2023 Q1 Form 10-K Financial Statement

#000093303623000050 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.016B $990.5M $4.245B
YoY Change -12.39% -15.44% -7.38%
Cost Of Revenue $509.8M $495.1M $2.166B
YoY Change -16.92% -17.92% -7.77%
Gross Profit $506.3M $495.4M $2.080B
YoY Change -7.29% -12.82% -6.96%
Gross Profit Margin 49.83% 50.02% 48.98%
Selling, General & Admin $400.9M $390.3M $1.643B
YoY Change -10.99% -11.22% 2.04%
% of Gross Profit 79.19% 78.78% 79.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.61M $31.10M $67.98M
YoY Change -8.98% -34.21% 1.33%
% of Gross Profit 3.28% 6.28% 3.27%
Operating Expenses $541.4M $421.5M $1.931B
YoY Change 1.18% -14.22% -1.2%
Operating Profit -$35.11M $73.90M $148.5M
YoY Change -417.97% -3.87% -47.05%
Interest Expense $28.10M -$26.40M $87.71M
YoY Change 48.13% 41.68% 23.75%
% of Operating Profit -35.72% 59.05%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income -$62.79M $15.90M $61.47M
YoY Change 696.66% -12.61% -65.08%
Income Tax -$110.1M $13.30M $49.11M
% Of Pretax Income 83.65% 79.9%
Net Earnings $47.33M $2.600M $12.36M
YoY Change -1217.06% -73.5% -90.84%
Net Earnings / Revenue 4.66% 0.26% 0.29%
Basic Earnings Per Share $0.86 $0.23
Diluted Earnings Per Share $0.84 $0.05 $0.21
COMMON SHARES
Basic Shares Outstanding 55.73M shares 55.67M shares 53.85M shares
Diluted Shares Outstanding 56.44M shares 58.97M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $171.7M $144.1M $144.1M
YoY Change 79.44% 33.02% 33.02%
Cash & Equivalents $171.7M $144.1M $144.1M
Short-Term Investments
Other Short-Term Assets $44.80M $46.10M $46.10M
YoY Change -5.6% -27.36% -27.36%
Inventory $1.070B $1.125B $1.125B
Prepaid Expenses
Receivables $101.8M $111.9M $111.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.389B $1.427B $1.427B
YoY Change -1.49% -11.05% -11.05%
LONG-TERM ASSETS
Property, Plant & Equipment $288.0M $295.4M $597.7M
YoY Change -4.62% -4.13% -0.29%
Goodwill $289.8M $289.8M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $123.1M $82.90M $82.90M
YoY Change 79.37% 21.21% 21.21%
Total Long-Term Assets $1.353B $1.337B $1.337B
YoY Change -1.1% -3.77% -3.77%
TOTAL ASSETS
Total Short-Term Assets $1.389B $1.427B $1.427B
Total Long-Term Assets $1.353B $1.337B $1.337B
Total Assets $2.741B $2.764B $2.764B
YoY Change -1.3% -7.67% -7.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $118.7M $155.4M $155.4M
YoY Change -9.19% 14.55% 14.55%
Accrued Expenses $623.7M $626.2M $508.7M
YoY Change -0.19% -5.01% -7.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $742.4M $781.6M $699.6M
YoY Change -1.75% -1.67% -1.9%
LONG-TERM LIABILITIES
Long-Term Debt $1.328B $1.369B $1.369B
YoY Change -5.15% -12.88% -12.88%
Other Long-Term Liabilities $82.00M
YoY Change 0.34%
Total Long-Term Liabilities $1.328B $1.369B $1.451B
YoY Change -5.15% -12.88% -12.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $742.4M $781.6M $699.6M
Total Long-Term Liabilities $1.328B $1.369B $1.451B
Total Liabilities $2.071B $2.238B $2.239B
YoY Change -8.13% -9.74% -9.74%
SHAREHOLDERS EQUITY
Retained Earnings $1.105B $1.077B
YoY Change -1.24% -5.81%
Common Stock $1.413B $1.299B
YoY Change 19.65% 13.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.841B $1.841B
YoY Change 4.25% 4.25%
Treasury Stock Shares 69.35M shares
Shareholders Equity $670.3M $525.1M $525.1M
YoY Change
Total Liabilities & Shareholders Equity $2.741B $2.764B $2.764B
YoY Change -1.3% -7.67% -7.67%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $47.33M $2.600M $12.36M
YoY Change -1217.06% -73.5% -90.84%
Depreciation, Depletion And Amortization $16.61M $31.10M $67.98M
YoY Change -8.98% -34.21% 1.33%
Cash From Operating Activities $105.4M $56.40M $468.5M
YoY Change -48.65% -14.67% 19.41%
INVESTING ACTIVITIES
Capital Expenditures $9.534M $12.00M $61.39M
YoY Change -41.88% -172.4% -1.7%
Acquisitions $39.00K $995.0K
YoY Change -87.96% -99.92%
Other Investing Activities $0.00 -$200.0K -$900.0K
YoY Change -100.0% -1433.33% -99.93%
Cash From Investing Activities -$9.570M -$12.10M -$62.33M
YoY Change -42.77% -26.93% -95.33%
FINANCING ACTIVITIES
Cash Dividend Paid $25.52M $79.19M
YoY Change 20.9% 10.74%
Common Stock Issuance & Retirement, Net $75.05M
YoY Change -80.76%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$69.41M -66.20M -$370.7M
YoY Change -65.52% -33.74% -141.52%
NET CHANGE
Cash From Operating Activities $105.4M 56.40M $468.5M
Cash From Investing Activities -$9.570M -12.10M -$62.33M
Cash From Financing Activities -$69.41M -66.20M -$370.7M
Net Change In Cash $27.56M -21.90M $35.81M
YoY Change -317.86% -56.52% -170.05%
FREE CASH FLOW
Cash From Operating Activities $105.4M $56.40M $468.5M
Capital Expenditures $9.534M $12.00M $61.39M
Free Cash Flow $95.88M $44.40M $407.1M
YoY Change -49.24% -46.29% 23.41%

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134940000 usd
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CY2021 us-gaap Depreciation
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GainLossOnSaleOfPropertyPlantEquipment
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CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
65890000 usd
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102742000 usd
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1070000 usd
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CY2022 rcii Increase Decrease In Rental Merchandise
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1047687000 usd
CY2021 rcii Increase Decrease In Rental Merchandise
IncreaseDecreaseInRentalMerchandise
1273734000 usd
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736444000 usd
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10145000 usd
CY2021 us-gaap Increase Decrease In Accounts Receivable
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25516000 usd
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20674000 usd
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12766000 usd
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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3963000 usd
CY2022 rcii Increase Decreaseof Operating Leases Net
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1952000 usd
CY2021 rcii Increase Decreaseof Operating Leases Net
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CY2020 rcii Increase Decreaseof Operating Leases Net
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1543000 usd
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19783000 usd
CY2021 us-gaap Increase Decrease In Accounts Payable Trade
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CY2020 us-gaap Increase Decrease In Accounts Payable Trade
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17943000 usd
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-39597000 usd
CY2021 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
19960000 usd
CY2020 us-gaap Increase Decrease In Accrued Liabilities
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42600000 usd
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468460000 usd
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392298000 usd
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236502000 usd
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61387000 usd
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52000 usd
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ProceedsFromSaleOfPropertyPlantAndEquipment
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CY2020 us-gaap Proceeds From Insurance Settlement Investing Activities
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CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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995000 usd
CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1273528000 usd
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Payments For Repurchase Of Common Stock
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CY2020 us-gaap Payments For Repurchase Of Common Stock
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CY2021 us-gaap Proceeds From Stock Options Exercised
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
20903000 usd
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5270000 usd
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CY2022 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
90000000 usd
CY2021 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
1780000000 usd
CY2020 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
198000000 usd
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RepaymentsOfSecuredDebt
298750000 usd
CY2021 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
369063000 usd
CY2020 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
240000000 usd
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PaymentsOfDividends
71505000 usd
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63119000 usd
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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391000 usd
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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35808000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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88955000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
108333000 usd
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
159449000 usd
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
70494000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
144141000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
108333000 usd
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
159449000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
71195000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
51071000 usd
CY2020 us-gaap Interest Paid Net
InterestPaidNet
14222000 usd
CY2022 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
725000 usd
CY2021 us-gaap Proceeds From Income Tax Refunds
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CY2020 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
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IncomeTaxesPaid
72307000 usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
19340000 usd
CY2020 us-gaap Income Taxes Paid
IncomeTaxesPaid
51569000 usd
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 segment
CY2022Q4 rcii Numberofcompanyownedstoresnationwideandin Canadaand Puerto Rico
NumberofcompanyownedstoresnationwideandinCanadaandPuertoRico
1851 store
CY2022Q4 rcii Numberofretailinstallmentsalesstores
Numberofretailinstallmentsalesstores
48 store
CY2022Q4 rcii Numberofstoresin Mexico
NumberofstoresinMexico
126 store
CY2022Q4 rcii Numberof Franchisedstores
NumberofFranchisedstores
447 store
CY2022Q4 rcii Numberofstateswith Franchisedstores
NumberofstateswithFranchisedstores
31
CY2022 rcii Maximum Periodusedfordepreciationofsmartphones Heldfor Rent
MaximumPeriodusedfordepreciationofsmartphonesHeldforRent
P18M
CY2022 rcii Minimum Periodin Heldfor Rentstatusneededfordepreciationofsmartphones
MinimumPeriodinHeldforRentstatusneededfordepreciationofsmartphones
P90D
CY2022 rcii Maximumperiodofpastduerequiredtochargeoffremainingbookvalueofrentalmerchandisefor Rent A Centerand Mexicosegments
MaximumperiodofpastduerequiredtochargeoffremainingbookvalueofrentalmerchandiseforRentACenterandMexicosegments
P90D
CY2022 rcii Maximumperiodofpastduerequiredtochargeoffremainingbookvalueofrentalmerchandisefor Preferred Leasesegment
MaximumperiodofpastduerequiredtochargeoffremainingbookvalueofrentalmerchandiseforPreferredLeasesegment
P150D
CY2022 rcii Reserves For Merchandise Losses
ReservesForMerchandiseLosses
93600000 usd
CY2021 rcii Reserves For Merchandise Losses
ReservesForMerchandiseLosses
98200000 usd
CY2022 rcii Minimum Periodof Past Due Requiredto Charge Offinstallment Notes
MinimumPeriodofPastDueRequiredtoChargeOffinstallmentNotes
P120D
CY2022 rcii Maximumperiodincurrentstatusallowedto Franchiseesforpaymentofreceivables
MaximumperiodincurrentstatusallowedtoFranchiseesforpaymentofreceivables
P30D
CY2022 rcii Minimumperiodofpastduerequiredtowriteoffreceivablesfrom Franchisees
MinimumperiodofpastduerequiredtowriteoffreceivablesfromFranchisees
P90D
CY2022 rcii Amortizationperiodforacquiredcustomerrelationships
Amortizationperiodforacquiredcustomerrelationships
P21M
CY2022 rcii Amortizationperiodforvendorrelationshipsminimum
Amortizationperiodforvendorrelationshipsminimum
P7Y
CY2022 rcii Amortizationperiodforvendorrelationshipsmaximum
Amortizationperiodforvendorrelationshipsmaximum
P15Y
CY2022 us-gaap Advertising Expense
AdvertisingExpense
53600000 usd
CY2021 us-gaap Advertising Expense
AdvertisingExpense
73900000 usd
CY2020 us-gaap Advertising Expense
AdvertisingExpense
50900000 usd
CY2022 rcii Vendor Allowances
VendorAllowances
20000000 usd
CY2021 rcii Vendor Allowances
VendorAllowances
21600000 usd
CY2020 rcii Vendor Allowances
VendorAllowances
24800000 usd
CY2022 us-gaap Revenues
Revenues
4245392000 usd
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications may be made to the reported amounts for prior periods to conform to the current period presentation. These reclassifications have no impact on net earnings or earnings per share in any period. There were no reclassifications of reported amounts for prior periods included in the financial statements of our Annual Report on Form 10-K for the year ended December 31, 2022.</span></div>
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing financial statements in conformity with U.S. generally accepted accounting principles, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent losses and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. In applying accounting principles, we must often make individual estimates and assumptions regarding expected outcomes or uncertainties. Our estimates, judgments and assumptions are continually evaluated based on available information and experience. However, uncertainties, including future unknown impacts from recent macro-economic trends, including related to the COVID-19 pandemic, and consumer spending behavior, may affect certain estimates and assumptions inherent in the financial reporting process, which may impact reported amounts of assets and liabilities in future periods and cause actual results to differ from those estimates.</span></div>
CY2021 rcii Rentals And Fees
RentalsAndFees
3522453000 usd
CY2021 rcii Rentals And Fees
RentalsAndFees
3522453000 usd
CY2022 rcii Rentals And Fees
RentalsAndFees
3375453000 usd
CY2022 rcii Merchandise Sales
MerchandiseSales
675288000 usd
CY2022 rcii Installment Sales
InstallmentSales
72328000 usd
CY2022 rcii Other Store Revenue
OtherStoreRevenue
4975000 usd
CY2022 rcii Storerevenues
Storerevenues
4128044000 usd
CY2022 rcii Franchise Merchandise Sales
FranchiseMerchandiseSales
91350000 usd
CY2022 rcii Franchise Royalty Income And Fees
FranchiseRoyaltyIncomeAndFees
25998000 usd
CY2021 rcii Merchandise Sales
MerchandiseSales
829222000 usd
CY2021 rcii Merchandise Sales
MerchandiseSales
829222000 usd
CY2021 rcii Installment Sales
InstallmentSales
73585000 usd
CY2021 rcii Installment Sales
InstallmentSales
73585000 usd
CY2021 rcii Other Store Revenue
OtherStoreRevenue
4148000 usd
CY2021 rcii Other Store Revenue
OtherStoreRevenue
4148000 usd
CY2021 rcii Storerevenues
Storerevenues
4429408000 usd
CY2021 rcii Franchise Merchandise Sales
FranchiseMerchandiseSales
126856000 usd
CY2021 rcii Franchise Merchandise Sales
FranchiseMerchandiseSales
126856000 usd
CY2021 rcii Franchise Royalty Income And Fees
FranchiseRoyaltyIncomeAndFees
27187000 usd
CY2021 rcii Franchise Royalty Income And Fees
FranchiseRoyaltyIncomeAndFees
27187000 usd
CY2021 us-gaap Revenues
Revenues
4583451000 usd
CY2020 rcii Rentals And Fees
RentalsAndFees
2263091000 usd
CY2020 rcii Merchandise Sales
MerchandiseSales
378717000 usd
CY2020 rcii Installment Sales
InstallmentSales
68500000 usd
CY2020 rcii Other Store Revenue
OtherStoreRevenue
3845000 usd
CY2020 rcii Storerevenues
Storerevenues
2714153000 usd
CY2020 rcii Franchise Merchandise Sales
FranchiseMerchandiseSales
80023000 usd
CY2020 rcii Franchise Royalty Income And Fees
FranchiseRoyaltyIncomeAndFees
20015000 usd
CY2020 us-gaap Revenues
Revenues
2814191000 usd
CY2022Q4 rcii Rental Purchase Agreement Deferred Revenue
RentalPurchaseAgreementDeferredRevenue
54900000 usd
CY2021Q4 rcii Rental Purchase Agreement Deferred Revenue
RentalPurchaseAgreementDeferredRevenue
51700000 usd
CY2022Q4 rcii Other Deferred Revenue
OtherDeferredRevenue
2000000 usd
CY2021Q4 rcii Other Deferred Revenue
OtherDeferredRevenue
2600000 usd
CY2022Q4 rcii Franchise Fee Deferred Revenue
FranchiseFeeDeferredRevenue
3400000 usd
CY2021Q4 rcii Franchise Fee Deferred Revenue
FranchiseFeeDeferredRevenue
4100000 usd
CY2022 us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
12100000 usd
CY2021 us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
12200000 usd
CY2020 us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
11500000 usd
CY2022Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
125079000 usd
CY2021Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
134857000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
13214000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
8479000 usd
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
111865000 usd
CY2021Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
126378000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
8479000 usd
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
8047000 usd
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5601000 usd
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
24658000 usd
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
14397000 usd
CY2020 rcii Accounts Receivable Credit Loss Expense Reversal Difference Due To Rounding
AccountsReceivableCreditLossExpenseReversalDifferenceDueToRounding
14636000 usd
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
19923000 usd
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
13965000 usd
CY2020 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
12190000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
13214000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
8479000 usd
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
8047000 usd
CY2022Q4 rcii Rental Merchandiseon Rent Cost
RentalMerchandiseonRentCost
1629394000 usd
CY2021Q4 rcii Rental Merchandiseon Rent Cost
RentalMerchandiseonRentCost
1894247000 usd
CY2022Q4 rcii Rental Merchandise On Rent Accumulated Depreciation
RentalMerchandiseOnRentAccumulatedDepreciation
639525000 usd
CY2021Q4 rcii Rental Merchandise On Rent Accumulated Depreciation
RentalMerchandiseOnRentAccumulatedDepreciation
721223000 usd
CY2022Q4 rcii Rental Merchandise On Rent Net
RentalMerchandiseOnRentNet
989869000 usd
CY2021Q4 rcii Rental Merchandise On Rent Net
RentalMerchandiseOnRentNet
1173024000 usd
CY2022Q4 rcii Rental Merchandise Heldfor Rent Cost
RentalMerchandiseHeldforRentCost
159399000 usd
CY2021Q4 rcii Rental Merchandise Heldfor Rent Cost
RentalMerchandiseHeldforRentCost
155832000 usd
CY2022Q4 rcii Rental Merchandise Held For Rent Accumulated Depreciation
RentalMerchandiseHeldForRentAccumulatedDepreciation
24440000 usd
CY2021Q4 rcii Rental Merchandise Held For Rent Accumulated Depreciation
RentalMerchandiseHeldForRentAccumulatedDepreciation
22848000 usd
CY2022Q4 rcii Rental Merchandise Held For Rent Net
RentalMerchandiseHeldForRentNet
134959000 usd
CY2021Q4 rcii Rental Merchandise Held For Rent Net
RentalMerchandiseHeldForRentNet
132984000 usd
CY2022Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
479714000 usd
CY2021Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
468011000 usd
CY2022Q4 rcii Buildingand Leasehold Improvements
BuildingandLeaseholdImprovements
207613000 usd
CY2021Q4 rcii Buildingand Leasehold Improvements
BuildingandLeaseholdImprovements
199280000 usd
CY2022Q4 rcii Furnitureand Equipment
FurnitureandEquipment
158843000 usd
CY2021Q4 rcii Furnitureand Equipment
FurnitureandEquipment
172418000 usd
CY2022Q4 rcii Transportation Equipment
TransportationEquipment
752000 usd
CY2021Q4 rcii Transportation Equipment
TransportationEquipment
549000 usd
CY2022Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
25124000 usd
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
25293000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
872046000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
865551000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
576675000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
557453000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
295371000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
308098000 usd
CY2022Q4 rcii Capitalized Software Costin Constructionin Progress
CapitalizedSoftwareCostinConstructioninProgress
19800000 usd
CY2021Q4 rcii Capitalized Software Costin Constructionin Progress
CapitalizedSoftwareCostinConstructioninProgress
21600000 usd
CY2022 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
20500000 usd
CY2021 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
12300000 usd
CY2020 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
9500000 usd
CY2022Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2022 us-gaap Sublease Income
SubleaseIncome
7128000 usd
CY2021 us-gaap Sublease Income
SubleaseIncome
11806000 usd
CY2020 us-gaap Sublease Income
SubleaseIncome
9727000 usd
CY2022 us-gaap Lease Cost
LeaseCost
117551000 usd
CY2021 us-gaap Lease Cost
LeaseCost
117713000 usd
CY2020 us-gaap Lease Cost
LeaseCost
131695000 usd
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
36200000 usd
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
33700000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
104281000 usd
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
107588000 usd
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
113243000 usd
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
18639000 usd
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
17266000 usd
CY2020 us-gaap Short Term Lease Cost
ShortTermLeaseCost
22339000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
99952000 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
100779000 usd
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
104771000 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.060
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.068
CY2022 rcii Weightedaverageremainingleaseterm
Weightedaverageremainingleaseterm
P4Y
CY2021 rcii Weightedaverageremainingleaseterm
Weightedaverageremainingleaseterm
P4Y
CY2020 rcii Weightedaverageremainingleaseterm
Weightedaverageremainingleaseterm
P4Y
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
104613000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
88771000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
70454000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
46036000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
25381000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
16482000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
351737000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
46181000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
305556000 usd
CY2021Q4 us-gaap Goodwill
Goodwill
289750000 usd
CY2020Q4 us-gaap Goodwill
Goodwill
70217000 usd
CY2022 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 usd
CY2021 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
241774000 usd
CY2022 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
0 usd
CY2021 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-22241000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
289750000 usd
CY2021Q4 us-gaap Goodwill
Goodwill
289750000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
616659000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
257250000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
616518000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
191360000 usd
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
65890000 usd
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
102742000 usd
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1070000 usd
CY2022Q4 us-gaap Accrued Insurance Current And Noncurrent
AccruedInsuranceCurrentAndNoncurrent
87298000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
58017000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
46372000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
44604000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
44604000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
44604000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
121208000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
359409000 usd
CY2021Q4 us-gaap Accrued Insurance Current And Noncurrent
AccruedInsuranceCurrentAndNoncurrent
89621000 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
73953000 usd
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
71376000 usd
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
32519000 usd
CY2021Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
49708000 usd
CY2022Q4 rcii Accrued Compensationexcludes Payroll Taxes
AccruedCompensationexcludesPayrollTaxes
22880000 usd
CY2021Q4 rcii Accrued Compensationexcludes Payroll Taxes
AccruedCompensationexcludesPayrollTaxes
46750000 usd
CY2022Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
27428000 usd
CY2021Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
27801000 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
24309000 usd
CY2021Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
11993000 usd
CY2022Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
8034000 usd
CY2021Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
0 usd
CY2022Q4 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
8025000 usd
CY2021Q4 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
10349000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
7650000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
22500000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
28528000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
32610000 usd
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
320624000 usd
CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
362708000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
43977000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
176042000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
212859000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
17494000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
18262000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
9920000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
61471000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
194304000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
222779000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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0.534
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.116
CY2020 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.134
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.074
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.028
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.066
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.020
CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.003
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.132
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.024
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.008
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.001
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.028
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.003
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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0.009
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
0.003
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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-0.007
CY2022 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.017
CY2021 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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-0.002
CY2020 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.011
CY2022 rcii Benefit Of Cares Act
BenefitOfCARESAct
0
CY2021 rcii Benefit Of Cares Act
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0
CY2020 rcii Benefit Of Cares Act
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-0.075
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.030
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.071
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.093
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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-0.010
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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0.008
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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0
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.799
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.306
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.066
CY2022 us-gaap Current Federal Tax Expense Benefit
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62878000 usd
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
14354000 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
21473000 usd
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
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CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
4735000 usd
CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
4570000 usd
CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
3690000 usd
CY2020 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1608000 usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
88921000 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
11398000 usd
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
20697000 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
56716000 usd
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
12576000 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-13321000 usd
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-1205000 usd
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-2956000 usd
CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
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Contingencies <div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From time to time, we, along with our subsidiaries, are party to various legal proceedings and governmental inquiries 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 currently expect these losses to have a material impact on our consolidated financial statements if and when such losses are incurred. Nevertheless, we cannot predict the impact of future developments affecting our claims and lawsuits, and any resolution of a claim or lawsuit or reserve within a particular fiscal period may materially and adversely impact our results of operations for that period. In addition, claims and lawsuits against us may seek injunctive or other relief that requires changes to our business practices or operations and it is possible that any required changes may materially and adversely impact our business, financial condition, results of operations or reputation.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Unclaimed Property.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> We are subject to unclaimed property audits by states in the ordinary course of business. The property subject to review in the audit process includes 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 and believe we are in compliance with applicable escheat laws.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Acima Consumer Financial Protection Bureau investigation. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to the execution of the definitive agreement to acquire Acima Holdings, Acima Holdings received a Civil Investigative Demand dated October 1, 2020 (the “CID”) from the Consumer Financial Protection Bureau (the “CFPB”) requesting certain information, documents and data relating to Acima Holding’s products, services and practices for the period from January 1, 2015 to the date on which responses to the CID are provided in full. The purpose of the CID is to determine whether Acima Holdings extends credit, offers leases, or otherwise offers or provides a consumer financial product or service and whether Acima Holdings complies with certain consumer financial protection laws. We are fully cooperating with the CFPB investigation. The CFPB has not made any allegations in the investigation, and we are currently unable to predict the eventual scope, ultimate timing or outcome of the CFPB investigation.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the terms and subject to the conditions set forth in the definitive agreement to acquire Acima Holdings, the former owners of Acima Holdings agreed to indemnify Upbound Group, Inc. for certain losses arising after the consummation of the transaction with respect to the CID and certain pre-closing taxes. The indemnification obligations of the former owners of Acima Holdings are limited to an indemnity holdback in the aggregate amount of $50 million, which was escrowed at the closing of the transaction, and will be Upbound Group, Inc.’s sole recourse against the former owners of Acima Holdings with respect to all of the indemnifiable claims under the definitive transaction agreement. In respect of certain pre-closing taxes, a portion of the escrowed funds were released to Acima Holdings’ former owners on the first business day following the date that was 18 months after the closing date of the transaction, in accordance with the definitive agreement. In respect of the CID, other than with respect to any then-pending or unresolved claims for indemnification submitted by Upbound Group, Inc., remaining escrowed funds of $45 million will be released on the earlier of February 17, 2024 and the date on which a final determination is entered providing for a resolution of the matters regarding the CID.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There can be no assurance that the CID will be finally resolved prior to the release to the former owners of Acima Holdings of the escrowed funds reserved therefor, or that such escrowed amount will be sufficient to address all covered losses or that the CFPB’s ongoing investigation or future exercise of its enforcement, regulatory, discretionary or other powers will not result in findings or alleged violations of consumer financial protection laws that could lead to enforcement actions, proceedings or litigation, whether by the CFPB, other state or federal agencies, or other parties, and the imposition of damages, fines, penalties, restitution, other monetary liabilities, sanctions, settlements or changes to Acima Holdings’ business practices or operations that could materially and adversely affect our business, financial condition, results of operations or reputation.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">California Attorney General.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The California Attorney General (the “CAG”) issued an investigative subpoena in 2018 seeking information with respect to certain of our Acceptance Now business practices (now part of the Acima segment). In November 2021, the parties reached an agreement in principle regarding the resolution of this matter. On August 2, 2022, the parties finalized the settlement of this matter, which includes a proposed final judgment for approval by the Superior Court of the State of California. In the agreement and in consideration of the final resolution of this matter, we agreed to pay a total of $15.5 million in restitution to consumers and civil penalties along with certain injunctive provisions, including (1) in the case of rental-purchase transactions in California originating through a third-party host retailer, not to charge a cash price on the rental-purchase agreement that is greater than the cash price offered to the consumer by the host retailer, and (2) to implement certain additional customer disclosures, employee training and other compliance requirements and restrictions as set forth in the stipulated agreement. We did not admit to any violations of law or any wrongdoing. Although we disagree with the CAG’s interpretation of the relevant California statutory language regarding the definition of “cash price”, we entered into the agreement to avoid the expense, risk and distractions associated with potential protracted litigation. The agreed upon settlement amount of $15.5 million was paid in August 2022.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Massachusetts Attorney General.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Massachusetts Attorney General (the “MAG”) issued a civil investigative demand in 2018 seeking information with respect to certain of our business practices, including regarding account management and certain other business practices in connection with our lease-to-own transactions. Since receiving such demand, we have cooperated with the MAG in connection with its investigation. In June 2021, the MAG provided us with proposed settlement terms including a monetary payment, injunctive provisions regarding certain business practices and compliance requirements. We are continuing to cooperate and discuss resolution of the inquiry with the MAG. We are currently unable to predict the ultimate timing or outcome of the MAG investigation.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">State Attorneys General Investigation.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> On November 1, 2021, Acima received a letter from the Nebraska Attorney General’s office stating that the Attorney General of Nebraska, along with a coalition of thirty-eight state Attorneys General, initiated a multi-state investigation into the business acts and practices of Acima and that a civil investigative demand(s) and/or subpoena(s) pursuant to respective state consumer protection laws will be forthcoming. Since receiving the letter, we have held multiple discussions with officials at the lead attorneys general offices and, based on those discussions, it is our understanding that the investigation is looking at business practices within the virtual lease-to-own industry and includes or will include multiple companies. In April 2022, we received a request for information and documents. Acima is cooperating with the </span></div>investigation and is currently in the process of producing requested information. No specific allegations have been made against Acima pursuant to the investigation. We are currently unable to predict the eventual scope, timing or outcome of this matter.
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Revenues
4245392000 usd
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1567000 shares
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208115000 usd
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53850000 shares
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WeightedAverageNumberOfSharesOutstandingBasic
57053000 shares
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54187000 shares
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5116000 shares
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
9786000 shares
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58966000 shares
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66839000 shares
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WeightedAverageNumberOfDilutedSharesOutstanding
55754000 shares
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0.23
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EarningsPerShareBasic
2.37
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3.84
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0.21
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EarningsPerShareDiluted
2.02
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EarningsPerShareDiluted
3.73
CY2022 dei Auditor Name
AuditorName
Ernst & Young, LLP
CY2022 dei Auditor Location
AuditorLocation
Dallas, TX
CY2022 dei Auditor Firm
AuditorFirmId
42

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