XML 178 R18.htm IDEA: XBRL DOCUMENT v3.23.2
Segment Information
6 Months Ended
Jun. 30, 2023
Segment Information [Abstract]  
Segment Information Segment Information
The operating segments reported below are the segments for which separate financial information is available and for which segment results are evaluated by the chief operating decision makers. Our operating segments are organized based on factors including, but not limited to, type of business transactions, geographic location and store ownership. Within our operating segments, we offer merchandise for lease from certain basic product categories: furniture, including mattresses, tires, consumer electronics, appliances, tools, handbags, computers, smartphones, and accessories.
Segment information as of and for the three and six months ended June 30, 2023 and 2022 is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2023202220232022
Revenues
Rent-A-Center
$466,191 $490,185 $951,199 $1,008,690 
Acima464,358 530,170 948,206 1,129,546 
Mexico18,454 16,701 35,883 32,413 
Franchising30,160 34,199 59,936 60,327 
Total revenues$979,163 $1,071,255 $1,995,224 $2,230,976 
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2023202220232022
Gross profit
Rent-A-Center$326,253 $348,060 $657,979 $711,440 
Acima159,687 165,081 314,832 329,308 
Mexico13,047 11,811 25,436 22,912 
Franchising7,239 7,592 14,243 14,978 
Total gross profit$506,226 $532,544 $1,012,490 $1,078,638 
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2023202220232022
Operating profit
Rent-A-Center$78,914 $99,108 $147,875 $199,284 
Acima63,109 35,835 116,979 45,433 
Mexico1,298 1,949 2,293 4,015 
Franchising4,979 5,303 9,739 10,093 
Total segments148,300 142,195 276,886 258,825 
Corporate(1)
(64,269)(84,114)(227,968)(189,702)
Total operating profit$84,031 $58,081 $48,918 $69,123 
(1) Includes stock compensation expense of $9.3 million and $118.7 million recognized for the three and six months ended June 30, 2023 and $32.9 million and $69.4 million recognized for the three and six months ended June 30, 2022, related to common stock issued to Acima Holdings employees under restricted stock agreements as part of the acquisition consideration subject to vesting restrictions as described in Note 11.
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2023202220232022
Depreciation and amortization
Rent-A-Center$4,573 $4,622 $9,543 $11,036 
Acima(1)
416 475 843 1,057 
Mexico293 163 535 312 
Franchising36 38 74 75 
Total segments5,318 5,298 10,995 12,480 
Corporate(2)
7,279 7,582 14,483 14,930 
Total depreciation and amortization
$12,597 $12,880 $25,478 $27,410 
(1) Excludes amortization expense of approximately $14.3 million and $28.5 million for the three and six months ended June 30, 2023, compared to $14.3 million and $36.4 million for the three and six months ended June 30, 2022, recorded to Other charges in the Condensed Consolidated Statement of Operations, related to intangible assets acquired upon closing of the Acima Holdings acquisition. See Note 9 for additional information.
(2) Excludes depreciation expense of approximately $3.9 million and $7.9 million for both the three and six months ended June 30, 2023, compared to $4.0 million and $8.0 million for the three and six months ended June 30, 2022, recorded to Other charges in the Condensed Consolidated Statement of Operations, related to software acquired upon closing of the Acima Holdings acquisition. See Note 9 for additional information.
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2023202220232022
Capital expenditures
Rent-A-Center$2,788 $6,795 $5,765 $20,203 
Acima24 143 82 189 
Mexico678 301 1,394 523 
Franchising— — 112 
Total segments3,490 7,239 7,242 21,027 
Corporate8,370 7,253 14,152 9,868 
Total capital expenditures$11,860 $14,492 $21,394 $30,895 
(in thousands)June 30, 2023December 31, 2022
On rent rental merchandise, net
Rent-A-Center$430,638 $465,095 
Acima496,021 503,795 
Mexico22,718 20,979 
Total on rent rental merchandise, net$949,377 $989,869 
(in thousands)June 30, 2023December 31, 2022
Held for rent rental merchandise, net
Rent-A-Center$109,008 $124,117 
Acima520 373 
Mexico10,831 10,469 
Total held for rent rental merchandise, net$120,359 $134,959 
(in thousands)June 30, 2023December 31, 2022
Assets by segment
Rent-A-Center$943,833 $1,067,875 
Acima1,163,972 1,198,879 
Mexico61,743 51,225 
Franchising15,081 18,194 
Total segments2,184,629 2,336,173 
Corporate401,295 427,446 
Total assets$2,585,924 $2,763,619