Business
Rent-A-Center, Inc. Announces Management Change for Acima and Reaffirms 2022 Guidance
PLANO, Texas--(BUSINESS WIRE)-- Rent-A-Center, Inc. (NASDAQ/NGS:RCII), a leading provider of technology driven and flexible leasing solutions for consumers,
About this update from Upbound Group, Inc.
[{"type":"text","content":" PLANO, Texas--(BUSINESS WIRE)--\nRent-A-Center, Inc. (NASDAQ/NGS:RCII), a leading provider of technology driven and flexible leasing solutions for consumers, today announced that as of March 28, 2022 Aaron Allred has assumed the role of Executive Vice President, Acima. Mr. Allred is the founder of Acima, has continued to work for the Company in an advisory role since the Acima acquisition closed in February 2021, and is a significant shareholder. Moving forward Mr. Allred will oversee all aspects of the Acima business and report to Mitch Fadel, Chief Executive Officer of Rent-A-Center, Inc. Jason Hogg, former Executive Vice President, Acima, has departed the Company.\n\nIn addition to the management change at Acima, the Company is reaffirming the following consolidated guidance for the first quarter and full year of 2022, as previously reported on February 23, 2022:\n\n\n\n2022 Guidance\n\n\n \n \n \n\nFull Year 2022\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nFirst Quarter 2022\n\n\n\n\n\nConsolidated (1)\n\n\n \n \n \n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nRevenues ($'s billion)\n\n\n \n \n \n\n$4.450 - $4.600\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n$1.125 - $1.155\n\n\n\n\n\nAdjusted EBITDA (2)(4) ($'s million)\n\n\n \n \n \n\n$515 - $565\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n$85 - $100\n\n\n\n\n\nNon-GAAP Diluted earnings per share (2)(3)\n\n\n \n \n \n\n$4.50 - $5.00\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n$0.65 - $0.80\n\n\n\n\n\nFree cash flow (2) ($'s million)\n\n\n \n \n \n\n$390 - $440\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nN/A\n\n\n\n\n\n\n(1)\n\n\n\nConsolidated includes Acima, Rent-A-Center Business, Franchising, Mexico and Corporate Segments.\n\n\n\n\n\n(2)\n\n\n\nNon-GAAP financial measure. See descriptions below in this release. Because of 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. Adjusted EBITDA figures now exclude stock based compensation.\n\n\n\n\n\n(3)\n\n\n\nNon-GAAP diluted earnings per share excludes the impact of incremental depreciation and amortization related to the estimated fair value of acquired Acima assets, stock compensation expense associated with the Acima acquisition equity consideration s...