Rent-A-Center Reports Solid Earnings and
Cash Flow in the First Quarter
Increases 2019 Guidance
Rent-A-Center, Inc. (the "Company" or "Rent-A-Center")
(NASDAQ/NGS: RCII) today announced results for the quarter ended
March 31, 2019.
"The execution of our plan continues to drive top line growth
with a consolidated same store sales increase of 6.8 percent for
the quarter. This increase, along with the realization of our cost
optimization strategy, is driving a significant improvement in
adjusted EBITDA. Our cash position increased due to the strong
performance, resulting in net debt of 1.4 times adjusted EBITDA at
quarter end," stated Mitch Fadel, Chief Executive Officer of
Rent-A-Center.
Mr. Fadel continued, "Our first quarter performance was slightly
better than our internal forecast and our Core U.S. rental
portfolio ended the quarter ahead of where we planned. Our free
cash flow was also better than expected and additional cost savings
were implemented. In addition, we will receive proceeds from the
previously announced merger termination settlement. As a result, we
are increasing our EBITDA, earnings per share and free cash flow
guidance for 2019," concluded Mr. Fadel.
Termination of Merger Agreement and
Settlement Update
On April 22, 2019, the Company announced it had ended all
further litigation with Vintage Capital and B. Riley. In the
settlement, the Company will receive a payment of $92.5 million in
cash in late May 2019. After payment of all remaining costs, fees
and expenses of the Company relating to the terminated merger
agreement and arising from the settlement of the litigation, the
Company expects to retain pre-tax proceeds of approximately $80
million and after-tax proceeds of approximately $60 million.
Consolidated Overview
Results for the first quarter of 2019 are excluding special
items and compared to the first quarter of last year unless
otherwise noted. First quarter results do not reflect proceeds from
the merger termination settlement or remaining cost, fees and
expenses relating to the terminated merger agreement.
On a consolidated basis, total revenues of $696.7 million
decreased 0.2 percent primarily driven by refranchising over 100
locations since the first quarter of 2018 combined with closures of
certain Core U.S. stores offset by a consolidated same store sales
increase of 6.8 percent. Net earnings and diluted earnings per
share, on a GAAP basis, were $7.3 million and $0.13 compared to net
loss and diluted loss per share of $19.8 million and $0.37 in the
first quarter of 2018.
Special items in the first quarter of $33.4 million impacting
adjusted EBITDA included charges primarily driven by the Blair
class action settlement (see Legal Proceedings, below), legal and
professional fees related to the merger agreement termination, cost
savings initiatives, and store closure costs.
Excluding special items, the Company’s diluted earnings per
share were $0.59 and the Company generated $66.5 million in
adjusted EBITDA in the first quarter, compared to a loss per
diluted share of $0.08 and adjusted EBITDA of $25.1 million in the
first quarter of 2018.
For the three months ended March 31, 2019, the Company generated
$75.8 million of cash from operations. The Company ended the first
quarter with $237.7 million of cash and cash equivalents compared
to $81.4 million as of the end of the first quarter of 2018. The
Company's net debt to adjusted EBITDA ratio ended the quarter at
1.4 times.
Segment Operating
Performance
CORE U.S. first quarter revenues of $474.1 million decreased 1.7
percent due to the refranchising efforts and rationalization of the
Core U.S. store base partially offset by a same store sales
increase of 5.8 percent. Gross profit as a percent of total revenue
versus the prior year decreased 130 basis points due to changes in
the value proposition. Labor and other store expenses decreased by
$17.0 million and $20.4 million, respectively, primarily driven by
lower store count and our cost savings initiatives. Adjusted EBITDA
was $66.6 million and as a percent of total revenue increased 570
basis points versus the prior year.
ACCEPTANCE NOW first quarter revenues of $196.5 million
decreased 0.2 percent primarily due to store closures and partially
offset by a same store sales increase of 10.1 percent. Gross profit
as a percent of total revenue versus prior year decreased 120 basis
points due to changes in the value proposition. Labor and other
store expenses decreased by $2.7 million and $1.9 million,
respectively, primarily driven by our cost savings initiatives.
Adjusted EBITDA was $22.1 million and as a percent of total revenue
increased 100 basis points versus the prior year.
MEXICO first quarter revenues increased 12.4 percent on a
constant currency basis. Gross profit as a percent of total revenue
versus prior year increased 30 basis points. Adjusted EBITDA was
$1.4 million and as a percent of total revenue increased 70 basis
points versus the prior year.
FRANCHISING first quarter revenues of $12.8 million increased
82.8 percent primarily due to the success of our refranchising
initiative with over 100 locations refranchised versus the prior
year. Adjusted EBITDA was $1.8 million, representing an increase of
$0.5 million versus the prior year.
CORPORATE first quarter operating expenses decreased $12.8
million compared to the prior year primarily due to the realization
of our cost savings initiatives.
SAME STORE SALES (Unaudited) Table 1
Period Core U.S.
AcceptanceNow
Mexico Total Three Months Ended March
31, 2019 (1) 5.8 % 10.1 % 13.1 % 6.8 % Three Months Ended December
31, 2018 (1) 8.8 % 9.6 % 13.8 % 9.1 % Three Months Ended March 31,
2018 (1) 0.3 % 3.3 % 0.7 % 0.8 % Note: Same store sale
methodology - Same store sales generally represents revenue earned
in stores that were operated by us for 13 months or more and are
reported on a constant currency basis. 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 24th full month following account transfer. (1)
Given the severity of the 2017 hurricanes, the Company instituted a
change to the same store sales store selection starting in the
month of September 2017, excluding geographically impacted regions
for 18 months.
2019 Guidance (1)
The Company is providing the following guidance for its 2019
fiscal year which has been updated to reflect the impact of the
settlement payment associated with the termination of the merger
agreement with certain affiliates of Vintage Capital and improved
performance.
- Consolidated revenues of $2.585 billion
to $2.630 billion
- Core U.S. revenues of $1.790 billion to
$1.815 billion
- Acceptance NOW revenues of $700 million
to $715 million
- Consolidated Same Store Sales increases
in the low to mid-single digits
- Adjusted EBITDA of $230 million to $260
million
- Non-GAAP diluted earnings per share of
$1.85 to $2.25
- Free cash flow of $195 million to $225
million (2)
- Net debt of $190 million to $155
million
- Net debt to EBITDA ratio of 0.85x to
0.50x (3)
(1)
Guidance does not include the impact of
new franchising transactions beyond the transaction completed in
the first quarter of 2019 or the anticipated refinancing of our
debt.
(2) Free cash flow defined as net cash provided by operating
activities less purchase of property assets (reference table 3).
Free cash flow range includes approximately $80 million in pre-tax
proceeds, or approximately $60 million in after-tax proceeds,
relating to the terminated merger agreement. (3) Net debt to EBITDA
ratio defined as outstanding debt less cash divided by trailing
twelve months EBITDA.
Non-GAAP Reconciliation
To supplement the Company's financial results presented on a
GAAP basis, Rent-A-Center uses the non-GAAP measures ("special
items”) indicated in Table 2 below, which primarily excludes
financial impacts in the first quarter of 2019 related to the Blair
class action settlement, incremental legal and professional fees
associated with the termination of the merger agreement, cost
savings initiatives, and store closures. Gains or charges related
to store closures will generally recur with the occurrence of these
events in the future. The presentation of these financial measures
is not in accordance with, or an alternative for, accounting
principles generally accepted in the United States and should be
read in conjunction with the Company's consolidated financial
statements prepared in accordance with GAAP. Rent-A-Center
management believes that excluding special items from the GAAP
financial results provides investors a clearer perspective of the
Company's ongoing operating performance and a more relevant
comparison to prior period results. This press release also refers
to the non-GAAP measures adjusted EBITDA (earnings before interest,
taxes, depreciation and amortization) and Free Cash Flow (net cash
provided by operating activities less purchase of property assets).
Reconciliation of adjusted EBITDA and Free Cash Flow to the most
comparable GAAP measures are provided in Tables 3 and 4, below.
The Company believes that presentation of adjusted EBITDA is
useful to investors as, among other things, this information
impacts certain financial covenants under the Company's senior
credit facilities and the indentures governing its 6.625% senior
unsecured notes due November 2020 and its 4.75% senior unsecured
notes due May 2021. The Company believes that presentation of Free
Cash Flow provides investors with meaningful additional information
regarding the Company's liquidity. While management believes these
non-GAAP financial measures are useful in evaluating the Company,
this information should be considered as supplemental in nature and
not as a substitute for or superior to the related financial
information prepared in accordance with GAAP. Further, these
non-GAAP financial measures may differ from similar measures
presented by other companies.
Reconciliation of net earnings (loss) to net earnings (loss)
excluding special items:
Table 2
Three Months Ended March 31, 2019
2018 (in thousands, except per share data)
Amount
PerShare
Amount
PerShare
Net earnings (loss) $ 7,323 $ 0.13 $ (19,843 ) $ (0.37 ) Special
items, net of taxes: Other charges (1) 25,226 0.46 15,633 0.29
Discrete income tax items — — 62
— Net earnings (loss) excluding special items $ 32,549 $
0.59 $ (4,148 ) $ (0.08 )
(1) Other charges for the three months ended March 31, 2019
primarily includes financial impacts, net of tax, related to the
Blair class action settlement, incremental legal and professional
fees associated with the termination of the merger agreement, cost
savings initiatives, and store closures. Other charges for the
three months ended March 31, 2018 primarily includes charges, net
of tax, related to cost savings initiatives, including reductions
in overhead and supply chain, store closures, capitalized software
write-downs, incremental legal and advisory fees, and impacts
related to the 2017 hurricanes. Charges related to store closures
are primarily comprised of losses on rental merchandise, lease
obligation costs, employee severance, asset disposals, and
miscellaneous costs incurred as a result of the closures.
Reconciliation of net cash provided by operations to free cash
flow:
Table 3
Three Months Ended March 31, (In thousands)
2019 2018 Net cash
provided by operating activities $ 75,775 $ 84,477 Purchase of
property assets (2,508 ) (8,649 ) Free cash flow $
73,267 $ 75,828 Proceeds from sale of stores $ 8,475 $ 9,463
Acquisitions of businesses — (440 ) Free cash
flow including acquisitions and divestitures $ 81,742 $
84,851
Legal Proceedings
Following a court-ordered mediation in the Blair v.
Rent-A-Center, Inc. class action complaint pending in the Federal
District Court for the Northern District of California, the Company
reached an agreement in principle to settle this matter for a total
of $13.0 million, including attorneys’ fees. The complaint alleges
various claims, including that the cash sales and total rent-to-own
prices exceeded the pricing permitted under the Karnette
Rental-Purchase Act. The settlement is in the documentation process
and is subject to approval by the court. To account for the
prospective settlement, the Company recorded a $13.0 million
pre-tax litigation expense during the first quarter of 2019. The
Company denied any liability in the settlement and agreed to the
settlement in order to avoid additional expensive, time-consuming
litigation.
In April 2019, along with other rent to own companies, we
received a civil investigative demand from the Federal Trade
Commission ("FTC") seeking information regarding certain
transactions involving the purchase and sale of customer lease
agreements, and whether such transactions violated the FTC Act.
Although we believe such transactions were in compliance with the
FTC Act, this inquiry could lead to an enforcement action and/or a
consent order, and substantial costs. The Company is in the process
of responding to this inquiry from the FTC.
Webcast Information
Rent-A-Center, Inc. will host a conference call to discuss the
first quarter results, guidance and other operational matters on
Tuesday morning, May 7, 2019, at 8:30 a.m. ET. For a live webcast
of the call, visit http://investor.rentacenter.com. Certain
financial and other statistical information that will be discussed
during the conference call will also be provided on the same
website. Residents of the United States and Canada can listen to
the call by dialing (800) 399-0012. International participants can
access the call by dialing (404) 665-9632.
About Rent-A-Center,
Inc.
A rent-to-own industry leader, Plano, Texas-based,
Rent-A-Center, Inc., is focused on improving the quality of life
for its customers by providing them the opportunity to obtain
ownership of high-quality, durable products such as consumer
electronics, appliances, computers, furniture and accessories,
under flexible rental purchase agreements with no long-term
obligation. The Company owns and operates approximately 2,200
stores in the United States, Mexico, and Puerto Rico, and
approximately 1,100 Acceptance Now kiosk locations in the United
States and Puerto Rico. Rent-A-Center Franchising International,
Inc., a wholly owned subsidiary of the Company, is a national
franchiser of approximately 320 rent-to-own stores operating under
the trade names of "Rent-A-Center," "ColorTyme," and "RimTyme." For
additional information about the Company, please visit our website
at www.rentacenter.com.
Forward Looking
Statements
This press release and the guidance above contain
forward-looking statements that involve risks and uncertainties.
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," "should,"
"anticipate," "believe," or “confident,” or the negative thereof or
variations thereon or similar terminology. The Company believes
that the expectations reflected in such forward-looking statements
are accurate. However, there can be no assurance that such
expectations will occur. The Company's actual future performance
could differ materially from such statements. Factors that could
cause or contribute to such differences include, but are not
limited to: the general strength of the economy and other economic
conditions affecting consumer preferences and spending; factors
affecting the disposable income available to the Company's current
and potential customers; changes in the unemployment rate; capital
market conditions, including availability of funding sources for
the Company; changes in the Company’s credit ratings; difficulties
encountered in continuing to improve the financial and operational
performance of the Company's business segments, including its
ability to execute its franchise strategy; the Company’s ability to
recapitalize its debt, including its revolving credit facility
expiring December 31, 2019, and senior notes maturing in November
2020 and May 2021 on favorable terms, if at all; risks associated
with pricing changes and strategies being deployed in the Company's
businesses; the Company's ability to continue to realize benefits
from its initiatives regarding cost-savings and other EBITDA
enhancements, efficiencies and working capital improvements; the
Company's ability to continue to effectively operate and execute
its strategic initiatives; failure to manage the Company's store
labor and other store expenses; disruptions caused by the operation
of the Company's store information management system; the Company's
transition to more-readily scalable, “cloud-based” solutions; the
Company's ability to develop and successfully implement digital or
E-commerce capabilities, including mobile applications; disruptions
in the Company's supply chain; limitations of, or disruptions in,
the Company's distribution network; rapid inflation or deflation in
the prices of the Company's products; the Company's ability to
execute and the effectiveness of a store consolidation, including
the Company's ability to retain the revenue from customer accounts
merged into another store location as a result of a store
consolidation; the Company's available cash flow; the Company's
ability to identify and successfully market products and services
that appeal to its customer demographic; consumer preferences and
perceptions of the Company's brand; the Company's ability to retain
the revenue associated with acquired customer accounts and enhance
the performance of acquired stores; the Company's ability to enter
into new and collect on its rental or lease purchase agreements;
the passage of legislation adversely affecting the Rent-to-Own
industry; the Company's compliance with applicable statutes or
regulations governing its transactions; changes in interest rates;
changes in tariff policies; adverse changes in the economic
conditions of the industries, countries or markets that the Company
serves; information technology and data security costs; the impact
of any breaches in data security or other disturbances to the
Company's information technology and other networks and the
Company's ability to protect the integrity and security of
individually identifiable data of its customers and employees;
changes in estimates relating to self-insurance liabilities and
income tax and litigation reserves; changes in the Company's
effective tax rate; fluctuations in foreign currency exchange
rates; the Company's ability to maintain an effective system of
internal controls; litigation or administrative proceedings to
which the Company is or may be a party to from time to time; a
failure to receive the settlement amount associated with the
Vintage Capital and B. Riley litigation when due; and 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, 2018. 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.
Rent-A-Center, Inc. and Subsidiaries
STATEMENT OF EARNINGS (LOSS) HIGHLIGHTS - UNAUDITED
Table 4
Three Months Ended March 31, 2019
2019 2018
2018 Before After Before After Special Items
Special Items Special Items Special Items (Non-GAAP (GAAP (Non-GAAP
(GAAP (In thousands, except per share data) Earnings) Earnings)
Earnings) Earnings) Total revenues $ 696,694 $ 696,694 $ 698,043 $
698,043 Operating profit (loss) 50,719
(1)
17,349 7,185
(2)
(10,270 ) Net earnings (loss) 32,549
(1)
7,323 (4,148 )
(2)(3)
(19,843 ) Diluted earnings (loss) per common share $ 0.59
(1)
$ 0.13 $ (0.08 )
(2)(3)
$ (0.37 ) Adjusted EBITDA $ 66,492 $ 66,492 $ 25,085 $ 25,085
Reconciliation to Adjusted EBITDA: Earnings (loss) before
income taxes $ 42,204
(1)
$ 8,834 $ (3,966 )
(2)
$ (21,421 ) Add back: Other charges — 33,370 — 17,455 Interest
expense, net 8,515 8,515 11,151 11,151 Depreciation, amortization
and impairment of intangibles 15,773 15,773
17,900 17,900 Adjusted EBITDA $ 66,492 $
66,492 $ 25,085 $ 25,085 (1) Excludes
the effects of approximately $33.4 million of pre-tax charges
including $13.0 million related to the Blair class action
settlement, $10.4 million in incremental legal and professional
fees associated with the termination of the merger agreement, $8.7
million related to cost savings initiatives, and $1.3 million
related to store closure costs. These charges decreased net
earnings and net earnings per diluted share for the three months
ended March 31, 2019, by approximately $25.2 million and $0.46,
respectively. (2) Excludes the effects of approximately $17.5
million of pre-tax charges including $10.3 million related to cost
savings initiatives, $4.4 million related to store closure costs,
$1.9 million for capitalized software write-downs, $1.7 million in
incremental legal and advisory fees, and $(0.8) million related to
the 2017 hurricanes. These charges increased net losses and net
losses per diluted share for the three months ended March 31, 2018,
by approximately $15.6 million and $0.29, respectively. (3)
Excludes the effects of $0.1 million of discrete income tax
adjustments.
SELECTED BALANCE SHEET HIGHLIGHTS -
UNAUDITED
Table 5
March 31, (In thousands)
2019
2018 Cash and cash equivalents $ 237,744 $
81,393 Receivables, net 63,761 64,823 Prepaid expenses and other
assets 39,885 67,517 Rental merchandise, net On rent 647,536
649,891 Held for rent 120,385 162,625 Operating lease right-of-use
assets 273,833 — Goodwill 56,815 56,784 Total assets 1,681,416
1,386,438 Operating lease liabilities $ 284,488 $ — Senior
debt, net — 57,426 Senior notes, net 540,357 539,078 Total
liabilities 1,387,164 1,131,457 Stockholders' equity 294,252
254,981
Rent-A-Center, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - UNAUDITED
Table 6
Three Months Ended March 31, (In thousands,
except per share data)
2019 2018
Revenues Store Rentals and fees $ 563,354 $ 564,714
Merchandise sales 104,470 107,356
Installment sales
15,436 16,404 Other 664 2,584
Total store revenues
683,924 691,058 Franchise Merchandise sales 8,456 3,634 Royalty
income and fees 4,314 3,351 Total
revenues 696,694 698,043 Cost of revenues Store Cost of rentals and
fees 155,372 156,095 Cost of merchandise sold 103,391 96,353 Cost
of installment sales 4,924 5,242 Total
cost of store revenues 263,687 257,690 Franchise cost of
merchandise sold 8,141 3,375 Total cost
of revenues 271,828 261,065 Gross
profit 424,866 436,978 Operating expenses Store expenses Labor
161,656 181,074 Other store expenses 163,794 185,949 General and
administrative expenses 32,924 44,870 Depreciation, amortization
and impairment of intangibles 15,773 17,900 Other charges
33,370
(1)
17,455
(2)
Total operating expenses 407,517 447,248 Operating profit (loss)
17,349 (10,270 ) Interest expense 9,389 11,360 Interest income
(874 ) (209 ) Earnings (loss) before income taxes
8,834 (21,421 ) Income tax (benefit) expense 1,511
(1,578 )
(3)
Net earnings $ 7,323 $ (19,843 ) Basic weighted average
shares 53,930 53,406 Basic earnings per
common share $ 0.14 $ (0.37 ) Diluted weighted average
shares 55,496 53,406 Diluted earnings
per common share $ 0.13 $ (0.37 ) (1) Includes
pre-tax charges of $13.0 million related to the Blair class action
settlement, $10.4 million in incremental legal and professional
fees associated with the termination of the merger agreement, $8.7
million in cost savings initiatives, and $1.3 million related to
store closure costs. (2) Includes pre-tax charges of $10.3 million
for cost savings initiatives, $4.4 million related to store
closures costs, $1.9 million for capitalized software write-downs,
$1.7 million for incremental legal and advisory fees, and $(0.8)
million related to the 2017 hurricanes. (3) Includes $0.1 million
of discrete income tax adjustments.
Rent-A-Center, Inc.
and Subsidiaries SEGMENT INFORMATION HIGHLIGHTS -
UNAUDITED Table 7
Three Months Ended March 31,
(In thousands)
2019 2018
Revenues Core U.S. $ 474,057 $ 482,041 Acceptance Now 196,522
196,986 Mexico 13,345 12,031 Franchising 12,770
6,985 Total revenues $ 696,694 $ 698,043
Table 8
Three Months Ended March 31, (In
thousands)
2019 2018
Gross profit Core U.S. $ 324,640 $ 336,241 Acceptance Now 86,328
88,805 Mexico 9,269 8,322 Franchising 4,629
3,610 Total gross profit $ 424,866 $ 436,978
Table 9
Three Months Ended March 31, (In thousands)
2019 2018 Operating
profit (loss) Core U.S. $ 53,311
(1)
$ 28,387
(4)
Acceptance Now 21,513
(2)
15,430
(5)
Mexico 1,219 497
(6)
Franchising 1,778 1,256 Total segments
77,821 45,570 Corporate (60,472 )
(3)
(55,840 )
(7)
Total operating profit (loss) $ 17,349 $ (10,270 )
(1) Includes approximately $7.8 million of pre-tax charges
primarily related to $6.6 million for cost savings initiatives and
$1.2 million for store closure costs. (2) Includes approximately
$0.3 million of pre-tax charges primarily related to $0.2 million
for cost savings initiatives and $0.1 million for store closure
costs. (3) Includes approximately $25.3 million of pre-tax charges
primarily related to $13.0 million for the Blair class action
settlement, $10.4 million for incremental legal and professional
fees associated with the termination of the merger agreement, and
$1.9 million for cost savings initiatives. (4) Includes
approximately $4.8 million of pre-tax charges primarily related to
$4.4 million for store closure plans, $1.1 million in cost savings
initiatives, and $(0.7) million related to the 2017 hurricanes. (5)
Includes approximately $4.5 million of pre-tax charges primarily
related to $3.1 million in cost savings initiatives, $1.9 million
for capitalized software write-downs, $(0.4) related to previous
store closure plans, and $(0.1) million related to the 2017
hurricanes. (6) Includes approximately $0.4 million of pre-tax
charges related to store closures. (7) Includes approximately $7.8
million of pre-tax charges primarily related to $6.1 million in
cost savings initiatives, and $1.7 million for incremental legal
and advisory fees. Table 10
Three Months Ended March
31, (In thousands)
2019 2018
Depreciation, amortization and impairment of intangibles Core U.S.
$ 5,472 $ 6,826 Acceptance Now 348 435 Mexico 140 344 Franchising
30 44 Total segments 5,990 7,649 Corporate
9,783 10,251 Total depreciation, amortization and impairment
of intangibles $ 15,773 $ 17,900 Table 11
Three Months
Ended March 31, (In thousands)
2019
2018 Capital expenditures Core U.S. $ 558 $ 4,890 Acceptance
Now 47 45 Mexico 3 3 Total segments 608 4,938
Corporate 1,900 3,711 Total capital expenditures $
2,508 $ 8,649 Table 12
On Rent at March 31,
Held for Rent at March 31, (In thousands)
2019
2018 2019
2018 Rental merchandise, net Core U.S. $ 403,518 $ 380,449 $
114,220 $ 155,405 Acceptance Now 228,248 253,906 1,246 1,714 Mexico
15,770 15,536 4,919 5,506 Total rental
merchandise, net $ 647,536 $ 649,891 $ 120,385 $ 162,625 Table 13
March 31, (In thousands)
2019
2018 Assets Core U.S. $ 957,380 $ 736,092 Acceptance
Now 292,032 321,524 Mexico 34,940 35,619 Franchising 6,367
4,503 Total segments 1,290,719 1,097,738 Corporate
390,697 288,700 Total assets $ 1,681,416 $ 1,386,438
Rent-A-Center, Inc. and Subsidiaries LOCATION
ACTIVITY - UNAUDITED Table 14
Three Months Ended
March 31, 2019 Core U.S.
Acceptance Now Staffed
Acceptance NowDirect
Mexico Franchising Total
Locations at beginning of period 2,158 1,106 96 122 281 3,763 New
location openings — 31 — — — 31 Conversions and refranchising (37 )
(11 ) 11 — 37 — Closed locations Merged with existing locations (28
) (88 ) (13 ) — — (129 ) Locations at end of period
2,093 1,038 94 122 318 3,665
Table 15
Three Months Ended March 31, 2018
Core U.S.
Acceptance NowStaffed
Acceptance NowDirect
Mexico Franchising Total Locations at
beginning of period 2,381 1,106 125 131 225 3,968 New location
openings — 47 5 — — 52 Acquired locations remaining open 1 — — — —
1 Conversions and refranchising (31 ) (4 ) 4 — 31 — Closed
locations Merged with existing locations (62 ) (35 ) (5 ) (8 ) —
(110 ) Sold or closed with no surviving location (2 ) — —
— (4 ) (6 ) Locations at end of period 2,287
1,114 129 123 252 3,905
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190506005733/en/
Rent-A-Center, Inc.Maureen ShortEVP, Chief Financial
Officer972-801-1899maureen.short@rentacenter.com
Rent A Center (NASDAQ:RCII)
Historical Stock Chart
From Mar 2024 to Apr 2024
Rent A Center (NASDAQ:RCII)
Historical Stock Chart
From Apr 2023 to Apr 2024