Upbound Group, Inc. Reports Fourth Quarter and Full Year 2023 Results
22 Febrero 2024 - 6:00AM
Business Wire
Total Revenue of $1,018 Million for Fourth
Quarter and $4 Billion for Full Year
GAAP Diluted EPS $(0.21) for Fourth Quarter
and $(0.09) for Full Year
Non-GAAP Diluted EPS1 $0.81 for Fourth
Quarter and $3.55 for Full Year
Upbound Group, Inc. (the "Company" or "Upbound") (NASDAQ:UPBD)
today announced results for the quarter and year ended December 31,
2023. The earnings release, financial tables and related materials
can be found on the Company's investor relations website at
https://investor.upbound.com.
Today at 9 a.m. ET, Mitch Fadel, Chief Executive Officer, and
Fahmi Karam, Chief Financial Officer, will host a conference call
to review the financial results and provide 2024 outlook. The
conference call can be accessed via an audio webcast through the
investor relations website at investor.upbound.com, under events
and presentations. Participants can access the call by phone via
this link (Upbound Group Fourth Quarter Earnings Call), where the
dial-in details will be provided. A replay will also be available
on the website.
About Upbound Group,
Inc.
Upbound Group, Inc. (NASDAQ: UPBD) is an omni-channel platform
company committed to elevating financial opportunity for all
through innovative, inclusive, and technology-driven financial
solutions that address the evolving needs and aspirations of
consumers. The Company’s customer-facing operating units include
industry-leading brands such as Rent-A-Center® and Acima® that
facilitate consumer transactions across a wide range of store-based
and digital retail channels, including over 2,400 company branded
retail units across the United States, Mexico and Puerto Rico.
Upbound Group, Inc. is headquartered in Plano, Texas. For
additional information about the Company, please visit our website
Upbound.com.
Non-GAAP Financial
Measures
This release and the Company's related conference call contain
certain financial information determined by methods other than in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP), including (1) Non-GAAP diluted earnings per share (net
earnings or loss, as adjusted for special items (as defined below),
net of taxes, divided by the number of shares of our common stock
on a fully diluted basis) and (2) other non-GAAP financial measures
explained in the Company’s other quarterly earnings disclosures.
“Special items” refers to certain gains and charges we view as
extraordinary, unusual or non-recurring in nature or which we
believe do not reflect our core business activities. For the
periods presented herein, these special items are described in the
quantitative reconciliation table included below in this release.
Because of the inherent uncertainty related to these special items,
management does not believe it is able to provide a meaningful
forecast of the comparable GAAP measures or reconciliation to any
forecasted GAAP measure without unreasonable effort. These non-GAAP
measures are additional tools intended to assist our management in
comparing our performance on a more consistent basis for purposes
of business decision-making by removing the impact of certain items
management believes do not directly reflect our core operations.
These measures are intended to assist management in evaluating
operating performance and liquidity, comparing performance and
liquidity across periods, planning and forecasting future business
operations, helping determine levels of operating and capital
investments and identifying and assessing additional trends
potentially impacting our Company that may not be shown solely by
comparisons of GAAP measures. Consolidated Adjusted EBITDA is also
used as part of our incentive compensation program for our
executive officers and others. We believe these non-GAAP financial
measures also provide supplemental information that is useful to
investors, analysts and other external users of our consolidated
financial statements in understanding our financial results and
evaluating our performance and liquidity from period to period.
However, non-GAAP financial measures have inherent limitations and
are not substitutes for, or superior to, GAAP financial measures
and they should be read together with, our consolidated financial
statements prepared in accordance with GAAP. Further, because
non-GAAP financial measures are not standardized, it may not be
possible to compare such measures to the non-GAAP financial
measures presented by other companies, even if they have the same
or similar names.
Exhibit 1 - Reconciliation of diluted
earnings per share to Non-GAAP diluted earnings per
share Three Months Ended
December 31, 2023 Diluted
Earnings per Share GAAP
Results
(0.21
)
Plus: Special Items Acima equity consideration vesting
0.94
Acima acquired assets depreciation and amortization (1)
0.25
Accelerated software depreciation
0.06
Legal settlements
-
Discrete income tax items
(0.23
)
Non-GAAP Adjusted Results
0.81
(1) Includes amortization of approximately $14.2 million related to
the total fair value of acquired intangible assets and incremental
depreciation of approximately $4.0 million.
Year Ended December 31, 2023 Diluted Earnings per
Share GAAP Results
(0.09
)
Plus: Special Items Acima equity consideration vesting
3.13
Acima acquired assets depreciation and amortization (1)
0.67
Accelerated software depreciation
0.12
Legal settlements
0.01
Other (2)
(0.04
)
Discrete income tax items
(0.25
)
Non-GAAP Adjusted Results
3.55
(1) Includes amortization of approximately $57.0 million related to
the total fair value of acquired intangible assets and incremental
depreciation of approximately $15.9 million. (2) Represents
interest income on tax refunds for prior years received in 2023.
1 Non-GAAP financial measure. Refer to the explanations and
reconciliations elsewhere in this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240222857377/en/
Investor Contact: Jeff Chesnut SVP Strategy &
Corporate Development 972-801-1108 jeff.chesnut@upbound.com
Upbound (NASDAQ:UPBD)
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