the fees they were charged were neither “reasonable” nor “actually incurred” in violation of the Karnette Rental-Purchase Act and other California state consumer protection laws. Plaintiffs seek unspecified actual damages pursuant to the Karnette Rental-Purchase Act; statutory damages pursuant to the Karnette Rental-Purchase Act; attorneys’ fees and costs; exemplary damages; and public injunctions for alleged violations of the Karnette Rental-Purchase Act, the California Consumers Legal Remedies Act, and California unfair competition laws. The action is currently pending in the United States District Court for the Northern District of California. In November 2022, the District Court denied our motion to compel arbitration, and in December 2022, we filed an interlocutory appeal of that denial with the United States Court of Appeals for the Ninth Circuit, pending which the District Court proceedings were stayed. In March 2024, the Court of Appeals affirmed the District Court’s denial of our motion to compel arbitration and its finding that plaintiffs’ challenge to the processing fee was not moot, while remanding the action to the District Court to consider whether plaintiffs have standing to challenge the expedited payment fee. Plaintiffs have since notified the District Court that they do not intend to pursue their claims regarding the expedited payment fee. In June 2024, we filed a petition for certiorari with the U.S. Supreme Court, appealing the decision from the Court of Appeals. At the same time, proceedings before the District Court have resumed and there is no longer a stay in place at the District Court. We intend to continue to vigorously defend this case. We are currently unable to predict the eventual timing or outcome of this litigation, including whether the U.S. Supreme Court will grant our petition for certiorari and, if so, the ultimate decision from the U.S. Supreme Court.

Fair Value

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value

We follow a three-tier fair value hierarchy, which classifies the inputs used in measuring fair values, in determining the fair value of our non-financial assets and non-financial liabilities, which consist primarily of goodwill. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Our financial instruments include cash and cash equivalents, receivables, payables, borrowings against our ABL Credit Facility and Term Loan Facility, and outstanding Notes. The carrying amount of cash and cash equivalents, receivables and payables approximates fair value at June 30, 2024 and December 31, 2023, because of the short maturities of these instruments. In addition, the interest rates on our Term Loan Facility and ABL Credit Facility are variable and, therefore, we believe the carrying value of outstanding borrowings approximates their fair value.

The fair value of our Notes is based on Level 1 inputs and was as follows at June 30, 2024:


	June 30, 2024
(in thousands)	Carrying Value		Fair Value		Difference
Senior notes	$	450,000	$	430,290	$	(19,710)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Rentals and fees	$ 885,977	$ 807,556	$ 1,758,516	$ 1,614,273
Merchandise sales	146,239	124,703	325,938	287,692
Installment sales	15,225	15,900	29,917	31,747
Franchise merchandise sales	21,082	22,869	41,941	45,696
Royalty income and fees	6,113	6,587	12,676	12,823
Other	1,874	1,548	3,489	2,993
Total revenues	1,076,510	979,163	2,172,477	1,995,224
Cost of revenues
Cost of rentals and fees	338,554	291,696	665,702	588,842
Cost of merchandise sold	179,372	152,682	392,941	336,942
Cost of installment sales	5,512	5,638	10,800	11,257
Franchise cost of merchandise sold	21,113	22,921	42,007	45,693
Total cost of revenues	544,551	472,937	1,111,450	982,734
Gross profit	531,959	506,226	1,061,027	1,012,490
Operating expenses
Operating labor	156,181	151,901	314,317	308,390
Non-labor operating expenses	203,945	181,101	417,747	377,812
General and administrative expenses	53,638	48,810	108,737	96,536
Depreciation and amortization	12,618	12,597	26,091	25,478
Other gains and charges	24,922	27,786	51,718	155,356
Total operating expenses	451,304	422,195	918,610	963,572
Operating profit	80,655	84,031	142,417	48,918
Debt refinancing charges	6,604	0	6,604	0
Interest expense	28,371	28,246	58,362	56,346
Interest income	(753)	(1,015)	(1,556)	(1,435)
Earnings (loss) before income taxes	46,433	56,800	79,007	(5,993)
Income tax expense (benefit)	12,484	102,418	17,371	(7,705)
Net earnings (loss)	$ 33,949	$ (45,618)	$ 61,636	$ 1,712
Basic earnings (loss) per common share	$ 0.62	$ (0.83)	$ 1.13	$ 0.03
Diluted earnings (loss) per common share	0.61	(0.83)	1.10	0.03
Cash dividends declared per common share	$ 0.37	$ 0.34	$ 0.74	$ 0.68

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax	Income Taxes The effective tax rate was 22.0% for the six months ended June 30, 2024, compared to 128.6% for the six months ended June 30, 2023. The reduction in the effective tax rate for the six months ended June 30, 2024 was primarily attributable to a lower tax impact of stock compensation expense related to stock consideration issued to the former owners of Acima Holdings in the form of restricted stock awards, compared to the prior year period, as well as a favorable adjustment related to foreign deferred tax assets. Please reference Note 8 for additional information regarding the recognition of these restricted stock awards in our condensed consolidated financial statements. For tax purposes, restricted stock awards subject to restricted stock agreements issued to the former owners of Acima Holdings were recorded as goodwill and are amortized over a period of 15 years from the date of acquisition.

- Definition

The entire disclosure for income tax.

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+ Details

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed consolidated financial statements of Upbound Group, Inc. included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the SEC’s rules and regulations, although we believe the disclosures are adequate to make the information presented not misleading. We suggest these financial statements be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023. In our opinion, the accompanying unaudited interim financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary to present fairly our results of operations and cash flows for the periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. Use of Estimates In preparing financial statements in conformity with U.S. generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent losses and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. In applying accounting principles, we must often make individual estimates and assumptions regarding expected outcomes or uncertainties. Our estimates, judgments and assumptions are continually evaluated based on available information and experience. However, uncertainties, including those related to recent macroeconomic trends or other factors, may affect certain estimates and assumptions inherent in the financial reporting process, which may impact reported amounts of assets and liabilities in future periods and cause actual results to differ from those estimates. Principles of Consolidation and Nature of Operations The financial statements included herein include the accounts of Upbound Group, Inc. and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. Unless the context indicates otherwise, references to “Upbound Group, Inc.” refer only to Upbound Group, Inc., the parent, and references to the “Company”, “we,” “us” and “our” refer to the consolidated business operations of Upbound Group and any or all of its direct and indirect subsidiaries. We report four operating segments: Acima, Rent-A-Center, Mexico, and Franchising. Our Acima segment, which primarily operates in the United States and Puerto Rico, includes the operations of Acima Holdings and certain locations previously operating under our Acceptance Now brand and generally offers consumers who do not qualify for traditional financing the lease-to-own transaction through staffed or unstaffed kiosks located within third-party retailer locations or other virtual options. In virtual locations, customers, either directly or with the assistance of a representative of the third-party retailer, initiate the lease-to-own transaction online in the retailers’ locations using our virtual solutions. Our Rent-A-Center segment consists of company-owned lease-to-own stores in the United States and Puerto Rico that lease household durable goods to customers through lease purchase agreements. We also offer merchandise on an installment sales basis in certain of our stores under the names “Get It Now” and “Home Choice” in Minnesota and Wisconsin. Our Rent-A-Center segment operates through our company-owned stores and e-commerce platforms through rentacenter.com, getitnowstores.com and homechoicestores.com. Our Mexico segment consists of our company-owned stores in Mexico that lease household durable goods to customers on a lease-to-own basis. Rent-A-Center Franchising International, Inc., an indirect wholly-owned subsidiary of Upbound Group, Inc., is a franchisor of lease-to-own stores. Our Franchising segment’s primary source of revenue is the sale of rental merchandise to our franchisees, who in turn offer the merchandise to the general public for rent or purchase under a lease-to-own transaction. The balance of our Franchising segment’s revenue is generated primarily from royalties based on franchisees’ monthly gross revenues. Newly Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures of significant segment expenses on a quarterly and annual basis and is intended to improve the transparency of reportable segment disclosures. Adoption of ASU 2023-07 was required for us beginning January 1, 2024 for our fiscal year ended December 31, 2024. We will include required disclosures in our annual reporting period ending December 31, 2024 and interim reporting periods beginning after December 31, 2024 using a retrospective approach.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 33,949	$ 27,687	$ (45,618)	$ 47,330	$ 61,636	$ 1,712

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares, outstanding		125,028
Total stockholders' equity	$ 525,146	$ 1,080	$ 1,298,094	$ 1,077,189	$ (1,840,591)	$ (10,626)
Net earnings (loss)	47,330			47,330
Total other comprehensive (loss) income	3,104					3,104
Exercise of stock options, shares		55
Exercise of stock options	684	$ 1	683
Vesting of restricted share units, net of shares withheld for employee taxes, shares		204
Vesting of restricted share units, net of shares withheld for employee taxes	0	$ 31	(31)
Tax effect of stock awards vested and options exercised	(2,535)		(2,535)
Stock-based compensation	115,681		115,681
Dividends declared	(19,068)			(19,068)
Net earnings (loss)	1,712
Total other comprehensive (loss) income	7,249
Common stock, shares, outstanding		125,287
Total stockholders' equity	670,342	$ 1,112	1,411,892	1,105,451	(1,840,591)	(7,522)
Net earnings (loss)	(45,618)			(45,618)
Total other comprehensive (loss) income	4,145					4,145
Exercise of stock options, shares		19
Exercise of stock options	371	$ 0	371
Vesting of restricted share units, net of shares withheld for employee taxes, shares		2
Vesting of restricted share units, net of shares withheld for employee taxes	0	$ 1	(1)
Tax effect of stock awards vested and options exercised	0		0
Stock-based compensation	15,425		15,425
Dividends declared	(19,072)			(19,072)
Common stock, shares, outstanding		125,308
Total stockholders' equity	625,593	$ 1,113	1,427,687	1,040,761	(1,840,591)	(3,377)
Common stock, shares, outstanding		125,415
Total stockholders' equity	560,372	$ 1,100	1,459,709	994,892	(1,890,966)	(4,363)
Net earnings (loss)	27,687			27,687
Total other comprehensive (loss) income	676					676
Exercise of stock options, shares		35
Exercise of stock options	855	$ 0	855
Vesting of restricted share units, net of shares withheld for employee taxes, shares		234
Vesting of restricted share units, net of shares withheld for employee taxes	0	$ 6	(6)
Tax effect of stock awards vested and options exercised	(2,978)		(2,978)
Stock-based compensation	11,940		11,940
Dividends declared	(20,257)			(20,257)
Net earnings (loss)	61,636
Total other comprehensive (loss) income	(3,163)
Common stock, shares, outstanding		125,684
Total stockholders' equity	578,295	$ 1,106	1,469,520	1,002,322	(1,890,966)	(3,687)
Net earnings (loss)	33,949			33,949
Total other comprehensive (loss) income	(3,839)					(3,839)
Exercise of stock options, shares		9
Exercise of stock options	194	$ 0	194
Vesting of restricted share units, net of shares withheld for employee taxes, shares		23
Vesting of restricted share units, net of shares withheld for employee taxes	0	$ 1	(1)
Tax effect of stock awards vested and options exercised	(76)		(76)
Stock-based compensation	8,048		8,048
Dividends declared	(20,270)			(20,270)
Common stock, shares, outstanding		125,716
Total stockholders' equity	$ 596,301	$ 1,107	$ 1,477,685	$ 1,016,001	$ (1,890,966)	$ (7,526)

Basis of Presentation - Narrative (Details)	6 Months Ended
Basis of Presentation - Narrative (Details)	Jun. 30, 2024 segment
Basis of Presentation [Abstract]
Number of operating segments	4

Earnings (Loss) Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

Summarized basic and diluted earnings per common share were calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2024		2023		2024		2023
Numerator:
Net earnings (loss)	$	33,949	$	(45,618)	$	61,636	$	1,712
Denominator:
Weighted-average shares outstanding	54,650		55,242		54,597		55,199
Effect of dilutive stock awards(1) (2)	1,192		—		1,231		1,375
Weighted-average dilutive shares	55,842		55,242		55,828		56,574

Basic earnings (loss) per common share	$	0.62	$	(0.83)	$	1.13	$	0.03
Diluted earnings (loss) per common share(1)	$	0.61	$	(0.83)	$	1.10	$	0.03
Anti-dilutive securities excluded from diluted earnings (loss) per common share:
Anti-dilutive restricted share units	1		624		1		47
Anti-dilutive performance share units	488		1,334		488		789
Anti-dilutive stock options	57		739		57		225

(2) There was no dilutive effect to the loss per common share for the three months ended June 30, 2023 due to the net loss incurred for the period.

Fair Value (Details) - Senior Notes [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Feb. 17, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of senior notes	$ 450,000	$ 450,000
Fair value	430,290
Difference	$ (19,710)

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Senior Debt (Details)	Jun. 30, 2024 USD ($)
Senior Debt [Line Items]
2024	$ 0
2025	0
2026	0
2027	0
2028	806,708,000
Thereafter	79,000,000
Outstanding Senior debt	885,708,000
ABL credit facility [Member]
Senior Debt [Line Items]
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	79,000,000
Outstanding Senior debt	79,000,000
Term Loan Facility
Senior Debt [Line Items]
2024	0
2025	0
2026	0
2027	0
2028	806,708,000
Thereafter	0
Outstanding Senior debt	$ 806,708,000

Income Taxes (Details)	6 Months Ended
Income Taxes (Details)	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	22.00%	128.60%
Goodwill amortization period	15 years