Upbound Group, Inc. Files Q3 2024 10-Q Report
Ticker: UPBD · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 933036
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
Related Tickers: UPBD
TL;DR
UPBD Q3 10-Q filed. Financials and ops details for period ending 9/30/24.
AI Summary
Upbound Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Specific financial details and operational updates for this period are detailed within the report.
Why It Matters
This filing provides investors with a detailed look at Upbound Group's financial performance and operational status for the third quarter of 2024, crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal risks or opportunities, but without specific negative or positive disclosures, it's assessed as medium.
Key Players & Entities
- UPBOUND GROUP, INC. (company) — Filer of the 10-Q report
- 20240930 (date) — End of the reporting period
- 20241031 (date) — Date the report was filed
- RENT A CENTER INC (company) — Former company name
- RENTERS CHOICE INC (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the period ending September 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on October 31, 2024.
What was Upbound Group, Inc.'s former company name?
Upbound Group, Inc. was formerly known as RENT A CENTER INC and RENTERS CHOICE INC.
What is the Standard Industrial Classification (SIC) code for Upbound Group, Inc.?
The SIC code for Upbound Group, Inc. is 7359, which falls under SERVICES-EQUIPMENT RENTAL & LEASING, NEC.
What is the fiscal year end for Upbound Group, Inc.?
The fiscal year end for Upbound Group, Inc. is December 31.
Filing Stats: 4,710 words · 19 min read · ~16 pages · Grade level 15.1 · Accepted 2024-10-31 16:25:42
Filing Documents
- upbd-20240930.htm (10-Q) — 1440KB
- ex-311_q3x2024.htm (EX-31.1) — 9KB
- ex-312_q3x2024.htm (EX-31.2) — 9KB
- ex-321_q3x2024.htm (EX-32.1) — 6KB
- ex-322_q3x2024.htm (EX-32.2) — 6KB
- 0000933036-24-000181.txt ( ) — 6607KB
- upbd-20240930.xsd (EX-101.SCH) — 39KB
- upbd-20240930_cal.xml (EX-101.CAL) — 54KB
- upbd-20240930_def.xml (EX-101.DEF) — 181KB
- upbd-20240930_lab.xml (EX-101.LAB) — 512KB
- upbd-20240930_pre.xml (EX-101.PRE) — 350KB
- upbd-20240930_htm.xml (XML) — 1033KB
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands, except per share data) Revenues Rentals and fees $ 877,831 $ 806,766 $ 2,636,347 $ 2,421,039 Merchandise sales 150,752 127,564 476,690 415,256 Installment sales 14,416 13,444 44,333 45,191 Franchise merchandise sales 18,195 24,082 60,136 69,778 Royalty income and fees 5,863 5,813 18,539 18,636 Other 1,802 1,429 5,291 4,422 Total revenues 1,068,859 979,098 3,241,336 2,974,322 Cost of revenues Cost of rentals and fees 342,392 296,820 1,008,094 885,662 Cost of merchandise sold 191,875 155,937 584,816 492,879 Cost of installment sales 5,256 5,102 16,056 16,359 Franchise cost of merchandise sold 18,250 24,073 60,257 69,766 Total cost of revenues 557,773 481,932 1,669,223 1,464,666 Gross profit 511,086 497,166 1,572,113 1,509,656 Operating expenses Operating labor 152,635 152,080 466,952 460,470 Non-labor operating expenses 196,010 191,455 613,757 569,267 General and administrative expenses 51,464 53,898 160,201 150,434 Depreciation and amortization 12,770 12,624 38,861 38,102 Other gains and charges 28,148 29,057 79,866 184,413 Total operating expenses 441,027 439,114 1,359,637 1,402,686 Operating profit 70,059 58,052 212,476 106,970 Debt refinancing charges — — 6,604 — Interest expense 26,801 27,887 85,163 84,233 Interest income ( 897 ) ( 1,255 ) ( 2,453 ) ( 2,690 ) Earnings before income taxes 44,155 31,420 123,162 25,427 Income tax expense 13,295 27,057 30,666 19,352 Net earnings $ 30,860 $ 4,363 $ 92,496 $ 6,075 Basic earnings per common share $ 0.56 $ 0.08 $ 1.69 $ 0.11 Diluted earnings per common share $ 0.55 $ 0.08 $ 1.66 $ 0.11 Cash dividends declared per common share $ 0.37 $ 0.34 $ 1.11 $ 1.02 See accompanying notes to condensed consolidated financial statements. 1 UPBO