Upbound Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Upbound Group, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

UPBOUND GROUP, INC. (UPBD) filed a Annual Report (10-K) with the SEC on February 27, 2024. Upbound Group, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company was formerly known as Rent A Center Inc DE and Renters Choice Inc. The filing covers the period from January 1, 2023, to December 31, 2023. Upbound Group, Inc. is incorporated in Delaware. The company's business address is 5501 Headquarters Drive, Plano, TX 75024.

Why It Matters

For investors and stakeholders tracking UPBOUND GROUP, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Upbound Group, Inc.'s financial performance and operational status for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: low — UPBOUND GROUP, INC. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Upbound Group, Inc.'s performance and outlook for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-27 — Filing Date (Date of filing)
• 1934 Act — SEC Act (Governing act)
• 001-38047 — SEC File Number (Company's SEC file number)

Key Players & Entities

• UPBOUND GROUP, INC. (company) — Filer name
• 0000933036 (company) — Central Index Key
• RENT A CENTER INC DE (company) — Former company name
• RENTERS CHOICE INC (company) — Former company name
• DE (company) — State of incorporation
• 5501 HEADQUARTERS DRIVE (company) — Business address street
• PLANNO (company) — Business address city
• 75024 (company) — Business address zip

FAQ

Industry Context

Upbound Group, Inc. operates within the services sector, specifically equipment rental and leasing, NEC (Not Elsewhere Classified).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and balance sheet changes.
2. Review the 'Risk Factors' section for any new or evolving business risks.
3. Examine management's discussion and analysis (MD&A) for insights into operational performance and strategy.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date Upbound Group, Inc. submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial 10-K filing for Upbound Group, Inc. under its current name, with previous filings under former names like Rent A Center Inc DE.

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share UPBD The Nasdaq Global Select
• $10,000 — and, generally, an initial fee of up to $10,000 per new location. The following table

Filing Documents

• upbd-20231231.htm (10-K) — 2193KB
• ex-1012_q4x2023.htm (EX-10.12) — 62KB
• ex-1013_q4x2024.htm (EX-10.13) — 44KB
• ex-1016_q4x2023.htm (EX-10.16) — 14KB
• ex-19_q4x2023.htm (EX-19) — 73KB
• ex-211_q4x2023.htm (EX-21.1) — 5KB
• ex-231_q4x2023.htm (EX-23.1) — 6KB
• ex-311_q4x2023.htm (EX-31.1) — 9KB
• ex-312q4x2023.htm (EX-31.2) — 9KB
• ex-321_q4x2023.htm (EX-32.1) — 6KB
• ex-322_q4x2023.htm (EX-32.2) — 6KB
• ex-97_q4x2023.htm (EX-97) — 30KB
• image_0.jpg (GRAPHIC) — 8KB
• upbd-20231231_g1.jpg (GRAPHIC) — 148KB
• 0000933036-24-000048.txt (&nbsp;) — 11720KB
• upbd-20231231.xsd (EX-101.SCH) — 69KB
• upbd-20231231_cal.xml (EX-101.CAL) — 84KB
• upbd-20231231_def.xml (EX-101.DEF) — 337KB
• upbd-20231231_lab.xml (EX-101.LAB) — 903KB
• upbd-20231231_pre.xml (EX-101.PRE) — 558KB
• upbd-20231231_htm.xml (XML) — 1894KB

Risk Factors 11

Item 1A. Risk Factors 11

Unresolved Staff Comments 32

Item 1B. Unresolved Staff Comments 32

Cybersecurity 32

Item 1C. Cybersecurity 32

Properties 33

Item 2. Properties 33

Legal Proceedings 33

Item 3. Legal Proceedings 33

Mine Safety Disclosures 33

Item 4. Mine Safety Disclosures 33 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures about Market Risk 47

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 47

Financial Statements and Supplementary Data 49

Item 8. Financial Statements and Supplementary Data 49

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 89

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 89

Controls and Procedures 89

Item 9A. Controls and Procedures 89

Other Information 90

Item 9B. Other Information 90

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 90

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 90 PART III

Directors, Executive Officers and Corporate Governance 90

Item 10. Directors, Executive Officers and Corporate Governance 90

Executive Compensation 90

Item 11. Executive Compensation 90

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 90

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 90

Certain Relationships and Related Transactions, and Director Independence 90

Item 13. Certain Relationships and Related Transactions, and Director Independence 90

Principal Accountant Fees and Services 90

Item 14. Principal Accountant Fees and Services 90 PART IV

Exhibits and Financial Statement Schedules 91

Item 15. Exhibits and Financial Statement Schedules 91

Form 10-K Summary 95

Item 16. Form 10-K Summary 95 SIGNATURES 96 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "seeks" or words of similar meaning, or future or conditional verbs, such as "will," "should," "could," "may," "aims," "intends," or "projects." These forward-looking statements, include, without limitation, those relating to the impact of ongoing challenging macroeconomic conditions on our business, operations, financial performance and prospects, the future business prospects and financial performance of our Company, our growth strategies, our expectations, plans and strategy relating to our capital structure and capital allocation, including any share repurchases under our share repurchase program, and other statements that are not historical facts. Unless expressly indicated or the context requires otherwise, the terms "Upbound Group, Inc.," "Company," "we," "us," and "our" in this document refer to Upbound Group, Inc. and, where appropriate, its subsidiaries. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. You should not place undue reliance on forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K. These forward-looking statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties. Our actual futur

Business

Item 1. Business. History of Upbound Group, Inc. Unless the context indicates otherwise, references to "we," "us", "our", and the "Company" refer to the consolidated business operations of Upbound Group, Inc., the parent, and any or all of its direct and indirect subsidiaries. For any references in this document to Note A through Note U, refer to the Notes to Consolidated Financial Statements in Item 8 included in this Annual Report on Form 10-K. We are a leading lease-to-own provider with operations in the United States, Puerto Rico and Mexico. We provide a critical service for underserved consumers by providing them with access to, and the opportunity to obtain ownership of, high-quality, durable products under a flexible lease-purchase agreement with no long-term debt obligation. Through our Rent-A-Center segment, we provide a fully integrated customer experience through our e-commerce platform and brick and mortar presence. Our Acima segment offers lease-to-own solutions through retailers in stores and online enabling such retailers to grow sales by expanding their customer base utilizing our differentiated offering. We were incorporated in the State of Delaware in 1986, and our common stock is traded on the Nasdaq Global Select Market under the ticker symbol " UPBD. " Our principal executive offices are located at 5501 Headquarters Drive, Plano, Texas 75024. Our telephone number is (972) 801-1100 and our company website is www.upbound.com. Information contained on our website is not incorporated by reference into this Annual Report on Form 10-K. The Lease Purchase Transaction The lease purchase transaction is a flexible alternative that provides freedom for consumers who wish to obtain use and enjoyment of brand name merchandise with no long-term obligation and without having to pay the full price up front. Our customer has the right, but is not obligated, to acquire title to the merchandise either through an early purchase option or through payment of

View Full Filing

View this 10-K filing on SEC EDGAR