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v3.25.1

Segment Information | 3 Months Ended
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Mar. 31, 2025
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. On January 31, 2025, we established a new operating segment following the acquisition of Brigit. Please reference Note 2 for additional discussion of the acquisition. In addition we combined our Franchising segment with our Rent-A-Center segment. Financial information disclosed within this report has been recast for the related prior year period to reflect this change. We report four operating segments: Acima, Rent-A-Center, Brigit and Mexico. Segment information as of and for the three months ended March 31, 2025 and 2024 is as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Revenues |  |  |  |  |  |  |
Acima | $ | 637,287 |  |  | $ | 561,346 |  |  |  |  |
Rent-A-Center | 489,025 |  |  | 514,054 |  |  |  |  |
Brigit | 31,861 |  |  | — |  |  |  |  |
Mexico | 18,190 |  |  | 20,567 |  |  |  |  |
Total revenues | $ | 1,176,363 |  |  | $ | 1,095,967 |  |  |  |  |
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Gross profit |  |  |  |  |  |  |
Acima | $ | 186,451 |  |  | $ | 169,302 |  |  |  |  |
Rent-A-Center | 322,826 |  |  | 345,050 |  |  |  |  |
Brigit | 27,855 |  |  | — |  |  |  |  |
Mexico | 12,997 |  |  | 14,716 |  |  |  |  |
Total gross profit | $ | 550,129 |  |  | $ | 529,068 |  |  |  |  |
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Operating profit |  |  |  |  |  |  |
Acima(1) | $ | 73,708 |  |  | $ | 51,911 |  |  |  |  |
Rent-A-Center(2) | 66,415 |  |  | 78,138 |  |  |  |  |
Brigit(3) | 8,829 |  |  | — |  |  |  |  |
Mexico(4) | 1,223 |  |  | 1,696 |  |  |  |  |
Total operating segments | 150,175 |  |  | 131,745 |  |  |  |  |
Corporate(5)(6) | (87,560) |  |  | (69,983) |  |  |  |  |
Total operating profit(7) | $ | 62,615 |  |  | $ | 61,762 |  |  |  |  |
(1) Acima operating expenses for the three months ended March 31, 2025 and 2024 include operating labor expenses of $24.0 million and $25.9 million, respectively, and non-labor operating expenses of $76.9 million and $78.2 million, respectively. Acima non-labor operating expenses include Lease Charge-Offs ("LCOs") of $56.7 million and $53.9 million for the three months ended March 31, 2025 and 2024, respectively. (2) Rent-A-Center operating expenses for the three months ended March 31, 2025 and 2024 include operating labor expenses of $120.2 million and $127.2 million, respectively, and non-labor operating expenses of $122.4 million and $129.8 million, respectively. Rent-A-Center non-labor operating expenses include LCOs of $20.4 million and $22.1 million for the three months ended March 31, 2025 and 2024, respectively. (3) Brigit operating expenses for the three months ended March 31, 2025 include operating labor and non-labor operating expenses of $1.0 million and $14.4 million, respectively. Brigit non-labor operating expenses include net advance losses of $5.0 million for the three months ended March 31, 2025. (4) Mexico operating expenses for the three months ended March 31, 2025 and 2024 include operating labor expenses of $4.3 million and $5.0 million, respectively, and non-labor operating expenses of $5.3 million and $5.9 million, respectively. (5) Includes stock compensation expense of $4.1 million recognized for the three months ended March 31, 2025 related to common stock issued to Brigit employees under restricted stock agreements as part of the acquisition consideration subject to vesting restrictions as described in Note 11. (6) Includes stock compensation expense of $4.9 million recognized for the three months ended March 31, 2024 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. These restricted stock agreements were fully vested during the three months ended March 31, 2024. (7) The accounting policies of each of our segments are the same as those described for the Company in Note 1.
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |
Acima(1) | $ | 354 |  |  | $ | 290 |  |  |  |  |
Rent-A-Center | 5,427 |  |  | 5,026 |  |  |  |  |
Brigit(2) | 11 |  |  | — |  |  |  |  |
Mexico | 437 |  |  | 346 |  |  |  |  |
Total operating segments | 6,229 |  |  | 5,662 |  |  |  |  |
Corporate(3)(4) | 6,023 |  |  | 7,811 |  |  |  |  |
Total depreciation and amortization | $ | 12,252 |  |  | $ | 13,473 |  |  |  |  |
(1) Excludes amortization expense of approximately $10.9 million and $12.7 million for the three months ended March 31, 2025, and 2024, 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 9 for additional information. (2) Excludes amortization expense of approximately $2.6 million for the three months ended March 31, 2025 recorded to other gains and charges in the Condensed Consolidated Statements of Operations, related to intangible assets acquired upon closing of the Brigit acquisition. See Note 9 for additional information. (3) Excludes depreciation expense of approximately $4.0 million and $8.5 million for the three months ended March 31, 2025, and 2024, respectively, 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 9 for additional information. (4) Excludes depreciation expense of approximately $1.6 million for the three months ended March 31, 2025 recorded to other gains and charges in the Condensed Consolidated Statements of Operations, related to software acquired upon closing of the Brigit acquisition. See Note 9 for additional information.
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Capital expenditures |  |  |  |  |  |  |
Acima | $ | 312 |  |  | $ | 219 |  |  |  |  |
Rent-A-Center | 2,491 |  |  | 4,191 |  |  |  |  |
Brigit | 46 |  |  | — |  |  |  |  |
Mexico | 644 |  |  | 792 |  |  |  |  |
Total operating segments | 3,493 |  |  | 5,202 |  |  |  |  |
Corporate | 7,083 |  |  | 6,615 |  |  |  |  |
Total capital expenditures | $ | 10,576 |  |  | $ | 11,817 |  |  |  |  |
(in thousands) | March 31, 2025 |  | December 31, 2024
On rent rental merchandise, net |  |  |
Acima | $ | 638,761 |  |  | $ | 693,095 |
Rent-A-Center | 396,567 |  |  | 420,382 |
Mexico | 21,278 |  |  | 21,383 |
Total on rent rental merchandise, net | $ | 1,056,606 |  |  | $ | 1,134,860 |
(in thousands) | March 31, 2025 |  | December 31, 2024
Held for rent rental merchandise, net |  |  |
Acima | $ | 264 |  |  | $ | 261 |
Rent-A-Center | 106,879 |  |  | 104,302 |
Mexico | 9,132 |  |  | 9,359 |
Total held for rent rental merchandise, net | $ | 116,275 |  |  | $ | 113,922 |
(in thousands) | March 31, 2025 |  | December 31, 2024
Assets by segment |  |  |
Acima | $ | 1,232,101 |  |  | $ | 1,301,657 |
Rent-A-Center | 954,341 |  |  | 977,787 |
Brigit | 424,854 |  |  | — |
Mexico | 49,863 |  |  | 47,608 |
Total operating segments | 2,661,159 |  |  | 2,327,052 |
Corporate | 381,971 |  |  | 322,610 |
Total assets | $ | 3,043,130 |  |  | $ | 2,649,662 |

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- Definition The entire disclosure for reporting segments including data and tables. 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