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Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Information [Abstract] |
Segment Information | 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 our Chief Operating Decision Makers (“CODMs”). Our CODMs include Upbound's Chief Executive Officer and Chief Financial Officer. Our CODMs regularly review the operating performance of our operating segments as compared to Company projections and operating performance in prior periods, in addition to other factors, including the Company’s strategic initiatives, as well as industry, macroeconomic, and market trends, in determining the appropriate allocation of resources to support our business operations. 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; and accessories. We report financial operating performance under four operating segments. To better reflect our current strategic focus, our third-party retailer business operations are reported as the Acima segment, which includes our virtual and staffed business models; and our company-owned stores and e-commerce platform through rentacenter.com are reported as the Rent-A-Center segment. In addition, we report operating results for our Mexico and Franchising segments. Reportable segments and their respective operations are defined as follows. Our Acima segment, which primarily operates in the United States and Puerto Rico, includes the operations of Acima Holdings acquired in February 2021 and certain locations previously operating under our Acceptance Now brand, generally offers the lease-to-own transaction to consumers who do not qualify for traditional financing. The Acima segment offers the lease-to-own transaction through our virtual solutions across e-commerce, digital, and mobile channels, and through staffed and unstaffed kiosks located within such retailer’s locations. Our Rent-A-Center segment primarily operates lease-to-own stores in the United States and Puerto Rico whose customers enter into weekly, bi-weekly, semi-monthly or monthly rental purchase agreements, which renew automatically upon receipt of each payment. We retain the title to the merchandise during the term of the rental purchase agreement and ownership passes to the customer through an early purchase option or payment of all optional lease renewal terms. This segment also includes 51 stores operating in two states that utilize a retail model which offers installment credit sales through a retail sale transaction. Segment assets include cash, receivables, rental merchandise, property assets and other intangible assets. Our Mexico segment consists of our company-owned lease-to-own stores in Mexico. The nature of this segment's operations and assets are the same as our Rent-A-Center segment. The stores in our Franchising segment use Rent-A-Center’s, ColorTyme’s or RimTyme’s trade names, service marks, trademarks and logos, and operate under distinctive operating procedures and standards. Franchising’s primary source of revenue is the sale of rental merchandise to its franchisees who, in turn, offer the merchandise to the general public for rent or purchase under a lease-to-own program. As franchisor, Franchising receives royalties of 3.0% to 6.0% of the franchisees' monthly gross revenue and initial fees for new locations. Segment assets include cash, trade receivables, property assets and intangible assets. Segment information as of and for the years ended December 31, 2024, 2023, and 2022 is as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Revenues |  |  |  |  |
Acima | $ | 2,261,446 |  |  | $ | 1,931,325 |  |  | $ | 2,110,320 |
Rent-A-Center | 1,863,425 |  |  | 1,864,123 |  |  | 1,949,864 |
Mexico | 78,726 |  |  | 74,625 |  |  | 64,880 |
Franchising | 116,967 |  |  | 122,340 |  |  | 120,328 |
Total revenues(1) | $ | 4,320,564 |  |  | $ | 3,992,413 |  |  | $ | 4,245,392 |
(1) See Note C for additional information.
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Gross profit |  |  |  |  |
Acima | $ | 702,620 |  |  | $ | 644,447 |  |  | $ | 632,244 |
Rent-A-Center | 1,292,546 |  |  | 1,297,705 |  |  | 1,372,863 |
Mexico | 56,432 |  |  | 52,869 |  |  | 45,812 |
Franchising | 28,753 |  |  | 27,237 |  |  | 28,613 |
Total gross profit | $ | 2,080,351 |  |  | $ | 2,022,258 |  |  | $ | 2,079,532 |
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Operating profit |  |  |  |  |
Acima(1) | $ | 255,549 |  |  | $ | 235,480 |  |  | $ | 151,301 |
Rent-A-Center(2) | 280,423 |  |  | 273,518 |  |  | 334,525 |
Mexico | 4,806 |  |  | 4,846 |  |  | 6,267 |
Franchising | 16,737 |  |  | 17,087 |  |  | 19,124 |
Total segments | 557,515 |  |  | 530,931 |  |  | 511,217 |
Corporate(3) | (265,884) |  |  | (368,066) |  |  | (362,679) |
Total operating profit(4) | $ | 291,631 |  |  | $ | 162,865 |  |  | $ | 148,538 |
(1) Acima operating expenses for the years ended December 31, 2024, 2023 and 2022 include operating labor expenses of $103.0 million, $102.9 million and $113.9 million, respectively, and non-labor operating expenses of $295.6 million, $246.3 million and $295.7 million, respectively. Acima non-labor operating expenses include LCOs of $211.8 million, $179.6 million and $224.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. (2) Rent-A-Center operating expenses for the years ended December 31, 2024, 2023 and 2022 include operating labor expenses of $487.8 million, $493.4 million and $506.1 million, respectively, and non-labor operating expenses of $486.6 million, $500.1 million and $501.7 million, respectively. Rent-A-Center non-labor operating expenses include LCOs of $84.8 million, $79.9 million and $91.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. (3) Includes stock compensation expense of $4.9 million, $137.5 million and $143.2 million for the years ended December 31, 2024, 2023 and 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 N. Also includes stock compensation expense of $5.1 million for the year ended December 31, 2024, related to acceleration of stock compensation expense for certain restricted stock awards included in the letter agreement with the Company's Chief Executive Officer as described in Note N. (4) The accounting policies of our segments are the same as those described for the Company in Note A.
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Depreciation and amortization |  |  |  |  |
Acima(1) | $ | 1,376 |  |  | $ | 1,661 |  |  | $ | 1,928 |
Rent-A-Center | 20,367 |  |  | 18,816 |  |  | 20,526 |
Mexico | 1,566 |  |  | 1,206 |  |  | 711 |
Franchising | 141 |  |  | 146 |  |  | 146 |
Total segments | 23,450 |  |  | 21,829 |  |  | 23,311 |
Corporate(2) | 27,436 |  |  | 29,492 |  |  | 29,768 |
Total depreciation and amortization | $ | 50,886 |  |  | $ | 51,321 |  |  | $ | 53,079 |
(1) Excludes amortization expense of approximately $45.5 million, $57.0 million and $64.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, recorded to Other gains and charges in the Consolidated Statements of Operations, related to intangible assets acquired upon closing of the Acima Holdings acquisition. See Note N for additional information. (2) Excludes depreciation expense of approximately $15.9 million for each of the years ended December 31, 2024, 2023 and 2022, recorded to Other gains and charges in the Consolidated Statements of Operations, related to software acquired upon closing of the Acima Holdings acquisition and depreciation expense of $6.1 million and $9.2 million for the years ended December 31, 2024 and 2023 recorded to Other gains and charges in the Consolidated Statements of Operations, related to accelerated software depreciation. See Note N for additional information.
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Capital expenditures |  |  |  |  |
Acima | $ | 1,560 |  |  | $ | 512 |  |  | $ | 244 |
Rent-A-Center | 24,209 |  |  | 22,923 |  |  | 36,682 |
Mexico | 2,199 |  |  | 2,153 |  |  | 1,590 |
Franchising | — |  |  | 1 |  |  | 332 |
Total segments | 27,968 |  |  | 25,589 |  |  | 38,848 |
Corporate | 28,307 |  |  | 27,813 |  |  | 22,539 |
Total capital expenditures | $ | 56,275 |  |  | $ | 53,402 |  |  | $ | 61,387 |
| December 31,
(in thousands) | 2024 |  | 2023 |  |
On rent rental merchandise, net |  |  |  |  |
Acima | $ | 693,095 |  |  | $ | 606,912 |  |  |
Rent-A-Center | 420,382 |  |  | 478,774 |  |  |
Mexico | 21,383 |  |  | 24,210 |  |  |
Total on rent rental merchandise, net | $ | 1,134,860 |  |  | $ | 1,109,896 |  |  |
| December 31,
(in thousands) | 2024 |  | 2023 |  |
Held for rent rental merchandise, net |  |  |  |  |
Acima | $ | 261 |  |  | $ | 498 |  |  |
Rent-A-Center | 104,302 |  |  | 112,129 |  |  |
Mexico | 9,359 |  |  | 11,540 |  |  |
Total held for rent rental merchandise, net | $ | 113,922 |  |  | $ | 124,167 |  |  |
| December 31,
(in thousands) | 2024 |  | 2023 |  |
Assets by segment |  |  |  |  |
Acima | $ | 1,301,657 |  |  | $ | 1,221,845 |  |  |
Rent-A-Center | 948,661 |  |  | 1,061,107 |  |  |
Mexico | 47,608 |  |  | 57,347 |  |  |
Franchising | 29,126 |  |  | 18,023 |  |  |
Total segments | 2,327,052 |  |  | 2,358,322 |  |  |
Corporate | 322,610 |  |  | 363,108 |  |  |
Total assets | $ | 2,649,662 |  |  | $ | 2,721,430 |  |  |
| December 31,
(in thousands) | 2024 |  | 2023 |  |
Assets by country |  |  |  |  |
United States | $ | 2,602,054 |  |  | $ | 2,664,083 |  |  |
Mexico | 47,608 |  |  | 57,347 |  |  |
Total assets | $ | 2,649,662 |  |  | $ | 2,721,430 |  |  |
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Rentals and fees by inventory category |  |  |  |  |
Furniture and accessories | $ | 1,337,917 |  |  | $ | 1,179,919 |  |  | $ | 1,323,437 |
Consumer electronics | 426,078 |  |  | 486,571 |  |  | 482,959 |
Appliances | 411,720 |  |  | 404,241 |  |  | 439,309 |
Wheels and tires | 447,008 |  |  | 341,174 |  |  | 308,618 |
Jewelry | 302,035 |  |  | 228,081 |  |  | 194,123 |
Personal Electronics | 177,714 |  |  | 181,217 |  |  | 182,380 |
Other products and services | 411,186 |  |  | 440,475 |  |  | 444,627 |
Total rentals and fees | $ | 3,513,658 |  |  | $ | 3,261,678 |  |  | $ | 3,375,453 |
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Revenue by country |  |  |  |  |
United States | $ | 4,241,838 |  |  | $ | 3,917,788 |  |  | $ | 4,180,512 |
Mexico | 78,726 |  |  | 74,625 |  |  | 64,880 |
Total revenues | $ | 4,320,564 |  |  | $ | 3,992,413 |  |  | $ | 4,245,392 |

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