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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Information [Abstract] |
Segment Information | Segment information as of and for the three and nine months ended September 30, 2023 and 2022 is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |
Rent-A-Center | $ | 453,632 |  |  | $ | 473,755 |  |  | $ | 1,404,831 |  |  | $ | 1,482,445 |
Acima | 475,216 |  |  | 504,448 |  |  | 1,423,421 |  |  | 1,633,994 |
Mexico | 19,642 |  |  | 16,041 |  |  | 55,526 |  |  | 48,454 |
Franchising | 30,608 |  |  | 29,713 |  |  | 90,544 |  |  | 90,040 |
Total revenues | $ | 979,098 |  |  | $ | 1,023,957 |  |  | $ | 2,974,322 |  |  | $ | 3,254,933 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Gross profit |  |  |  |  |  |  |
Rent-A-Center | $ | 317,233 |  |  | $ | 334,892 |  |  | $ | 975,210 |  |  | $ | 1,046,332 |
Acima | 159,427 |  |  | 152,434 |  |  | 474,258 |  |  | 481,742 |
Mexico | 13,971 |  |  | 11,330 |  |  | 39,410 |  |  | 34,242 |
Franchising | 6,535 |  |  | 6,879 |  |  | 20,778 |  |  | 21,857 |
Total gross profit | $ | 497,166 |  |  | $ | 505,535 |  |  | $ | 1,509,656 |  |  | $ | 1,584,173 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Operating profit |  |  |  |  |  |  |
Rent-A-Center | $ | 63,762 |  |  | $ | 71,999 |  |  | $ | 211,637 |  |  | $ | 271,283 |
Acima | 58,124 |  |  | 48,885 |  |  | 175,103 |  |  | 94,318 |
Mexico | 1,124 |  |  | 996 |  |  | 3,417 |  |  | 5,011 |
Franchising | 3,541 |  |  | 5,077 |  |  | 13,280 |  |  | 15,170 |
Total segments | 126,551 |  |  | 126,957 |  |  | 403,437 |  |  | 385,782 |
Corporate(1) | (68,499) |  |  | (89,880) |  |  | (296,467) |  |  | (279,582) |
Total operating profit | $ | 58,052 |  |  | $ | 37,077 |  |  | $ | 106,970 |  |  | $ | 106,200 |
(1) Includes stock compensation expense of $9.4 million and $128.1 million recognized for the three and nine months ended September 30, 2023 and $42.1 million and $111.5 million recognized for the three and nine months ended September 30, 2022, 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 11.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Depreciation and amortization |  |  |  |  |  |  |
Rent-A-Center | $ | 4,421 |  |  | $ | 4,629 |  |  | $ | 13,964 |  |  | $ | 15,665 |
Acima(1) | 420 |  |  | 439 |  |  | 1,263 |  |  | 1,496 |
Mexico | 345 |  |  | 182 |  |  | 880 |  |  | 494 |
Franchising | 36 |  |  | 35 |  |  | 110 |  |  | 110 |
Total segments | 5,222 |  |  | 5,285 |  |  | 16,217 |  |  | 17,765 |
Corporate(2) | 7,402 |  |  | 7,513 |  |  | 21,885 |  |  | 22,443 |
Total depreciation and amortization | $ | 12,624 |  |  | $ | 12,798 |  |  | $ | 38,102 |  |  | $ | 40,208 |
(1) Excludes amortization expense of approximately $14.3 million and $42.8 million for the three and nine months ended September 30, 2023, compared to $14.2 million and $50.6 million for the three and nine months ended September 30, 2022, recorded to Other charges in the Condensed Consolidated Statement of Operations, related to intangible assets acquired upon closing of the Acima Holdings acquisition. See Note 9 for additional information. (2) Excludes depreciation expense of approximately $8.6 million and $16.5 million for both the three and nine months ended September 30, 2023, compared to $3.9 million and $11.9 million for the three and nine months ended September 30, 2022, recorded to Other charges in the Condensed Consolidated Statement of Operations, related to software acquired upon closing of the Acima Holdings acquisition and accelerated software depreciation. See Note 9 for additional information.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Capital expenditures |  |  |  |  |  |  |
Rent-A-Center | $ | 6,822 |  |  | $ | 10,714 |  |  | $ | 12,587 |  |  | $ | 30,917 |
Acima | 121 |  |  | 16 |  |  | 203 |  |  | 205 |
Mexico | 508 |  |  | 696 |  |  | 1,902 |  |  | 1,219 |
Franchising | — |  |  | 166 |  |  | 1 |  |  | 278 |
Total segments | 7,451 |  |  | 11,592 |  |  | 14,693 |  |  | 32,619 |
Corporate | 7,322 |  |  | 6,949 |  |  | 21,474 |  |  | 16,817 |
Total capital expenditures | $ | 14,773 |  |  | $ | 18,541 |  |  | $ | 36,167 |  |  | $ | 49,436 |
(in thousands) | September 30, 2023 |  | December 31, 2022
On rent rental merchandise, net |  |  |
Rent-A-Center | $ | 429,614 |  |  | $ | 465,095 |
Acima | 517,302 |  |  | 503,795 |
Mexico | 22,049 |  |  | 20,979 |
Total on rent rental merchandise, net | $ | 968,965 |  |  | $ | 989,869 |
(in thousands) | September 30, 2023 |  | December 31, 2022
Held for rent rental merchandise, net |  |  |
Rent-A-Center | $ | 111,311 |  |  | $ | 124,117 |
Acima | 509 |  |  | 373 |
Mexico | 10,673 |  |  | 10,469 |
Total held for rent rental merchandise, net | $ | 122,493 |  |  | $ | 134,959 |
(in thousands) | September 30, 2023 |  | December 31, 2022
Assets by segment |  |  |
Rent-A-Center | $ | 960,425 |  |  | $ | 1,067,875 |
Acima | 1,172,466 |  |  | 1,198,879 |
Mexico | 60,676 |  |  | 51,225 |
Franchising | 19,192 |  |  | 18,194 |
Total segments | 2,212,759 |  |  | 2,336,173 |
Corporate | 413,316 |  |  | 427,446 |
Total assets | $ | 2,626,075 |  |  | $ | 2,763,619 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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