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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following table provides the estimated fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date:
(in thousands) | February 17, 2021
Aggregate cash consideration | $ | 1,273,263 |
Aggregate stock consideration, subject to lockup agreements | 120,929 |
Total Purchase price | $ | 1,394,192 |
ASSETS ACQUIRED |
Receivables, net(1) | $ | 25,255 |
Prepaid expenses and other assets | 700 |
Rental merchandise |
On rent | 340,575 |
Property assets | 171,455 |
Operating lease right-of-use assets | 9,136 |
Deferred income taxes | 28,559 |
Goodwill | 219,530 |
Other intangible assets | 520,000 |
Total assets acquired | $ | 1,315,210 |
LIABILITIES ASSUMED |
Accounts payable - trade | 16,023 |
Accrued liabilities | 11,716 |
Operating lease liabilities | 9,689 |
Deferred income taxes | (116,410) |
Total liabilities assumed | (78,982) |
Total equity value | $ | 1,394,192 |
(1) Includes gross contractual receivables of $61.6 million related to merchandise lease contracts, of which $34.7 million were estimated to be uncollectible.
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The fair value measurements for acquired intangible assets and developed technology were primarily based on significant unobservable inputs (Level 3) developed using company-specific information. Certain fair values were determined based on an independent valuation of the net assets acquired, including $340.6 million of rental merchandise and $520 million of identifiable intangible assets with an estimated weighted average useful life of 8 years, as follows:
Asset Class | Estimated Fair Value (in thousands) | Estimated Remaining Useful Life (in years)
Merchant relationships | $ | 380,000 |  | 10
Relationship with existing lessees | 60,000 |  | 1
Trade name | 40,000 |  | 7
Non-compete agreements | 40,000 |  | 3
Business Acquisition, Pro Forma Information | The unaudited pro forma financial information is as follows:
|  |  | Year Ended December 31,
(in thousands) |  |  |  |  | 2021 |  |
|  |  |  |  | (unaudited) |  |
Pro Forma total revenues |  |  |  |  | $ | 4,778,055 |  |  |
Pro Forma net earnings(1) |  |  |  |  | 178,103 |  |  |
(1) Total pro forma adjustments to net earnings represented an increase of $16.0 million for the year ended December 31, 2021. The amounts of revenue and earnings of Acima Holdings included in our Consolidated Statements of Operations as of December 31, 2021 from the acquisition date of February 17, 2021 are as follows:
(in thousands) | February 17, 2021 - December 31, 2021 |
| audited |
Total revenues | $ | 1,495,746 |  |
Net earnings(1) | 119,183 |  |
(1) Net Earnings includes amortization of intangible assets acquired upon closing of the Acima Holdings acquisition.
Acquisitions | The following table provides information concerning other store acquisitions completed during the years ended December 31, 2023, 2022 and 2021.
| Year Ended December 31, |
(Dollar amounts in thousands) | 2023 |  | 2022 |  | 2021 |
Number of stores acquired remaining open | — |  |  | 1 |  |  | 1 |  |
Number of stores acquired that were merged with existing stores | 1 |  |  | 4 |  |  | — |  |
Number of transactions | 1 |  |  | 5 |  |  | 1 |  |
Total purchase price | $ | 39 |  |  | $ | 995 |  |  | $ | 278 |  |
Amounts allocated to: |  |  |  |  |  |
Customer relationships | 11 |  |  | 141 |  |  | 30 |  |
Rental merchandise | 28 |  |  | 854 |  |  | 248 |  |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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