Business
Rent-A-Center, Inc., Now Upbound Group, Inc., Reports Fourth Quarter and Full Year 2022 Results
Total Revenue of $990 Million for Fourth Quarter and $4.2 Billion for Full Year GAAP Diluted EPS $0.05 for Fourth Quarter and $0.21 for Full Year Non-GAAP
About this update from Upbound Group, Inc.
[{"type":"text","content":"\nTotal Revenue of $990 Million for Fourth Quarter and $4.2 Billion for Full Year\n\nGAAP Diluted EPS $0.05 for Fourth Quarter and $0.21 for Full Year\n\nNon-GAAP Diluted EPS $0.86 for Fourth Quarter and $3.70 for Full Year\n\nFull Year Cash From Operations $468 Million and Free Cash Flow $407 Million\n\nAnnounces Corporate Name Change to Upbound Group, Inc. (UPBD)\n\n PLANO, Texas--(BUSINESS WIRE)--\nRent-A-Center, Inc. (the \"Company\" or \"Rent-A-Center\") (NASDAQ:RCII), now known as Upbound Group, Inc. (the \"Company\" or \"Upbound\") (NASDAQ:UPBD, effective February 27, 2023) today announced results for the quarter and year ended December 31, 2022.\n\n“We are encouraged by the Company’s fourth quarter performance as we executed well on our top line, risk management, and efficiency initiatives to mitigate the effects of macro-economic headwinds, and delivered financial results that exceeded our revised outlook,” said Mitch Fadel, Chief Executive Officer.\n\n“Reflecting on full-year results, 2022 was a challenging operating environment with many households adjusting their financial priorities following the unsustainable levels of stimulus-driven income and consumption that occurred in 2020 and 2021, while experiencing the highest inflation in decades. This drove significant headwinds in our business throughout the year, to which we responded with several initiatives that we believe position the Company well going forward. Examples of recent initiatives include improved automation, new investments to better utilize data analytics in our underwriting processes, and several new executive hires,” continued Mr. Fadel.\n\n“While the external environment remains challenging and uncertain, we believe the Company is in better standing today to address the growing demand for flexible consumer financial solutions. To effectively align our vision, values, and strategies, the Company is organizing itself under a new enterprise brand and changing its corporate name to Upbound Group, Inc., which will trade under the ticker UPBD starting on February 27th. As we start this next stage of the Company’s evolution, I am very optimistic about our ability to deliver significant value for our customers, merchant partners, employees and shareholders,” concluded Mr. Fadel.\n\nCorporate Name Change\n\n\nEffective February 22, 2023, Rent-A-Center, Inc. ...