Upbound Group, Inc. Files Q2 2024 10-Q
Ticker: UPBD · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 933036
Sentiment: neutral
Topics: 10-Q, financials, reporting
Related Tickers: RCII
TL;DR
UPBD Q2 10-Q filed. Financials updated. Check balance sheet.
AI Summary
Upbound Group, Inc. (UPBD) filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year. Key financial data and balance sheet information as of June 30, 2024, and December 31, 2023, were disclosed. The filing also includes details on various financial statement line items and segment information.
Why It Matters
This filing provides investors with the latest financial performance and position of Upbound Group, Inc., crucial for understanding the company's health and future prospects.
Risk Assessment
Risk Level: medium — The filing contains standard financial disclosures for a public company, but the absence of specific performance metrics or significant events necessitates a medium risk assessment.
Key Numbers
- 20240630 — End of Period (Balance sheet date)
- 20231231 — Prior Year End (Balance sheet comparison date)
Key Players & Entities
- UPBOUND GROUP, INC. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240801 (date) — Filing date
- RENT A CENTER INC (company) — Former company name
- RENTERS CHOICE INC (company) — Former company name
FAQ
What were Upbound Group's total assets as of June 30, 2024?
The filing indicates financial data for the period ending June 30, 2024, but specific total asset figures are not explicitly stated in the provided text snippet.
What is the company's primary business segment?
The filing mentions 'upbd:segment' and 'upbd:store', suggesting retail or equipment rental/leasing as a core business, consistent with its SIC code.
When was Upbound Group, Inc. previously known by another name?
Upbound Group, Inc. was formerly known as RENT A CENTER INC DE until January 12, 1999, and RENTERS CHOICE INC until November 28, 1994.
What is the fiscal year end for Upbound Group?
The fiscal year end for Upbound Group, Inc. is December 31.
What is the SEC file number for Upbound Group?
The SEC file number for Upbound Group, Inc. is 001-38047.
Filing Stats: 4,646 words · 19 min read · ~15 pages · Grade level 15 · Accepted 2024-08-01 16:41:42
Filing Documents
- upbd-20240630.htm (10-Q) — 1370KB
- ex-35_q22024.htm (EX-3.5) — 10KB
- ex-311_q2x2024.htm (EX-31.1) — 9KB
- ex-312_q2x2024.htm (EX-31.2) — 9KB
- ex-321_q2x2024.htm (EX-32.1) — 6KB
- ex-322_q2x2024.htm (EX-32.2) — 6KB
- 0000933036-24-000137.txt ( ) — 6372KB
- upbd-20240630.xsd (EX-101.SCH) — 36KB
- upbd-20240630_cal.xml (EX-101.CAL) — 53KB
- upbd-20240630_def.xml (EX-101.DEF) — 166KB
- upbd-20240630_lab.xml (EX-101.LAB) — 484KB
- upbd-20240630_pre.xml (EX-101.PRE) — 332KB
- upbd-20240630_htm.xml (XML) — 1013KB
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.
Controls and Procedures
Controls and Procedures 35 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 36 Item 1A.
Risk Factors
Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37
Condensed Consolidated Financial Statements
Item 1. Condensed Consolidated Financial Statements. UPBOUND GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands, except per share data) Revenues Rentals and fees $ 885,977 $ 807,556 $ 1,758,516 $ 1,614,273 Merchandise sales 146,239 124,703 325,938 287,692 Installment sales 15,225 15,900 29,917 31,747 Franchise merchandise sales 21,082 22,869 41,941 45,696 Royalty income and fees 6,113 6,587 12,676 12,823 Other 1,874 1,548 3,489 2,993 Total revenues 1,076,510 979,163 2,172,477 1,995,224 Cost of revenues Cost of rentals and fees 338,554 291,696 665,702 588,842 Cost of merchandise sold 179,372 152,682 392,941 336,942 Cost of installment sales 5,512 5,638 10,800 11,257 Franchise cost of merchandise sold 21,113 22,921 42,007 45,693 Total cost of revenues 544,551 472,937 1,111,450 982,734 Gross profit 531,959 506,226 1,061,027 1,012,490 Operating expenses Operating labor 156,181 151,901 314,317 308,390 Non-labor operating expenses 203,945 181,101 417,747 377,812 General and administrative expenses 53,638 48,810 108,737 96,536 Depreciation and amortization 12,618 12,597 26,091 25,478 Other gains and charges 24,922 27,786 51,718 155,356 Total operating expenses 451,304 422,195 918,610 963,572 Operating profit 80,655 84,031 142,417 48,918 Debt refinancing charges 6,604 — 6,604 — Interest expense 28,371 28,246 58,362 56,346 Interest income ( 753 ) ( 1,015 ) ( 1,556 ) ( 1,435 ) Earnings (loss) before income taxes 46,433 56,800 79,007 ( 5,993 ) Income tax expense (benefit) 12,484 102,418 17,371 ( 7,705 ) Net earnings (loss) $ 33,949 $ ( 45,618 ) $ 61,636 $ 1,712 Basic earnings (loss) per common share $ 0.62 $ ( 0.83 ) $ 1.13 $ 0.03 Diluted earnings (loss) per common share $ 0.61 $ ( 0.83 ) $ 1.10 $ 0.03 Cash dividends declared per common share $ 0.37 $ 0.34 $ 0.74 $ 0.68 See accompanying notes to condensed conso