2019 Q4 Form 10-Q Financial Statement

#000093303619000054 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $667.9M $649.4M $661.8M
YoY Change 0.92% 0.69% 3.57%
Cost Of Revenue $256.7M $249.4M $242.2M
YoY Change 5.99% 5.13% 6.18%
Gross Profit $411.1M $400.0M $419.6M
YoY Change -2.01% -1.9% 2.11%
Gross Profit Margin 61.56% 61.6% 63.4%
Selling, General & Admin $347.4M $343.4M $370.6M
YoY Change -6.26% -4.19% -11.64%
% of Gross Profit 84.5% 85.85% 88.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.50M $14.90M $16.70M
YoY Change -7.19% -12.35% -10.7%
% of Gross Profit 3.77% 3.73% 3.98%
Operating Expenses $342.0M $361.1M $386.8M
YoY Change -11.58% -5.49% -11.71%
Operating Profit $67.83M $38.85M $13.62M
YoY Change 397.9% 51.56% -124.82%
Interest Expense -$4.700M $6.733M -$9.900M
YoY Change -52.53% -35.85% -13.16%
% of Operating Profit -6.93% 17.33% -72.67%
Other Income/Expense, Net $0.00 -$2.200M -$500.0K
YoY Change -100.0%
Pretax Income $63.20M $30.03M $3.200M
YoY Change 1875.0% 93.99% -104.83%
Income Tax $22.70M -$1.246M $1.600M
% Of Pretax Income 35.92% -4.15% 50.0%
Net Earnings $40.49M $31.28M $1.664M
YoY Change 2333.35% 142.12% -95.22%
Net Earnings / Revenue 6.06% 4.82% 0.25%
Basic Earnings Per Share $0.74 $0.57 $0.03
Diluted Earnings Per Share $0.72 $0.56 $0.03
COMMON SHARES
Basic Shares Outstanding 54.75M shares 54.49M shares 53.51M shares
Diluted Shares Outstanding 56.06M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.50M $73.70M $155.4M
YoY Change -54.63% -33.6% 112.88%
Cash & Equivalents $70.49M $73.68M $155.4M
Short-Term Investments
Other Short-Term Assets $46.00M $39.10M $51.40M
YoY Change -10.51% -41.73% -20.43%
Inventory $835.7M $743.7M $807.5M
Prepaid Expenses
Receivables $84.10M $70.80M $69.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.036B $927.3M $1.084B
YoY Change -4.39% -9.05% 0.7%
LONG-TERM ASSETS
Property, Plant & Equipment $166.1M $193.9M $226.3M
YoY Change -26.59% -20.24% -20.0%
Goodwill $70.22M $71.75M $56.85M
YoY Change 23.52% 26.22% 0.41%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.90M $25.60M $25.60M
YoY Change -41.8% -9.86%
Total Long-Term Assets $546.5M $570.6M $313.0M
YoY Change 74.59% 71.62% -9.11%
TOTAL ASSETS
Total Short-Term Assets $1.036B $927.3M $1.084B
Total Long-Term Assets $546.5M $570.6M $313.0M
Total Assets $1.583B $1.498B $1.397B
YoY Change 13.31% 10.79% -1.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $168.1M $105.0M $113.8M
YoY Change 47.72% 7.03% 25.88%
Accrued Expenses $560.8M $574.3M $337.5M
YoY Change 66.16% 84.48% 13.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $728.9M $679.3M $451.3M
YoY Change 61.51% 65.93% 14.51%
LONG-TERM LIABILITIES
Long-Term Debt $230.9M $251.0M $540.0M
YoY Change -57.24% -53.49% -19.06%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $230.9M $251.0M $540.0M
YoY Change -57.24% -53.49% -19.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $728.9M $679.3M $451.3M
Total Long-Term Liabilities $230.9M $251.0M $540.0M
Total Liabilities $1.124B $1.066B $1.110B
YoY Change 1.21% -0.2% -3.3%
SHAREHOLDERS EQUITY
Retained Earnings $947.9M $923.3M $805.9M
YoY Change 17.61% 14.8% 0.9%
Common Stock $870.7M $867.4M $839.5M
YoY Change 3.72% 3.54% 0.86%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.349B $1.348B $1.348B
YoY Change 0.1% 0.0% 0.0%
Treasury Stock Shares 56.43M shares 56.37M shares 56.37M shares
Shareholders Equity $459.0M $431.7M $286.5M
YoY Change
Total Liabilities & Shareholders Equity $1.583B $1.498B $1.397B
YoY Change 13.31% 10.79% -1.68%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income $40.49M $31.28M $1.664M
YoY Change 2333.35% 142.12% -95.22%
Depreciation, Depletion And Amortization $15.50M $14.90M $16.70M
YoY Change -7.19% -12.35% -10.7%
Cash From Operating Activities -$12.70M $42.70M $43.60M
YoY Change -129.13% 4.15% -275.1%
INVESTING ACTIVITIES
Capital Expenditures -$9.200M -$6.900M -$5.500M
YoY Change 67.27% 1.47% -54.17%
Acquisitions
YoY Change
Other Investing Activities $52.70M -$25.40M $8.900M
YoY Change 492.13% -6450.0% 2125.0%
Cash From Investing Activities $43.60M -$32.30M $3.400M
YoY Change 1182.35% 404.69% -129.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.50M -289.5M -1.800M
YoY Change 1816.67% 606.1% -105.28%
NET CHANGE
Cash From Operating Activities -12.70M 42.70M 43.60M
Cash From Investing Activities 43.60M -32.30M 3.400M
Cash From Financing Activities -34.50M -289.5M -1.800M
Net Change In Cash -3.600M -279.1M 45.20M
YoY Change -107.96% 4260.94% -2065.22%
FREE CASH FLOW
Cash From Operating Activities -$12.70M $42.70M $43.60M
Capital Expenditures -$9.200M -$6.900M -$5.500M
Free Cash Flow -$3.500M $49.60M $49.10M
YoY Change -107.13% 3.77% -480.62%

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CY2018Q4 us-gaap Assets
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CY2019Q3 us-gaap Debt And Capital Lease Obligations
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CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q3 us-gaap Treasury Stock Value
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CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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1952000 USD
CY2019Q3 us-gaap Dividends Common Stock Cash
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CY2019Q3 us-gaap Stock Issued During Period Value Acquisitions
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
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CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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CY2018Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q3 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
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CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2018Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2018Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2018Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
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CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
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rcii Depreciation Of Rental Merchandise
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us-gaap Provision For Doubtful Accounts
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us-gaap Deferred Income Taxes And Tax Credits
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rcii Increase Decrease In Rental Merchandise
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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rcii Increase Decreaseof Operating Leases Net
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us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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995000 USD
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Proceeds From Issuance Of Secured Debt
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us-gaap Repayments Of Secured Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2019Q3 rcii Storerevenues
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CY2019Q3 rcii Franchise Merchandise Sales
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CY2019Q3 rcii Franchise Royalty Income And Fees
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CY2019Q3 us-gaap Revenues
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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91000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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767000 USD
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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38040000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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155391000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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72968000 USD
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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73682000 USD
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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111008000 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
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268100000 USD
CY2019Q3 us-gaap Operating Lease Liability
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272500000 USD
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2000000.0 USD
us-gaap Business Acquisition Effective Date Of Acquisition1
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2019-08-13
us-gaap Business Acquisition Name Of Acquired Entity
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Merchants Preferred
us-gaap Business Acquisition Description Of Acquired Entity
BusinessAcquisitionDescriptionOfAcquiredEntity
a nationwide provider of virtual rent-to-own services
us-gaap Business Combination Consideration Transferred1
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46600000 USD
us-gaap Payments To Acquire Businesses Gross
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28000000.0 USD
us-gaap Business Combination Cost Of Acquired Entity Equity Interests Issued And Issuable Fair Value Method
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701,918 shares of our common stock
CY2019Q3 us-gaap Business Acquisition Share Price
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27.31
us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Consideration Transferred
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500000 USD
us-gaap Business Combination Goodwill Recognized Description
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consists of the excess of the net purchase price over the fair value of the net assets acquired
CY2019Q3 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
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1100000 USD
CY2019Q3 rcii Rentals And Fees
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550795000 USD
CY2019Q3 rcii Merchandise Sales
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65552000 USD
CY2019Q3 rcii Installment Sales
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16952000 USD
CY2019Q3 rcii Other Store Revenue
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1054000 USD
rcii Rentals And Fees
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1665829000 USD
rcii Merchandise Sales
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240864000 USD
rcii Installment Sales
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49658000 USD
rcii Other Store Revenue
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2962000 USD
rcii Storerevenues
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1959313000 USD
rcii Franchise Merchandise Sales
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30307000 USD
rcii Franchise Royalty Income And Fees
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12370000 USD
us-gaap Revenues
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2001990000 USD
CY2018Q3 rcii Rentals And Fees
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552580000 USD
CY2018Q3 rcii Merchandise Sales
MerchandiseSales
67141000 USD
CY2018Q3 rcii Installment Sales
InstallmentSales
15681000 USD
CY2018Q3 rcii Other Store Revenue
OtherStoreRevenue
2140000 USD
CY2018Q3 rcii Storerevenues
Storerevenues
637542000 USD
CY2018Q3 rcii Franchise Merchandise Sales
FranchiseMerchandiseSales
4135000 USD
CY2018Q3 rcii Franchise Royalty Income And Fees
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3265000 USD
CY2018Q3 us-gaap Revenues
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644942000 USD
rcii Rentals And Fees
RentalsAndFees
1679697000 USD
rcii Merchandise Sales
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239487000 USD
rcii Installment Sales
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49459000 USD
rcii Other Store Revenue
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6995000 USD
rcii Storerevenues
Storerevenues
1975638000 USD
rcii Franchise Merchandise Sales
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12649000 USD
rcii Franchise Royalty Income And Fees
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10428000 USD
us-gaap Revenues
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1998715000 USD
CY2019Q3 us-gaap Accounts Receivable Gross
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76743000 USD
CY2018Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
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CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable
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5981000 USD
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
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4883000 USD
CY2019Q3 us-gaap Accounts Receivable Net
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CY2018Q4 us-gaap Accounts Receivable Net
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69645000 USD
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
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4883000 USD
rcii Provisionfordoubtfulaccountsbaddebtexpense
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10198000 USD
rcii Provisionforreturnsanduncollectedrenewalpayments
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1393000 USD
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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10913000 USD
us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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420000 USD
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable
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5981000 USD
CY2019Q3 us-gaap Sublease Income
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2065000 USD
us-gaap Sublease Income
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5559000 USD
CY2019Q3 us-gaap Lease Cost
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37309000 USD
us-gaap Lease Cost
LeaseCost
115852000 USD
us-gaap Operating Lease Cost
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91235000 USD
us-gaap Short Term Lease Cost
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21247000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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36371000 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.079
rcii Weightedaverageremainingleaseterm
Weightedaverageremainingleaseterm
P4Y
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
30741000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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109746000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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78774000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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49954000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
24887000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
11976000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
306078000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
33563000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
272515000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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145345000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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116785000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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80362000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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47417000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
16460000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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2280000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
408649000 USD
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1656
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.3563
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q3 rcii Originalissuediscount
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2000000.0 USD
CY2019Q3 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
6300000 USD
CY2019Q3 rcii Unamortizeddiscount
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7000000.0 USD
CY2019Q3 us-gaap Unamortized Debt Issuance Expense
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2000000.0 USD
CY2019Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
92000000 USD
us-gaap Debt Instrument Redemption Price Percentage Of Principal Amount Redeemed
DebtInstrumentRedemptionPricePercentageOfPrincipalAmountRedeemed
1
CY2018Q4 us-gaap Other Borrowings
OtherBorrowings
540000000.0 USD
us-gaap Proceeds From Legal Settlements
ProceedsFromLegalSettlements
92500000 USD
rcii Proceedsfrom Legal Settlement Netof Legal Fees
ProceedsfromLegalSettlementNetofLegalFees
80000000 USD
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
12505000 USD
us-gaap Restructuring Charges
RestructuringCharges
7074000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
18152000 USD
CY2019Q3 us-gaap Restructuring Reserve
RestructuringReserve
1427000 USD
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
9091000 USD
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
57473000 USD
us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
-41308000 USD
CY2019Q3 us-gaap Revenues
Revenues
649371000 USD
CY2018Q3 us-gaap Revenues
Revenues
644942000 USD
us-gaap Revenues
Revenues
2001990000 USD
us-gaap Revenues
Revenues
1998715000 USD
CY2019Q3 us-gaap Gross Profit
GrossProfit
399996000 USD
CY2018Q3 us-gaap Gross Profit
GrossProfit
407740000 USD
us-gaap Gross Profit
GrossProfit
1232933000 USD
us-gaap Gross Profit
GrossProfit
1268604000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
38847000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
25632000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
186025000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
42513000 USD
CY2019Q3 rcii Depreciation Amortizationand Writedownof Intangibles
DepreciationAmortizationandWritedownofIntangibles
14894000 USD
CY2018Q3 rcii Depreciation Amortizationand Writedownof Intangibles
DepreciationAmortizationandWritedownofIntangibles
16946000 USD
rcii Depreciation Amortizationand Writedownof Intangibles
DepreciationAmortizationandWritedownofIntangibles
45788000 USD
rcii Depreciation Amortizationand Writedownof Intangibles
DepreciationAmortizationandWritedownofIntangibles
52274000 USD
CY2019Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
6922000 USD
CY2018Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
6796000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
12010000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
22491000 USD
CY2019Q3 rcii Rental Merchandise On Rent Net
RentalMerchandiseOnRentNet
633740000 USD
CY2018Q4 rcii Rental Merchandise On Rent Net
RentalMerchandiseOnRentNet
683808000 USD
CY2019Q3 rcii Rental Merchandise Held For Rent Net
RentalMerchandiseHeldForRentNet
109931000 USD
CY2018Q4 rcii Rental Merchandise Held For Rent Net
RentalMerchandiseHeldForRentNet
123662000 USD
CY2019Q3 us-gaap Assets
Assets
1497932000 USD
CY2018Q4 us-gaap Assets
Assets
1396917000 USD
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2000000.0 USD
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1500000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4600000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4500000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
277000 shares
rcii Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Performance Based Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPerformanceBasedGrantsInPeriod
278000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
199000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.4828
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.5517
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0175
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0234
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
21.34
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.27
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<span style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingencies</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;"> </span><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">From time to time, the Company, along with our subsidiaries, is party to various legal proceedings arising in the ordinary course of business. We reserve for loss contingencies that are both probable and reasonably estimable. We regularly monitor developments related to these legal proceedings, and review the adequacy of our legal reserves on a quarterly basis. We do not expect these losses to have a material impact on our condensed consolidated financial statements if and when such losses are incurred.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">We are subject to unclaimed property audits by states in the ordinary course of business. The property subject to review in the audit process include unclaimed wages, vendor payments and customer refunds. State escheat laws generally require entities to report and remit abandoned and unclaimed property to the state. Failure to timely report and remit the property can result in assessments that could include interest and penalties, in addition to the payment of the escheat liability itself. We routinely remit escheat payments to states in compliance with applicable escheat laws.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Blair v. Rent-A-Center, Inc. </span><span style="font-family:inherit;font-size:10pt;">This matter is a state-wide class action complaint originally filed on March 13, 2017 in the Federal District Court for the Northern District of California. The complaint alleges various claims, including that our cash sales and total </span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">rent to own prices exceed the pricing permitted under the Karnette Rental-Purchase Act. Following a court-ordered mediation on March 28, 2019, we reached an agreement in principle to settle this matter for a total of </span><span style="font-family:inherit;font-size:10pt;"><span>$13 million</span></span><span style="font-family:inherit;font-size:10pt;">, including attorneys’ fees. The settlement was approved by the court in October 2019. We have denied any liability in the settlement and agreed to the settlement in order to avoid additional expensive, time-consuming litigation. We recorded the pre-tax charge for this settlement in the first quarter of 2019, and the settlement amount will be paid in November 2019.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:12pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Velma Russell v. Acceptance Now.</span><span style="font-family:inherit;font-size:12pt;"> </span><span style="font-family:inherit;font-size:10pt;">This purported class action arising out of calls made by Acceptance Now to customers’ reference(s) was filed on January 29, 2019 in Massachusetts state court. Specifically, plaintiffs seek to certify a class representing any references of customers (within the state of Massachusetts) during the 4 years prior to the filing date that were contacted by Acceptance Now more frequently during a 12 month period than is permitted by Massachusetts state law. The plaintiffs are seeking injunctive relief and statutory damages of </span><span style="font-family:inherit;font-size:10pt;"><span>$25</span></span><span style="font-family:inherit;font-size:10pt;"> per reference which may be tripled to </span><span style="font-family:inherit;font-size:10pt;"><span>$75</span></span><span style="font-family:inherit;font-size:10pt;"> per reference. References are not parties to our consumer arbitration agreement. We operate </span><span style="font-family:inherit;font-size:10pt;"><span>12</span></span><span style="font-family:inherit;font-size:10pt;"> Acceptance Now locations in Massachusetts. Discovery has commenced and a mediation took place in September 2019. We intend to continue to vigorously defend these claims, however, we cannot assure you that we will be found to have no liability in this matter.</span></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Federal Trade Commission civil investigative demand. </span><span style="font-family:inherit;font-size:10pt;">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 has provided substantial information in response to this inquiry and continues to work with the FTC to resolve this matter.</span></div>
us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
13000000 USD
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54487000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53508000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54190000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53455000 shares
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1571000 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1404000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1563000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
946000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56058000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54912000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55753000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54401000 shares
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.57
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.46
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.56
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.39
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13

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