$UPBD
UPBOUND GROUP, INC.

2023 Q4 Form 10-Q Financial Statement

#000093303623000174 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.018B $979.1M
YoY Change 2.79% -4.38%
Cost Of Revenue $505.5M $481.9M
YoY Change 2.1% -7.04%
Gross Profit $512.6M $497.2M
YoY Change 3.47% -1.66%
Gross Profit Margin 50.35% 50.78%
Selling, General & Admin $411.0M $397.4M
YoY Change 5.3% 0.85%
% of Gross Profit 80.18% 79.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.06M $35.50M
YoY Change 15.95% 177.39%
% of Gross Profit 7.03% 7.14%
Operating Expenses $447.3M $439.1M
YoY Change 6.13% -6.26%
Operating Profit $65.27M $58.05M
YoY Change -11.67% 56.57%
Interest Expense -$28.46M $27.89M
YoY Change 7.78% 21.46%
% of Operating Profit -43.59% 48.04%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $27.44M $31.42M
YoY Change 72.58% 119.21%
Income Tax $38.69M $27.06M
% Of Pretax Income 141.01% 86.11%
Net Earnings -$11.25M $4.363M
YoY Change -532.85% -175.51%
Net Earnings / Revenue -1.11% 0.45%
Basic Earnings Per Share $0.08
Diluted Earnings Per Share -$0.23 $0.08
COMMON SHARES
Basic Shares Outstanding 54.29M shares 55.98M shares
Diluted Shares Outstanding 56.85M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.71M $105.7M
YoY Change -34.97% -36.18%
Cash & Equivalents $93.71M $105.7M
Short-Term Investments
Other Short-Term Assets $50.26M $55.70M
YoY Change 9.02% -21.85%
Inventory $1.234B $1.092B
Prepaid Expenses
Receivables $111.0M $104.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.489B $1.358B
YoY Change 4.35% -4.57%
LONG-TERM ASSETS
Property, Plant & Equipment $273.1M $277.2M
YoY Change -7.53% -7.64%
Goodwill $289.8M $289.8M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $72.03M $84.20M
YoY Change -13.11% 23.45%
Total Long-Term Assets $1.232B $1.268B
YoY Change -7.8% -5.76%
TOTAL ASSETS
Total Short-Term Assets $1.489B $1.358B
Total Long-Term Assets $1.232B $1.268B
Total Assets $2.721B $2.626B
YoY Change -1.53% -5.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $177.2M $132.4M
YoY Change 14.06% -5.26%
Accrued Expenses $616.3M $599.1M
YoY Change -1.57% -3.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $793.6M $731.5M
YoY Change 1.53% -3.53%
LONG-TERM LIABILITIES
Long-Term Debt $1.307B $1.239B
YoY Change -4.55% -9.5%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.307B $1.239B
YoY Change -4.55% -9.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $793.6M $731.5M
Total Long-Term Liabilities $1.307B $1.239B
Total Liabilities $2.161B $2.029B
YoY Change -3.46% -8.63%
SHAREHOLDERS EQUITY
Retained Earnings $994.9M $1.026B
YoY Change -7.64% -6.15%
Common Stock $1.461B $1.445B
YoY Change 12.44% 14.44%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.891B $1.868B
YoY Change 2.74% 4.03%
Treasury Stock Shares
Shareholders Equity $560.4M $597.2M
YoY Change
Total Liabilities & Shareholders Equity $2.721B $2.626B
YoY Change -1.53% -5.15%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$11.25M $4.363M
YoY Change -532.85% -175.51%
Depreciation, Depletion And Amortization $36.06M $35.50M
YoY Change 15.95% 177.39%
Cash From Operating Activities -$19.65M $77.90M
YoY Change -134.84% -37.66%
INVESTING ACTIVITIES
Capital Expenditures $17.24M $14.80M
YoY Change 43.63% -179.82%
Acquisitions
YoY Change
Other Investing Activities $2.469M $0.00
YoY Change -1334.5% -100.0%
Cash From Investing Activities -$14.77M -$14.80M
YoY Change 22.03% -21.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.63M -43.80M
YoY Change -132.68% -16.55%
NET CHANGE
Cash From Operating Activities -19.65M 77.90M
Cash From Investing Activities -14.77M -14.80M
Cash From Financing Activities 21.63M -43.80M
Net Change In Cash -12.78M 19.30M
YoY Change -41.63% -64.0%
FREE CASH FLOW
Cash From Operating Activities -$19.65M $77.90M
Capital Expenditures $17.24M $14.80M
Free Cash Flow -$36.89M $63.10M
YoY Change -183.08% -56.03%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2022Q3 upbd Other Store Revenue
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us-gaap Revenues
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upbd Cost Of Installment Sales
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CY2023Q3 upbd Costofstorerevenues
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CY2023Q3 upbd Franchise Cost Of Merchandise Sold
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CY2023Q3 us-gaap Treasury Stock Value Acquired Cost Method
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CY2022Q2 us-gaap Net Income Loss
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Revenues
Revenues
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us-gaap Use Of Estimates
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<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: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 condensed consolidated 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 those related to recent macroeconomic trends or other factors, 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>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 segment
CY2023Q3 upbd Rentals And Fees
RentalsAndFees
806766000 usd
CY2023Q3 upbd Merchandise Sales
MerchandiseSales
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Storerevenues
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CY2023Q3 us-gaap Revenues
Revenues
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upbd Rentals And Fees
RentalsAndFees
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upbd Merchandise Sales
MerchandiseSales
415256000 usd
upbd Installment Sales
InstallmentSales
45191000 usd
upbd Other Store Revenue
OtherStoreRevenue
4422000 usd
upbd Storerevenues
Storerevenues
2885908000 usd
upbd Franchise Merchandise Sales
FranchiseMerchandiseSales
69778000 usd
upbd Franchise Royalty Income And Fees
FranchiseRoyaltyIncomeAndFees
18636000 usd
us-gaap Revenues
Revenues
2974322000 usd
CY2022Q3 upbd Rentals And Fees
RentalsAndFees
829459000 usd
CY2022Q3 upbd Merchandise Sales
MerchandiseSales
147616000 usd
CY2022Q3 upbd Installment Sales
InstallmentSales
16718000 usd
CY2022Q3 upbd Other Store Revenue
OtherStoreRevenue
1340000 usd
CY2022Q3 upbd Storerevenues
Storerevenues
995133000 usd
CY2022Q3 upbd Franchise Merchandise Sales
FranchiseMerchandiseSales
22823000 usd
CY2022Q3 upbd Franchise Royalty Income And Fees
FranchiseRoyaltyIncomeAndFees
6001000 usd
CY2022Q3 us-gaap Revenues
Revenues
1023957000 usd
upbd Rentals And Fees
RentalsAndFees
2569804000 usd
upbd Merchandise Sales
MerchandiseSales
541265000 usd
upbd Installment Sales
InstallmentSales
52355000 usd
upbd Other Store Revenue
OtherStoreRevenue
3698000 usd
upbd Storerevenues
Storerevenues
3167122000 usd
upbd Franchise Merchandise Sales
FranchiseMerchandiseSales
67849000 usd
us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
8700000 usd
us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
9200000 usd
CY2023Q3 us-gaap Accounts Receivable Gross
AccountsReceivableGross
117892000 usd
CY2022Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
125079000 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
13120000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
13214000 usd
CY2023Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
104772000 usd
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
111865000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
13214000 usd
upbd Provisionfordoubtfulaccountsbaddebtexpense
Provisionfordoubtfulaccountsbaddebtexpense
17533000 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
17627000 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
13120000 usd
CY2023Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2023Q3 us-gaap Sublease Income
SubleaseIncome
734000 usd
CY2022Q3 us-gaap Sublease Income
SubleaseIncome
1642000 usd
us-gaap Sublease Income
SubleaseIncome
3012000 usd
us-gaap Sublease Income
SubleaseIncome
5700000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
30409000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
29722000 usd
us-gaap Lease Cost
LeaseCost
90196000 usd
us-gaap Lease Cost
LeaseCost
87964000 usd
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
9900000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
29000000 usd
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
9400000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
27200000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
79871000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
77780000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
13240000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
14170000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
50786000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
81937000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
29524000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
103277000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
85151000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
59870000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
38556000 usd
CY2023Q3 upbd Lease Operating Lease Liability To Be Paid After Year Four
LeaseOperatingLeaseLiabilityToBePaidAfterYearFour
33499000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
349877000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
50368000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
299509000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.761
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.787
CY2023Q3 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P15Y
CY2021Q1 upbd Originalissuediscount
Originalissuediscount
4400000 usd
CY2021Q1 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
30200000 usd
CY2021Q3 us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
5400000 usd
CY2023Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
64400000 usd
us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.00375
CY2023Q3 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
800000 usd
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
2202000 usd
us-gaap Restructuring Charges
RestructuringCharges
0 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
2202000 usd
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
0 usd
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
184413000 usd
CY2023Q3 us-gaap Revenues
Revenues
979098000 usd
CY2022Q3 us-gaap Revenues
Revenues
1023957000 usd
us-gaap Revenues
Revenues
2974322000 usd
us-gaap Revenues
Revenues
3254933000 usd
CY2023Q3 us-gaap Gross Profit
GrossProfit
497166000 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
505535000 usd
us-gaap Gross Profit
GrossProfit
1509656000 usd
us-gaap Gross Profit
GrossProfit
1584173000 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
58052000 usd
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
37077000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
106970000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
106200000 usd
CY2023Q3 upbd Depreciation Amortizationand Writedownof Intangibles
DepreciationAmortizationandWritedownofIntangibles
12624000 usd
CY2022Q3 upbd Depreciation Amortizationand Writedownof Intangibles
DepreciationAmortizationandWritedownofIntangibles
12798000 usd
upbd Depreciation Amortizationand Writedownof Intangibles
DepreciationAmortizationandWritedownofIntangibles
38102000 usd
upbd Depreciation Amortizationand Writedownof Intangibles
DepreciationAmortizationandWritedownofIntangibles
40208000 usd
CY2023Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
14773000 usd
CY2022Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
18541000 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
36167000 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
49436000 usd
CY2023Q3 upbd Rental Merchandise On Rent Net
RentalMerchandiseOnRentNet
968965000 usd
CY2022Q4 upbd Rental Merchandise On Rent Net
RentalMerchandiseOnRentNet
989869000 usd
CY2023Q3 upbd Rental Merchandise Held For Rent Net
RentalMerchandiseHeldForRentNet
122493000 usd
CY2022Q4 upbd Rental Merchandise Held For Rent Net
RentalMerchandiseHeldForRentNet
134959000 usd
CY2023Q3 us-gaap Assets
Assets
2626075000 usd
CY2022Q4 us-gaap Assets
Assets
2763619000 usd
upbd Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Performance Based Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPerformanceBasedGrantsInPeriod
599845 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
361169 shares
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-5778000 usd
us-gaap Net Income Loss
NetIncomeLoss
6075000 usd
us-gaap Net Income Loss
NetIncomeLoss
9710000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55485000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55380000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55294000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54376000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1367000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1373000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5422000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56852000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55380000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56667000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59798000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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