Rent-A-Center, Inc. Reports Second Quarter 2021 Results
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Rent-A-Center, Inc. Reports Second Quarter 2021 Results

  • Total Revenues of $1.2 billion, up 21.6% Pro Forma1
  • Acima Segment GMV of $522 million up 43% Pro Forma1
  • Rent-A-Center Segment Same-Store-Sales up 16.6% led by E-commerce
  • Diluted EPS of $0.90; Non-GAAP Diluted EPS of $1.63
  • Raises 2021 Guidance and Announces $250 million Share Repurchase Authorization

PLANO, Texas - (BUSINESS WIRE) - August 04, 2021 - Rent-A-Center, Inc. (the "Company" or "Rent-A-Center") (NASDAQ/NGS: RCII) today announced results for the quarter ended June 30, 2021.

"Our business once again delivered outstanding performance in the second quarter as our omni-channel strategy has positioned us as a leading provider of lease-to-own solutions for consumers, which we believe is one of the most under-penetrated and dynamic sectors in the Payments and Fintech space," said Mitch Fadel, Chief Executive Officer. "Today's consumers are increasingly seeking shopping options that are flexible, convenient, and offer low financial risk. Rent-A-Center has the capabilities to meet these needs through its Acima virtual LTO platform and its highly trusted and convenient Rent-A-Center omni-channel solution."

"The integration of Acima, which we acquired during the first quarter this year, is on track with our plans, and after the first full quarter owning the business, we are even more enthusiastic about the significant strategic value and growth opportunities. Earlier this week, we issued a press release highlighting some proprietary, groundbreaking Fintech innovations for the Acima Ecosystem, including the Acima Mobile Application, Acima MarketplaceTM, Acima Browser Extension, and the Acima LeasePay Card, that we believe could potentially double Acima's total addressable market to a size approaching $100 billion. At the same time, our Rent-A-Center Business continues to perform exceptionally well, with mid-teens same-store-sales, generating highly profitable growth and a compelling evolving e-commerce platform."

"Given our strong performance year-to-date and favorable underlying fundamental trends, we increased our 2021 guidance. In addition, considering the long-term value creation potential of our company, strong financial position, and solid cash flow generation, our Board of Directors has authorized a new $250 million share repurchase program," concluded Mr. Fadel.

Second Quarter Consolidated Results

  • Second quarter 2021 consolidated revenues of $1.2 billion increased 74.6% year-over-year, primarily due to the acquisition of Acima Holdings, LLC (the "Acima Acquisition"), which closed in the first quarter of 2021; on a pro-forma1 basis revenues grew 21.6% led by strong organic growth in the Acima and Rent-A-Center Business segments.
  • GAAP operating profit for the second quarter of 2021 was $106.5 million compared to $53.6 million in the prior year period, with growth primarily due to the Acima Acquisition and strong profitability in the Rent-A-Center Business Segment, partially offset by Acima Acquisition related costs, as described further below.
  • GAAP net income for the second quarter of 2021 was $61.3 million compared to $38.5 million in the prior year period. GAAP net income for the second quarter of 2021 included $49.3 million of costs, net of tax, relating to special items compared to $5.6 million in the prior year period.
  • GAAP earnings per share for the second quarter of 2021 was $0.90 compared to $0.70 in the prior year period. Adjusted earnings per share, which exclude the impact of special items described below, for the second quarter of 2021 was $1.63 compared to $0.80 in the prior year period.
  • Adjusted EBITDA in the second quarter of 2021 was $181.9 million and increased 41% year-over-year on a pro-forma basis1, led by solid growth and strong profitability in both the Rent-A-Center Business and Acima segments. Adjusted EBITDA margin was 15.2% in the second quarter of 2021 compared to 13.1% in the prior year period on a pro-forma1 basis.
  • For the six months ended June 30, 2021, the Company generated $250.5 million of cash from operations, and ended the second quarter of 2021 with $145.1 million of cash and cash equivalents, $1.32 billion of debt outstanding, $608 million of liquidity including $463 million of undrawn revolving credit, and a pro-forma net debt to Adjusted EBITDA ratio of 1.7 times.
  • The Board of Directors has authorized a new share repurchase program for up to $250 million of the Company’s common stock, replacing the Company’s previous share repurchase program. Share repurchases are subject to the Company’s discretion based on various factors, and may be made in the open market or privately negotiated transactions. The Company is not obligated to acquire any shares, and the Board of Directors may modify, extend or terminate the program at any time.

Second Quarter Segment Highlights

Acima Segment: Second quarter 2021 revenues of $635.3 million increased 232.2% year-over-year with GMV (Gross Merchandise Volume) growth of 309.3%, primarily due to the Acima Acquisition. On a pro-forma1 basis, revenues increased 29.7% and GMV increased 43% year-over-year led by new virtual retail partner additions, organic growth in existing retail partnerships, higher e-commerce penetration, and cycling over softer GMV trends in the prior year related to the effect of the COVID-19 pandemic on retail partners. Skip/stolen losses were 8.7% of revenue in the second quarter of 2021 compared to 18.4% in the prior year period, partially due to $5.6 million of additional loss reserves taken in the prior-year period related to COVID-19. On a GAAP basis, segment operating profit was $68.1 million with operating profit margin of 10.7% in the second quarter of 2021, compared to $6.2 million and 3.3% in the prior year period. Adjusted EBITDA was $87.3 million with Adjusted EBITDA margin of 13.7% in the second quarter of 2021, compared to $60.0 million and 12.3% in the prior year period on a pro-forma1 basis.

Rent-A-Center Business Segment: Second quarter 2021 revenues of $505.8 million increased 10.2% year-over-year, primarily due to a 16.6% increase in same store sales revenue that benefited from 19% growth in e-commerce sales, strong lease portfolio performance, and favorable customer payment trends, partially offset by the impact of refranchising approximately 100 stores in California in the fourth quarter of 2020. Skip/stolen losses were 2.3% of revenue in the second quarter of 2021 compared to 3.7% in the prior year period, benefiting from operational initiatives including centralized decisioning and expansion of electronic payments. On a GAAP basis, segment operating profit was $126.5 million with operating profit margin of 25.0% in the second quarter of 2021, compared to $85.1 million and 18.5% in the prior year period. Adjusted EBITDA was $131.1 million and increased $39.3 million year-over-year. Adjusted EBITDA margin was 25.9% in the second quarter of 2021 compared to 20.0% in the prior year period. Both the segment operating profit and Adjusted EBITDA increases were driven primarily by higher revenues and lower skip/stolen losses partially offset by higher labor expense. At June 30, 2021, the Rent-A-Center Business segment had 1,841 company-operated locations.

Franchising Segment: Second quarter 2021 revenues of $37.6 million increased 65.7% year-over-year, primarily due to higher store count, as a result of refranchising approximately 100 California stores during 2020 and higher inventory purchases by franchisees. On a GAAP basis, segment operating profit was $5.7 million in the second quarter and increased $2.7 million year-over-year. Adjusted EBITDA was $5.7 million and increased $2.7 million year-over-year. At June 30, 2021, there were 461 franchise-operated locations.

Mexico Segment: Second quarter 2021 revenues of $15.3 million increased 23.6% year-over-year on a constant currency basis. On a GAAP basis, segment operating profit was $2.4 million in the second quarter and increased $1.4 million year-over-year. Adjusted EBITDA was $2.5 million and increased $1.4 million year-over-year. At June 30, 2021, the Mexico business had 121 company-operated locations.

Corporate Segment: Second quarter 2021 expenses increased $17.4 million year-over-year, or approximately 48.5%, primarily due to investment in talent related to the Company's Fintech initiatives, higher incentive compensation, cycling over the impact of a furlough and other cost savings measures taken in response to COVID-19 in the second quarter of 2020, and stock compensation expense associated with the Acima Acquisition.

Key Operating Metrics

Gross Merchandise Volume (GMV): The Company defines Gross Merchandise Volume as the retail value in U.S. dollars of merchandise acquired by the Company that is leased to customers through a transaction that occurs within a defined period, net of cancellations. The Company has transitioned from using Invoice Volume to GMV as a key metric to better reflect the increasing digital nature of its business as a result of the Acima Acquisition.

1) The disclosed pro forma results and metrics in this release and the Company's related earnings conference call represent estimated financial results and metrics as if the acquisition of Acima had been completed on January 1, 2020. The pro forma results and metrics may not necessarily reflect the actual results of operations or metrics that would have been achieved had the acquisition been completed on January 1, 2021, nor are they necessarily indicative of future results of operations or metrics.

SAME STORE SALES

(Unaudited)

     

Table 1

 

 

Period

 

Rent-A-Center

Business

 

 

Mexico

 

Three Months Ended June 30, 2021 (1)

 

16.6

%

 

 

21.6

%

 

Three Months Ended March 31, 2021 (1)

 

23.4

%

 

 

9.6

%

 

Three Months Ended June 30, 2020 (1)

 

7.8

%

 

 

(2.6)

%

 

                 

Note: Same store sale methodology - Same store sales generally represents revenue earned in stores that were operated by us for 13 months or more and are reported on a constant currency basis as a percentage of total revenue earned in stores of the segment during the indicated period. The Company excludes from the same store sales base any store that receives a certain level of customer accounts from closed stores or acquisitions. The receiving store will be eligible for inclusion in the same store sales base in the 30th full month following account transfer.

(1) Due to the COVID-19 pandemic and related temporary store closures, all 32 stores in Puerto Rico were excluded starting in March 2020 and will remain excluded for 18 months.

2021 Guidance

The Company is increasing full year guidance.

Consolidated (1)

  • Revenues of $4.550 to $4.670 billion
  • Adjusted EBITDA of $660 to $700 million(2)
  • Non-GAAP diluted earnings per share of $5.90 to $6.40(2) (4)
  • Free cash flow of $300 to $350 million(2)

Acima Segment (3)

  • Revenues of $2.340 to $2.420 billion
  • Adjusted EBITDA of $330 to $350 million(2)

Rent-A-Center Business Segment

  • Revenues of $2.020 to $2.060 billion
  • Adjusted EBITDA of $480 to $500 million(2)

(1) Consolidated includes Acima, Rent-A-Center Business, Franchising, Mexico and Corporate Segments.

(2) Non-GAAP financial measure. See descriptions below in this release. Because of the inherent uncertainty related to the special items identified in the tables below, 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.

(3) Acima Segment refers to the historical Preferred Lease Segment and newly acquired Acima business as of the acquisition date.

(4) Non-GAAP diluted earnings per share excludes the impact of incremental depreciation and amortization related to the estimated fair value of acquired Acima assets, stock compensation expense associated with the Acima Acquisition equity consideration subject to vesting conditions, and one-time transaction and integration costs related to the Acima Acquisition. Guidance excludes the impact of future share repurchases.

Webcast Information

Rent-A-Center, Inc. will host a conference call to discuss the second quarter results, guidance and other operational matters on the morning of Thursday, August 5, 2021, at 8:30 a.m. ET.

Rent-A-Center, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED

     

Table 2

Three Months Ended June 30,

 

(In thousands, except per share data)

2021

 

 

2020

 

 

Revenues

 

 

 

 

Store

 

 

 

 

Rentals and fees

$

916,405

 

 

 

$

534,737

 

 

 

Merchandise sales

221,229

 

 

 

108,080

 

 

 

Installment sales

18,191

 

 

 

17,643

 

 

 

Other

1,035

 

 

 

775

 

 

 

Total store revenues

1,156,860

 

 

 

661,235

 

 

 

Franchise

 

 

 

 

Merchandise sales

29,616

 

 

 

18,047

 

 

 

Royalty income and fees

7,499

 

 

 

4,464

 

 

 

Total revenues

1,193,975

 

 

 

683,746

 

 

 

Cost of revenues

 

 

 

 

Store

 

 

 

 

Cost of rentals and fees

320,873

 

 

 

157,124

 

 

 

Cost of merchandise sold

249,853

 

 

 

102,960

 

 

 

Cost of installment sales

6,234

 

 

 

6,092

 

 

 

Total cost of store revenues

576,960

 

 

 

266,176

 

 

 

Franchise cost of merchandise sold

29,543

 

 

 

18,038

 

 

 

Total cost of revenues

606,503

 

 

 

284,214

 

 

 

Gross profit

587,472

 

 

 

399,532

 

 

 

Operating expenses

 

 

 

 

Store expenses

 

 

 

 

Labor

159,337

 

 

 

129,929

 

 

 

Other store expenses

181,012

 

 

 

160,756

 

 

 

General and administrative expenses

54,385

 

 

 

32,943

 

 

 

Depreciation and amortization

13,566

 

 

 

14,348

 

 

 

Other charges

72,653

 

 

 

7,921

 

 

 

Total operating expenses

480,953

 

 

 

345,897

 

 

 

Operating profit

106,519

 

 

 

53,635

 

 

 

Interest expense

20,435

 

 

 

4,161

 

 

 

Interest income

(44

)

 

 

(265

)

 

 

Earnings before income taxes

86,128

 

 

 

49,739

 

 

 

Income tax expense

24,819

 

 

 

11,246

 

 

 

Net earnings

$

61,309

 

 

 

$

38,493

 

 

 

Basic weighted average shares

58,295

 

 

 

53,800

 

 

 

Basic earnings per common share

$

1.05

 

 

 

$

0.72

 

 

 

Diluted weighted average shares

67,820

 

 

 

55,224

 

 

 

Diluted earnings per common share

$

0.90

 

 

 

$

0.70

 

 

 

Rent-A-Center, Inc. and Subsidiaries

SELECTED BALANCE SHEET HIGHLIGHTS - UNAUDITED

 
     

Table 3

June 30,

 

(In thousands)

2021

 

2020

 

Cash and cash equivalents

$

145,072

 

 

 

$

206,426

 

 

 

Receivables, net

120,795

 

 

 

76,983

 

 

 

Prepaid expenses and other assets

46,834

 

 

 

33,853

 

 

 

Rental merchandise, net

 

 

 

 

On rent

1,122,057

 

 

 

645,522

 

 

 

Held for rent

120,784

 

 

 

91,647

 

 

 

Operating lease right-of-use assets

297,317

 

 

 

273,143

 

 

 

Goodwill

344,023

 

 

 

70,217

 

 

 

Total assets

3,035,302

 

 

 

1,576,628

 

 

 

 

 

 

 

 

Operating lease liabilities

$

299,537

 

 

 

$

281,344

 

 

 

Senior debt, net

842,047

 

 

 

190,708

 

 

 

Senior notes, net

435,002

 

 

 

 

 

 

Total liabilities

2,210,138

 

 

 

1,090,052

 

 

 

Stockholders' equity

825,164

 

 

 

486,576

 

 

 

Rent-A-Center, Inc. and Subsidiaries

SEGMENT INFORMATION HIGHLIGHTS - UNAUDITED

     

Table 4

Three Months Ended June 30,

 

(In thousands)

2021

 

 

2020

 

 

Revenues

 

 

 

 

Rent-A-Center Business

$

505,834

 

 

 

$

459,192

 

 

 

Acima

635,280

 

 

 

191,243

 

 

 

Mexico

15,255

 

 

 

10,611

 

 

 

Franchising

37,606

 

 

 

22,700

 

 

 

Total revenues

$

1,193,975

 

 

 

$

683,746

 

 

 

Table 5

Three Months Ended June 30,

 

(In thousands)

2021

 

 

2020

 

 

Gross profit

 

 

 

 

Rent-A-Center Business

$

357,187

 

 

 

$

316,047

 

 

 

Acima

211,404

 

 

 

71,391

 

 

 

Mexico

10,818

 

 

 

7,432

 

 

 

Franchising

8,063

 

 

 

4,662

 

 

 

Total gross profit

$

587,472

 

 

 

$

399,532

 

 

 

Table 6

Three Months Ended June 30,

 

(In thousands)

2021

 

 

2020

 

 

Operating profit

 

 

 

 

Rent-A-Center Business

$

126,487

 

 

 

$

85,132

 

 

 

Acima

68,099

 

 

 

6,233

 

 

 

Mexico

2,420

 

 

 

1,052

 

 

 

Franchising

5,694

 

 

 

3,029

 

 

 

Total segments

202,700

 

 

 

95,446

 

 

 

Corporate

(96,181

)

 

 

(41,811

)

 

 

Total operating profit

$

106,519

 

 

 

$

53,635

 

 

 

Table 7

Three Months Ended June 30,

 

(In thousands)

2021

 

 

2020

 

 

Depreciation and amortization

 

 

 

 

Rent-A-Center Business

$

4,452

 

 

 

$

4,876

 

 

 

Acima

524

 

 

 

474

 

 

 

Mexico

119

 

 

 

95

 

 

 

Franchising

18

 

 

 

10

 

 

 

Total segments

5,113

 

 

 

5,455

 

 

 

Corporate

8,453

 

 

 

8,893

 

 

 

Total depreciation and amortization

$

13,566

 

 

 

$

14,348

 

 

 

Table 8

Three Months Ended June 30,

 

(In thousands)

2021

 

 

2020

 

 

Capital expenditures

 

 

 

 

Rent-A-Center Business

$

8,308

 

 

 

$

3,504

 

 

 

Acima

515

 

 

 

2

 

 

 

Mexico

190

 

 

 

52

 

 

 

Total segments

9,013

 

 

 

3,558

 

 

 

Corporate

5,000

 

 

 

2,041

 

 

 

Total capital expenditures

$

14,013

 

 

 

$

5,599

 

 

 

Table 9

On lease at June 30,

 

Held for lease at June 30,

 

(In thousands)

2021

 

2020

 

2021

 

2020

 

Lease merchandise, net

 

 

 

 

 

 

 

 

Rent-A-Center Business

$

449,243

 

 

$

399,647

 

 

$

110,560

 

 

$

85,680

 

 

Acima

653,308

 

 

232,373

 

 

1,047

 

 

1,508

 

 

Mexico

19,506

 

 

13,502

 

 

9,177

 

 

4,459

 

 

Total lease merchandise, net

$

1,122,057

 

 

$

645,522

 

 

$

120,784

 

 

$

91,647

 

 

Table 10

June 30,

 

(In thousands)

2021

 

 

2020

 

 

Assets

 

 

 

 

Rent-A-Center Business

$

969,617

 

 

 

$

866,198

 

 

 

Acima

1,559,381

 

 

 

321,883

 

 

 

Mexico

41,106

 

 

 

29,056

 

 

 

Franchising

14,845

 

 

 

14,344

 

 

 

Total segments

2,584,949

 

 

 

1,231,481

 

 

 

Corporate

450,353

 

 

 

345,147

 

 

 

Total assets

$

3,035,302

 

 

 

$

1,576,628

 

 

 

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, 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), (2) Adjusted EBITDA (net earnings before interest, taxes, depreciation and amortization, as adjusted for special items) on a consolidated and segment basis and (3) Free Cash Flow (net cash provided by operating activities less capital expenditures). “Special items” refers to certain gains and charges we view as extraordinary, unusual or non-recurring in nature and which we believe do not reflect our core business activities. For the periods presented herein, these special items are described in the quantitative reconciliation tables included below in this release. Because of the inherent uncertainty related to the 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, 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.

Reconciliation of net earnings to net earnings excluding special items and non-GAAP diluted earnings per share:

   

Table 11

Three Months Ended June 30,

 

2021

 

 

 

2020

 

(in thousands, except per share data)

Amount

 

Per Share

 

Amount

 

Per Share

Net earnings

$

61,309

 

 

 

$

0.90

 

 

 

$

38,493

 

 

 

$

0.70

 

Special items, net of taxes:

 

 

 

 

 

 

 

Other charges (See Tables 12 and 13 below for additional detail)

58,382

 

 

 

0.87

 

 

 

5,818

 

 

 

0.10

 

Discrete income tax items(1)

(9,119

)

 

 

(0.14

)

 

 

(185

)

 

 

 

Net earnings excluding special items

$

110,572

 

 

 

$

1.63

 

 

 

$

44,126

 

 

 

$

0.80

 

                                     

(1) Discrete income tax items for the three months ended June 30, 2021 include the release of domestic and foreign tax valuation allowances.

Reconciliation of operating profit to Adjusted EBITDA (consolidated and by segment):

   

Table 12

Three Months Ended June 30, 2021

(In thousands)

Rent-A-

Center

Business

 

Acima

 

Mexico

 

Franchising

 

Corporate

 

Consolidated

GAAP Operating Profit (Loss)

$

126,487

 

 

 

$

68,099

 

 

$

2,420

 

 

$

5,694

 

 

$

(96,181

)

 

 

$

106,519

 

 

Plus: Amortization, Depreciation

4,452

 

 

 

524

 

 

119

 

 

18

 

 

8,453

 

 

 

13,566

 

 

Plus: Special Items (Extraordinary, Unusual or Non-Recurring Gains or Charges)

 

 

 

 

 

 

 

 

 

 

 

Acima equity consideration vesting

 

 

 

 

 

 

 

 

 

34,410

 

 

 

34,410

 

 

Acima acquired assets depreciation and amortization(1)

 

 

 

18,388

 

 

 

 

 

 

3,972

 

 

 

22,360

 

 

Legal settlement reserves

 

 

 

 

 

 

 

 

 

3,500

 

 

 

3,500

 

 

Acima transaction costs

 

 

 

 

 

 

 

 

 

705

 

 

 

705

 

 

Acima integration costs

(4

)

 

 

313

 

 

 

 

 

 

379

 

 

 

688

 

 

Store closure costs

115

 

 

 

 

 

1

 

 

 

 

 

 

 

116

 

 

Adjusted EBITDA

$

131,050

 

 

 

$

87,324

 

 

$

2,540

 

 

$

5,712

 

 

$

(44,762

)

 

 

$

181,864

 

 

                                                   

(1)Includes amortization of approximately $29.3 million related to the total fair value of acquired intangible assets, incremental depreciation of approximately $4.0 million related to the fair value increase over net book value for acquired software assets, offset by a depreciation adjustment of approximately ($10.4) million related to a step-down of estimated fair value under net book value for acquired lease merchandise

Table 13

Three Months Ended June 30, 2020

(In thousands)

Rent-A-

Center

Business

 

Acima

 

Mexico

 

Franchising

 

Corporate

 

Consolidated

GAAP Operating Profit (Loss)

$

85,132

 

 

 

$

6,233

 

 

$

1,052

 

 

$

3,029

 

 

$

(41,811

)

 

 

$

53,635

 

 

Plus: Amortization, Depreciation

4,876

 

 

 

474

 

 

95

 

 

10

 

 

8,893

 

 

 

14,348

 

 

Plus: Special Items (Extraordinary, Unusual or Non-Recurring Gains or Charges)

 

 

 

 

 

 

 

 

 

 

 

Legal settlement reserves

 

 

 

 

 

 

 

 

 

4,400

 

 

 

4,400

 

 

Cost savings initiatives

175

 

 

 

45

 

 

 

 

 

 

1,002

 

 

 

1,222

 

 

State tax audit assessment reserves

261

 

 

 

 

 

 

 

 

 

564

 

 

 

825

 

 

Nationwide protest impacts

703

 

 

 

 

 

 

 

 

 

 

 

 

703

 

 

COVID-19 impacts

355

 

 

 

115

 

 

 

 

 

 

 

 

 

470

 

 

Store closure costs

452

 

 

 

 

 

7

 

 

 

 

 

 

 

459

 

 

Insurance reimbursement proceeds

(158

)

 

 

 

 

 

 

 

 

 

 

 

(158

)

 

Adjusted EBITDA

$

91,796

 

 

 

$

6,867

 

 

$

1,154

 

 

$

3,039

 

 

$

(26,952

)

 

 

$

75,904

 

 

Reconciliation of net cash provided by operating activities to free cash flow:

       

Table 14

Three Months Ended June 30,

 

Six Months Ended June 30,

(In thousands)

2021

 

 

2020

 

 

2021

 

 

2020

 

Net cash provided by operating activities

$

114,725

 

 

 

$

207,319

 

 

 

$

250,518

 

 

 

$

254,719

 

 

Purchase of property assets

$

(14,013

)

 

 

(5,599

)

 

 

(25,401

)

 

 

(14,750

)

 

Hurricane insurance recovery proceeds

$

 

 

 

158

 

 

 

 

 

 

158

 

 

Free cash flow

$

100,712

 

 

 

$

201,878

 

 

 

$

225,117

 

 

 

$

240,127

 

 

 

 

 

 

 

 

 

 

Proceeds from sale of stores

$

 

 

 

 

 

 

 

 

 

187

 

 

Acquisitions of businesses

$

(5,639

)

 

 

 

 

 

(1,273,542

)

 

 

 

 

Free cash flow including acquisitions and divestitures

$

95,073

 

 

 

$

201,878

 

 

 

$

(1,048,425

)

 

 

$

240,314

 

 

SOURCE Rent-A-Center, Inc.

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