Upbound (UPBD) 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Document and Company Informatio

Document and Company Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-38047
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-0491516
Entity Address, Address Line One	5501 Headquarters Drive
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75024
City Area Code	972
Local Phone Number	801-1100
Title of 12(b) Security	Common stock, $.01 par value
Trading Symbol	RCII
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		66,140,238
Entity Registrant Name	RENT A CENTER INC DE
Entity Central Index Key	0000933036
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	Sep. 21, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Store
Rentals and fees		$ 930,849	$ 579,573	$ 2,592,788	$ 1,682,310
Merchandise sales		192,016	91,233	646,038	300,693
Installment sales		17,028	16,580	52,992	48,970
Other		1,082	844	3,035	2,341
Total store revenues		1,140,975	688,230	3,294,853	2,034,314
Franchise
Merchandise sales		33,671	19,069	96,342	49,553
Royalty income and fees		6,622	4,716	20,830	13,833
Total revenues		1,181,268	712,015	3,412,025	2,097,700
Store
Cost of rentals and fees		344,623	167,027	912,531	489,606
Cost of merchandise sold		228,024	95,177	717,983	296,894
Cost of installment sales		6,291	5,713	18,566	16,830
Total cost of store revenues		578,938	267,917	1,649,080	803,330
Franchise cost of merchandise sold		33,570	19,070	96,190	49,632
Total cost of revenues		612,508	286,987	1,745,270	852,962
Gross profit		568,760	425,028	1,666,755	1,244,738
Store expenses
Labor		163,945	150,493	479,989	434,216
Other store expenses		189,553	140,818	540,698	463,292
General and administrative expenses		45,958	41,576	149,468	113,694
Depreciation and amortization		13,835	13,810	40,794	43,071
Other charges (gains)		88,323	(1,856)	212,095	7,768
Total operating expenses		501,614	344,841	1,423,044	1,062,041
Operating profit		67,146	80,187	243,711	182,697
Debt refinancing charges	$ 1,400	6,839	0	15,582	0
Interest expense		19,742	3,350	52,167	11,958
Interest income		(30)	(152)	(148)	(561)
Earnings before income taxes		40,595	76,989	176,110	171,300
Income tax expense		19,328	12,959	50,982	19,485
Net earnings		$ 21,267	$ 64,030	$ 125,128	$ 151,815
Basic earnings per common share		$ 0.36	$ 1.19	$ 2.17	$ 2.80
Diluted earnings per common share		0.31	1.15	1.85	2.73
Cash dividends declared per common share		$ 0.31	$ 0.29	$ 0.93	$ 0.87

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net earnings	$ 21,267	$ 64,030	$ 125,128	$ 151,815
Other comprehensive income (loss)
Foreign currency translation adjustments, net of tax of $(251) and $162, $(240) and $(872) for the three and nine months ended September 30, 2021 and 2020, respectively	(251)	162	(240)	(872)
Total other comprehensive (loss) income	(944)	609	(901)	(3,280)
Comprehensive income	20,323	64,639	124,227	148,535
Accumulated Other comprehensive Loss [Member]
Other comprehensive income (loss)
Total other comprehensive (loss) income	$ (944)	$ 609	$ (901)	$ (3,280)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 158,830	$ 159,449
Receivables, net of allowance for doubtful accounts of $7,964 and $8,047 in 2021 and 2020, respectively	131,930	90,003
Allowance for doubtful accounts	7,964	8,047
Prepaid expenses and other assets	51,480	50,006
Rental merchandise, net
On rent	1,121,038	762,886
Held for rent	147,755	146,266
Merchandise held for installment sale	7,134	5,439
Property assets, net of accumulated depreciation of $542,328 and $505,074 in 2021 and 2020, respectively	309,316	141,641
Property assets, accumulated depreciation	542,328	505,074
Operating lease right-of-use assets	298,263	283,422
Deferred tax asset	41,042	33,782
Goodwill	332,210	70,217
Other intangible assets, net	454,672	7,869
Assets	3,053,670	1,750,980
LIABILITIES
Accounts payable – trade	150,232	186,063
Accrued liabilities	360,573	320,583
Operating lease liabilities	300,410	285,354
Deferred tax liability	106,819	176,410
Senior debt, net	846,060	190,490
Senior notes, net	435,497	0
Total liabilities	2,199,591	1,158,900
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value; 250,000,000 shares authorized; 124,375,880 and 112,180,517 shares issued in 2021 and 2020, respectively	$ 1,141	$ 1,105
Common stock - par value	$ 0.01	$ 0.01
Common stock - shares authorized	250,000,000	250,000,000
Common stock - shares issued	124,375,880	112,180,517
Additional paid-in capital	$ 1,106,425	$ 886,902
Retained earnings	1,154,386	1,091,010
Treasury stock at cost, 58,227,367 and 57,891,859 shares in 2021 and 2020, respectively	$ (1,395,576)	$ (1,375,541)
Treasury stock - shares at cost	58,227,367	57,891,859
Accumulated other comprehensive loss	$ (12,297)	$ (11,396)
Total Stockholders' Equity	854,079	592,080
Total Liabilities and Stockholders' Equity	$ 3,053,670	$ 1,750,980

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other comprehensive Loss [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares, outstanding		111,166
Total stockholders' equity	$ 458,963	$ 1,110	$ 869,617	$ 947,875	$ (1,348,969)	$ (10,670)
Total stockholders' equity | ASC 326 adoption	(769)			(769)
Net earnings	49,292			49,292
Total other comprehensive (loss) income	(3,906)					(3,906)
Purchase of treasury stock	(26,525)	$ (14)			(26,511)
Exercise of stock options, shares		69
Exercise of stock options	1,195	$ 1	1,194
Vesting of restricted share units, net of shares withheld for employee taxes, shares		434
Vesting of restricted share units, net of shares withheld for employee taxes	(5,270)	$ 4	(5,274)
Stock-based compensation	3,043		3,043
Net earnings	151,815			151,815
Total other comprehensive (loss) income	(3,280)					(3,280)
Purchase of treasury stock	(26,600)
Common stock, shares, outstanding		111,669
Total stockholders' equity	476,023	$ 1,101	868,580	996,398	(1,375,480)	(14,576)
Net earnings	38,493			38,493
Total other comprehensive (loss) income	17					17
Exercise of stock options, shares		42
Exercise of stock options	486	$ 0	486
Stock-based compensation	2,849		2,849
Dividends declared	(31,292)			(31,292)
Common stock, shares, outstanding		111,711
Total stockholders' equity	486,576	$ 1,101	871,915	1,003,599	(1,375,480)	(14,559)
Net earnings	64,030			64,030
Total other comprehensive (loss) income	609					609
Purchase of treasury stock	(61)				(61)
Exercise of stock options, shares		226
Exercise of stock options	$ 4,055	$ 2	4,053
Vesting of restricted share units, net of shares withheld for employee taxes, shares	0	87
Stock-based compensation	$ 2,997		2,997
Dividends declared	(15,869)			(15,869)
Common stock, shares, outstanding		112,024
Total stockholders' equity	542,337	$ 1,103	878,965	1,051,760	(1,375,541)	(13,950)
Common stock, shares, outstanding		112,181
Total stockholders' equity	592,080	$ 1,105	886,902	1,091,010	(1,375,541)	(11,396)
Net earnings	42,552			42,552
Total other comprehensive (loss) income	(853)					(853)
Exercise of stock options, shares		330
Exercise of stock options	8,944	$ 3	8,941
Vesting of restricted share units, net of shares withheld for employee taxes, shares		902
Vesting of restricted share units, net of shares withheld for employee taxes	(20,903)	$ 7	(20,910)
Stock-based compensation	20,148		20,148
Dividends declared	(20,722)			(20,722)
Acima Acquisition, shares		10,780
Acima Acquisition	120,941	$ 27	120,914
Net earnings	125,128			125,128
Total other comprehensive (loss) income	(901)					(901)
Purchase of treasury stock	(20,000)
Common stock, shares, outstanding		124,193
Total stockholders' equity	742,187	$ 1,142	1,015,995	1,112,840	(1,375,541)	(12,249)
Net earnings	61,309			61,309
Total other comprehensive (loss) income	896					896
Exercise of stock options, shares		96
Exercise of stock options	1,682	$ 1	1,681
Vesting of restricted share units, net of shares withheld for employee taxes, shares		58
Vesting of restricted share units, net of shares withheld for employee taxes	1	$ 1	0
Stock-based compensation	39,566		39,566
Dividends declared	(20,477)			(20,477)
Common stock, shares, outstanding		124,347
Total stockholders' equity	825,164	$ 1,144	1,057,242	1,153,672	(1,375,541)	(11,353)
Net earnings	21,267			21,267
Total other comprehensive (loss) income	(944)					(944)
Purchase of treasury stock	(20,039)	$ (4)			(20,035)
Exercise of stock options, shares		29
Exercise of stock options	742	$ 1	741
Stock-based compensation	48,442		48,442
Dividends declared	(20,553)			(20,553)
Common stock, shares, outstanding		124,376
Total stockholders' equity	$ 854,079	$ 1,141	$ 1,106,425	$ 1,154,386	$ (1,395,576)	$ (12,297)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net earnings	$ 125,128	$ 151,815
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation of rental merchandise	880,341	471,530
Bad debt expense	9,825	10,959
Stock-based compensation expense	108,156	8,889
Depreciation of property assets	49,335	42,268
Loss on sale or disposal of property assets	318	1,067
Amortization of intangibles	73,228	810
Amortization of financing fees	4,178	1,186
Write-off of debt financing fees	9,926	0
Deferred income taxes	32,752	4,383
Changes in operating assets and liabilities, net of acquired assets
Rental merchandise	(900,921)	(435,722)
Receivables	(21,286)	(2,465)
Prepaid expenses and other assets	(721)	5,871
Operating lease right-of-use assets and lease liabilities	(339)	(536)
Accounts payable – trade	(51,853)	8,184
Accrued liabilities	8,137	27,987
Net cash provided by operating activities	326,204	296,226
Cash flows from investing activities
Purchase of property assets	(45,876)	(22,557)
Proceeds from sale of property assets	3	196
Hurricane insurance recovery proceeds	0	158
Acquisitions of businesses	1,273,542	700
Net cash used in investing activities	(1,319,415)	(22,903)
Cash flows from financing activities
Share repurchases	20,035	26,572
Exercise of stock options	11,368	5,737
Shares withheld for payment of employee tax withholdings	(20,903)	(5,270)
Debt issuance costs	47,622	0
Proceeds from debt	1,490,000	198,000
Repayments of debt	(366,875)	(239,500)
Dividends paid	53,182	47,329
Net cash provided by (used in) financing activities	992,751	(114,934)
Effect of exchange rate changes on cash	(159)	(1,485)
Net (decrease) increase in cash and cash equivalents	(619)	156,904
Cash and cash equivalents at beginning of period	159,449	70,494
Cash and cash equivalents at end of period	$ 158,830	$ 227,398

Basis of Presentation (Notes)

Basis of Presentation (Notes)	9 Months Ended
	Sep. 30, 2021
Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed consolidated financial statements of Rent-A-Center, Inc. included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the SEC’s rules and regulations, although we believe the disclosures are adequate to make the information presented not misleading. We suggest these financial statements be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2020. In our opinion, the accompanying unaudited interim financial statements contain all adjustments, consisting only of those of a normal recurring nature, necessary to present fairly our results of operations and cash flows for the periods presented. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. Use of Estimates 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 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. Principles of Consolidation and Nature of Operations These financial statements included herein include the accounts of Rent-A-Center, Inc. and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. Unless the context indicates otherwise, references to “Rent-A-Center” refer only to Rent-A-Center, Inc., the parent, and references to the “Company”, “we,” “us” and “our” refer to the consolidated business operations of Rent-A-Center and any or all of its direct and indirect subsidiaries. We report four operating segments: Rent-A-Center Business, Acima (formerly Preferred Lease), Mexico, and Franchising. Our Rent-A-Center Business segment consists of company-owned lease-to-own stores in the United States and Puerto Rico that lease household durable goods to customers on a lease-to-own basis. We also offer merchandise on an installment sales basis in certain of our stores under the names “Get It Now” and “Home Choice.” Our Rent-A-Center Business segment operates through our company-owned stores and e-commerce platform through rentacenter.com. Our Acima segment, which operates in the United States and Puerto Rico and which, includes the operations of Acima Holdings (as defined in Note 2 below) acquired in February 2021 and our Preferred Lease virtual and staffed locations, generally offers the lease-to-own transaction to consumers who do not qualify for financing from the traditional retailer. The Acima segment offers the lease-to-own transaction through our virtual offering solutions across e-commerce, digital, and mobile channels, and through staffed and unstaffed kiosks located within such retailer’s locations. Our Mexico segment consists of our company-owned lease-to-own stores in Mexico that lease household durable goods to customers on a lease-to-own basis. Rent-A-Center Franchising International, Inc., an indirect wholly-owned subsidiary of Rent-A-Center, is a franchisor of lease-to-own stores. Our Franchising segment’s primary source of revenue is the sale of rental merchandise to its franchisees, who in turn offer the merchandise to the general public for rent or purchase under a lease-to-own transaction. The balance of our Franchising segment’s revenue is generated primarily from royalties based on franchisees’ monthly gross revenues. Newly Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. The standard removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We adopted ASU 2019-12 beginning January 1, 2021 using a prospective approach. Impacts to our financial statements for the nine months ended September 30, 2021 resulting from the adoption of this ASU were immaterial.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Notes)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisitions and divestitures	Acquisitions and Divestitures On December 20, 2020, we entered into the Merger Agreement (the “Merger”) with Radalta, LLC, a Utah limited liability company and wholly owned subsidiary of the company, Acima (“Acima Holdings”), and Aaron Allred, solely in his capacity as the representative of the former owners of Acima Holdings, providing for the merger of Radalta, LLC with and into Acima Holdings, with Acima Holdings surviving the Merger as a wholly owned subsidiary of the Company for total estimated consideration of $1.65 billion, including cash consideration of approximately $1.3 billion and approximately 10.8 million shares with an estimated value of approximately $377 million. On February 17, 2021, we completed the acquisition of the membership interest of Acima Holdings, LLC. Acima Holdings is a leading platform offering customers virtual lease-to-own solutions at the point-of-sale via web and mobile technology. In accordance with the Merger Agreement, we issued to the former owners of Acima Holdings an aggregate of 10,779,923 shares of our common stock (the “Aggregate Stock Consideration”) and paid to them aggregate cash consideration of $1.3 billion (the “Aggregate Cash Consideration”). In accordance with the terms of the Merger Agreement, the portion of the Aggregate Stock Consideration issued to former owners of Acima Holdings who are also employees of Acima Holdings is subject to restricted stock agreements providing vesting conditions over a 36-month period beginning upon closing of the Merger. The portion of the Aggregate Stock Consideration issued to nonemployee former owners of Acima Holdings is subject to the terms of an 18-month lockup agreement, pursuant to which one-third of the aggregate shares of our common stock received by a non-employee former owner in the Merger becomes transferable after each six-month period following the closing of the Merger. We entered into a Registration Rights Agreement, dated as of February 17, 2021, pursuant to which certain former owners of Acima are entitled to registration rights in respect of the portion of the Aggregate Stock Consideration received by them in the Merger. The aggregate purchase price was approximately $1.4 billion, including net cash consideration of approximately $1.3 billion, and 2,683,328 shares of the Aggregate Stock Consideration subject to 18-month lockup agreements valued at $51.14 per share, as of the date of closing, and adjusted by a discount for lack of marketability to account for the transfer restrictions in three tranches, each in 6-month intervals after the closing date. The Aggregate Cash Consideration for the acquisition was financed with a combination of cash on hand, borrowings under our ABL Credit Facility and proceeds from issuances under our Term Loan Facility, as defined in Note 7, in addition to proceeds from the issuance of new unsecured senior notes. See Note 7 and Note 8 for additional information. The remaining 8,096,595 common shares included in the Aggregate Stock Consideration subject to restricted stock agreements and 36-month vesting conditions were valued at $414.1 million, as of the date of closing. These shares have been excluded from the aggregate purchase price and instead are being recognized as stock-based compensation expense subject to ASC Topic 718, “Stock-based Compensation”, over the required vesting period, and recorded to Other charges (gains) in our unaudited Condensed Consolidated Statements of Operations. However, for tax purposes the value of Aggregate Stock Consideration subject to restricted stock agreements is treated as goodwill. In addition, the total value of the common shares subject to restricted stock agreements noted above, resulted in a decrease in the deferred tax liability included in the net assets acquired of approximately $103.5 million based on the fair value of the shares, as of the date of closing, multiplied by the blended federal and state statutory rate of approximately 24%, as included in the below net assets acquired table. Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their fair values. The following table provides the preliminary estimated fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date: (in thousands) February 17, 2021 Aggregate cash consideration $ 1,273,263 Aggregate stock consideration, subject to lockup agreements 120,929 Total Purchase price $ 1,394,192 ASSETS ACQUIRED Receivables, net (1) $ 30,465 Prepaid expenses and other assets 699 Rental merchandise On rent 340,575 Property assets 171,455 Operating lease right-of-use assets 9,136 Goodwill 261,981 Other intangible assets 520,000 Total assets acquired $ 1,334,311 LIABILITIES ASSUMED Accounts payable - trade 16,023 Accrued liabilities 23,677 Operating lease liabilities 9,689 Deferred income taxes (109,270) Total liabilities assumed (59,881) Total equity value $ 1,394,192 (1) Includes gross contractual receivables of $65.2 million related to merchandise lease contracts, of which $35.5 million were estimated to be uncollectible. Carrying value for assets and liabilities assumed as part of the acquisition, including receivables, prepaid expenses and other assets, rental merchandise, accounts payable and accrued liabilities were recorded as fair value, as of the date of acquisition, due to the short term nature of these balances. Operating lease right-of-use assets and liabilities were recorded as the discounted value of future obligations in accordance with ASC Topic 842, “Leases”. The fair value measurements for acquired intangible assets and developed technology were primarily based on significant unobservable inputs (level 3) developed using company-specific information. Certain fair value estimates were determined based on an independent valuation of the net assets acquired, including $520 million of identifiable intangible assets with an estimated weighted average useful life of 8 years, as follows: Asset Class Estimated Fair Value Estimated Remaining Useful Life (in years) Merchant relationships $ 380,000 10 Relationship with existing lessees 60,000 1 Trade name 40,000 7 Non-compete agreements 40,000 3 Developed technology, included in Property assets, net, in line with our accounting policies, was also acquired with a value of $170.0 million and an estimated remaining useful life of 10 years. The fair value for these intangible and property assets were estimated using common industry valuation methods for similar asset types, based primarily on cost inputs and projected cash flows. In addition, we recorded goodwill of $262.0 million in our Acima operating segment, which consists of the excess of the net purchase price over the fair value of the net assets acquired and assembled workforce of $10 million. Goodwill represents expected cost and revenue synergies and other benefits expected to result within our retail partner business from the acquisition of Acima Holdings. The total value of goodwill for tax purposes, including our recorded goodwill, plus the value of Aggregate Stock Consideration subject to restricted stock agreements described above, and acquisition-related expenses described below, is fully deductible and will be amortized over 15 years. Acima Holdings results of operations are reflected in our unaudited condensed consolidated statements of operations from the date of acquisition. In the third quarter of 2021, we recorded an adjustment to the fair value of rental merchandise increasing the value of the acquired assets by approximately $15.5 million with a corresponding decrease to goodwill. The recorded adjustment was based on further assessment of the carrying value of the assets and corresponding evaluation of related (Level 2) market inputs. In connection with the adjustment to increase the value of acquired rental merchandise we recorded a corresponding adjustment to increase rental merchandise depreciation by approximately $9.0 million, representing the period from the date of acquisition through September 30, 2021. The adjustment to rental merchandise depreciation is reflected in cost of rentals and fees in our condensed consolidated statement of operations. We believe the fair value measurements for acquired assets and liabilities is complete as of September 30, 2021, and we do not expect any additional adjustments to the purchase price allocation within the measurement period. In connection with this acquisition, we incurred approximately $23.4 million in acquisition-related expenses including expenses related to legal, professional, and banking transaction fees, which are treated as an addition to goodwill for tax purposes. In addition, we recognized a decrease in deferred tax liability included in the net assets acquired of $7.6 million related to these expenditures. These costs were included in Other charges (gains) in our unaudited Condensed Consolidated Statements of Operations. The following unaudited pro forma combined results of operations present our financial results as if the acquisition of Acima had been completed on January 1, 2020. These unaudited pro forma results may not necessarily reflect the actual results of operations that would have been achieved, nor are they necessarily indicative of future results of operations. The unaudited pro forma information reflects the step-up depreciation and amortization adjustments for the fair value of the assets acquired, adjustments to stock compensation expense as a result of Aggregate Stock Consideration subject to restricted stock awards, the adjustments in interest expense due to the elimination of historical debt and placement of the new debt, and the related adjustments to the income tax provision. In addition, the pro forma net income has been adjusted to include transaction expenses and other non-recurring costs as of January 1, 2020. The unaudited pro forma financial information is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 (unaudited) (unaudited) (unaudited) (unaudited) Pro Forma total revenues $ 1,181,268 $ 1,042,799 $ 3,606,629 $ 3,011,812 Pro Forma net earnings (1) 36,320 32,004 158,181 31,160 (1) Total pro forma adjustments to net earnings represented increases of $15.0 million and $5.9 million for the three and nine months ended September 30, 2021, and decreases of $98.9 million and $276.9 million for the three and nine months ended September 30, 2020, respectively. The amounts of revenue and earnings of Acima Holdings included in our Condensed Consolidated Statements of Operations from the acquisition date of February 17, 2021 are as follows: (in thousands) February 17, 2021 - September 30, 2021 February 17, 2020 - September 30, 2020 (unaudited) (unaudited) Total revenues $ 1,042,966 $ 772,743 Net earnings (1) 102,063 137,276 (1) Net Earnings for the period February 17, 2021 - September 30, 2021 includes amortization of intangible assets acquired upon closing of the Acima Holdings acquisition.

Revenues (Notes)

Revenues (Notes)	9 Months Ended
	Sep. 30, 2021
Revenues [Abstract]
Revenues	Revenues The following table disaggregates our revenue for the periods ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 Rent-A-Center Business Acima Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 446,049 $ 469,692 $ 15,108 $ — $ 930,849 Merchandise sales 37,515 153,725 776 — 192,016 Installment sales 17,028 — — — 17,028 Other 394 28 33 627 1,082 Total store revenues 500,986 623,445 15,917 627 1,140,975 Franchise Merchandise sales — — — 33,671 33,671 Royalty income and fees — — — 6,622 6,622 Total revenues $ 500,986 $ 623,445 $ 15,917 $ 40,920 $ 1,181,268 Nine Months Ended September 30, 2021 Rent-A-Center Business Acima Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 1,313,512 $ 1,236,059 $ 43,217 $ — $ 2,592,788 Merchandise sales 163,943 479,701 2,394 — 646,038 Installment sales 52,992 — — — 52,992 Other 1,239 414 59 1,323 3,035 Total store revenues 1,531,686 1,716,174 45,670 1,323 3,294,853 Franchise Merchandise sales — — — 96,342 96,342 Royalty income and fees — — — 20,830 20,830 Total revenues $ 1,531,686 $ 1,716,174 $ 45,670 $ 118,495 $ 3,412,025 Three Months Ended September 30, 2020 Rent-A-Center Business Acima Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 414,798 $ 153,306 $ 11,469 $ — $ 579,573 Merchandise sales 42,459 48,096 678 — 91,233 Installment sales 16,580 — — — 16,580 Other 386 257 12 189 844 Total store revenues 474,223 201,659 12,159 189 688,230 Franchise Merchandise sales — — — 19,069 19,069 Royalty income and fees — — — 4,716 4,716 Total revenues $ 474,223 $ 201,659 $ 12,159 $ 23,974 $ 712,015 Nine Months Ended September 30, 2020 Rent-A-Center Business Acima Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 1,193,301 $ 454,744 $ 34,265 $ — $ 1,682,310 Merchandise sales 144,887 153,774 2,032 — 300,693 Installment sales 48,970 — — — 48,970 Other 1,222 511 19 589 2,341 Total store revenues 1,388,380 609,029 36,316 589 2,034,314 Franchise Merchandise sales — — — 49,553 49,553 Royalty income and fees — — — 13,833 13,833 Total revenues $ 1,388,380 $ 609,029 $ 36,316 $ 63,975 $ 2,097,700 Lease Purchase Agreements Rent-A-Center Business, Acima, and Mexico Rentals and Fees. Rental merchandise is leased to customers pursuant to rental purchase agreements, which provide for weekly, semi-monthly or monthly rental terms with non-refundable rental payments. At the expiration of each rental term, customers may renew the rental agreement for the next rental term. Generally, the customer has the right to acquire title of the merchandise either through a purchase option or through payment of all required rental terms. Customers can terminate the rental agreement at the end of any rental term without penalty. Therefore, rental transactions are accounted for as operating leases. Rental payments received at our Rent-A-Center Business, Acima (excluding virtual) and Mexico locations must be prepaid in advance of the next rental term. Under the virtual business model, revenues may be earned prior to the rental payment due date, in which case revenue is accrued prior to receipt of the rental payment, net of estimated returns and uncollectible renewal payments. Under both models, rental revenue is recognized over the rental term. See Note 4 for additional information regarding accrued rental revenue. Cash received for rental payments, including fees, prior to the period in which it should be recognized, is deferred and recognized according to the rental term. At September 30, 2021 and December 31, 2020, we had $40.5 million and $45.8 million, respectively, in deferred revenue included in accrued liabilities related to our rental purchase agreements. Revenue related to various payment, reinstatement or late fees is recognized when paid by the customer at the point service is provided. Rental merchandise in our Rent-A-Center Business, former Preferred Lease, and Mexico locations is depreciated using the income forecasting method and recognized in cost of sales over the rental term. Rental merchandise in the recently acquired Acima Holdings is depreciated over the rental term using a straight-line depreciation method. We also offer additional product plans along with our rental agreements which provide customers with liability protection against significant damage or loss of a product, and club membership benefits, including various discount programs and product service and replacement benefits in the event merchandise is damaged or lost, and payment insurance in the event eligible customers become unemployed. Customers renew product plans in conjunction with their rental term renewals, and can cancel the plans at any time. Revenue for product plans is recognized over the term of the plan. Costs incurred related to product plans are primarily recognized in cost of sales. Revenue from contracts with customers Rent-A-Center Business, Acima, and Mexico Merchandise Sales. Merchandise sales include payments received for the exercise of the early purchase option offered through our rental purchase agreements or merchandise sold through point of sale transactions. Revenue for merchandise sales is recognized when payment is received and ownership of the merchandise passes to the customer. The remaining net value of merchandise sold is recorded to cost of sales at the time of the transaction. Installment Sales. Revenue from the sale of merchandise in our retail installment stores is recognized when the installment note is signed and control of the merchandise has passed to the customer. The cost of merchandise sold through installment agreements is recognized in cost of sales at the time of the transaction. We offer extended service plans with our installment agreements which are administered by third parties and provide customers with product service maintenance beyond the term of the installment agreement. Payments received for extended service plans are deferred and recognized, net of related costs, when the installment payment plan is complete and the service plan goes into effect. Customers can cancel extended service plans at any time during the installment agreement period and receive a refund for payments previously made towards the plan. At September 30, 2021 and December 31, 2020, we had $3.4 million and $3.1 million in deferred revenue included in accrued liabilities related to extended service plans. Other. Other revenue consists of revenue generated by other miscellaneous product plans offered to our rental and installment customers. Revenue for other product plans is recognized in accordance with the terms of the applicable plan agreement. Franchising Merchandise Sales. Revenue from the sale of rental merchandise is recognized upon shipment of the merchandise to the franchisee. Royalty Income and Fees. Franchise royalties, including franchisee contributions to corporate advertising funds, represent sales-based royalties calculated as a percentage of gross rental payments and sales. Royalty revenue is accrued and recognized as rental payments and merchandise sales occur. Franchise fees are initial fees charged to franchisees for new or converted franchise stores. Franchise fee revenue is recognized on a straight-line basis over the term of the franchise agreement. At both September 30, 2021 and December 31, 2020, we had $4.3 million and $4.7 million in deferred revenue included in accrued liabilities related to franchise fees.

Receivables and Allowance for D

Receivables and Allowance for Doubtful Accounts (Notes)	9 Months Ended
	Sep. 30, 2021
Receivables and Allowance for Doubtful Accounts [Abstract]
Receivables and Allowance for Doubtful Accounts	Receivables and Allowance for Doubtful Accounts Installment sales receivables consist primarily of receivables due from customers for the sale of merchandise in our retail installment stores. Installment sales receivable associated with the sale of merchandise at our Get It Now and Home Choice stores generally consist of the sales price of the merchandise purchased and any additional fees for services the customer has chosen, less the customer’s down payment. No interest is accrued and interest income is recognized each time a customer makes a payment, generally on a monthly basis. Interest paid on installment agreements for the nine months ended September 30, 2021 and 2020 was $9.2 million and $8.5 million, respectively. Trade and notes receivables consist of amounts due from our rental customers for renewal and uncollected rental payments; amounts owed from our franchisees for inventory purchases, earned royalties and other obligations; and other corporate related receivables. Credit is extended to franchisees based on an evaluation of each franchisee’s financial condition and collateral is generally not required. Trade receivables are generally due within 30 days. Receivables consist of the following: (In thousands) September 30, 2021 December 31, 2020 Installment sales receivables $ 63,064 $ 61,794 Trade and notes receivables 76,830 36,256 Total receivables 139,894 98,050 Less allowance for doubtful accounts (7,964) (8,047) Total receivables, net of allowance for doubtful accounts $ 131,930 $ 90,003 We have established an allowance for doubtful accounts for our installment notes receivable. Our policy for determining the allowance is primarily based on historical loss experience, as well as the results of management’s review and analysis of the payment and collection of the installment notes receivable within the previous year. We believe our allowance is adequate to absorb all expected losses. Our policy is to charge off installment notes receivable that are 120 days or more past due. Charge-offs are applied as a reduction to the allowance for doubtful accounts and any recoveries of previously charged off balances are applied as an increase to the allowance for doubtful accounts. The allowance for our Franchising trade and notes receivables is determined by considering a number of factors, including the length of time receivables are past due, previous loss history, the franchisee’s current ability to pay its obligation, and the condition of the general economy and the industry as a whole. Trade receivables that are more than 90 days past due are either written-off or fully reserved in our allowance for doubtful accounts. Payments subsequently received on such receivables are credited to the allowance for doubtful accounts. The allowance for doubtful accounts related to trade and notes receivable was $0.9 million and $1.0 million at September 30, 2021 and December 31, 2020, respectively. The allowance for doubtful accounts related to installment sales receivable was $7.1 million and $7.0 million at September 30, 2021 and December 31, 2020, respectively. Changes in our allowance for doubtful accounts are as follows: (In thousands) September 30, 2021 Beginning allowance for doubtful accounts $ 8,047 Bad debt expense (1) 9,825 Accounts written off, net of recoveries (9,908) Ending allowance for doubtful accounts $ 7,964 (1) Uncollectible installment payments, franchisee obligations, and other corporate receivables are recognized in other store operating expenses in our condensed consolidated financial statements.

Leases (Notes)

Leases (Notes)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases We lease space for all of our Rent-A-Center Business and Mexico stores under operating leases expiring at various times through 2027. In addition, we lease space for certain support facilities under operating leases expiring at various times through 2032. Most of our store leases are five year leases and contain renewal options for additional periods ranging from three to five years at rental rates adjusted according to agreed upon formulas. We evaluate all leases to determine if it is likely that we will exercise future renewal options and in most cases we are not reasonably certain of exercise due to competing market rental rates and lack of significant penalty, or business disruption incurred by not exercising the renewal options. In certain situations involving the sale of a Rent-A-Center Business corporate store to a franchisee, we enter into a lease assignment agreement with the buyer, but we remain the primary obligor under the original lease for the remaining active term. These assignments are therefore classified as subleases and the original lease is included in our operating lease right-of-use assets and operating lease liabilities in our Condensed Consolidated Balance Sheets. We lease vehicles for all of our Rent-A-Center Business stores under operating leases with lease terms expiring twelve months after the start date of the lease. We classify these leases as short-term and have elected the short-term lease exemption for our vehicle leases, and have therefore excluded them from our operating lease right-of-use assets within our Condensed Consolidated Balance Sheets. We also lease vehicles for all of our Mexico stores which have terms expiring at various times through 2025 with rental rates adjusted periodically for inflation. Finally, we have a minimal number of equipment leases, primarily related to temporary storage containers and certain back-office technology hardware assets. For all of the leases described above, we have elected not to separate the lease and non-lease components and instead account for these as a single component. In addition, we have elected to use available practical expedients that eliminate the requirement to reassess whether expired or existing contracts contained leases and the requirement to reassess the lease classification for any existing leases prior to our adoption of ASU 2016-02 on January 1, 2019. Operating lease right-of-use assets and operating lease liabilities are discounted using our incremental borrowing rate, since the implicit rate is not readily determinable. We do not currently have any financing leases. Operating lease costs are recorded on a straight-line basis within other store expenses in our Condensed Consolidated Statements of Operations. Total operating lease costs by expense type: Three Months Ended Nine Months Ended (in thousands) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Operating lease cost included in Other store expenses (1)(2) $ 33,218 $ 34,682 $ 102,044 $ 106,559 Operating lease cost included in Other charges (gains) (2) 16 121 260 1,081 Sublease receipts (2,850) (2,180) (9,333) (6,641) Total operating lease charges $ 30,384 $ 32,623 $ 92,971 $ 100,999 (1) Includes short-term lease costs, which are not significant. (2) Excludes variable lease costs of $8.4 million and $25.4 million for the three and nine months ended September 30, 2021 compared to $8.7 million and $26.0 million for the three and nine months ended September 30, 2020. Supplemental cash flow information related to leases: Nine Months Ended (in thousands) September 30, 2021 September 30, 2020 Cash paid for amounts included in measurement of operating lease liabilities $ 80,800 $ 85,794 Cash paid for short-term operating leases not included in operating lease liabilities 13,022 17,466 Right-of-use assets obtained in exchange for new operating lease liabilities 87,178 74,095 Weighted-average discount rate and weighted-average remaining lease term: (in thousands) September 30, 2021 December 31, 2020 Weighted-average discount rate (1) 6.2 % 6.8 % Weighted-average remaining lease term (in years) 4 4 (1) The January 1, 2019 incremental borrowing rate was used for leases in existence at the time of adoption of ASU 2016-02. Reconciliation of undiscounted operating lease liabilities to the present value operating lease liabilities at September 30, 2021: (In thousands) Operating Leases 2021 $ 37,919 2022 102,197 2023 76,597 2024 58,245 2025 41,294 Thereafter 32,088 Total undiscounted operating lease liabilities 348,340 Less: Interest (47,930) Total present value of operating lease liabilities $ 300,410 In response to the COVID-19 pandemic and related government restrictions negatively impacting our operations, we renegotiated approximately 500 store lease agreements in the third quarter of 2020 to obtain rent relief, in order to help offset the negative financial impacts of COVID-19. Lease amendments executed as a result of our renegotiations included near term rent abatements of approximately $2.3 million and rent deferrals of approximately $2.1 million. As of September 30, 2021, we have repaid substantially all deferred rent associated with these lease amendments.

Income Taxes (Notes)

Income Taxes (Notes)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Tax	Income Taxes The effective tax rate was 47.6% and 28.9% for the three and nine months ended September 30, 2021, compared to 16.8% and 11.4% for the respective periods in 2020. The effective tax rate for the nine months ended September 30, 2021 was impacted by the tax effect of the equity consideration included in the Aggregate Stock Consideration subject to vesting conditions, discrete income tax items related to excess tax benefits from the vesting of our annual restricted stock award grants and stock option exercises, and the release of domestic and foreign tax valuation allowances. The effective tax rate for the nine months ended September 30, 2020 was primarily impacted by the tax benefit of net operating loss carrybacks at a 35% tax rate, as a result of the Coronavirus Aid, Relief, and Economic Security Act, enacted on March 27, 2020.

Senior Debt (Notes)

Senior Debt (Notes)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt Disclosure	Senior Debt, net On February 17, 2021, we entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and lenders party thereto, providing for a seven-year $875 million senior secured term loan facility (the “Term Loan Facility”) and an Asset Based Loan Credit Facility (the “ABL Credit Facility”) providing for a five-year asset-based revolving credit facility with commitments of $550 million and a letter of credit sublimit of $150 million. Commitments under the ABL Credit Facility may be increased, at our option and under certain conditions, by up to an additional $125 million in the aggregate. Proceeds from the Term Loan Facility were net of original issue discount of $4.4 million upon issuance from the lenders. In addition, in connection with the closing of the Term Loan Facility and the ABL Credit Facility, we incurred approximately $30.2 million in debt issuance costs, including bank financing fees and third party legal and other professional fees, of which $25.3 million was capitalized in accordance with ASC Topic 470, “Debt” and recorded as a reduction of our outstanding senior debt, net in our Condensed Consolidated Balance Sheets. Remaining debt issuance costs incurred of $4.9 million were expensed and recorded to Other charges (gains) in our Condensed Consolidated Statement of Operations. On September 21, 2021 we entered into a First Amendment (the “First Amendment”) to the Term Loan Facility, effective as of September 21, 2021. The amendment effected a repricing of the applicable margin under the Term Loan Facility by reducing the LIBOR floor by 25 basis points from 0.75% to 0.50%, and the applicable margin, with respect to any initial term loans, by 75 basis points from 4.00% to 3.25%. In connection with the execution of the First Amendment, we incurred approximately $1.5 million in debt issuance costs, including third party arrangement and other professional fees, of which approximately $1.4 million were expensed as debt refinance charges in our Condensed Consolidated Statement of Operations, and approximately $0.1 million were capitalized and recorded as a reduction to our outstanding senior debt in our Condensed Consolidated Balance Sheets. In addition, in accordance with ASC Topic 470, “Debt”, we recorded approximately $5.4 million in write-offs of unamortized debt issuance costs and original issue discount previously capitalized upon the issuance of the Term Loan Facility on February 17, 2021. The write-offs were recorded as debt refinance charges in our Condensed Consolidated Statement of Operations. As of September 30, 2021, the total remaining balance of unamortized debt issuance costs and original issue discount related to our senior debt reported in the Condensed Consolidated Balance Sheets were approximately $21.3 million and $3.0 million, respectively. Remaining unamortized debt issuance costs and original issue discount will be amortized to interest expense over the remaining term of the Term Loan Facility. The amount outstanding under the Term Loan Facility was $870.6 million at September 30, 2021. We had no outstanding borrowings under our ABL Credit Facility at September 30, 2021 and borrowing capacity of $463.6 million. We also utilize the ABL Credit Facility for the issuance of letters of credit. As of September 30, 2021, we have issued letters of credit in the aggregate outstanding amount of $86.4 million primarily relating to workers compensation insurance claims. Term Loan Credit Agreement The Term Loan Facility, which matures on February 17, 2028, amortizes in equal quarterly installments at a rate of 1.00% per annum of the original principal amount thereof, with the remaining balance due at final maturity. Subject in each case to certain restrictions and conditions, we may add up to $500 million of incremental term loan facilities to the Term Loan Facility or utilize incremental capacity under the Term Loan Facility at any time by issuing or incurring incremental equivalent term debt. Interest on borrowings under the Term Loan Facility is payable at a fluctuating rate of interest determined by reference to the eurodollar rate plus an applicable margin of 3.25%, subject to a 0.50% LIBOR floor. Borrowings under the Term Loan Facility amortize in equal quarterly installments in an amount equal to 1.000% per annum of the original aggregate principal amount thereof, with the remaining balance due at final maturity. The Term Loan Facility is secured by a first-priority security interest in substantially all of our present and future tangible and intangible personal property, including our subsidiary guarantors, other than the ABL Priority Collateral (as defined below), and by a second-priority security interest in the ABL Priority Collateral, subject to certain exceptions. The obligations under the Term Loan Facility are guaranteed by us and our material wholly-owned domestic restricted subsidiaries that also guarantee the ABL Credit Facility. The Term Loan Facility contains covenants that are usual and customary for similar facilities and transactions and that, among other things, restrict our ability and our restricted subsidiaries to create certain liens and enter into certain sale and lease-back transactions; create, assume, incur or guarantee certain indebtedness; consolidate or merge with, or convey, transfer or lease all or substantially all of our and our restricted subsidiaries’ assets, to another person; pay dividends or make other distributions on, or repurchase or redeem, our capital stock or certain other debt; and make other restricted payments. The Term Loan Facility also includes mandatory prepayment requirements related to asset sales (subject to reinvestment), debt incurrence (other than permitted debt) and excess cash flow, subject to certain limitations described therein. These covenants are subject to a number of limitations and exceptions set forth in the documentation governing the Term Loan. The Term Loan provides for customary events of default, including, but not limited to, failure to pay principal and interest, failure to comply with covenants, agreements or conditions, and certain events of bankruptcy or insolvency involving us and our significant subsidiaries. The Term Loan Facility was fully drawn at the closing of the Acima Holdings acquisition to fund a portion of the Aggregate Cash Consideration payable in the transaction, repay certain of our outstanding indebtedness and that of our subsidiaries, repay all outstanding indebtedness of Acima Holdings and its subsidiaries and pay certain fees and expenses incurred in connection with the transaction. A portion of such proceeds were used to repay $197.5 million outstanding under the prior term loan facility, dated as of August 5, 2019, among us, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (the “Prior Term Loan Facility”). ABL Credit Agreement The ABL Credit Facility will mature on February 17, 2026. We may borrow only up to the lesser of the level of the then-current borrowing base and the aggregate amount of commitments under the ABL Credit Facility. The borrowing base is tied to the amount of eligible installment sales accounts, inventory and eligible rental contracts, reduced by certain reserves. The ABL Credit Facility bears interest at a fluctuating rate determined by reference to the eurodollar rate plus an applicable margin of 1.50% to 2.00%. The total interest rate on the ABL Credit Facility at September 30, 2021 was 1.875%. A commitment fee equal to 0.250% to 0.375% of the unused portion of the ABL Credit Facility fluctuates dependent upon average utilization for the prior month as defined by a pricing grid included in the documentation governing the ABL Credit Facility. The commitment fee at September 30, 2021 was 0.375%. We paid $0.9 million of commitment fees during the third quarter of 2021. Loans under the ABL Credit Facility may be borrowed, repaid and re-borrowed until February 17, 2026, at which time all amounts borrowed must be repaid. The obligations under the ABL Credit Facility are guaranteed by us and certain of our wholly owned domestic restricted subsidiaries, subject to certain exceptions. The obligations under the ABL Credit Facility and such guarantees are secured on a first-priority basis by all of our and our subsidiary guarantors’ accounts, inventory, deposit accounts, securities accounts, cash and cash equivalents, rental agreements, general intangibles (other than equity interests in our subsidiaries), chattel paper, instruments, documents, letter of credit rights, commercial tort claims related to the foregoing and other related assets and all proceeds thereof related to the foregoing, subject to permitted liens and certain exceptions (such assets, collectively, the “ABL Priority Collateral”) and a second-priority basis in substantially all other present and future tangible and intangible personal property of ours and the subsidiary guarantors, subject to certain exceptions. The ABL Credit Facility contains covenants that are usual and customary for similar facilities and transactions and that, among other things, restrict our ability and our restricted subsidiaries to create certain liens and enter into certain sale and lease-back transactions; create, assume, incur or guarantee certain indebtedness; consolidate or merge with, or convey, transfer or lease all or substantially all of our and our restricted subsidiaries’ assets, to another person; pay dividends or make other distributions on, or repurchase or redeem, our capital stock or certain other debt; and make other restricted payments. The ABL Credit Facility also requires the maintenance of a consolidated fixed charge coverage ratio of 1.10 to 1.00 at the end of each fiscal quarter when either (i) certain specified events of default have occurred and are continuing or (ii) availability is less than or equal to the greater of $56.25 million and 15% of the line cap then in effect. These covenants are subject to a number of limitations and exceptions set forth in the documentation governing the ABL Credit Facility. The fixed charge coverage ratio as of September 30, 2021 was 1.66 to 1.00. The documentation governing the ABL Credit Facility provides for customary events of default, including, but not limited to, failure to pay principal and interest, failure to comply with covenants, agreements or conditions, and certain events of bankruptcy or insolvency involving us and our significant subsidiaries. The table below shows the scheduled maturity dates of our outstanding debt at September 30, 2021 for each of the years ending December 31: (in thousands) Term Loan Facility ABL Credit Facility Total 2021 $ 2,188 $ — $ 2,188 2022 8,750 — 8,750 2023 8,750 — 8,750 2024 8,750 — 8,750 2025 8,750 — 8,750 Thereafter 833,437 — 833,437 Total senior debt $ 870,625 $ — $ 870,625

Senior Notes (Notes)

Senior Notes (Notes)	9 Months Ended
	Sep. 30, 2021
Subsidiary Guarantors - Senior Notes [Abstract]
Senior Notes	Senior Notes On February 17, 2021, we issued $450 million in senior unsecured notes due February 15, 2029, at par value, bearing interest at 6.375% (the “Notes”), the proceeds of which were used to fund a portion of the Aggregate Cash Consideration upon closing of the Acima Holdings acquisition. Interest on the Notes is payable in arrears on February 15 and August 15 of each year, beginning on August 15, 2021. In connection with the issuance of the Notes, we incurred approximately $15.7 million in debt issuance costs, including bank financing fees and third party legal and other professional fees, which were capitalized in accordance with ASC Topic 470, “Debt” and recorded as a reduction of our outstanding Notes in our Condensed Consolidated Balance Sheets. Debt issuance costs will be amortized as interest expense over the term of the Notes. We may redeem some or all of the Notes at any time on or after February 15, 2024 for cash at the redemption prices set forth in the indenture governing the Notes, plus accrued and unpaid interest to, but not including, the redemption date. Prior to February 15, 2024, we may redeem up to 40% of the aggregate principal amount of the Notes with the proceeds of certain equity offerings at a redemption price of 106.375% plus accrued and unpaid interest to, but not including, the redemption date. In addition, we may redeem some or all of the Notes prior to February 15, 2024, at a redemption price of 100% of the principal amount of the Notes plus accrued and unpaid interest to, but not including, the redemption date, plus a “make-whole” premium. If we experience specific kinds of change of control, we will be required to offer to purchase the Notes at a price equal to 101% of the principal amount thereof plus accrued and unpaid interest. The Notes are our general unsecured senior obligations, and are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness, structurally subordinated to all existing and future indebtedness and other liabilities of our non-guarantor subsidiaries, equal in right of payment to all of our and our guarantor subsidiaries’ existing and future senior indebtedness and senior in right of payment to all of our future subordinated indebtedness, if any. The Notes are jointly and severally guaranteed on a senior unsecured basis by certain of our domestic subsidiaries that have outstanding indebtedness or guarantee other specified indebtedness, including the ABL Credit Facility and the Term Loan Facility. The indenture governing the Notes contains covenants that limit, among other things, our ability and the ability of some of our restricted subsidiaries to create liens, transfer or sell assets, incur indebtedness or issue certain preferred stock, pay dividends, redeem stock or make other distributions, make other restricted payments or investments, create restrictions on payment of dividends or other amounts to us by our restricted subsidiaries, merge or consolidate with other entities, engage in certain transactions with affiliates and designate our subsidiaries as unrestricted subsidiaries. These covenants are subject to a number of exceptions and qualifications. The covenants limiting restricted payments, restrictions on payment of dividends or other amounts to us by our restricted subsidiaries, the ability to incur indebtedness, asset dispositions and transactions with affiliates will be suspended if and while the Notes have investment grade ratings from any two of Standard & Poor’s Ratings Services, Moody’s Investors Service, Inc. and Fitch, Inc. The indenture governing the Notes also provides for events of default, which, if any of them occurs, would permit or require the principal, premium, if any, and interest on all the then outstanding Notes to be due and payable.

Fair Value (Notes)

Fair Value (Notes)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value	Fair Value We follow a three-tier fair value hierarchy, which classifies the inputs used in measuring fair values, in determining the fair value of our non-financial assets and non-financial liabilities, which consist primarily of goodwill. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Our financial instruments include cash and cash equivalents, receivables, payables, borrowings against our ABL Credit Facility and Term Loan Facility, and outstanding Notes. The carrying amount of cash and cash equivalents, receivables and payables approximates fair value at September 30, 2021 and December 31, 2020, because of the short maturities of these instruments. In addition, the interest rates on our Term Loan Facility and ABL Credit Facility are variable and, therefore, we believe the carrying value of outstanding borrowings approximates their fair value. The fair value of our Notes is based on Level 1 inputs and was as follows at September 30, 2021: September 30, 2021 (in thousands) Carrying Value Fair Value Difference Senior notes $ 450,000 $ 485,415 $ 35,415

Other Charges (Notes)

Other Charges (Notes)	9 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Other Charges	Other Charges Acima Holdings Acquisition. As described in Note 2, on February 17, 2021, we completed the acquisition of Acima Holdings, a leading provider of virtual lease-to-own solutions. Included in the aggregate consideration issued to the former owners of Acima Holdings was 8,096,595 of common shares, valued at $414.1 million, subject to 36-month vesting conditions under restricted stock agreements, which will be recognized over the vesting term as stock compensation expense. During the nine months ended September 30, 2021, we recognized approximately $93.1 million in stock compensation expense related to these restricted stock agreements. The fair value of assets acquired as part of the transaction included $520 million in intangible assets and $170 million in developed technology. During the nine months ended September 30, 2021, we recognized approximately $72.4 million in amortization expense and $9.3 million in incremental depreciation expense related to these assets. Furthermore, during the nine months ended September 30, 2021 we recognized approximately $17.3 million in transaction costs associated with the closing of the transaction, and approximately $7.9 million in post-acquisition integration costs, including $3.5 million in employee severance, $3.3 million in inventory losses, and $1.1 million in other integration costs, including reorganization advisory fees. Activity with respect to Other charges for the nine months ended September 30, 2021 is summarized in the below table: (in thousands) Accrued Charges at December 31, 2020 Charges & Adjustments Payments & Adjustments Accrued Charges at September 30, 2021 Cash charges: Acima Holdings transaction costs $ 5,005 $ 17,336 $ (22,341) $ — Acima Holdings integration costs — 7,890 (5,749) 2,141 Other cash charges (1) 344 323 (667) — Total cash charges $ 5,349 25,549 $ (28,757) $ 2,141 Non-cash charges: Depreciation and amortization of acquired assets (2) 81,725 Acima Holdings restricted stock agreements (3) 93,121 Asset impairments 789 Other (4) 10,911 Total other charges $ 212,095 (1) Represents employee severance, and shutdown and holding expenses related to store closures. (2) Represents amortization of the total fair value of acquired intangible assets and incremental depreciation related to the fair value increase over net book value of acquired software assets in connection with the acquisition of Acima Holdings as described in Note 2. (3) Represents stock compensation expense recognized for nine months ended September 30, 2021, related to common stock issued to Acima Holdings employees under restricted stock agreements as part of the acquisition proceeds subject to vesting restrictions, as described in Note 2 and Note 12. (4) Includes $10.7 million in legal settlement reserves and $0.2 million in state sales tax assessment reserves. Amounts accrued for potential settlements do not represent our maximum loss exposure. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be significantly different than the amounts accrued for such matters due to the inherent uncertainty in litigation, regulatory and similar adversarial proceedings.

Segment Information (Notes)

Segment Information (Notes)	9 Months Ended
	Sep. 30, 2021
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 for the three and nine months ended September 30, 2021 and 2020 is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Revenues Rent-A-Center Business $ 500,986 $ 474,223 $ 1,531,686 $ 1,388,380 Acima 623,445 201,659 1,716,174 609,029 Mexico 15,917 12,159 45,670 36,316 Franchising 40,920 23,974 118,495 63,975 Total revenues $ 1,181,268 $ 712,015 $ 3,412,025 $ 2,097,700 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Gross profit Rent-A-Center Business $ 356,590 $ 332,742 $ 1,072,946 $ 966,347 Acima 193,527 78,727 539,181 238,433 Mexico 11,293 8,655 32,323 25,615 Franchising 7,350 4,904 22,305 14,343 Total gross profit $ 568,760 $ 425,028 $ 1,666,755 $ 1,244,738 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating profit Rent-A-Center Business $ 109,272 $ 99,950 $ 357,036 $ 253,025 Acima 51,884 16,073 144,797 40,528 Mexico 2,285 1,724 6,659 3,743 Franchising 4,816 3,146 15,495 8,694 Total segments 168,257 120,893 523,987 305,990 Corporate (101,111) (40,706) (280,276) (123,293) Total operating profit $ 67,146 $ 80,187 $ 243,711 $ 182,697 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Depreciation and amortization Rent-A-Center Business $ 4,792 $ 4,926 $ 13,821 $ 14,759 Acima (1) 570 541 1,568 1,542 Mexico 130 104 369 292 Franchising 24 15 58 28 Total segments 5,516 5,586 15,816 16,621 Corporate (2) 8,319 8,224 24,978 26,450 Total depreciation and amortization $ 13,835 $ 13,810 $ 40,794 $ 43,071 (1) Excludes amortization expense of approximately $29.2 million and $72.4 million for the three and nine months ended September 30, 2021, recorded to Other charges (gains) in the Condensed Consolidated Statement of Operations, related to intangible assets acquired upon closing of the Acima Holdings acquisition (2) Excludes depreciation expense of approximately $4.0 million and $9.3 million for the three and nine months ended September 30, 2021, recorded to Other charges (gains) in the Condensed Consolidated Statement of Operations, related to software acquired upon closing of the Acima Holdings acquisition Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Capital expenditures Rent-A-Center Business $ 6,637 $ 5,721 $ 21,202 $ 10,205 Acima 276 20 945 106 Mexico 478 116 744 205 Total segments 7,391 5,857 22,891 10,516 Corporate 13,084 1,950 22,985 12,041 Total capital expenditures $ 20,475 $ 7,807 $ 45,876 $ 22,557 (in thousands) September 30, 2021 December 31, 2020 On rent rental merchandise, net Rent-A-Center Business $ 442,578 $ 444,945 Acima 659,534 299,660 Mexico 18,926 18,281 Total on rent rental merchandise, net $ 1,121,038 $ 762,886 (in thousands) September 30, 2021 December 31, 2020 Held for rent rental merchandise, net Rent-A-Center Business $ 139,441 $ 136,219 Acima 858 2,228 Mexico 7,456 7,819 Total held for rent rental merchandise, net $ 147,755 $ 146,266 (in thousands) September 30, 2021 December 31, 2020 Assets by segment Rent-A-Center Business $ 1,006,779 $ 999,252 Acima 1,525,741 389,650 Mexico 39,288 42,278 Franchising 16,151 14,729 Total segments 2,587,959 1,445,909 Corporate 465,711 305,071 Total assets $ 3,053,670 $ 1,750,980

Common Stock and Stock-Based Co

Common Stock and Stock-Based Compensation (Notes)	9 Months Ended
	Sep. 30, 2021
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Common Stock and Stock-Based Compensation In early August 2021, our Board of Directors authorized a new stock repurchase program for up to $250 million, which superseded our previous stock repurchase program. Under the program, the Company may purchase shares of our common stock from time to time in the open market or privately negotiated transactions. The timing and exact amount of repurchases under the newly authorized repurchase program will be determined by the Company's management, and will be subject to our capital allocation strategy, market conditions and other factors. The Company is not obligated to acquire any shares under the program, and the program may be suspended or discontinued at any time. Under the program, 335,508 shares of our common stock were repurchased during the three and nine months ended September 30, 2021 for an aggregate purchase price of approximately $20.0 million. Under previous stock repurchase programs, 1,463,377 shares of our common stock were repurchased for an aggregate purchase price of $26.6 million during the nine months ended September 30, 2020. We recognized $5.6 million and $3.0 million in compensation expense related to stock awards issued under the Rent-A-Center 2016 Long-Term Incentive Plan (the “2016 Plan”) and 2021 Long-Term Incentive Plan (the “2021 Plan”) during the three months ended September 30, 2021 and 2020, and $15.0 million and $8.9 million during the nine months ended September 30, 2021 and 2020. During the nine months ended September 30, 2021, we granted approximately 97,000 stock options, 299,000 market-based performance units and 180,000 time-vesting units under the 2016 and 2021 Plans. The stock options granted were valued using a Black-Scholes pricing model with the following assumptions: an expected volatility of 47.54% to 53.21%, a risk-free interest rate of 0.21% to 1.08%, an expected dividend yield of 2.15% to 3.24%, and an expected term of 3.50 to 5.75 years. The weighted-average exercise price of the options granted during the nine months ended September 30, 2021 was $44.84 and the weighted-average grant-date fair value was $14.94. Performance-based restricted stock units are valued using a Monte Carlo simulation. Time-vesting restricted stock units are valued based on our closing stock price on the trading day immediately preceding the date of the grant, or as of the date of modification in the event an award is modified. The weighted-average grant date fair value of the market-based performance and time-vesting restricted stock units granted during the nine months ended September 30, 2020 was $92.24 and $59.22, respectively. As described in Note 2, Aggregate Stock Consideration issued to the former owners of Acima Holdings included 10,779,923 of common shares valued at $51.14 per share, as of the date of closing. Of this total, 2,683,328 common shares were included in the aggregate purchase price of the transaction for financial reporting purposes, while 8,096,595 common shares, valued at $414.1 million, issued under restricted stock agreements and subject to vesting conditions, will be recognized as stock compensation expense over the vesting term in accordance with ASC Topic 718, “Stock-based Compensation”. We recognized $42.8 million and $93.1 million in stock compensation expense related to these restricted stock agreements during the three and nine months ended September 30, 2021, which was recorded to Other charges (gains) in our Condensed Consolidated Statements of Operations, as described in Note 10.

Contingencies (Notes)

Contingencies (Notes)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies From time to time, we, along with our subsidiaries, are party to various legal proceedings and governmental inquiries arising in the ordinary course of business. We reserve for loss contingencies that are both probable and reasonably estimable. We regularly monitor developments related to these legal proceedings, and review the adequacy of our legal reserves on a quarterly basis. We do not currently expect these losses to have a material impact on our condensed consolidated financial statements if and when such losses are incurred. Nevertheless, we cannot predict the impact of future developments affecting our claims and lawsuits, and any resolution of a claim or lawsuit or reserve within a particular fiscal period may materially and adversely impact our results of operations for that period. In addition, claims and lawsuits against us may seek injunctive or other relief that requires changes to our business practices or operations and it is possible that any required changes may materially and adversely impact our business, financial condition, results of operations or reputation. We are subject to unclaimed property audits by states in the ordinary course of business. The property subject to review in the audit process include unclaimed wages, vendor payments and customer refunds. State escheat laws generally require entities to report and remit abandoned and unclaimed property to the state. Failure to timely report and remit the property can result in assessments that could include interest and penalties, in addition to the payment of the escheat liability itself. We routinely remit escheat payments to states in compliance with applicable escheat laws. Acima Consumer Financial Protection Bureau investigation. Prior to the execution of the definitive agreement to acquire Acima Holdings, Acima Holdings received a Civil Investigative Demand dated October 1, 2020 (the “CID”) from the Consumer Financial Protection Bureau (the “CFPB”) requesting certain information, documents and data relating to Acima Holding’s products, services and practices for the period from January 1, 2015 to the date on which responses to the CID are provided in full. The purpose of the CID is to determine whether Acima Holdings extends credit, offers leases, or otherwise offers or provides a consumer financial product or service and whether Acima Holdings complies with certain consumer financial protection laws. We are fully cooperating with the CFPB investigation. We completed our production of records in response to the initial requests of the CFPB at the end of March 2021. In July 2021, we received additional requests from the CFPB. We are currently in the process of responding to these additional requests. The CFPB has not made any allegations in the investigation, and we are currently unable to predict the eventual scope, ultimate timing or outcome of the CFPB investigation. On the terms and subject to the conditions set forth in the definitive agreement to acquire Acima Holdings, the former owners of Acima Holdings have agreed to indemnify Rent-A-Center for certain losses arising after the consummation of the transaction with respect to the CID and certain pre-closing taxes. The indemnification obligations of the former owners of Acima Holdings are limited to an indemnity holdback in the aggregate amount of $50 million, which was escrowed at the closing of the transaction, and will be Rent-A-Center’s sole recourse against the former owners of Acima Holdings with respect to all of the indemnifiable claims under the definitive transaction agreement. Other than with respect to any pending or unresolved claims for indemnification submitted by Rent-A-Center prior to such time, and subject to other limited exceptions, the escrowed amount will be released to the former owners of Acima Holdings as follows: (i) in respect of the CID, on the earlier of February 17, 2024 and the date on which a final determination is entered providing for a resolution of the matters regarding the CID and (ii) in respect of certain pre-closing taxes, on August 18, 2022, the first business day following the date that is 18 months after the closing date of the transaction. There can be no assurance that the CID will be finally resolved prior to the release to the former owners of Acima Holdings of the escrowed funds reserved therefor, or that such escrowed amount will be sufficient to address all covered losses or that the CFPB’s ongoing investigation or future exercise of its enforcement, regulatory, discretionary or other powers will not result in findings or alleged violations of consumer financial protection laws that could lead to enforcement actions, proceedings or litigation, whether by the CFPB, other state or federal agencies, or other parties, and the imposition of damages, fines, penalties, restitution, other monetary liabilities, sanctions, settlements or changes to Acima Holdings’ business practices or operations that could materially and adversely affect our business, financial condition, results of operations or reputation. California Attorney General. The California Attorney General (the “CAG”) issued an investigative subpoena in 2018 seeking information with respect to certain of our Acceptance Now business practices (now part of the Acima segment). Since receiving such demand, we have cooperated with the CAG in connection with its investigation and made several productions of requested documents. In March 2020, the CAG put forth proposed settlement terms to address alleged violations of California law. The CAG’s allegations include those with respect to certain consumer fees, charges and communications in connection with our lease-to-own transactions. The CAG’s proposed settlement terms include civil penalties, disgorgement of certain revenues, additional training requirements, and changes to certain business practices. We are continuing to discuss resolution of the inquiry with the CAG. We are currently unable to predict the ultimate timing or outcome of the CAG investigation. Massachusetts Attorney General. The Massachusetts Attorney General (the “MAG”) issued a civil investigative demand in 2018 seeking information with respect to certain of our business practices, including regarding account management and certain other business practices in connection with our lease-to-own transactions. Since receiving such demand, we have cooperated with the MAG in connection with its investigation. In June 2021, the MAG provided us with proposed settlement terms including a monetary payment, injunctive provisions regarding certain business practices and compliance requirements. We are continuing to cooperate with the MAG and to discuss resolution of the inquiry with the MAG. We are currently unable to predict the ultimate timing or outcome of the MAG investigation.

Earnings Per Common Share (Note

Earnings Per Common Share (Notes)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Summarized basic and diluted earnings per common share were calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net earnings $ 21,267 $ 64,030 $ 125,128 $ 151,815 Denominator: Weighted-average shares outstanding (1) 58,267 53,985 57,603 54,186 Effect of dilutive stock awards (2) 9,927 1,621 9,853 1,476 Weighted-average dilutive shares 68,194 55,606 67,456 55,662 Basic earnings per common share $ 0.36 $ 1.19 $ 2.17 $ 2.80 Diluted earnings per common share $ 0.31 $ 1.15 $ 1.85 $ 2.73 Anti-dilutive securities excluded from diluted earnings per common share: Anti-dilutive restricted share units — — 110 — Anti-dilutive performance share units 295 — 295 324 Anti-dilutive stock options 33 907 33 1,238 (1) Weighted-average shares outstanding for the nine months ended September 30, 2021 includes approximately 2.6 million common shares issued in connection with the acquisition of Acima Holdings in February 2021. See Note 2 for additional information. (2) Weighted-average dilutive shares outstanding for the nine months ended September 30, 2021 includes approximately 8.1 million common shares issued in connection with the acquisition of Acima Holdings in February 2021, and subject to vesting conditions under restricted stock agreements.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Use of Estimates, Policy	Use of Estimates 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 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.
Principles of Consolidation	Principles of Consolidation and Nature of OperationsThese financial statements included herein include the accounts of Rent-A-Center, Inc. and its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated.
Newly adopted accounting pronouncements	Newly Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. The standard removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We adopted ASU 2019-12 beginning January 1, 2021 using a prospective approach. Impacts to our financial statements for the nine months ended September 30, 2021 resulting from the adoption of this ASU were immaterial.

Acquisitions and Divestitures_2

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisition assets acquired and liabilities assumed	Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their fair values. The following table provides the preliminary estimated fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date: (in thousands) February 17, 2021 Aggregate cash consideration $ 1,273,263 Aggregate stock consideration, subject to lockup agreements 120,929 Total Purchase price $ 1,394,192 ASSETS ACQUIRED Receivables, net (1) $ 30,465 Prepaid expenses and other assets 699 Rental merchandise On rent 340,575 Property assets 171,455 Operating lease right-of-use assets 9,136 Goodwill 261,981 Other intangible assets 520,000 Total assets acquired $ 1,334,311 LIABILITIES ASSUMED Accounts payable - trade 16,023 Accrued liabilities 23,677 Operating lease liabilities 9,689 Deferred income taxes (109,270) Total liabilities assumed (59,881) Total equity value $ 1,394,192 (1) Includes gross contractual receivables of $65.2 million related to merchandise lease contracts, of which $35.5 million were estimated to be uncollectible.
Finite-Lived Intangible Assets Acquired as Part of Business Combination	The fair value measurements for acquired intangible assets and developed technology were primarily based on significant unobservable inputs (level 3) developed using company-specific information. Certain fair value estimates were determined based on an independent valuation of the net assets acquired, including $520 million of identifiable intangible assets with an estimated weighted average useful life of 8 years, as follows: Asset Class Estimated Fair Value Estimated Remaining Useful Life (in years) Merchant relationships $ 380,000 10 Relationship with existing lessees 60,000 1 Trade name 40,000 7 Non-compete agreements 40,000 3
Pro Forma combined results	The unaudited pro forma financial information is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 (unaudited) (unaudited) (unaudited) (unaudited) Pro Forma total revenues $ 1,181,268 $ 1,042,799 $ 3,606,629 $ 3,011,812 Pro Forma net earnings (1) 36,320 32,004 158,181 31,160 (1) Total pro forma adjustments to net earnings represented increases of $15.0 million and $5.9 million for the three and nine months ended September 30, 2021, and decreases of $98.9 million and $276.9 million for the three and nine months ended September 30, 2020, respectively. The amounts of revenue and earnings of Acima Holdings included in our Condensed Consolidated Statements of Operations from the acquisition date of February 17, 2021 are as follows: (in thousands) February 17, 2021 - September 30, 2021 February 17, 2020 - September 30, 2020 (unaudited) (unaudited) Total revenues $ 1,042,966 $ 772,743 Net earnings (1) 102,063 137,276 (1) Net Earnings for the period February 17, 2021 - September 30, 2021 includes amortization of intangible assets acquired upon closing of the Acima Holdings acquisition.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2021
Revenues [Abstract]
Disaggregation of Revenue	The following table disaggregates our revenue for the periods ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 Rent-A-Center Business Acima Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 446,049 $ 469,692 $ 15,108 $ — $ 930,849 Merchandise sales 37,515 153,725 776 — 192,016 Installment sales 17,028 — — — 17,028 Other 394 28 33 627 1,082 Total store revenues 500,986 623,445 15,917 627 1,140,975 Franchise Merchandise sales — — — 33,671 33,671 Royalty income and fees — — — 6,622 6,622 Total revenues $ 500,986 $ 623,445 $ 15,917 $ 40,920 $ 1,181,268 Nine Months Ended September 30, 2021 Rent-A-Center Business Acima Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 1,313,512 $ 1,236,059 $ 43,217 $ — $ 2,592,788 Merchandise sales 163,943 479,701 2,394 — 646,038 Installment sales 52,992 — — — 52,992 Other 1,239 414 59 1,323 3,035 Total store revenues 1,531,686 1,716,174 45,670 1,323 3,294,853 Franchise Merchandise sales — — — 96,342 96,342 Royalty income and fees — — — 20,830 20,830 Total revenues $ 1,531,686 $ 1,716,174 $ 45,670 $ 118,495 $ 3,412,025 Three Months Ended September 30, 2020 Rent-A-Center Business Acima Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 414,798 $ 153,306 $ 11,469 $ — $ 579,573 Merchandise sales 42,459 48,096 678 — 91,233 Installment sales 16,580 — — — 16,580 Other 386 257 12 189 844 Total store revenues 474,223 201,659 12,159 189 688,230 Franchise Merchandise sales — — — 19,069 19,069 Royalty income and fees — — — 4,716 4,716 Total revenues $ 474,223 $ 201,659 $ 12,159 $ 23,974 $ 712,015 Nine Months Ended September 30, 2020 Rent-A-Center Business Acima Mexico Franchising Consolidated (In thousands) Store Rentals and fees $ 1,193,301 $ 454,744 $ 34,265 $ — $ 1,682,310 Merchandise sales 144,887 153,774 2,032 — 300,693 Installment sales 48,970 — — — 48,970 Other 1,222 511 19 589 2,341 Total store revenues 1,388,380 609,029 36,316 589 2,034,314 Franchise Merchandise sales — — — 49,553 49,553 Royalty income and fees — — — 13,833 13,833 Total revenues $ 1,388,380 $ 609,029 $ 36,316 $ 63,975 $ 2,097,700

Receivables and Allowance for_2

Receivables and Allowance for Doubtful Accounts (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables and Allowance for Doubtful Accounts [Abstract]
Receivables	Receivables consist of the following: (In thousands) September 30, 2021 December 31, 2020 Installment sales receivables $ 63,064 $ 61,794 Trade and notes receivables 76,830 36,256 Total receivables 139,894 98,050 Less allowance for doubtful accounts (7,964) (8,047) Total receivables, net of allowance for doubtful accounts $ 131,930 $ 90,003
Changes in allowance for doubtful accounts	Changes in our allowance for doubtful accounts are as follows: (In thousands) September 30, 2021 Beginning allowance for doubtful accounts $ 8,047 Bad debt expense (1) 9,825 Accounts written off, net of recoveries (9,908) Ending allowance for doubtful accounts $ 7,964 (1) Uncollectible installment payments, franchisee obligations, and other corporate receivables are recognized in other store operating expenses in our condensed consolidated financial statements.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Operating lease costs	Total operating lease costs by expense type: Three Months Ended Nine Months Ended (in thousands) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Operating lease cost included in Other store expenses (1)(2) $ 33,218 $ 34,682 $ 102,044 $ 106,559 Operating lease cost included in Other charges (gains) (2) 16 121 260 1,081 Sublease receipts (2,850) (2,180) (9,333) (6,641) Total operating lease charges $ 30,384 $ 32,623 $ 92,971 $ 100,999 (1) Includes short-term lease costs, which are not significant. (2) Excludes variable lease costs of $8.4 million and $25.4 million for the three and nine months ended September 30, 2021 compared to $8.7 million and $26.0 million for the three and nine months ended September 30, 2020. Supplemental cash flow information related to leases: Nine Months Ended (in thousands) September 30, 2021 September 30, 2020 Cash paid for amounts included in measurement of operating lease liabilities $ 80,800 $ 85,794 Cash paid for short-term operating leases not included in operating lease liabilities 13,022 17,466 Right-of-use assets obtained in exchange for new operating lease liabilities 87,178 74,095 Weighted-average discount rate and weighted-average remaining lease term: (in thousands) September 30, 2021 December 31, 2020 Weighted-average discount rate (1) 6.2 % 6.8 % Weighted-average remaining lease term (in years) 4 4 (1) The January 1, 2019 incremental borrowing rate was used for leases in existence at the time of adoption of ASU 2016-02.
Operating lease liability maturity	Reconciliation of undiscounted operating lease liabilities to the present value operating lease liabilities at September 30, 2021: (In thousands) Operating Leases 2021 $ 37,919 2022 102,197 2023 76,597 2024 58,245 2025 41,294 Thereafter 32,088 Total undiscounted operating lease liabilities 348,340 Less: Interest (47,930) Total present value of operating lease liabilities $ 300,410

Senior Debt (Tables)

Senior Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	The table below shows the scheduled maturity dates of our outstanding debt at September 30, 2021 for each of the years ending December 31: (in thousands) Term Loan Facility ABL Credit Facility Total 2021 $ 2,188 $ — $ 2,188 2022 8,750 — 8,750 2023 8,750 — 8,750 2024 8,750 — 8,750 2025 8,750 — 8,750 Thereafter 833,437 — 833,437 Total senior debt $ 870,625 $ — $ 870,625

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements Nonrecurring	The fair value of our Notes is based on Level 1 inputs and was as follows at September 30, 2021: September 30, 2021 (in thousands) Carrying Value Fair Value Difference Senior notes $ 450,000 $ 485,415 $ 35,415

Other Charges (Tables)

Other Charges (Tables)	9 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Other Charges	Activity with respect to Other charges for the nine months ended September 30, 2021 is summarized in the below table: (in thousands) Accrued Charges at December 31, 2020 Charges & Adjustments Payments & Adjustments Accrued Charges at September 30, 2021 Cash charges: Acima Holdings transaction costs $ 5,005 $ 17,336 $ (22,341) $ — Acima Holdings integration costs — 7,890 (5,749) 2,141 Other cash charges (1) 344 323 (667) — Total cash charges $ 5,349 25,549 $ (28,757) $ 2,141 Non-cash charges: Depreciation and amortization of acquired assets (2) 81,725 Acima Holdings restricted stock agreements (3) 93,121 Asset impairments 789 Other (4) 10,911 Total other charges $ 212,095 (1) Represents employee severance, and shutdown and holding expenses related to store closures. (2) Represents amortization of the total fair value of acquired intangible assets and incremental depreciation related to the fair value increase over net book value of acquired software assets in connection with the acquisition of Acima Holdings as described in Note 2. (3) Represents stock compensation expense recognized for nine months ended September 30, 2021, related to common stock issued to Acima Holdings employees under restricted stock agreements as part of the acquisition proceeds subject to vesting restrictions, as described in Note 2 and Note 12. (4) Includes $10.7 million in legal settlement reserves and $0.2 million in state sales tax assessment reserves. Amounts accrued for potential settlements do not represent our maximum loss exposure. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be significantly different than the amounts accrued for such matters due to the inherent uncertainty in litigation, regulatory and similar adversarial proceedings.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Information [Abstract]
Segment Information	Segment information for the three and nine months ended September 30, 2021 and 2020 is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Revenues Rent-A-Center Business $ 500,986 $ 474,223 $ 1,531,686 $ 1,388,380 Acima 623,445 201,659 1,716,174 609,029 Mexico 15,917 12,159 45,670 36,316 Franchising 40,920 23,974 118,495 63,975 Total revenues $ 1,181,268 $ 712,015 $ 3,412,025 $ 2,097,700 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Gross profit Rent-A-Center Business $ 356,590 $ 332,742 $ 1,072,946 $ 966,347 Acima 193,527 78,727 539,181 238,433 Mexico 11,293 8,655 32,323 25,615 Franchising 7,350 4,904 22,305 14,343 Total gross profit $ 568,760 $ 425,028 $ 1,666,755 $ 1,244,738 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating profit Rent-A-Center Business $ 109,272 $ 99,950 $ 357,036 $ 253,025 Acima 51,884 16,073 144,797 40,528 Mexico 2,285 1,724 6,659 3,743 Franchising 4,816 3,146 15,495 8,694 Total segments 168,257 120,893 523,987 305,990 Corporate (101,111) (40,706) (280,276) (123,293) Total operating profit $ 67,146 $ 80,187 $ 243,711 $ 182,697 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Depreciation and amortization Rent-A-Center Business $ 4,792 $ 4,926 $ 13,821 $ 14,759 Acima (1) 570 541 1,568 1,542 Mexico 130 104 369 292 Franchising 24 15 58 28 Total segments 5,516 5,586 15,816 16,621 Corporate (2) 8,319 8,224 24,978 26,450 Total depreciation and amortization $ 13,835 $ 13,810 $ 40,794 $ 43,071 (1) Excludes amortization expense of approximately $29.2 million and $72.4 million for the three and nine months ended September 30, 2021, recorded to Other charges (gains) in the Condensed Consolidated Statement of Operations, related to intangible assets acquired upon closing of the Acima Holdings acquisition (2) Excludes depreciation expense of approximately $4.0 million and $9.3 million for the three and nine months ended September 30, 2021, recorded to Other charges (gains) in the Condensed Consolidated Statement of Operations, related to software acquired upon closing of the Acima Holdings acquisition Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Capital expenditures Rent-A-Center Business $ 6,637 $ 5,721 $ 21,202 $ 10,205 Acima 276 20 945 106 Mexico 478 116 744 205 Total segments 7,391 5,857 22,891 10,516 Corporate 13,084 1,950 22,985 12,041 Total capital expenditures $ 20,475 $ 7,807 $ 45,876 $ 22,557 (in thousands) September 30, 2021 December 31, 2020 On rent rental merchandise, net Rent-A-Center Business $ 442,578 $ 444,945 Acima 659,534 299,660 Mexico 18,926 18,281 Total on rent rental merchandise, net $ 1,121,038 $ 762,886 (in thousands) September 30, 2021 December 31, 2020 Held for rent rental merchandise, net Rent-A-Center Business $ 139,441 $ 136,219 Acima 858 2,228 Mexico 7,456 7,819 Total held for rent rental merchandise, net $ 147,755 $ 146,266 (in thousands) September 30, 2021 December 31, 2020 Assets by segment Rent-A-Center Business $ 1,006,779 $ 999,252 Acima 1,525,741 389,650 Mexico 39,288 42,278 Franchising 16,151 14,729 Total segments 2,587,959 1,445,909 Corporate 465,711 305,071 Total assets $ 3,053,670 $ 1,750,980

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Common Share	Summarized basic and diluted earnings per common share were calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net earnings $ 21,267 $ 64,030 $ 125,128 $ 151,815 Denominator: Weighted-average shares outstanding (1) 58,267 53,985 57,603 54,186 Effect of dilutive stock awards (2) 9,927 1,621 9,853 1,476 Weighted-average dilutive shares 68,194 55,606 67,456 55,662 Basic earnings per common share $ 0.36 $ 1.19 $ 2.17 $ 2.80 Diluted earnings per common share $ 0.31 $ 1.15 $ 1.85 $ 2.73 Anti-dilutive securities excluded from diluted earnings per common share: Anti-dilutive restricted share units — — 110 — Anti-dilutive performance share units 295 — 295 324 Anti-dilutive stock options 33 907 33 1,238 (1) Weighted-average shares outstanding for the nine months ended September 30, 2021 includes approximately 2.6 million common shares issued in connection with the acquisition of Acima Holdings in February 2021. See Note 2 for additional information. (2) Weighted-average dilutive shares outstanding for the nine months ended September 30, 2021 includes approximately 8.1 million common shares issued in connection with the acquisition of Acima Holdings in February 2021, and subject to vesting conditions under restricted stock agreements.

Acquisitions and Divestitures_3

Acquisitions and Divestitures (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 17, 2021	Dec. 20, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Deferred tax liability			$ 106,819								$ 106,819		$ 176,410
Goodwill			332,210								332,210		70,217
Accrued liabilities			360,573								360,573		320,583
Gross receivables			139,894								139,894		98,050
Allowance for doubtful accounts			7,964								7,964		$ 8,047
Operating Expenses			501,614			$ 344,841					1,423,044	$ 1,062,041
Total revenues			1,181,268			712,015					3,412,025	2,097,700
Net earnings(1)			21,267	$ 61,309	$ 42,552	64,030	$ 38,493	$ 49,292			125,128	151,815
Pro Forma [Member]
Business Acquisition [Line Items]
Operating Expenses			15,000			98,900					5,900	276,900
Acima Holdings [Member]
Business Acquisition [Line Items]
Aggregate cash consideration	$ 1,273,263	$ 1,300,000
Aggregate stock consideration, subject to lockup agreements	120,929	377,000
Total Purchase price	$ 1,394,192	$ 1,650,000
Acquired entity		Acima Holdings”
Common stock consideration		10.8 million shares
Acquisition date	Feb. 17, 2021
Description of acquired entity	Acima Holdings is a leading platform offering customers virtual lease-to-own solutions at the point-of-sale via web and mobile technology
Stock consideration, shares	10,779,923
Common stock price	$ 51.14
Receivables, net(1)	$ 30,465
Prepaid expenses and other assets	699
On rent	340,575
Property assets	171,455
Operating lease right-of-use assets	9,136
Goodwill	261,981
Other intangible assets	520,000
Total assets acquired	1,334,311
Accounts payable - trade	16,023
Accrued liabilities	23,677
Operating lease liabilities	9,689
Deferred income taxes	(109,270)
Total liabilities assumed	(59,881)
Total equity value	1,394,192
Gross receivables	65,200
Allowance for doubtful accounts	$ 35,500
Intangible assets remaining lives	8 years
Description of goodwill recognized	which consists of the excess of the net purchase price over the fair value of the net assets acquired and assembled workforce of $10 million. Goodwill represents expected cost and revenue synergies and other benefits expected to result within our retail partner business from the acquisition of Acima Holdings.
Acquisition related expenses	$ 23,400
Deferred tax liabilities, acquisition costs	7,600
Pro Forma total revenues			1,181,268			1,042,799					3,606,629	3,011,812
Pro Forma net earnings(1)			$ 36,320			$ 32,004					158,181	$ 31,160
Total revenues									$ 1,042,966	$ 772,743
Net earnings(1)									$ 102,063	$ 137,276
Adjustment to rental merchandise											15,500
Adjustment to rental merchandise depreciation											$ 9,000
Acima Holdings [Member] | Software [Member]
Business Acquisition [Line Items]
Property assets	170,000
Acima Holdings [Member] | Merchant relationships [Member]
Business Acquisition [Line Items]
Other intangible assets	$ 380,000
Intangible assets remaining lives	10 years
Acima Holdings [Member] | Relationship with existing lessees [Member]
Business Acquisition [Line Items]
Other intangible assets	$ 60,000
Intangible assets remaining lives	1 year
Acima Holdings [Member] | Trade name [Member]
Business Acquisition [Line Items]
Other intangible assets	$ 40,000
Intangible assets remaining lives	7 years
Acima Holdings [Member] | Non-compete agreements [Member]
Business Acquisition [Line Items]
Other intangible assets	$ 40,000
Intangible assets remaining lives	3 years
Acima Holdings [Member] | Share-based Payment Arrangement [Member]
Business Acquisition [Line Items]
Stock consideration, shares	2,683,328
Acima Holdings [Member] | Restricted Stock Units [Member]
Business Acquisition [Line Items]
Aggregate stock consideration, subject to lockup agreements	$ 414,100
Stock consideration, shares	8,096,595										8,100,000
Deferred tax liability	$ 103,500

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Rentals and fees	$ 930,849	$ 579,573	$ 2,592,788	$ 1,682,310
Merchandise sales	192,016	91,233	646,038	300,693
Installment sales	17,028	16,580	52,992	48,970
Other	1,082	844	3,035	2,341
Total store revenues	1,140,975	688,230	3,294,853	2,034,314
Merchandise sales	33,671	19,069	96,342	49,553
Royalty income and fees	6,622	4,716	20,830	13,833
Total revenues	1,181,268	712,015	3,412,025	2,097,700
Rental purchase agreements [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	40,500		40,500		$ 45,800
Other product plans [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	3,400		3,400		3,100
Franchise fees [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	4,300		4,300		$ 4,700
Rent-A-Center Business [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	446,049	414,798	1,313,512	1,193,301
Merchandise sales	37,515	42,459	163,943	144,887
Installment sales	17,028	16,580	52,992	48,970
Other	394	386	1,239	1,222
Total store revenues	500,986	474,223	1,531,686	1,388,380
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	500,986	474,223	1,531,686	1,388,380
Acima [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	469,692	153,306	1,236,059	454,744
Merchandise sales	153,725	48,096	479,701	153,774
Installment sales	0	0	0	0
Other	28	257	414	511
Total store revenues	623,445	201,659	1,716,174	609,029
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	623,445	201,659	1,716,174	609,029
Mexico [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	15,108	11,469	43,217	34,265
Merchandise sales	776	678	2,394	2,032
Installment sales	0	0	0	0
Other	33	12	59	19
Total store revenues	15,917	12,159	45,670	36,316
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	15,917	12,159	45,670	36,316
Franchising [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	0	0	0	0
Merchandise sales	0	0	0	0
Installment sales	0	0	0	0
Other	627	189	1,323	589
Total store revenues	627	189	1,323	589
Merchandise sales	33,671	19,069	96,342	49,553
Royalty income and fees	6,622	4,716	20,830	13,833
Total revenues	$ 40,920	$ 23,974	$ 118,495	$ 63,975

Receivables and Allowance for_3

Receivables and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Receivables [Line Items]
Interest paid on installment agreements	$ 8,500	$ 9,200
Gross receivables		139,894	$ 98,050
Total receivables, net of allowance for doubtful accounts		131,930	90,003
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts		7,964	8,047
Bad debt expense		9,825
Accounts written off, net of recoveries		(9,908)
Installment sales receivable [Member]
Receivables [Line Items]
Gross receivables		63,064	61,794
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts		7,100	7,000
Trade and notes receivables [Member]
Receivables [Line Items]
Gross receivables		76,830	36,256
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts		$ 900	$ 1,000

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)store
Lessee, Lease, Description [Line Items]
Operating lease charges	$ 30,384		$ 32,623	$ 92,971	$ 100,999
Sublease receipts	(2,850)		(2,180)	(9,333)	(6,641)
Variable lease cost	$ 8,400		8,700	25,400	26,000
Cash paid for amounts included in measurement of operating lease liabilities				80,800	85,794
Cash paid for short-term operating leases not included in operating lease liabilities				13,022	17,466
Right-of-use assets obtained in exchange for new operating lease liabilities				$ 87,178	74,095
Weighted-average discount rate	6.20%			6.20%		6.80%
Weighted average remaining lease term (in years)	4 years			4 years		4 years
Operating lease, number of units | store						500
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 37,919			$ 37,919
2022	102,197			102,197
2023	76,597			76,597
2024	58,245			58,245
2025	41,294			41,294
Thereafter	32,088			32,088
Total undiscounted operating lease liabilities	348,340			348,340
Less: Interest	(47,930)			(47,930)
Operating lease liabilities	300,410			300,410		$ 285,354
Abatement [Member]
Lessee, Lease, Description [Line Items]
Payments for Rent		$ 2,300
Deferral [Member]
Lessee, Lease, Description [Line Items]
Payments for Rent		$ 2,100
Other store expenses [Member]
Lessee, Lease, Description [Line Items]
Operating lease charges	33,218		34,682	102,044	106,559
Other charges [Member]
Lessee, Lease, Description [Line Items]
Operating lease charges	$ 16		$ 121	$ 260	$ 1,081

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	47.60%	16.80%	28.90%	11.40%

Senior Debt (Details)

Senior Debt (Details) - USD ($)	Sep. 21, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Feb. 17, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Original issue discount						$ 4,400,000
Debt issuance costs	$ 1,500,000					30,200,000
Other charges (gains)		$ 88,323,000	$ (1,856,000)	$ 212,095,000	$ 7,768,000
Letters of credit, amount outstanding		86,400,000		$ 86,400,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.375%
Line of credit commitment fee				$ 900,000
2021		2,188,000		2,188,000
2022		8,750,000		8,750,000
2023		8,750,000		8,750,000
2024		8,750,000		8,750,000
2025		8,750,000		8,750,000
Thereafter		833,437,000		833,437,000
Senior debt, net		870,625,000		870,625,000
Write-off of debt financing fees	5,400,000			9,926,000	$ 0
Debt Issuance Costs [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	$ 100,000	21,300,000		21,300,000		25,300,000
Other charges (gains)				4,900,000
Original Issue Discount [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		3,000,000		$ 3,000,000
Term loan credit [Member]
Debt Instrument [Line Items]
Senior secured term loan facility						875,000,000
Debt Instrument, Maturity Date				Feb. 17, 2028
Debt Instrument, Frequency of Periodic Payment				quarterly
Debt Instrument, Periodic Payment, Percent				1.00%
2021		2,188,000		$ 2,188,000
2022		8,750,000		8,750,000
2023		8,750,000		8,750,000
2024		8,750,000		8,750,000
2025		8,750,000		8,750,000
Thereafter		833,437,000		833,437,000
Senior debt, net		870,625,000		$ 870,625,000			$ 197,500,000
Term loan credit [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Basis margin on variable rate				3.25%
Term loan credit [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis margin on variable rate				0.50%
ABL credit facility [Member]
Debt Instrument [Line Items]
Revolving credit facility commitments						$ 550,000,000
ABL Credit Facility amount available		$ 463,600,000		$ 463,600,000
Debt Instrument, Maturity Date				Feb. 17, 2026
Actual margin on variable rate		1.875%		1.875%
Required consolidated fixed charge coverage ratio, minimum		1.10		1.10
Actual fixed charge coverage ratio		1.66		1.66
2021		$ 0		$ 0
2022		0		0
2023		0		0
2024		0		0
2025		0		0
Thereafter		0		0
Senior debt, net		$ 0		$ 0
Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.375%
Maximum [Member] | Term loan credit [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Basis margin on variable rate				4.00%
Maximum [Member] | Term loan credit [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis margin on variable rate				0.75%
Maximum [Member] | ABL credit facility [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Basis margin on variable rate				2.00%
Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.25%
Minimum [Member] | Term loan credit [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Basis margin on variable rate				3.25%
Minimum [Member] | Term loan credit [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis margin on variable rate				0.50%
Minimum [Member] | ABL credit facility [Member] | Eurodollar [Member]
Debt Instrument [Line Items]
Basis margin on variable rate				1.50%

Senior Notes (Details)

Senior Notes (Details) - Senior Notes [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Feb. 17, 2021
Senior Notes [Line Items]
Initial borrowing in senior notes	$ 450,000	$ 450,000
Unamortized Debt Issuance Expense		$ 15,700
Debt Instrument, Redemption Price, Percentage	106.375%
Debt Instrument, Interest Rate, Stated Percentage		6.375%

Fair Value (Details)

Fair Value (Details) - Senior Notes [Member] - USD ($) $ in Thousands	Sep. 30, 2021	Feb. 17, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Initial borrowing in senior notes	$ 450,000	$ 450,000
Fair value	485,415
Difference	$ 35,415

Other Charges (Details)

Other Charges (Details) - USD ($) $ in Thousands	Feb. 17, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 20, 2020
Restructuring Cost and Reserve [Line Items]
Depreciation of property assets				$ 49,335	$ 42,268
Charges & Adjustments				25,549
Accrued Charges		$ 2,141		2,141		$ 5,349
Payments & Adjustments				(28,757)
Depreciation and amortization		13,835	$ 13,810	40,794	43,071
Share-based Payment Arrangement, Noncash Expense		5,600	3,000	108,156	8,889
Asset impairments				789
Other charges (gains)		88,323	$ (1,856)	212,095	$ 7,768
Non-Cash Charges [Member]
Restructuring Cost and Reserve [Line Items]
Other				10,911
Legal Settlement Reserves
Restructuring Cost and Reserve [Line Items]
Other				10,700
State Sales Tax Assessment Reserves
Restructuring Cost and Reserve [Line Items]
Other				200
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments				323
Accrued Charges		0		0		344
Payments & Adjustments				(667)
Acima Holdings [Member]
Restructuring Cost and Reserve [Line Items]
Stock consideration, shares	10,779,923
Stock consideration, value	$ 120,929						$ 377,000
Other intangible assets	520,000
Property assets	$ 171,455
Depreciation of property assets		4,000		9,300
Amortization		29,200		72,400
Depreciation and amortization				81,725
Share-based Payment Arrangement, Noncash Expense		42,800		$ 93,121
Acima Holdings [Member] | Restricted Stock Units [Member]
Restructuring Cost and Reserve [Line Items]
Stock consideration, shares	8,096,595			8,100,000
Stock consideration, value	$ 414,100
Acima Holdings [Member] | Software [Member]
Restructuring Cost and Reserve [Line Items]
Property assets	$ 170,000
Acima Holdings [Member] | Transaction costs [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments				$ 17,336
Accrued Charges		0		0		5,005
Payments & Adjustments				(22,341)
Acima Holdings [Member] | Integration costs [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments				7,890
Accrued Charges		$ 2,141		2,141		$ 0
Payments & Adjustments				(5,749)
Acima Holdings [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments				3,500
Acima Holdings [Member] | Incremental legal and professional fees [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments				1,100
Acima Holdings [Member] | Inventory Valuation and Obsolescence
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments				$ 3,300

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	Feb. 17, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total revenues		$ 1,181,268	$ 712,015			$ 3,412,025	$ 2,097,700
Gross profit		568,760	425,028			1,666,755	1,244,738
Operating profit		67,146	80,187			243,711	182,697
Depreciation and amortization		13,835	13,810			40,794	43,071
Capital expenditures		20,475	$ 7,807			45,876	22,557
On rent		1,121,038				1,121,038		$ 762,886
Rental merchandise held for rent, net		147,755				147,755		146,266
Assets		$ 3,053,670				3,053,670		1,750,980
Depreciation of property assets						$ 49,335	$ 42,268
Weighted-average shares outstanding		58,267,000	53,985,000			57,603,000	54,186,000
Acima Holdings [Member]
Segment Reporting Information [Line Items]
Total revenues				$ 1,042,966	$ 772,743
Amortization		$ 29,200				$ 72,400
Depreciation of property assets		4,000				$ 9,300
Stock consideration, shares	10,779,923
Weighted-average shares outstanding						2,600,000
Rent-A-Center Business [Member]
Segment Reporting Information [Line Items]
Total revenues		500,986	$ 474,223			$ 1,531,686	$ 1,388,380
Gross profit		356,590	332,742			1,072,946	966,347
Operating profit		109,272	99,950			357,036	253,025
Depreciation and amortization		4,792	4,926			13,821	14,759
Capital expenditures		6,637	5,721			21,202	10,205
On rent		442,578				442,578		444,945
Rental merchandise held for rent, net		139,441				139,441		136,219
Assets		1,006,779				1,006,779		999,252
Acima [Member]
Segment Reporting Information [Line Items]
Total revenues		623,445	201,659			1,716,174	609,029
Gross profit		193,527	78,727			539,181	238,433
Operating profit		51,884	16,073			144,797	40,528
Depreciation and amortization		570	541			1,568	1,542
Capital expenditures		276	20			945	106
On rent		659,534				659,534		299,660
Rental merchandise held for rent, net		858				858		2,228
Assets		1,525,741				1,525,741		389,650
Mexico [Member]
Segment Reporting Information [Line Items]
Total revenues		15,917	12,159			45,670	36,316
Gross profit		11,293	8,655			32,323	25,615
Operating profit		2,285	1,724			6,659	3,743
Depreciation and amortization		130	104			369	292
Capital expenditures		478	116			744	205
On rent		18,926				18,926		18,281
Rental merchandise held for rent, net		7,456				7,456		7,819
Assets		39,288				39,288		42,278
Franchising [Member]
Segment Reporting Information [Line Items]
Total revenues		40,920	23,974			118,495	63,975
Gross profit		7,350	4,904			22,305	14,343
Operating profit		4,816	3,146			15,495	8,694
Depreciation and amortization		24	15			58	28
Assets		16,151				16,151		14,729
Total Segments [Member]
Segment Reporting Information [Line Items]
Operating profit		168,257	120,893			523,987	305,990
Depreciation and amortization		5,516	5,586			15,816	16,621
Capital expenditures		7,391	5,857			22,891	10,516
Assets		2,587,959				2,587,959		1,445,909
Corporate [Member]
Segment Reporting Information [Line Items]
Operating profit		(101,111)	(40,706)			(280,276)	(123,293)
Depreciation and amortization		8,319	8,224			24,978	26,450
Capital expenditures		13,084	$ 1,950			22,985	$ 12,041
Assets		$ 465,711				$ 465,711		$ 305,071

Common Stock and Stock-Based _2

Common Stock and Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 17, 2021	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 20, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Authorized Amount		$ 250,000			$ 250,000
Treasury Stock, Shares, Acquired					335,508	1,463,377
Purchase of treasury stock		20,039	$ 61	$ 26,525	$ 20,000	$ 26,600
Stock-based compensation expense		5,600	$ 3,000		$ 108,156	8,889
Stock options granted					97,000
Performance-based restricted stock units granted					299,000
Time-vesting restricted stock units granted					180,000
Expected volatility rate, minimum					47.54%
Expected volatility rate, maximum					53.21%
Risk free interest rate, minimum					0.21%
Risk free interest rate, maximum					1.08%
Weighted average exercise price of options granted					$ 44.84
Weighted average grant date fair value of options granted					$ 14.94
Acima Holdings [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 42,800			$ 93,121
Stock consideration, shares	10,779,923
Common stock price	$ 51.14
Stock consideration, value	$ 120,929						$ 377,000
Acima Holdings [Member] | Share-based Payment Arrangement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock consideration, shares	2,683,328
Acima Holdings [Member] | Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock consideration, shares	8,096,595				8,100,000
Stock consideration, value	$ 414,100
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield					2.15%
Expected term					3 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield					3.24%
Expected term					5 years 9 months
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense					$ 15,000	$ 8,900
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of restricted stock units granted					$ 92.24
Performance-based restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of restricted stock units granted					$ 59.22

Contingencies (Details)

Contingencies (Details) $ in Millions	Sep. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Escrow Deposit	$ 50

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 17, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Common Share
Net earnings		$ 21,267	$ 61,309	$ 42,552	$ 64,030	$ 38,493	$ 49,292			$ 125,128	$ 151,815
Weighted-average shares outstanding		58,267,000			53,985,000					57,603,000	54,186,000
Effect of dilutive stock awards		9,927,000			1,621,000					9,853,000	1,476,000
Weighted-average dilutive shares		68,194,000			55,606,000					67,456,000	55,662,000
Basic earnings per common share		$ 0.36			$ 1.19					$ 2.17	$ 2.80
Diluted earnings per common share		$ 0.31			$ 1.15					$ 1.85	$ 2.73
Acima Holdings [Member]
Earnings Per Common Share
Net earnings								$ 102,063	$ 137,276
Weighted-average shares outstanding										2,600,000
Stock consideration, shares	10,779,923
Acima Holdings [Member] | Restricted Stock Units [Member]
Earnings Per Common Share
Stock consideration, shares	8,096,595									8,100,000
Retained Earnings [Member]
Earnings Per Common Share
Net earnings		$ 21,267	$ 61,309	$ 42,552	$ 64,030	$ 38,493	$ 49,292			$ 125,128	$ 151,815
Performance-based restricted stock units [Member]
Earnings Per Common Share
Anti-dilutive securities		295,000			0					295,000	324,000
Stock options [Member]
Earnings Per Common Share
Anti-dilutive securities		33,000			907,000					33,000	1,238,000
Restricted share units [Member]
Earnings Per Common Share
Anti-dilutive securities		0			0					110,000	0