Upbound Group, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: UPBD · Form: 10-Q · Filed: May 2, 2024 · CIK: 933036
Sentiment: neutral
Topics: 10-Q, Financial Report, Upbound Group, Quarterly Filing, UPBD
TL;DR
<b>Upbound Group, Inc. (UPBD) has filed its Q1 2024 10-Q report, detailing financial performance and segment operations.</b>
AI Summary
UPBOUND GROUP, INC. (UPBD) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Upbound Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The company was formerly known as Rent A Center Inc DE and Renters Choice Inc. The filing covers the period from January 1, 2024, to March 31, 2024. Key segments include Acima, Rent-A-Center Business, and Mexico. The report details financial information for the first quarter of 2024.
Why It Matters
For investors and stakeholders tracking UPBOUND GROUP, INC., this filing contains several important signals. The 10-Q filing provides a detailed look at Upbound Group's financial health and operational performance for the first quarter of 2024, crucial for investors assessing the company's current standing. Understanding the performance of segments like Acima and Rent-A-Center Business is key to evaluating Upbound Group's strategic direction and future growth prospects.
Risk Assessment
Risk Level: — UPBOUND GROUP, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure of financial information.
Analyst Insight
Review the detailed segment performance within the 10-Q to identify growth drivers and potential areas of concern for Upbound Group.
Key Numbers
- 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
- 2024-05-02 — Filing Date (FILED AS OF DATE)
- 2024-01-01 — Quarter Start Date (2024-01-01)
- 2024-03-31 — Quarter End Date (2024-03-31)
Key Players & Entities
- UPBOUND GROUP, INC. (company) — FILER
- UPBD (company) — tk
- RENT A CENTER INC DE (company) — FORMER COMPANY
- RENTERS CHOICE INC (company) — FORMER COMPANY
- Acima (company) — segment
- Rent-A-Center Business (company) — segment
- Mexico (company) — segment
FAQ
When did UPBOUND GROUP, INC. file this 10-Q?
UPBOUND GROUP, INC. filed this Quarterly Report (10-Q) with the SEC on May 2, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by UPBOUND GROUP, INC. (UPBD).
Where can I read the original 10-Q filing from UPBOUND GROUP, INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by UPBOUND GROUP, INC..
What are the key takeaways from UPBOUND GROUP, INC.'s 10-Q?
UPBOUND GROUP, INC. filed this 10-Q on May 2, 2024. Key takeaways: Upbound Group, Inc. filed a 10-Q report for the period ending March 31, 2024.. The company was formerly known as Rent A Center Inc DE and Renters Choice Inc.. The filing covers the period from January 1, 2024, to March 31, 2024..
Is UPBOUND GROUP, INC. a risky investment based on this filing?
Based on this 10-Q, UPBOUND GROUP, INC. presents a moderate-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure of financial information.
What should investors do after reading UPBOUND GROUP, INC.'s 10-Q?
Review the detailed segment performance within the 10-Q to identify growth drivers and potential areas of concern for Upbound Group. The overall sentiment from this filing is neutral.
How does UPBOUND GROUP, INC. compare to its industry peers?
Upbound Group, Inc. operates in the services-equipment rental & leasing sector, providing various rental purchase solutions.
Are there regulatory concerns for UPBOUND GROUP, INC.?
The filing is a standard SEC form (10-Q) required for publicly traded companies to report quarterly financial performance.
Industry Context
Upbound Group, Inc. operates in the services-equipment rental & leasing sector, providing various rental purchase solutions.
Regulatory Implications
The filing is a standard SEC form (10-Q) required for publicly traded companies to report quarterly financial performance.
What Investors Should Do
- Analyze the revenue and profitability of each business segment (Acima, Rent-A-Center Business, Mexico).
- Examine any changes in the company's balance sheet, including assets, liabilities, and equity, from the previous quarter.
- Review disclosures related to any new or ongoing legal proceedings or risk factors mentioned in the report.
Key Dates
- 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
- 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.
Year-Over-Year Comparison
This is the initial 10-Q filing for the period ending March 31, 2024, following the company's previous filings.
Filing Stats: 4,525 words · 18 min read · ~15 pages · Grade level 14.8 · Accepted 2024-05-02 16:32:14
Filing Documents
- upbd-20240331.htm (10-Q) — 1011KB
- ex-101_q1x2024.htm (EX-10.1) — 68KB
- ex-311_q1x2024.htm (EX-31.1) — 9KB
- ex-312_q1x2024.htm (EX-31.2) — 9KB
- ex-321_q1x2024.htm (EX-32.1) — 6KB
- ex-322_q1x2024.htm (EX-32.2) — 6KB
- 0000933036-24-000101.txt ( ) — 5449KB
- upbd-20240331.xsd (EX-101.SCH) — 35KB
- upbd-20240331_cal.xml (EX-101.CAL) — 52KB
- upbd-20240331_def.xml (EX-101.DEF) — 157KB
- upbd-20240331_lab.xml (EX-101.LAB) — 480KB
- upbd-20240331_pre.xml (EX-101.PRE) — 321KB
- upbd-20240331_htm.xml (XML) — 728KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.
Controls and Procedures
Controls and Procedures 29 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 30 Item 1A.
Risk Factors
Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated Financial Statements. UPBOUND GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2024 2023 (in thousands, except per share data) Revenues Rentals and fees $ 872,539 $ 806,717 Merchandise sales 179,699 162,989 Installment sales 14,692 15,847 Franchise merchandise sales 20,859 22,827 Royalty income and fees 6,563 6,236 Other 1,615 1,445 Total revenues 1,095,967 1,016,061 Cost of revenues Cost of rentals and fees 327,148 297,146 Cost of merchandise sold 213,569 184,260 Cost of installment sales 5,288 5,619 Franchise cost of merchandise sold 20,894 22,772 Total cost of revenues 566,899 509,797 Gross profit 529,068 506,264 Operating expenses Operating labor 158,136 156,489 Non-labor operating expenses 213,802 196,711 General and administrative expenses 55,099 47,726 Depreciation and amortization 13,473 12,881 Other gains and charges 26,796 127,570 Total operating expenses 467,306 541,377 Operating profit (loss) 61,762 ( 35,113 ) Interest expense 29,991 28,100 Interest income ( 803 ) ( 420 ) Earnings (loss) before income taxes 32,574 ( 62,793 ) Income tax expense (benefit) 4,887 ( 110,123 ) Net earnings $ 27,687 $ 47,330 Basic earnings per common share $ 0.51 $ 0.86 Diluted earnings per common share $ 0.50 $ 0.84 Cash dividends declared per common share $ 0.37 $ 0.34 See accompanying notes to condensed consolidated financial statements. 1 UPBOUND GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended March 31, 2024 2023 (in thousands) Net earnings $ 27,687 $ 47,330 Other comprehensive income: Foreign currency translation adjustments, net of tax of $ 180 and $ 825 for the three months ended March 31, 2024 and 2023, respectively 676 3,104 Total other comprehensive income 676 3,104 Comprehensive income $ 28,363 $ 50,434 See accompanying notes to conden