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Segment Information (Tables) | 6 Months Ended
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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 |
(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 |

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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