Business
Rent-A-Center, Inc. Reports Third Quarter 2021 Results
Total Revenues of $1.2 billion, up 13% Pro Forma1 Acima Segment GMV of over $500 million, up 19% Pro Forma1 Rent-A-Center Business Segment Same-Store-Sales
About this update from Upbound Group, Inc.
[{"type":"text","content":"\nTotal Revenues of $1.2 billion, up 13% Pro Forma1\n\nAcima Segment GMV of over $500 million, up 19% Pro Forma1\n\nRent-A-Center Business Segment Same-Store-Sales up 12%\n\nDiluted EPS of $0.31; Non-GAAP Diluted EPS of $1.52\n\nRepurchased $80 million of common stock year-to-date through October, including\n\n$20 million in the third quarter\n\n PLANO, Texas--(BUSINESS WIRE)--\nRent-A-Center, Inc. (the \"Company\" or \"Rent-A-Center\") (NASDAQ:RCII) today announced results for the quarter ended September 30, 2021.\n\n\"I am pleased to say we had a productive third quarter, delivering strong top line results despite the impact on consumers from the wind down of government COVID-19 relief programs and the global supply chain disruptions. On the strategic front, we made substantial progress toward our long-term objectives, with the Acima FinTech Ecosystem rollout showing early promise and the Rent-A-Center Business advancing its best-in-class omnichannel functionality,” said Mitch Fadel, Chief Executive Officer.\n\n“Today’s consumers are increasingly seeking innovative and disruptive solutions, like frictionless mobile commerce, financial services super-apps, and buy-now-pay-later, that work for them rather than for the benefit of the established system. As one of the most inclusive, flexible, and affordable payment options available, we believe Lease-to-Own is in the early stages of a transformation that will see significant additional consumer adoption over the next few years, especially when enabled with new technology like the Acima Ecosystem.\"\n\n“With significant scale in Lease-to-Own and a revolutionary digital commerce platform, the Company is executing on a long-term strategic plan that we believe will drive growth, expand our customer base, and create shareholder value for years to come. Given the strong fundamentals we are seeing and the progress we are making against strategic objectives, we remain confident that the Company will achieve $6 billion of revenue with mid-teens adjusted EBITDA margin by the end of 2023,” concluded Mr. Fadel.\n\nThird Quarter Consolidated Results\n\n\nThird quarter 2021 consolidated revenues of $1.2 billion increased 65.9% year-over-year, primarily led by the acquisition of Acima Holdings, LLC (the \"Acima Acquisition\"), which closed in the first quarter of 2021. On a pro-forma1 basis, re...