EX-99.2 4 tm256882d1_ex99-2.htm EXHIBIT 99.2
Exhibit 99.2

| Total Revenue CEO Commentary “I’m very pleased to share these results after a milestone year for Upbound in 2024. Across our business, we welcomed new customers and merchants to our lease-to-own ecosystem, resulting in 8.2% topline growth and nearly 8% non-GAAP diluted EPS growth. Acima’s momentum continued, as it delivered over 17% growth this year on both GMV and revenue, while generating its largest-ever adjusted EBITDA. Rent-A-Center grew same store sales at 1.5%, and we welcomed Brigit, a profitable, industry-leading fintech with over two million customers,” noted Upbound CEO Mitch Fadel. “In 2025, we will focus on building on our growth, through diversification and optimization strategies to deliver revenue, EBITDA and earnings results in line with our long-term targets. Consistent with our mission, we will also continue to elevate our customers’ financial opportunity, which we believe will firmly establish Upbound as a leading platform for convenient and flexible financial solutions to underserved communities,” concluded Mr. Fadel. Achieves FY 2024 Targets for Revenue, Adjusted EBITDA, and Non-GAAP Diluted EPS Upbound Group, Inc. Earnings Release February 20, 2025 Fourth Quarter 2024 Results & Key Metrics Fourth Quarter Consolidated Results • Consolidated revenues of $1,079.2 million increased 6.0% year-over-year, driven by both higher rentals and fees revenue and higher merchandise sales revenue. • GAAP operating profit of $79.2 million, including $24.7 million of pre-tax costs relating to special items described below, compared to $55.9 million of GAAP operating profit, including $32.5 million of pre-tax costs relating to special items, in the prior year period. Fourth quarter 2024 GAAP operating profit margin was 7.3%, compared to 5.5% in the prior year period. • Consolidated lease charge-off (LCO) rate of 7.3%, a 20 bps improvement from the prior year period and a 10 bps improvement sequentially. • Net earnings on a GAAP basis of $31.0 million, compared to a $11.3 million net loss in the prior year period, a $42.3 million increase. Net profit margin of 2.9% increased 400 bps year-over-year. • Adjusted EBITDA1 increased 14.1% year-over-year to $122.8 million, due to increases in Adjusted EBITDA in both the Acima and Rent-A-Center segments. • Adjusted EBITDA margin1 of 11.4% increased 80 basis points compared to the prior year period, due to an increase in Adjusted EBITDA margin1 in the Rent-A-Center segment, partially offset by a decrease in Adjusted EBITDA margin1 in the Acima segment. • GAAP diluted earnings per share was $0.55, compared to GAAP loss per share of $(0.21) in the prior year period. • Non-GAAP diluted earnings per share1 , which excludes the impact of special items described below, was $1.05 for the fourth quarter of 2024, compared to $0.81 in the prior year period. Acima GMV Propels Topline and Earnings Growth; Upbound Acquires Brigit in Q1 2025 1 (1)Non-GAAP financial measure. Refer to definitions and reconciliations elsewhere in this release. $1,079M Total Revenue GAAP Diluted EPS $0.55 Non-GAAP Diluted EPS1 Net Earnings $31M Adjusted EBITDA1 $123M $1.05

| Acima Segment Fourth Quarter Results • GMV increased 15.3% year-over-year, the fifth consecutive quarter of double-digit GMV growth. Growth in GMV was primarily due to an increase in retailer locations, retailer productivity, and our expanding direct-to-consumer offerings. • Revenues of $581.1 million increased 14.4% year-over-year, driven by increases in both rentals and fees revenue and merchandise sales revenue. • Rentals and fees revenue increased 12.5% year-over-year and merchandise sales increased 21.3% year-over-year. • Gross margin decreased 260 bps year-over-year due primarily to merchandise sales representing a larger percentage of revenue, a result of more consumers electing the 90-day purchase option, and the conversion of Acceptance Now locations to the Acima platform. • Lease charge-offs (LCO) were 9.0%, improving 90 bps year-over-year and 20 bps sequentially. • Operating profit and net earnings on a GAAP basis were $69.7 million with a margin of 12.0%, compared to $64.0 million and 11.3% in the third quarter. • Adjusted EBITDA was $80.9 million with a margin of 13.9%, compared to $75.3 million and 13.3% in the third quarter. The sequential increase in Adjusted EBITDA margin was attributable to both higher gross margins and operating expenses remaining roughly flat despite growing revenue. • Retailer locations with at least one funded lease in the quarter increased approximately 8% year-over-year in Q4. Rent-A-Center Segment Fourth Quarter Results • Same store sales were flat year-over-year, an improvement from a 1.6% decrease in the fourth quarter of 2023. • Revenues of $444.0 million decreased 3.3% year-over-year, driven by lower rentals and fees revenue on a smaller portfolio, a result of the sale of 55 stores to a Rent-A-Center franchisee and store consolidation. • Rentals and fees revenue decreased 3.3% year-over-year. Merchandise sales revenue increased 0.7% year-over-year. • Lease charge-offs (LCO) were 5.0%, increasing 80 bps y/y and 10 bps sequentially. • Operating profit and net earnings on a GAAP basis were $69.7 million with a margin of 15.7%, compared to $61.9 million and 13.5% in the prior year period. • Adjusted EBITDA was $75.4 million with a margin of 17.0% in the fourth quarter, compared to $66.7 million and 14.5% in the prior year period. The year-over-year increase in Adjusted EBITDA and Adjusted EBITDA margin was due to lower operating expenses. • As of December 31, 2024, the Rent-A-Center segment owned and operated 1,728 locations, roughly flat compared to the end of the third quarter. Segment Highlights 2

| Segment Highlights (continued) Franchising Segment Fourth Quarter Results • Revenues of $35.8 million increased 12.6% year-over-year due to higher inventory sales, primarily a result of the sale of 55 Rent-A-Center stores to a franchisee. • Segment net earnings, on a GAAP basis, and Adjusted EBITDA were both approximately $4.5 million. • As of December 31, 2024, the company had 448 franchised locations. Mexico Segment Fourth Quarter Results • Revenues of $18.3 million increased 9.2% year-over-year on a constant currency basis. • Segment net earnings, on a GAAP basis, and Adjusted EBITDA were approximately $0.7 million and $1.1 million, respectively. • As of December 31, 2024, the Mexico segment owned and operated 132 locations. Corporate Segment Fourth Quarter Results • GAAP operating expenses decreased 8.7% year-over-year. 3

| 2024 Consolidated Results 4 • Consolidated revenues of $4.3 billion increased 8.2% year-over-year due to increases in both rentals and fees revenue and merchandise sales revenue. • GAAP operating profit of $291.6 million, including $104.6 million of pre-tax costs relating to special items described below, compared to $162.9 million of GAAP operating profit, including $216.9 million of pre-tax costs relating to special items, in the prior year period. GAAP operating profit margin for the full year was 6.7%, compared to 4.1% in the prior year. • Consolidated lease charge-off (LCO) rate increased to 7.3%, up slightly from 7.1% in the prior year. • Net earnings on a GAAP basis of $123.5 million, compared to a $5.2 million net loss in the prior year period. Net profit margin of 2.9% increased 300 bps year-over-year. • Adjusted EBITDA increased 3.8% year-over-year to $473.2 million, due to increases in Adjusted EBITDA in both the Acima and Rent-A-Center segments. • Adjusted EBITDA margin of 11.0% decreased 40 basis points compared to the prior year, driven primarily by a decrease in Adjusted EBITDA margin in the Acima segment, partially offset by an increase in Adjusted EBITDA margin in the Rent-A-Center segment. • GAAP diluted earnings per share was $2.21 compared to GAAP loss per share of $(0.09) in the prior year. • Non-GAAP diluted earnings per share, which excludes the impact of special items described below, was $3.83 for the full year 2024, compared to $3.55 in the prior year. • For the year ended December 31, 2024, the Company returned $82.3 million of cash to shareholders through a $1.48 per share annualized dividend. • For the year ended December 31, 2024, cash flow from operations was $104.7 million. As of December 31, 2024, the value of cash and cash equivalents was $60.9 million, debt outstanding was $1.3 billion, liquidity was $489.2 million, including $428.3 million of revolving credit availability, and net debt to Adjusted EBITDA ratio was 2.7x.1 (1)Net debt to Adjusted EBITDA ratio is defined as outstanding debt less cash and cash equivalents divided by trailing twelve months Adjusted EBITDA, which is a Non-GAAP financial measure. Refer to definitions and reconciliations elsewhere in this presentation.

| Full Year 2025 Financial Outlook The Company is providing the following guidance for its 2025 fiscal year. Due to the inherent uncertainty related to the special items identified in the tables below, management does not believe it is able to provide a meaningful forecast of the comparable GAAP measures or reconciliation to any forecasted GAAP measure without unreasonable effort. The actual amount of these items during 2025 may have a significant impact on our future GAAP results. Conference Call and Webcast Information Upbound Group, Inc. will host a conference call to discuss fourth quarter results, guidance and other operational matters on the morning of Thursday, February 20, 2025, at 9:00 a.m. ET. For a live webcast of the call, visit https://investor.upbound.com. Certain financial and other statistical information that will be discussed during the conference call will also be provided on the same website. Table 1 Consolidated Guidance1 Full Year 2025 First Quarter 2025 Revenues ($B) $4.50 - $4.75 $1.05 - $1.15 Adj. EBITDA Excluding SBC ($M)2 $500 - $540 $120 - $130 Non-GAAP Diluted Earnings Per Share2 $3.90 - $4.40 $0.90 - $1.00 Free Cash Flow ($M)2 $150 - $200 $70 - $100 1. Consolidated includes Acima, Rent-A-Center, Brigit (for the 11 months following the acquisition on January 31, 2025), Mexico, Franchising and Corporate Segments. 2. Non-GAAP financial measure. See descriptions below in this release. CFO Commentary “Upbound delivered strong results in Q4, which enabled our performance to meet or exceed the annual guidance that we raised throughout the year. We delivered topline and bottomline growth in Q4 and across 2024, while prudently and tactically managing our risk profile to finish in line with our targets,” noted Fahmi Karam, CFO. “Our capital allocation priorities balanced investments for future growth with capital returns to stakeholders. During the year, we made investments in our enterprise technology to enhance our underwriting, streamline the checkout journey, and multiply the points of connection we have with our customers. We also accelerated Upbound’s digital transformation with the acquisition of Brigit, which was closed and funded in early 2025 with the revolver capacity that we had reserved for opportunistic M&A. Concurrently, we supported our dividend and announced another increase this year of 5%. “In 2025, we expect to see stronger cash flow that continues to support investments in the business, and also an ongoing commitment to reducing our debt and strengthening our balance sheet. We are well positioned to continue the momentum we built in 2024 and drive shareholder value,” concluded Mr. Karam. 5

| Table 2 Q4 2024 Q4 2023 Q3 Metrics ($'s Millions - except per share) 2024 Consolidated Revenue $ 1,079.2 $ 1,018.1 $ 1,068.9 Revenue Y/Y % Change 6.0 % 2.8 % 9.2 % GAAP Operating Profit $ 79.2 $ 55.9 $ 70.1 Net Earnings (Loss) $ 31.0 $ (11.3) $ 30.9 Net Profit Margin 2.9 % (1.1) % 2.9 % Adj. EBITDA (1) $ 122.8 $ 107.6 $ 116.9 Adj. EBITDA Margin (1) 11.4 % 10.6 % 10.9 % Lease Charge-Off Rate (5) 7.3 % 7.5 % 7.4 % GAAP Operating Expenses as % of Total Revenue 39.8 % 44.9 % 41.3 % GAAP Diluted EPS $ 0.55 $ (0.21) $ 0.55 Non-GAAP Diluted EPS (1) $ 1.05 $ 0.81 $ 0.95 On-Rent Rental Merchandise, Net $ 1,134.9 $ 1,109.9 $ 1,016.7 Net Cash Provided by (used in) Operating Activities $ (61.9) $ (19.7) $ 106.2 Free Cash Flow (1) $ (74.0) $ (36.9) $ 88.3 Rent-A-Center Segment Lease Portfolio - Monthly Value (as of period end) (2) $ 136.8 $ 145.0 $ 132.2 Same Store Lease Portfolio Value (Y/Y % Change - as of period end) (3) (2.0) % 2.2 % (0.1) % Same Store Sales (Y/Y % Change) (4) — % (1.6) % 2.6 % Revenue $ 444.0 $ 459.3 $ 458.7 Revenue Y/Y % Change (3.3) % (1.7) % 1.1 % GAAP Operating Profit/GAAP Net Earnings $ 69.7 $ 61.9 $ 68.9 Net Profit Margin 15.7 % 13.5 % 15.0 % Adj. EBITDA (1) $ 75.4 $ 66.7 $ 74.7 Adj. EBITDA Margin (1) 17.0 % 14.5 % 16.3 % On-Rent Rental Merchandise, Net $ 420.4 $ 478.8 $ 393.4 Lease-Charge Off Rate (5) 5.0 % 4.2 % 4.9 % 30+ Day Past Due Rate (6) 3.4 % 3.1 % 3.4 % Corporate Owned Store Count (U.S. & PR - as of period end) 1,728 1,839 1,726 Acima Segment GMV (7) $ 547.8 $ 475.2 $ 436.1 GMV (Y/Y % Change) (7) 15.3 % 19.0 % 13.0 % Revenue $ 581.1 $ 507.9 $ 566.2 Revenue Y/Y % Change 14.4 % 6.6 % 19.1 % GAAP Operating Profit/GAAP Net Earnings $ 69.7 $ 60.4 $ 64.0 Net Profit Margin 12.0 % 11.9 % 11.3 % Adj. EBITDA (1) $ 80.9 $ 75.0 $ 75.3 Adj. EBITDA Margin (1) 13.9 % 14.8 % 13.3 % On-Rent Rental Merchandise, Net $ 693.1 $ 606.9 $ 602.3 Lease Charge-Off Rate (5) 9.0 % 9.9 % 9.2 % 60+ Day Past Due Rate (8) 13.3 % 13.0 % 13.4 % Financial Highlights *Please see footnotes on the following page. Key Metrics 6

| Financial Highlights (continued) (1) Non-GAAP financial measure. Refer to the explanations and reconciliations elsewhere in this release. (2) Lease Portfolio Value: Represents the aggregate dollar value of the expected monthly rental income associated with current active lease agreements from our Rent-A-Center lease-to-own stores and e-commerce platform at the end of any given period. (3) Same Store Lease Portfolio Value: Represents the aggregate dollar value of the expected monthly rental income associated with current active lease agreements from our Rent-A-Center lease-to-own stores that were operated by us for 13 months or more at the end of any given period. The Company excludes from the same store base any store that receives a certain level of customer accounts from closed stores or acquisitions. The receiving store will be eligible for inclusion in the same store base in the 30th full month following account transfer. (4) Same Store Sales (SSS): Same store sales generally represents revenue earned in Rent-A-Center stores that were operated by us for 13 months or more and are reported on a constant currency basis as a percentage of total revenue earned in stores of the segment during the indicated period. The Company excludes from the same store sales base any store that receives a certain level of customer accounts from closed stores or acquisitions. The receiving store will be eligible for inclusion in the same store sales base in the 30th full month following account transfer. (5) Lease Charge-Offs (LCOs) (previously referred to as “skip / stolen losses”): Represents charge-offs of the net book value of unrecoverable on-rent merchandise with lease-to-own customers who are past due. This is typically expressed as a percentage of revenues for the applicable period. For the Rent-A-Center segment, LCOs exclude Get It Now and Home Choice locations. (6) 30+ Days Past Due Rate: Defined as the average number of accounts 30+ days past due as a % of total open leases. (7) Gross Merchandise Volume (GMV): The Company defines Gross Merchandise Volume as the retail value in U.S. dollars of merchandise acquired by the Acima segment that is leased to customers through a transaction that occurs within a defined period, net of estimated cancellations as of the measurement date. (8) 60+ Days Past Due Rate: Defined as the average number of accounts 60+ days past due as a % of total open leases. 7

| Financial Highlights (continued) Table 3 FY 2024 FY Metrics ($'s Millions - except per share & store count data) 2023 Consolidated Revenue $ 4,320.6 $ 3,992.4 Revenue Y/Y % Change 8.2 % (6.0) % GAAP Operating Profit $ 291.6 $ 162.9 Net Earnings (Loss) $ 123.5 $ (5.2) Net Profit Margin 2.9 % (0.1) % Adj. EBITDA (1) $ 473.2 $ 455.7 Adj. EBITDA Margin (1) 11.0 % 11.4 % Lease Charge-Off Rate (5) 7.3 % 7.1 % GAAP Operating Expenses as % of Total Revenue 41.4 % 46.6 % GAAP Diluted EPS $ 2.21 $ (0.09) Non-GAAP Diluted EPS (1) $ 3.83 $ 3.55 On-Rent Rental Merchandise, Net $ 1,134.9 $ 1,109.9 Net Cash Provided by Operating Activities $ 104.7 $ 200.3 Free Cash Flow (1) $ 48.4 $ 146.9 Rent-A-Center Segment Lease Portfolio - Monthly Value (as of period end) (2) $ 136.8 $ 145.0 Same Store Lease Portfolio Value (Y/Y % Change - as of period end) (3) (2.0) % 2.2 % Same Store Sales (Y/Y % Change) (4) 1.5 % (4.3) % Revenue $ 1,863.4 $ 1,864.1 Revenue Y/Y % Change — % (4.4) % GAAP Operating Profit/GAAP Net Earnings $ 280.4 $ 273.5 Net Profit Margin 15.0 % 14.7 % Adj. EBITDA (1) $ 308.1 $ 292.3 Adj. EBITDA Margin (1) 16.5 % 15.7 % On-Rent Rental Merchandise, Net $ 420.4 $ 478.8 Lease-Charge Off Rate (5) 4.7 % 4.5 % 30+ Day Past Due Rate (6) 3.2 % 3.0 % Corporate Owned Store Count (U.S. & PR - as of period end) 1,728 1,839 Acima Segment GMV (7) $ 1,851.6 $ 1,581.4 GMV (Y/Y % Change) (7) 17.1 % (0.2) % Revenue $ 2,261.4 $ 1,931.3 Revenue Y/Y % Change 17.1 % (8.5) % GAAP Operating Profit/GAAP Net Earnings $ 255.5 $ 235.5 Net Profit Margin 11.3 % 12.2 % Adj. EBITDA (1) $ 302.4 $ 294.2 Adj. EBITDA Margin (1) 13.4 % 15.2 % On-Rent Rental Merchandise, Net $ 693.1 $ 606.9 Lease Charge-Off Rate (5) 9.4 % 9.3 % 60+ Day Past Due Rate (8) 13.0 % 13.3 % Key Metrics 8 *Please see footnotes on the following page.

| Financial Highlights (continued) 9 (1) Non-GAAP financial measure. Refer to the explanations and reconciliations elsewhere in this release. (2) Lease Portfolio Value: Represents the aggregate dollar value of the expected monthly rental income associated with current active lease agreements from our Rent-A-Center lease-to-own stores and e-commerce platform at the end of any given period. (3) Same Store Lease Portfolio Value: Represents the aggregate dollar value of the expected monthly rental income associated with current active lease agreements from our Rent-A-Center lease-to-own stores that were operated by us for 13 months or more at the end of any given period. The Company excludes from the same store base any store that receives a certain level of customer accounts from closed stores or acquisitions. The receiving store will be eligible for inclusion in the same store base in the 30th full month following account transfer. (4) Same Store Sales (SSS): Same store sales generally represents revenue earned in Rent-A-Center stores that were operated by us for 13 months or more and are reported on a constant currency basis as a percentage of total revenue earned in stores of the segment during the indicated period. The Company excludes from the same store sales base any store that receives a certain level of customer accounts from closed stores or acquisitions. The receiving store will be eligible for inclusion in the same store sales base in the 30th full month following account transfer. (5) Lease Charge-Offs (LCOs) (previously referred to as “skip / stolen losses”): Represents charge-offs of the net book value of unrecoverable on-rent merchandise with lease-to-own customers who are past due. This is typically expressed as a percentage of revenues for the applicable period. For the Rent-A-Center segment, LCOs exclude Get It Now and Home Choice locations. (6) 30+ Days Past Due Rate: Defined as the average number of accounts 30+ days past due as a % of total open leases. (7) Gross Merchandise Volume (GMV): The Company defines Gross Merchandise Volume as the retail value in U.S. dollars of merchandise acquired by the Acima segment that is leased to customers through a transaction that occurs within a defined period, net of estimated cancellations as of the measurement date. (8) 60+ Days Past Due Rate: Defined as the average number of accounts 60+ days past due as a % of total open leases.

| About Upbound Group, Inc Upbound Group, Inc. (NASDAQ: UPBD), is a technology and data-driven leader in accessible and inclusive financial solutions that address the evolving needs and aspirations of underserved consumers. The Company’s customer-facing operating units include industry-leading brands such as Acima®, Brigit™, and Rent-A-Center® that facilitate consumer transactions across a wide range of store-based and digital channels, including over 2,300 company branded retail units across the United States, Mexico and Puerto Rico. Upbound Group, Inc. is headquartered in Plano, Texas. For additional information about the Company, please visit our website Upbound.com. Investor Contact Upbound Group, Inc. Jeff Chesnut SVP, IR & Corporate Development 972-801-1108 jeff.chesnut@upbound.com 10

| Forward Looking Statements This press release, and the guidance above and the Company's related conference call contain forward-looking statements that involve risks and uncertainties. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "could," "estimate," "predict," "continue," "maintain," "should," "anticipate," "believe," or “confident,” or the negative thereof or variations thereon or similar terminology and including, among others, statements concerning (i) the Company's guidance for 2025 and future outlook, (ii) the impact of ongoing challenging macroeconomic conditions on the Company's business operations, financial performance, and prospects, (iii) the future business prospects and financial performance of the Company as a whole (which includes Bridge IT, Inc. (“Brigit”) following the closing of our acquisition of Brigit on January 31, 2025) and our segments, (iv) the Company’s growth strategies, (v) the Company's expectations, plans and strategy relating to its capital structure and capital allocation, including any share repurchases under the Company's share repurchase program, (vi) the potential impact of legal proceedings, governmental inquiries and investigations the Company is involved in, and (vii) other statements that are not historical facts. However, there can be no assurance that such expectations will occur. The Company's actual future performance could differ materially and adversely from such statements. Factors that could cause or contribute to these differences include, but are not limited to: (1) the possibility that costs, difficulties or disruptions related to the integration of Brigit operations into the Company’s other operations will be greater than expected; (2) the possibility that the anticipated benefits from the Brigit acquisition may not be fully realized or may take longer to realize than expected; (3) the Company’s ability to (i) effectively adjust to changes in the composition of its offerings and product mix as a result of acquiring Brigit and continue to maintain the quality of existing offerings and (ii) successfully introduce other new product or service offerings on a timely and cost-effective basis; (4) change in the Company’s future cash requirements as a result of the Brigit acquisition, whether caused by unanticipated increases in capital expenditures or working capital needs, unanticipated liabilities or otherwise; (5) the Company’s ability to retain the talent and dedication of key employees of Brigit (6) the general strength of the economy and other economic conditions affecting consumer preferences, spending and payment behaviors, including the availability of credit to the Company's target consumers and to other consumers, impacts from continued or renewed inflation, central bank monetary policy initiatives to address inflation concerns and a possible recession or slowdown in economic growth; (7) factors affecting the disposable income available to the Company's current and potential customers; (8) changes in the unemployment rate; (9) capital market conditions, including changes in interest rates and availability of funding sources for the Company; (10) changes in the Company's credit ratings; (11) difficulties encountered in managing the financial and operational performance of the Company's multiple business segments; (12) risks associated with pricing, value proposition and other changes to the Company’s consumer offerings and strategies being deployed in the Company's businesses; (13) the Company's ability to continue to effectively execute its strategic initiatives, including mitigating risks associated with any potential additional mergers and acquisitions, or lease-to-own refranchising opportunities; (14) the Company's ability to identify potential acquisition candidates, complete acquisitions and successfully integrate acquired companies, including Brigit; (15) failure to effectively manage the Company's operating labor and non-labor operating expenses, including merchandise losses for our lease-to-own offerings; (16) disruptions caused by the operation of the Company's information management systems or disruptions in the systems of the Company's host retailers or other third parties with whom the Company does business; (17) risks related to the Company's virtual lease-to-own business, including the Company's ability to continue to develop and successfully implement the necessary technologies; (18) the Company's ability to achieve the benefits expected from its integrated virtual and staffed third-party retailer offering and to successfully grow this business segment; (19) exposure to potential operating margin degradation due to the higher cost of merchandise and higher merchandise losses in the Company's Acima segment compared to our Rent-A-Center segment; (20) additional risks associated with the Company’s recently acquired Brigit business and its consumer products and services, including managing losses and payment defaults, regulatory, licensing and other compliance risks, risks associated with Brigit’s reliance on regulated banks and on providers of third party data, technology and other third-party service providers; and other new risks for our company; (21) litigation or administrative proceedings to which the Company is or may be a party to from time to time and changes in estimates relating to litigation reserves including, in each case in connection with the regulatory and litigation matters described in the Company’s most recent Form 10-K or Form 10-Q; (22) the Company’s compliance with applicable statutes and regulations governing the Company’s businesses, impacts from the enforcement of existing laws and regulations and the enactment of new laws and regulations adversely affecting the Company’s business, including in connection with the regulatory matters in which the Company is involved, and any legislative or other regulatory enforcement efforts that seek to re-characterize store-based or virtual lease-to-own transactions as credit sales and to apply consumer credit laws and regulations to the Company’s lease-to-own business or to apply credit laws to Brigit’s consumer offerings; (23) the Company's transition to more readily scalable “cloud-based” solutions; (24) the Company's ability to develop and successfully implement digital or e-commerce capabilities, including mobile applications; (25) the Company's ability to protect its proprietary intellectual property; (26) the Company's ability or that of the Company's host retailers or other third parties with whom the company does business to protect the integrity and security of customer, employee, supplier and host retailer or other third party information, which may be adversely affected by hacking, computer viruses, or similar disruptions; (27) impairment of the Company's goodwill or other intangible assets; (28) disruptions in the Company's supply chain; (29) limitations of, or disruptions in, the Company's distribution network; (30) rapid inflation or deflation in the prices of the Company's lease-to-own products and other related costs; (31) allegations of product safety and quality control issues, including recalls of goods the Company leases to customers; (32) the Company's ability to execute, as well as, the effectiveness of, lease-to-own store consolidations, including the Company's ability to retain the revenue from customer accounts merged into another store location as a result of a store consolidation; (33) the Company's available cash flow and its ability to generate sufficient cash flow to continue paying dividends; (34) increased competition from traditional competitors, virtual lease-to-own competitors, online retailers, Buy-Now-Pay-Later, earned wage access and financial health technology competitors and other fintech companies and other competitors, including subprime lenders; (35) the Company's ability to identify and successfully market products and services that appeal to its current and future targeted customer segments and to accurately estimate the size of the total addressable market; (36) consumer preferences and perceptions of the Company's brands; (37) the Company’s ability to effectively provide consumers with additional products and services beyond lease-to-own and products and services currently offered by Brigit, including through third party partnerships; (38) the Company's ability to retain the revenue associated with acquired lease-to-own customer accounts and enhance the performance of acquired stores; (39) the Company's ability to enter into new rental or lease purchase agreements and collect on existing rental or lease purchase agreements; (40) changes in tariff policies, including any impacts from tariffs imposed by the current Presidential Administration on the price of imported goods, or consumer prices overall or other financial impacts of such tariffs or any retaliatory tariffs enacted by U.S. trading partners on the Company’s costs or target consumers; (41) adverse changes in the economic conditions of the industries, countries or markets that the Company serves; (42) information technology and data security costs; (43) the impact of any breaches in data security or other disturbances to the Company's information technology and other networks (44) changes in estimates relating to self-insurance liabilities and income tax reserves; (45) changes in the Company's effective tax rate; (46) fluctuations in foreign currency exchange rates; (47) the Company's ability to maintain an effective system of internal controls; and (48) the other risks detailed from time to time in the Company's SEC reports, including but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2023, and in its subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. 11

| Upbound Group, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED Table 4 Three Months Ended December 31, Year Ended December 31, (in thousands, except per share data) 2024 2023 2024 2023 Revenues Rentals and fees $ 877,311 $ 840,639 $ 3,513,658 $ 3,261,678 Merchandise sales 148,045 126,510 624,735 541,766 Installment sales 16,551 18,439 60,884 63,630 Franchise merchandise sales 27,989 25,276 88,125 95,054 Royalty income and fees 6,199 5,780 24,738 24,416 Other 3,133 1,447 8,424 5,869 Total revenues 1,079,228 1,018,091 4,320,564 3,992,413 Cost of revenues Cost of rentals and fees 347,445 313,499 1,355,539 1,199,161 Cost of merchandise sold 189,121 160,015 773,937 652,894 Cost of installment sales 6,467 6,638 22,523 22,997 Franchise cost of merchandise sold 27,957 25,337 88,214 95,103 Total cost of revenues 570,990 505,489 2,240,213 1,970,155 Gross profit 508,238 512,602 2,080,351 2,022,258 Operating expenses Operating labor 142,217 153,068 609,169 613,538 Non-labor operating expenses 197,878 206,652 811,635 775,919 General and administrative expenses 52,249 51,272 212,450 201,706 Depreciation and amortization 12,025 13,219 50,886 51,321 Other gains and charges 24,714 32,496 104,580 216,909 Total operating expenses 429,083 456,707 1,788,720 1,859,393 Operating profit 79,155 55,895 291,631 162,865 Debt refinancing charges — — 6,604 — Interest expense 25,422 29,185 110,585 113,418 Interest income (646) (730) (3,099) (3,420) Earnings before income taxes 54,379 27,440 177,541 52,867 Income tax expense 23,397 38,694 54,063 58,046 Net earnings (loss) $ 30,982 $ (11,254) $ 123,478 $ (5,179) Basic weighted average shares 54,721 54,031 54,654 54,978 Basic earnings (loss) per common share $ 0.57 $ (0.21) $ 2.26 $ (0.09) Diluted weighted average shares 56,112 54,031 55,933 54,978 Diluted earnings (loss) per common share $ 0.55 $ (0.21) $ 2.21 $ (0.09) REVENUES BY SEGMENT Acima $ 581,123 $ 507,904 $ 2,261,446 $ 1,931,325 Rent-A-Center 444,026 459,292 1,863,425 1,864,123 Mexico 18,261 19,099 78,726 74,625 Franchising 35,818 31,796 116,967 122,340 Total revenues $ 1,079,228 $ 1,018,091 $ 4,320,564 $ 3,992,413 12

| Upbound Group, Inc. and Subsidiaries SELECTED BALANCE SHEETS HIGHLIGHTS - UNAUDITED Table 5 December 31, (in thousands) 2024 2023 Cash and cash equivalents $ 60,860 $ 93,705 Receivables, net 156,438 111,005 Prepaid expenses and other assets 54,205 50,259 Rental merchandise, net On rent 1,134,860 1,109,896 Held for rent 113,922 124,167 Operating lease right-of-use assets 265,537 289,702 Goodwill 290,189 289,750 Total assets 2,649,662 2,721,430 Operating lease liabilities $ 272,983 $ 293,435 Senior debt, net 867,726 866,707 Senior notes, net 441,890 439,920 Total liabilities 2,020,678 2,161,058 Total stockholders’ equity 628,984 560,372 13

| Non-GAAP Financial Measures This release and the Company's related conference call contain certain financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (GAAP), including (1) Non-GAAP diluted earnings per share (net earnings or loss, as adjusted for special items (as defined below), net of taxes, divided by the number of shares of our common stock on a fully diluted basis), (2) Adjusted EBITDA (net earnings before interest, taxes, stock-based compensation, depreciation and amortization, as adjusted for special items) on a consolidated and segment basis, (3) Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) on a consolidated and segment basis, (4) Free Cash Flow (net cash provided by operating activities less capital expenditures), and (5) Net debt to adjusted EBITDA (outstanding debt less cash and cash equivalents divided by trailing twelve months Adjusted EBITDA). “Special items” refers to certain gains and charges we view as extraordinary, unusual or non-recurring in nature or which we believe do not reflect our core business activities. Special items are reported as Other Gains and Charges in our Consolidated Statements of Operations. For the periods presented herein, these special items are described in the quantitative reconciliation tables included below in this release. Because of the inherent uncertainty related to these special items, management does not believe it is able to provide a meaningful forecast of the comparable GAAP measures or reconciliation to any forecasted GAAP measure without unreasonable effort. These non-GAAP measures are additional tools intended to assist our management in comparing our performance on a more consistent basis for purposes of business decision-making by removing the impact of certain items management believes do not directly reflect our core operations. These measures are intended to assist management in evaluating operating performance and liquidity, comparing performance and liquidity across periods, planning and forecasting future business operations, helping determine levels of operating and capital investments and identifying and assessing additional trends potentially impacting our Company that may not be shown solely by comparisons of GAAP measures. Consolidated Adjusted EBITDA is also used as part of our incentive compensation program for our executive officers and others. We believe these non-GAAP financial measures also provide supplemental information that is useful to investors, analysts and other external users of our consolidated financial statements in understanding our financial results and evaluating our performance and liquidity from period to period. However, non-GAAP financial measures have inherent limitations and are not substitutes for, or superior to, GAAP financial measures, and they should be read together with our consolidated financial statements prepared in accordance with GAAP. Further, because non-GAAP financial measures are not standardized, it may not be possible to compare such measures to the non-GAAP financial measures presented by other companies, even if they have the same or similar names. 14

| Reconciliation of Net Earnings (Loss) to Net Earnings Excluding Special Items and Non-GAAP Diluted Earnings Per Share Table 6 Three Months Ended December 31, 2024 (in thousands) Gross Profit Operating Profit Earnings Before Income Tax Tax Expense Net Earnings Diluted Earnings per Share GAAP Results $ 508,238 $ 79,155 $ 54,379 $ 23,397 $ 30,982 $ 0.55 Plus: Special Items(1) Acima acquired assets depreciation and amortization(2) — 14,899 14,899 3,407 11,492 0.21 Legal matters(3) — 4,026 4,026 921 3,105 0.06 Transaction fees(4) — 3,656 3,656 836 2,820 0.05 Accelerated stock compensation(5) — 1,652 1,652 378 1,274 0.02 Asset impairments — (16) (16) (4) (12) — Other(6) — 497 497 114 383 — Discrete income tax items — — — (8,978) 8,978 0.16 Non-GAAP Adjusted Results $ 508,238 $ 103,869 $ 79,093 $ 20,071 $ 59,022 $ 1.05 (1) Special items are reported as Other Gains and Charges in the Company’s Consolidated Statements of Operations included in Table 4 of this earnings release. (2) Includes amortization expense of approximately $11.0 million related to the total fair value of acquired intangible assets and incremental depreciation expense of approximately $4.0 million related to the fair value of acquired software assets. (3) Includes estimated legal accrual of $2.5 million and related litigation and defense expenses of $1.6 million for regulatory lawsuits with the Consumer Financial Protection Bureau and New York Attorney General, as well as the Multi-State Attorneys’ General regulatory investigation. (4) Represents transaction fees related to Brigit acquisition. (5) Represents accelerated stock compensation expense related to our letter agreement with the Company’s Chief Executive Officer. (6) Includes shutdown and holding expenses related to store closures of $0.4 million. Table 7 Three Months Ended December 31, 2023 (in thousands) Gross Profit Operating Profit Earnings Before Income Tax Tax Expense Net (Loss) Earnings Diluted (Loss) Earnings per Share GAAP Results $ 512,602 $ 55,895 $ 27,440 $ 38,694 $ (11,254) $ (0.21) Plus: Special Items(1) Acima equity consideration vesting(2) — 9,379 9,379 (33,055) 42,434 0.76 Acima acquired assets depreciation and amortization(3) — 18,233 18,233 15,228 3,005 0.05 Accelerated software depreciation(4) — 4,609 4,609 4,356 253 — Legal matters — 275 275 263 12 — Discrete income tax items — — — (10,736) 10,736 0.19 Non-GAAP Adjusted Results $ 512,602 $ 88,391 $ 59,936 $ 14,750 $ 45,186 $ 0.81 (1) Special items are reported as Other Gains and Charges in the Company’s Consolidated Statements of Operations included in Table 4 of this earnings release. (2) Represents stock compensation expense related to common stock issued to Acima Holdings employees under restricted stock agreements as part of the acquisition proceeds subject to vesting restrictions. (3) Includes amortization expense of approximately $14.2 million related to the total fair value of acquired intangible assets and incremental depreciation expense of approximately $4.0 million. (4) Represents incremental depreciation expense related to the acceleration of the remaining useful life of the point-of-sale system that was fully deployed in the third quarter of 2024. 15

| Reconciliation of Net Earnings (Loss) to Net Earnings Excluding Special Items and Non-GAAP Diluted Earnings Per Share Table 8 Year Ended December 31, 2024 (in thousands) Gross Profit Operating Profit Earnings Before Income Tax Tax Expense Net Earnings Diluted Earnings per Share GAAP Results $ 2,080,351 $ 291,631 $ 177,541 $ 54,063 $ 123,478 $ 2.21 Plus: Debt refinancing charges — — 6,604 1,883 4,721 0.08 Plus: Special Items(1) Acima acquired assets depreciation and amortization(2) — 61,347 61,347 15,656 45,691 0.82 Legal matters(3) — 15,764 15,764 3,532 12,232 0.22 Accelerated software depreciation(4) — 6,145 6,145 1,752 4,393 0.08 Asset impairments(5) — 5,944 5,944 1,700 4,244 0.08 Accelerated stock compensation(6) — 5,073 5,073 1,241 3,832 0.06 Acima equity consideration vesting(7) — 4,893 4,893 (1,028) 5,921 0.11 Transaction fees(8) — 3,656 3,656 836 2,820 0.05 Other(9) — 1,758 1,758 435 1,323 0.02 Discrete income tax items — — — (5,521) 5,521 0.10 Non-GAAP Adjusted Results $ 2,080,351 $ 396,211 $ 288,725 $ 74,549 $ 214,176 $ 3.83 (1) Special items are reported as Other Gains and Charges in the Company’s Consolidated Statements of Operations included in Table 4 of this earnings release. (2) Includes amortization of approximately $45.5 million related to the total fair value of acquired intangible assets and incremental depreciation of approximately $15.9 million. (3) Includes estimated legal accrual of $10.7 million and related litigation and defense expenses of $5.1 million for regulatory lawsuits with the Consumer Financial Protection Bureau and New York Attorney General, as well as the Multi-State Attorneys’ General regulatory investigation. (4) Represents incremental depreciation expense related to the acceleration of the remaining useful life of the point-of-sale system used by our Rent-A-Center lease-to-own stores, due to the transition to a new internally developed point-of-sale system expected to be fully deployed in the third quarter of 2024. (5) Includes lease impairments of approximately $5.3 million and fixed assets impairments of approximately $0.6 million. (6) Represents accelerated stock compensation expense related to our letter agreement with the Company’s Chief Executive Officer. (7) Represents stock compensation expense related to common stock issued to Acima Holdings employees under restricted stock agreements as part of the acquisition proceeds subject to vesting restrictions. (8) Represents transaction fees related to Brigit acquisition. (9) Includes shutdown and holding expenses related to store closures of $1.4 million. 16

| Reconciliation of Net (Loss) Earnings to Net Earnings Excluding Special Items and Non-GAAP Diluted Earnings Per Share Table 9 Year Ended December 31, 2023 (in thousands) Gross Profit Operating Profit Earnings Before Income Tax Tax Expense Net (Loss) Earnings Diluted (Loss) Earnings per Share GAAP Results $ 2,022,258 $ 162,865 $ 52,867 $ 58,046 $ (5,179) $ (0.09) Plus: Special Items(1) Acima equity consideration vesting(2) — 137,507 137,507 (28,876) 166,383 2.95 Acima acquired assets depreciation and amortization(3) — 72,934 72,934 45,826 27,108 0.48 Accelerated software depreciation(4) — 9,218 9,218 5,792 3,426 0.06 Legal matters — 319 319 200 119 — Other(5) — (3,069) (3,069) (1,928) (1,141) (0.02) Discrete income tax items — — — (9,546) 9,546 0.17 Non-GAAP Adjusted Results $ 2,022,258 $ 379,774 $ 269,776 $ 69,514 $ 200,262 $ 3.55 (1) Special items are reported as Other Gains and Charges in the Company’s Consolidated Statements of Operations included in Table 4 of this earnings release. (2) Represents stock compensation expense related to common stock issued to Acima Holdings employees under restricted stock agreements as part of the acquisition proceeds subject to vesting restrictions (3) Includes amortization of approximately $57.0 million related to the total fair value of acquired intangible assets, incremental depreciation of approximately $15.9 million. (4) Represents incremental depreciation expense related to the acceleration of the remaining useful life of the point-of-sale system used by our Rent-A-Center lease-to-own stores, due to the transition to a new internally developed point-of-sale system expected to be fully deployed in the third quarter of 2024. (5) Represents interest income on tax refunds of prior years received in 2023. 17

| Reconciliation of Net Earnings (Loss) to Adjusted EBITDA (Consolidated and by Segment) Table 10 Three Months Ended December 31, 2024 (in thousands) Acima Rent-A-Center Mexico Franchising Corporate Consolidated Net earnings (loss) $ 69,653 $ 69,693 $ 667 $ 4,500 $ (113,531) $ 30,982 Plus: Interest expense, net — — — — 24,776 24,776 Plus: Income tax expense — — — — 23,397 23,397 Operating profit (loss) 69,653 69,693 667 4,500 (65,358) 79,155 Plus: Depreciation and amortization 352 5,390 427 33 5,823 12,025 Plus: Stock-based compensation — — — — 6,859 6,859 Plus: Special Items(1) Acima acquired assets depreciation and amortization(2) 10,927 — — — 3,972 14,899 Legal matters(3) — — — — 4,026 4,026 Transaction fees(4) — — — — 3,656 3,656 Accelerated stock compensation(5) — — — — 1,652 1,652 Asset impairments — (16) — — — (16) Other(6) — 360 — — 137 497 Adjusted EBITDA $ 80,932 $ 75,427 $ 1,094 $ 4,533 $ (39,233) $ 122,753 (1) Special items are reported as Other Gains and Charges in the Company’s Consolidated Statements of Operations included in Table 4 of this earnings release. (2) Includes amortization expense of approximately $11.0 million related to the total fair value of acquired intangible assets and incremental depreciation expense of approximately $4.0 million. (3) Includes estimated legal accrual of $2.5 million and related litigation and defense expenses of $1.6 million for regulatory lawsuits with the Consumer Financial Protection Bureau and New York Attorney General, as well as the Multi-State Attorneys’ General regulatory investigation. (4) Represents transaction fees related to Brigit acquisition. (5) Represents accelerated stock compensation expense related to our letter agreement with the Company’s Chief Executive Officer. (6) Includes shutdown and holding expenses related to store closures of $0.4 million. Table 11 Three Months Ended December 31, 2023 (in thousands) Acima Rent-A-Center Mexico Franchising Corporate Consolidated Net earnings (loss) $ 60,378 $ 61,880 $ 1,429 $ 3,807 $ (138,748) $ (11,254) Plus: Interest expense, net — — — — 28,455 28,455 Plus: Income tax expense — — — — 38,694 38,694 Operating profit (loss) 60,378 61,880 1,429 3,807 (71,599) 55,895 Plus: Depreciation and amortization 398 4,852 326 36 7,607 13,219 Plus: Stock-based compensation — — — — 6,012 6,012 Plus: Special Items(1) Acima acquired assets depreciation and amortization(2) 14,262 — — — 3,971 18,233 Acima equity consideration vesting(3) — — — — 9,379 9,379 Accelerated software depreciation(4) — — — — 4,609 4,609 Legal matters — — — — 275 275 Adjusted EBITDA $ 75,038 $ 66,732 $ 1,755 $ 3,843 $ (39,746) $ 107,622 (1) Special items are reported as Other Gains and Charges in the Company’s Consolidated Statements of Operations included in Table 4 of this earnings release. (2) Includes amortization expense of approximately $14.2 million related to the total fair value of acquired intangible assets and incremental depreciation expense of approximately $4.0 million. (3) Represents stock compensation expense related to common stock issued to Acima Holdings employees under restricted stock agreements as part of the acquisition proceeds subject to vesting restrictions. (4) Represents incremental depreciation expense related to the acceleration of the remaining useful life of the point-of-sale system that was fully deployed in the third quarter of 2024. 18

| Reconciliation of Net Earnings (Loss) to Adjusted EBITDA (Consolidated and by Segment) Table 12 Year Ended December 31, 2024 (in thousands) Acima Rent-A-Center Mexico Franchising Corporate Consolidated Net earnings (loss) $ 255,549 $ 280,423 $ 4,806 $ 16,737 $ (434,037) $ 123,478 Plus: Interest expense, net — — — — 107,486 107,486 Plus: Income tax expense — — — — 54,063 54,063 Plus: Debt refinancing charges — — — — 6,604 6,604 Operating profit (loss) 255,549 280,423 4,806 16,737 (265,884) 291,631 Plus: Amortization, Depreciation 1,376 20,367 1,566 141 27,436 50,886 Plus: Stock-based compensation — — — — 26,108 26,108 Plus: Special Items(1) Acima acquired assets depreciation and amortization(2) 45,460 — — — 15,887 61,347 Legal matters(3) — — — — 15,764 15,764 Accelerated software depreciation(4) — — — — 6,145 6,145 Asset Impairment(5) — 5,944 — — — 5,944 Accelerated stock compensation(6) — — — — 5,073 5,073 Acima equity consideration vesting(7) — — — — 4,893 4,893 Transaction fees(8) — — — — 3,656 3,656 Other(9) — 1,384 — — 374 1,758 Adjusted EBITDA $ 302,385 $ 308,118 $ 6,372 $ 16,878 $ (160,548) $ 473,205 (1) Special items are reported as Other Gains and Charges in the Company’s Consolidated Statements of Operations included in Table 4 of this earnings release. (2) Includes amortization of approximately $45.5 million related to the total fair value of acquired intangible assets and incremental depreciation of approximately $15.9 million. (3) Includes estimated legal accrual of $10.7 million and related litigation and defense expenses of $5.1 million for regulatory lawsuits with the Consumer Financial Protection Bureau and New York Attorney General, as well as the Multi-State Attorneys’ General regulatory investigation. (4) Represents incremental depreciation expense related to the acceleration of the remaining useful life of the point-of-sale system used by our Rent-A-Center lease-to-own stores, due to the transition to a new internally developed point-of-sale system expected to be fully deployed in the third quarter of 2024. (5) Includes lease impairments of approximately $5.3 million and fixed assets impairments of approximately $0.6 million. (6) Represents accelerated stock compensation expense related to our letter agreement with the Company’s Chief Executive Officer. (7) Represents stock compensation expense related to common stock issued to Acima Holdings employees under restricted stock agreements as part of the acquisition proceeds subject to vesting restrictions. (8) Represents transaction fees related to Brigit acquisition. (9) Includes shutdown and holding expenses related to store closures of $1.4 million. 19

| Reconciliation of Net Earnings (Loss) to Adjusted EBITDA (Consolidated and by Segment) Table 13 Year Ended December 31, 2023 (in thousands) Acima Rent-A-Center Mexico Franchising Corporate Consolidated Net earnings (loss) $ 235,480 $ 273,518 $ 4,846 $ 17,087 $ (536,110) $ (5,179) Plus: Interest expense, net — — — — 109,998 109,998 Plus: Income tax expense — — — — 58,046 58,046 Operating profit (loss) 235,480 273,518 4,846 17,087 (368,066) 162,865 Plus: Amortization, Depreciation 1,661 18,816 1,206 146 29,492 51,321 Plus: Stock-based compensation — — — — 24,609 24,609 Plus: Special Items(1) Acima equity consideration vesting(2) — — — — 137,507 137,507 Acima acquired assets depreciation and amortization(3) 57,048 — — — 15,886 72,934 Accelerated software depreciation(4) — — — — 9,218 9,218 Legal matters — — — — 319 319 Other(5) — — — — (3,069) (3,069) Adjusted EBITDA $ 294,189 $ 292,334 $ 6,052 $ 17,233 $ (154,104) $ 455,704 (1) Special items are reported as Other Gains and Charges in the Company’s Consolidated Statements of Operations included in Table 4 of this earnings release. (2) Represents stock compensation expense related to common stock issued to Acima Holdings employees under restricted stock agreements as part of the acquisition proceeds subject to vesting restrictions. (3) Includes amortization of approximately $57.0 million related to the total fair value of acquired intangible assets, incremental depreciation of approximately $15.9 million. (4) Represents incremental depreciation expense related to the acceleration of the remaining useful life of the point-of-sale system used by our Rent-A-Center lease-to-own stores, due to the transition to a new internally developed point-of-sale system expected to be fully deployed in the third quarter of 2024. (5) Represents interest income on tax refunds of prior years received in 2023. 20

| Reconciliation of Net Cash (Used in) Provided by Operating Activities to Free Cash Flow Table 14 Three Months Ended December 31, Year Ended December 31, (in thousands) 2024 2023 2024 2023 Net cash (used in) provided by operating activities $ (61,945) $ (19,652) $ 104,721 $ 200,290 Purchase of property assets (12,083) (17,235) (56,275) (53,402) Free cash flow $ (74,028) $ (36,887) $ 48,446 $ 146,888 21

| Table 15 Q4 (in millions) 2024 Outstanding debt $ 1,327.3 Less: Cash and cash equivalents 60.9 Net debt 1,266.4 Adjusted EBITDA Q1 2024 109.1 Q2 2024 124.5 Q3 2024 116.9 Q4 2024 122.8 Trailing twelve month Adjusted EBITDA $ 473.2 Net debt to adjusted EBITDA Ratio 2.7 x (1) Additional details of Adjusted EBITDA are included in the Reconciliation of Net Earnings to Adjusted EBITDA (Consolidated and by Segment) tables of our quarterly earnings releases which can be found on the Company's investor relations website. Reconciliation of Leverage Ratio 22