Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Information [Abstract]

Segment Information

Segment information as of and for the three and nine months ended September 30, 2022 and 2021 is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Revenues
Rent-A-Center Business	$	473,755	$	500,986	$	1,482,445	$	1,531,686
Acima(1)	504,448		623,445		1,633,994		1,716,174
Mexico	16,041		15,917		48,454		45,670
Franchising	29,713		40,920		90,040		118,495
Total revenues	$	1,023,957	$	1,181,268	$	3,254,933	$	3,412,025

(1) Represents revenues for our Acima operating segment as defined in Note 1.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Gross profit
Rent-A-Center Business	$	334,892	$	356,590	$	1,046,332	$	1,072,946
Acima(1)	152,434		193,527		481,742		539,181
Mexico	11,330		11,293		34,242		32,323
Franchising	6,879		7,350		21,857		22,305
Total gross profit	$	505,535	$	568,760	$	1,584,173	$	1,666,755

(1) Represents gross profit for our Acima operating segment as defined in Note 1.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Operating profit
Rent-A-Center Business	$	71,999	$	109,272	$	271,283	$	357,036
Acima(1)	48,885		51,884		94,318		144,797
Mexico	996		2,285		5,011		6,659
Franchising	5,077		4,816		15,170		15,495
Total segments	126,957		168,257		385,782		523,987
Corporate(2)	(89,880)		(101,111)		(279,582)		(280,276)
Total operating profit	$	37,077	$	67,146	$	106,200	$	243,711

(1) Represents operating profit for our Acima segment as defined in Note 1.

(2) Includes stock compensation expense of $42.1 million and $111.5 million recognized for the three and nine months ended September 30, 2022, and $42.8 million and $93.1 million recognized for the three and nine months ended September 30, 2021, 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 10.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Depreciation and amortization
Rent-A-Center Business	$	4,629	$	4,792	$	15,665	$	13,821
Acima(1)(2)	439		570		1,496		1,568
Mexico	182		130		494		369
Franchising	35		24		110		58
Total segments	5,285		5,516		17,765		15,816
Corporate(3)	7,513		8,319		22,443		24,978
Total depreciation and amortization	$	12,798	$	13,835	$	40,208	$	40,794

(1) Represents depreciation and amortization for our Acima segment as defined in Note 1.

(2)Excludes amortization expense of approximately $14.2 million and $50.6 million for the three and nine months ended September 30, 2022, compared to $29.2 million and $72.4 million for the three and nine months ended September 30, 2021, 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 10 for additional information.

(3)Excludes depreciation expense of approximately $3.9 million and $11.9 million for the three and nine months ended September 30, 2022, compared to $4.0 million and $9.3 million for the three and nine months ended September 30, 2021, recorded to Other charges in the Condensed Consolidated Statement of Operations, related to software acquired upon closing of the Acima Holdings acquisition. See Note 10 for additional information.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Capital expenditures
Rent-A-Center Business	$	10,714	$	6,637	$	30,917	$	21,202
Acima(1)	16		276		205		945
Mexico	696		478		1,219		744
Franchising	166		—		278		—
Total segments	11,592		7,391		32,619		22,891
Corporate	6,949		13,084		16,817		22,985
Total capital expenditures	$	18,541	$	20,475	$	49,436	$	45,876

(1) Represents capital expenditures for our Acima segment as defined in Note 1.

(in thousands)	September 30, 2022		December 31, 2021
On rent rental merchandise, net
Rent-A-Center Business	$	444,174	$	477,901
Acima(1)	480,317		676,279
Mexico	19,387		18,844
Total on rent rental merchandise, net	$	943,878	$	1,173,024

(1) Represents on-rent rental merchandise for our Acima segment as defined in Note 1.

(in thousands)	September 30, 2022		December 31, 2021
Held for rent rental merchandise, net
Rent-A-Center Business	$	118,329	$	123,111
Acima(1)	417		626
Mexico	9,962		9,247
Total held for rent rental merchandise, net	$	128,708	$	132,984

(1) Represents held-for-rent rental merchandise for our Acima segment as defined in Note 1.

(in thousands)	September 30, 2022		December 31, 2021
Assets by segment
Rent-A-Center Business	$	1,022,173	$	1,026,886
Acima(1)	1,195,982		1,476,752
Mexico	46,561		41,669
Franchising	19,346		15,412
Total segments	2,284,062		2,560,719
Corporate	484,534		432,608
Total assets	$	2,768,596	$	2,993,327

(1) Represents total assets for our Acima segment as defined in Note 1.