Upbound (UPBD) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Document and Company Informatio

Document and Company Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 26, 2022
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		55,670,048
Entity Registrant Name	RENT A CENTER INC DE
Entity Central Index Key	0000933036
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 21, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Store
Rentals and fees		$ 829,459	$ 930,849	$ 2,569,804	$ 2,592,788
Merchandise sales		147,616	192,016	541,265	646,038
Installment sales		16,718	17,028	52,355	52,992
Other		1,340	1,082	3,698	3,035
Total store revenues		995,133	1,140,975	3,167,122	3,294,853
Franchise
Merchandise sales		22,823	33,671	67,849	96,342
Royalty income and fees		6,001	6,622	19,962	20,830
Total revenues		1,023,957	1,181,268	3,254,933	3,412,025
Store
Cost of rentals and fees		310,079	344,623	968,655	912,531
Cost of merchandise sold		179,477	228,024	615,543	717,983
Cost of installment sales		6,032	6,291	18,379	18,566
Total cost of store revenues		495,588	578,938	1,602,577	1,649,080
Franchise cost of merchandise sold		22,834	33,570	68,183	96,190
Total cost of revenues		518,422	612,508	1,670,760	1,745,270
Gross profit		505,535	568,760	1,584,173	1,666,755
Store expenses
Labor		156,192	163,945	486,751	479,989
Other store expenses		197,847	189,553	624,306	540,698
General and administrative expenses		40,002	45,958	141,273	149,468
Depreciation and amortization		12,798	13,835	40,208	40,794
Other charges		61,619	88,323	185,435	212,095
Total operating expenses		468,458	501,614	1,477,973	1,423,044
Operating profit		37,077	67,146	106,200	243,711
Debt refinancing charges	$ 1,400	0	6,839	0	15,582
Interest expense		22,960	19,742	61,018	52,167
Interest income		(216)	(30)	(353)	(148)
Earnings before income taxes		14,333	40,595	45,535	176,110
Income tax expense		20,111	19,328	35,825	50,982
Net (loss) earnings		$ (5,778)	$ 21,267	$ 9,710	$ 125,128
Basic (loss) earnings per common share		$ (0.10)	$ 0.36	$ 0.18	$ 2.17
Diluted (loss) earnings per common share		(0.10)	0.31	0.16	1.85
Cash dividends declared per common share		$ 0.34	$ 0.31	$ 1.02	$ 0.93

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Consolidated Statements of Comprehensive (Loss) Income [Abstract]
Net (loss) earnings	$ (5,778)	$ 21,267	$ 9,710	$ 125,128
Total other comprehensive (loss) income	(615)	(944)	(51)	(901)
Comprehensive (loss) income	(6,393)	20,323	9,659	124,227
Accumulated Other Comprehensive Loss [Member]
Condensed Consolidated Statements of Comprehensive (Loss) Income [Abstract]
Foreign currency translation adjustments, net of tax of $(163) and $(251), $(14) and $(240) for the three and nine months ended September 30, 2022 and 2021, respectively			$ (51)	$ (901)
Total other comprehensive (loss) income	$ (615)	$ (944)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 165,627	$ 108,333
Receivables, net of allowance for doubtful accounts of $12,378 and $8,479 in 2022 and 2021, respectively	113,230	126,378
Allowance for doubtful accounts	12,378	8,479
Prepaid expenses and other assets	71,276	63,468
Rental merchandise, net
On rent	943,878	1,173,024
Held for rent	128,708	132,984
Merchandise held for installment sale	6,942	6,405
Property assets, net of accumulated depreciation of $597,128 and $557,453 in 2022 and 2021, respectively	300,135	308,098
Property assets, accumulated depreciation	597,128	557,453
Operating lease right-of-use assets	306,948	291,338
Deferred tax asset	68,205	68,391
Goodwill	289,750	289,750
Other intangible assets, net	373,897	425,158
Assets	2,768,596	2,993,327
LIABILITIES
Accounts payable – trade	139,751	135,666
Accrued liabilities	308,390	362,708
Operating lease liabilities	310,099	296,535
Deferred tax liability	92,759	113,943
Senior debt, net	931,973	1,135,207
Senior notes, net	437,461	435,992
Total liabilities	2,220,433	2,480,051
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value; 250,000,000 shares authorized; 125,019,025 and 124,398,373 shares issued in September 30, 2022 and December 31, 2021, respectively	$ 1,103	$ 1,065
Common stock - par value	$ 0.01	$ 0.01
Common stock - shares authorized	250,000,000	250,000,000
Common stock - shares issued	125,019,025	124,398,373
Additional paid-in capital	$ 1,261,323	$ 1,146,509
Retained earnings	1,093,517	1,143,647
Treasury stock at cost, 67,036,165 and 65,790,667 shares in September 30, 2022 and December 31, 2021, respectively	$ (1,795,358)	$ (1,765,574)
Treasury stock - shares at cost	67,036,165	65,790,667
Accumulated other comprehensive loss	$ (12,422)	$ (12,371)
Total Stockholders' Equity	548,163	513,276
Total Liabilities and Stockholders' Equity	$ 2,768,596	$ 2,993,327

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		112,181
Total stockholders' equity	$ 592,080	$ 1,105	$ 886,902	$ 1,091,010	$ (1,375,541)	$ (11,396)
Net (loss) 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 (loss) earnings	125,128			125,128
Total other comprehensive (loss) income	(901)
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 (loss) 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 (loss) 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)
Common stock, shares, outstanding		124,398
Total stockholders' equity	513,276	$ 1,065	1,146,509	1,143,647	(1,765,574)	(12,371)
Net (loss) earnings	(4,237)			(4,237)
Total other comprehensive (loss) income	661					661
Exercise of stock options, shares		22
Exercise of stock options	477	$ 1	476
Vesting of restricted share units, net of shares withheld for employee taxes, shares		424
Vesting of restricted share units, net of shares withheld for employee taxes	0	$ 4	(4)
Tax effect of stock awards vested and options exercised	(8,466)		(8,466)
Stock-based compensation	41,410		41,410
Dividends declared	(20,063)			(20,063)
Net (loss) earnings	9,710			9,710
Total other comprehensive (loss) income	(51)
Common stock, shares, outstanding		124,844
Total stockholders' equity	523,058	$ 1,070	1,179,925	1,119,347	(1,765,574)	(11,710)
Net (loss) earnings	19,725			19,725
Total other comprehensive (loss) income	(97)					(97)
Exercise of stock options, shares		52
Exercise of stock options	783	$ 0	783
Vesting of restricted share units, net of shares withheld for employee taxes, shares		85
Vesting of restricted share units, net of shares withheld for employee taxes	0	$ 1	(1)
Tax effect of stock awards vested and options exercised	(969)		(969)
Stock-based compensation	36,438		36,438
Dividends declared	(20,104)			(20,104)
Common stock, shares, outstanding		124,981
Total stockholders' equity	558,834	$ 1,071	1,216,176	1,118,968	(1,765,574)	(11,807)
Net (loss) earnings	(5,778)			(5,778)
Total other comprehensive (loss) income	(615)					(615)
Purchase of treasury stock	(29,797)	$ (13)			(29,784)
Exercise of stock options, shares		33
Exercise of stock options	461	$ 0	461
Vesting of restricted share units, net of shares withheld for employee taxes, shares		5
Vesting of restricted share units, net of shares withheld for employee taxes	0	$ 45	(45)
Tax effect of stock awards vested and options exercised	(42)		(42)
Stock-based compensation	44,773		44,773
Dividends declared	(19,673)			(19,673)
Common stock, shares, outstanding		125,019
Total stockholders' equity	$ 548,163	$ 1,103	$ 1,261,323	$ 1,093,517	$ (1,795,358)	$ (12,422)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net (loss) earnings	$ 9,710	$ 125,128
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation of rental merchandise	937,728	880,341
Bad debt expense	18,100	9,825
Stock-based compensation expense	122,621	108,156
Depreciation of property assets	51,384	49,335
Loss on sale or disposal of property assets	5,979	318
Amortization of intangibles	51,382	73,228
Amortization of financing fees	4,798	4,178
Write-off of debt financing fees	0	9,926
Deferred income taxes	(21,025)	32,752
Changes in operating assets and liabilities, net of acquired assets
Rental merchandise	(704,191)	(900,921)
Receivables	(4,951)	(21,286)
Prepaid expenses and other assets	(7,808)	(721)
Operating lease right-of-use assets and lease liabilities	(2,047)	(339)
Accounts payable – trade	4,085	(51,853)
Accrued liabilities	(53,682)	8,137
Net cash provided by operating activities	412,083	326,204
Cash flows from investing activities
Purchase of property assets	(49,436)	(45,876)
Proceeds from sale of property assets	35	3
Acquisitions of businesses	775	1,273,542
Net cash used in investing activities	(50,176)	(1,319,415)
Cash flows from financing activities
Share repurchases	29,797	20,035
Exercise of stock options	1,720	11,368
Shares withheld for payment of employee tax withholdings	(9,477)	(20,903)
Debt issuance costs	0	47,622
Proceeds from debt	90,000	1,490,000
Repayments of debt	(296,563)	(366,875)
Dividends paid	60,410	53,182
Net cash (used in) provided by financing activities	(304,527)	992,751
Effect of exchange rate changes on cash	(86)	(159)
Net increase (decrease) in cash and cash equivalents	57,294	(619)
Cash and cash equivalents at beginning of period	108,333	159,449
Cash and cash equivalents at end of period	$ 165,627	$ 158,830

Basis of Presentation (Notes)

Basis of Presentation (Notes)	9 Months Ended
	Sep. 30, 2022
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, 2021. 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, such as the future unknown impacts of the COVID-19 pandemic and other macroeconomic factors, including recent significant increases to the consumer price index, a condensed labor market, wage inflation, and global supply chain issues 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 The 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, which includes the operations of Acima Holdings (as defined in Note 2 below) acquired in February 2021 and our previous 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 through staffed or unstaffed kiosks located within such retailer’s locations, or other virtual options. Virtual locations employ a virtual solution where customers, either directly or with the assistance of a representative of the third-party retailer, initiate the lease-to-own transaction online in the retailers’ locations using our virtual solutions. 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.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Notes)	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Acquisitions and divestitures	Acquisitions and Divestitures On February 17, 2021, we completed the acquisition of Acima Holdings, LLC (“Acima Holdings”). 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 agreement and plan of merger entered into in connection with the transaction (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 employee former owners of Acima Holdings is subject to restricted stock agreements providing vesting conditions over a 36-month period that began upon closing of the transaction. The portion of the Aggregate Stock Consideration issued to nonemployee former owners of Acima Holdings were previously subject to the terms of an 18-month lockup agreement, which expired on August 17, 2022. Following the expiration of the lock-up agreement, all shares of our common stock received by non-employee former owners in the transaction have now become transferable. We entered into a Registration Rights Agreement at the closing of the transaction 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 transaction. The aggregate purchase price in accordance with accounting standards under U.S. GAAP was approximately $1.4 billion, including the Aggregate Cash Consideration, and the 2,683,328 shares of the Aggregate Stock Consideration issued to non-employee former owners of Acima Holdings, valued at $51.14 per share, as of the closing date and discounted for lack of marketability on account of the transfer restrictions described above. 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 aggregate purchase price excludes the remaining 8,096,595 shares of the Aggregate Stock Consideration issued to employee former owners of Acima Holdings. Such shares were valued at $414.1 million, based on the per share price of $51.14 as of the date of closing. These shares are instead 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 in our unaudited Condensed Consolidated Statements of Operations. Assets acquired and liabilities assumed in connection with the acquisition have been recorded at their fair values. The following table provides the 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) $ 25,255 Prepaid expenses and other assets 700 Rental merchandise On rent 340,575 Property assets 171,455 Operating lease right-of-use assets 9,136 Deferred income taxes 28,559 Goodwill 219,530 Other intangible assets 520,000 Total assets acquired $ 1,315,210 LIABILITIES ASSUMED Accounts payable - trade 16,023 Accrued liabilities 11,716 Operating lease liabilities 9,689 Deferred income taxes (116,410) Total liabilities assumed (78,982) Total equity value $ 1,394,192 (1) Includes gross contractual receivables of $61.6 million related to merchandise lease contracts, of which $34.7 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, 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 values were determined based on an independent valuation of the net assets acquired, including $340.6 million of rental merchandise and $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 $219.5 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. 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 differs from recorded goodwill as a result of the Aggregate Stock Consideration subject to restricted stock agreements, differences in value assigned to other purchased assets, and acquisition-related expenses. Tax goodwill 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. Subsequent to the date of acquisition, we recorded certain adjustments to the purchase price allocation within the measurement period, including an adjustment to the fair value of rental merchandise decreasing the value of the acquired assets by approximately $17.1 million. The adjustment to the fair value of rental merchandise was based on further assessment of the carrying value of the assets and corresponding evaluation of related (Level 2) market inputs. Total cumulative measurement period adjustments resulted in a decrease to goodwill of approximately $(22.2) million. The purchase price allocation for the Acima Holdings acquisition was complete as of December 31, 2021. In connection with this acquisition, we incurred approximately $23.9 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. These costs were included in Other charges 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 and step-down 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 (unaudited) Total revenues $ 1,042,966 Net earnings (1) 102,063 (1) Net earnings for the period includes amortization of intangible assets acquired upon closing of the Acima Holdings acquisition.

Revenues (Notes)

Revenues (Notes)	9 Months Ended
	Sep. 30, 2022
Revenues [Abstract]
Revenues	Revenues The following table disaggregates our revenue for the periods ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 Rent-A-Center Business Acima (1) Mexico Franchising Consolidated (in thousands) Store Rentals and fees $ 426,805 $ 387,488 $ 15,166 $ — $ 829,459 Merchandise sales 30,009 116,795 812 — 147,616 Installment sales 16,718 — — — 16,718 Other 223 165 63 889 1,340 Total store revenues 473,755 504,448 16,041 889 995,133 Franchise Merchandise sales — — — 22,823 22,823 Royalty income and fees — — — 6,001 6,001 Total revenues $ 473,755 $ 504,448 $ 16,041 $ 29,713 $ 1,023,957 (1) Represents revenues for our Acima segment, as defined in Note 1. Nine Months Ended September 30, 2022 Rent-A-Center Business Acima (1) Mexico Franchising Consolidated (in thousands) Store Rentals and fees $ 1,305,871 $ 1,218,143 $ 45,790 $ — $ 2,569,804 Merchandise sales 123,255 415,465 2,545 — 541,265 Installment sales 52,355 — — — 52,355 Other 964 386 119 2,229 3,698 Total store revenues 1,482,445 1,633,994 48,454 2,229 3,167,122 Franchise Merchandise sales — — — 67,849 67,849 Royalty income and fees — — — 19,962 19,962 Total revenues $ 1,482,445 $ 1,633,994 $ 48,454 $ 90,040 $ 3,254,933 (1) Represents revenues for our Acima segment, as defined in Note 1. Three Months Ended September 30, 2021 Rent-A-Center Business Acima (1) 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 (1) Represents revenues for our Acima segment, as defined in Note 1. Nine Months Ended September 30, 2021 Rent-A-Center Business Acima (1) 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 (1) Represents revenues for our Acima segment, as defined in Note 1. Lease Purchase Agreements Rent-A-Center Business, Acima, and Mexico Rentals and Fees. Rental merchandise is leased to customers pursuant to lease-to-own agreements, which provide for weekly, semi-monthly or monthly terms with non-refundable lease payments. At the expiration of each lease term, customers may renew the lease-to-own agreement for the next lease term. Generally, the customer has the right to acquire title of the merchandise either through a purchase option or through payment of all required lease terms. Customers can terminate the lease-to-own agreement at the end of any lease term without penalty. Therefore, lease-to-own agreements are accounted for as operating leases. Lease payments received at our Rent-A-Center Business stores, certain Acima staffed locations formerly operating under the Preferred Lease brand, and Mexico stores must be prepaid in advance of the next lease term. Under the Acima Holdings business model, revenues may be earned prior to the lease payment due date, in which case revenue is accrued prior to receipt of the lease payment, net of estimated returns and uncollectible renewal payments. Under both models, rental revenue is recognized over the lease term. See Note 4 for additional information regarding accrued lease 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 lease term. At September 30, 2022 and December 31, 2021, we had $31.7 million and $51.7 million, respectively, in deferred revenue included in accrued liabilities related to our lease to own 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 locations, and Mexico stores is depreciated using the income forecasting method and recognized in cost of rentals and fees in our Consolidated Statement of Operations over the lease term. Lease merchandise in Acima Holdings is depreciated over the lease term using a straight-line depreciation method. Under the income forecasting method, the consumption of lease merchandise occurs during periods of rental and depreciation directly coincides with the receipt of rental revenue over the lease-to-own contract period. Depreciation under the straight-line method is recognized each period over the term of the lease-to-own contract irrespective of receipt of revenue payments from the customer. 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 options offered through our lease-to own 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, 2022 and December 31, 2021, we had $2.1 million and $2.6 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 September 30, 2022 and December 31, 2021, we had $3.6 million and $4.1 million, respectively, 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, 2022
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 receivables 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 both the nine months ended September 30, 2022 and 2021 was $9.2 million. Trade and notes receivables consist of amounts due from our lease-to-own customers for renewal and uncollected rental payments, adjusted for the probability of collection based on our assessment of historical collection rates; 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, 2022 December 31, 2021 Installment sales receivables $ 67,398 $ 66,276 Trade and notes receivables 58,210 68,581 Total receivables 125,608 134,857 Less allowance for doubtful accounts (1) (12,378) (8,479) Total receivables, net of allowance for doubtful accounts $ 113,230 $ 126,378 1) Lease receivables are accrued on a net basis, adjusted for the probability of collection based on our assessment of historical collection rates, as described above. Therefore, we do not maintain a separate allowance for doubtful accounts related to our lease receivables. 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 Franchising trade and notes receivables was $1.0 million and $0.9 million, and the allowance for doubtful accounts related to installment sales receivables was $11.4 million and $7.6 million at September 30, 2022 and December 31, 2021, respectively. Changes in our allowance for doubtful accounts are as follows: (in thousands) September 30, 2022 Beginning allowance for doubtful accounts $ 8,479 Bad debt expense (1) 18,100 Accounts written off, net of recoveries (14,201) Ending allowance for doubtful accounts $ 12,378 (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, 2022
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 2032. 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 2026 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. In our calculation of operating lease right-of-use assets and operating lease liabilities we have elected not to separate the lease and non-lease components. Furthermore, 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 September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Operating lease cost included in Other store expenses (1)(2) $ 31,100 $ 33,218 $ 93,365 $ 102,044 Operating lease cost included in Other charges (2) 264 16 299 260 Sublease receipts (1,642) (2,850) (5,700) (9,333) Total operating lease charges $ 29,722 $ 30,384 $ 87,964 $ 92,971 (1) Includes short-term lease costs, which are not significant. (2) Excludes variable lease costs of $9.4 million and $27.2 million for the three and nine months ended September 30, 2022 compared to $8.4 million and $25.4 million for the three and nine months ended September 30, 2021. Supplemental cash flow information related to leases: Nine Months Ended September 30, (in thousands) 2022 2021 Cash paid for amounts included in measurement of operating lease liabilities $ 77,780 $ 80,800 Cash paid for short-term operating leases not included in operating lease liabilities 14,170 13,022 Right-of-use assets obtained in exchange for new operating lease liabilities 81,937 87,178 Weighted-average discount rate and weighted-average remaining lease term: (in thousands) September 30, 2022 December 31, 2021 Weighted-average discount rate (1) 6.8 % 6.0 % 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, 2022: (in thousands) Operating Leases 2022 $ 27,138 2023 100,626 2024 83,448 2025 65,635 2026 41,461 Thereafter 35,038 Total undiscounted operating lease liabilities 353,346 Less: Interest (43,247) Total present value of operating lease liabilities $ 310,099

Income Taxes (Notes)

Income Taxes (Notes)	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax	Income Taxes The effective tax rate was 78.7% for the nine months ended September 30, 2022, compared to 28.9% for the corresponding period in 2021. The effective tax rate for the nine months ended September 30, 2022 was primarily impacted by the difference between recorded goodwill and goodwill recognized for tax purposes, primarily as a result of the Aggregate Stock Consideration issued to employee former owners of Acima Holdings subject to restricted stock agreements. The effective tax rate for the nine months ended September 30, 2021 was also 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.

Senior Debt (Notes)

Senior Debt (Notes)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt Disclosure	Senior Debt 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 in our Condensed Consolidated Statement of Operations. On September 21, 2021 we entered into a 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. On August 10, 2022, we entered into a First Amendment to the ABL Credit Facility, effective as of August 10, 2022. The amendment effected the replacement of LIBOR with Term Secured Overnight Financing Rate (“Term SOFR”) as the benchmark rate of interest thereunder. As of September 30, 2022, 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 $17.4 million and $2.5 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 $861.9 million at September 30, 2022. We had $90.0 million outstanding borrowings under our ABL Credit Facility at September 30, 2022 and borrowing capacity of $373.8 million. We also utilize the ABL Credit Facility for the issuance of letters of credit. As of September 30, 2022, we have issued letters of credit in the aggregate outstanding amount of $86.2 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. The total interest rate on the Term Loan Facility was 6.06% at September 30, 2022. 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 Term SOFR plus an applicable margin of 1.50% to 2.00%. The total interest rate on the ABL Credit Facility at September 30, 2022 was 4.783%. 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, 2022 was 0.375%. We paid $0.7 million of commitment fees during the third quarter of 2022. 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 at least 1.10 to 1.00 at the end of each fiscal quarter only in the event 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, 2022 was 0.68 to 1.00, however, neither of the conditions in (i) or (ii) described above were applicable. Therefore, the maintenance of the fixed charge coverage ratio as of September 30, 2022 was not required. 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, 2022 for each of the years ending December 31: (in thousands) Term Loan Facility ABL Credit Facility Total 2022 $ 2,188 $ — $ 2,188 2023 8,750 — 8,750 2024 8,750 — 8,750 2025 8,750 — 8,750 2026 8,750 90,000 98,750 Thereafter 824,687 — 824,687 Total senior debt $ 861,875 $ 90,000 $ 951,875

Senior Notes (Notes)

Senior Notes (Notes)	9 Months Ended
	Sep. 30, 2022
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 are amortized as interest expense over the term of the Notes. As of September 30, 2022, the total remaining balance of unamortized debt issuance costs related to our senior notes reported in the Condensed Consolidated Balance Sheets was approximately $12.5 million. 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, 2022
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, 2022 and December 31, 2021, 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, 2022: September 30, 2022 (in thousands) Carrying Value Fair Value Difference Senior notes $ 450,000 $ 351,000 $ (99,000)

Other Charges (Notes)

Other Charges (Notes)	9 Months Ended
	Sep. 30, 2022
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 were 8,096,595 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, 2022 and 2021, we recognized approximately $111.5 million and $93.1 million in stock compensation expense related to these restricted stock agreements, respectively. 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, 2022 and 2021, we recognized approximately $50.6 million and $72.4 million in amortization expense and $11.9 million and $9.3 million in incremental depreciation expense related to these assets, respectively. During the nine months ended September 30, 2022 and 2021, we recognized approximately $0.2 million and $17.3 million in transaction costs associated with the closing of the transaction, respectively. During the nine months ended September 30, 2021 we recognized 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, 2022 is summarized in the below table: (in thousands) Accrued Charges at December 31, 2021 Charges & Adjustments Payments & Adjustments Accrued Charges at September 30, 2022 Cash charges: Acima Holdings transaction costs $ — $ 187 $ (187) $ — Labor reduction costs (1) 1,593 5,160 (3,757) 2,996 Other cash charges — 293 (293) — Total cash charges $ 1,593 5,640 $ (4,237) $ 2,996 Non-cash charges: Acima Holdings restricted stock agreements (2) 111,489 Depreciation and amortization of acquired assets (3) 62,558 Asset impairments (4) 6,768 Other (1,020) Total other charges $ 185,435 (1) Represents charges incurred for employee severance. (2) Represents stock compensation expense 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. (3) 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. (4) Primarily represents impairment of software assets.

Segment Information (Notes)

Segment Information (Notes)	9 Months Ended
	Sep. 30, 2022
Segment Information [Abstract]
Segment Information	Segment Information The operating segments reported below are the segments for which separate financial information is available and for which segment results are evaluated by the chief operating decision makers. Our operating segments are organized based on factors including, but not limited to, type of business transactions, geographic location and store ownership. Within our operating segments, we offer merchandise for lease from certain basic product categories: furniture, including mattresses, tires, consumer electronics, appliances, tools, handbags, computers, smartphones, and accessories. Segment information as of and for the three and nine months ended September 30, 2022 and 2021 is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Revenues Rent-A-Center Business $ 473,755 $ 500,986 $ 1,482,445 $ 1,531,686 Acima (1) 504,448 623,445 1,633,994 1,716,174 Mexico 16,041 15,917 48,454 45,670 Franchising 29,713 40,920 90,040 118,495 Total revenues $ 1,023,957 $ 1,181,268 $ 3,254,933 $ 3,412,025 (1) Represents revenues for our Acima operating segment as defined in Note 1. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Gross profit Rent-A-Center Business $ 334,892 $ 356,590 $ 1,046,332 $ 1,072,946 Acima (1) 152,434 193,527 481,742 539,181 Mexico 11,330 11,293 34,242 32,323 Franchising 6,879 7,350 21,857 22,305 Total gross profit $ 505,535 $ 568,760 $ 1,584,173 $ 1,666,755 (1) Represents gross profit for our Acima operating segment as defined in Note 1. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Operating profit Rent-A-Center Business $ 71,999 $ 109,272 $ 271,283 $ 357,036 Acima (1) 48,885 51,884 94,318 144,797 Mexico 996 2,285 5,011 6,659 Franchising 5,077 4,816 15,170 15,495 Total segments 126,957 168,257 385,782 523,987 Corporate (2) (89,880) (101,111) (279,582) (280,276) Total operating profit $ 37,077 $ 67,146 $ 106,200 $ 243,711 (1) Represents operating profit for our Acima segment as defined in Note 1. (2) Includes stock compensation expense of $42.1 million and $111.5 million recognized for the three and nine months ended September 30, 2022, and $42.8 million and $93.1 million recognized for the three and nine months ended September 30, 2021, related to common stock issued to Acima Holdings employees under restricted stock agreements as part of the acquisition consideration subject to vesting restrictions as described in Note 10. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Depreciation and amortization Rent-A-Center Business $ 4,629 $ 4,792 $ 15,665 $ 13,821 Acima (1)(2) 439 570 1,496 1,568 Mexico 182 130 494 369 Franchising 35 24 110 58 Total segments 5,285 5,516 17,765 15,816 Corporate (3) 7,513 8,319 22,443 24,978 Total depreciation and amortization $ 12,798 $ 13,835 $ 40,208 $ 40,794 (1) Represents depreciation and amortization for our Acima segment as defined in Note 1. (2) Excludes amortization expense of approximately $14.2 million and $50.6 million for the three and nine months ended September 30, 2022, compared to $29.2 million and $72.4 million for the three and nine months ended September 30, 2021, recorded to Other charges in the Condensed Consolidated Statement of Operations, related to intangible assets acquired upon closing of the Acima Holdings acquisition. See Note 10 for additional information. (3) Excludes depreciation expense of approximately $3.9 million and $11.9 million for the three and nine months ended September 30, 2022, compared to $4.0 million and $9.3 million for the three and nine months ended September 30, 2021, recorded to Other charges in the Condensed Consolidated Statement of Operations, related to software acquired upon closing of the Acima Holdings acquisition. See Note 10 for additional information. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Capital expenditures Rent-A-Center Business $ 10,714 $ 6,637 $ 30,917 $ 21,202 Acima (1) 16 276 205 945 Mexico 696 478 1,219 744 Franchising 166 — 278 — Total segments 11,592 7,391 32,619 22,891 Corporate 6,949 13,084 16,817 22,985 Total capital expenditures $ 18,541 $ 20,475 $ 49,436 $ 45,876 (1) Represents capital expenditures for our Acima segment as defined in Note 1. (in thousands) September 30, 2022 December 31, 2021 On rent rental merchandise, net Rent-A-Center Business $ 444,174 $ 477,901 Acima (1) 480,317 676,279 Mexico 19,387 18,844 Total on rent rental merchandise, net $ 943,878 $ 1,173,024 (1) Represents on-rent rental merchandise for our Acima segment as defined in Note 1. (in thousands) September 30, 2022 December 31, 2021 Held for rent rental merchandise, net Rent-A-Center Business $ 118,329 $ 123,111 Acima (1) 417 626 Mexico 9,962 9,247 Total held for rent rental merchandise, net $ 128,708 $ 132,984 (1) Represents held-for-rent rental merchandise for our Acima segment as defined in Note 1. (in thousands) September 30, 2022 December 31, 2021 Assets by segment Rent-A-Center Business $ 1,022,173 $ 1,026,886 Acima (1) 1,195,982 1,476,752 Mexico 46,561 41,669 Franchising 19,346 15,412 Total segments 2,284,062 2,560,719 Corporate 484,534 432,608 Total assets $ 2,768,596 $ 2,993,327 (1) Represents total assets for our Acima segment as defined in Note 1.

Common Stock and Stock-Based Co

Common Stock and Stock-Based Compensation (Notes)	9 Months Ended
	Sep. 30, 2022
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Common Stock and Stock-Based Compensation In early December 2021, our Board of Directors authorized a stock repurchase program for up to $500 million (the “December 2021 Program”), which superseded our previous stock repurchase program. Under the December 2021 Program, we may purchase shares of our common stock from time to time in the open market or privately negotiated transactions. We are not obligated to acquire any shares under the program, and the program may be suspended or discontinued at any time. No shares of our common stock were repurchased during the six months ended June 30, 2022. Under the December 2021 Program, 1,218,313 shares of our common stock were repurchased for an aggregate purchase price of approximately $29.8 million during the three months ended September 30, 2022. Subsequent to September 30, 2022 we repurchased an additional 2,318,486 shares for an aggregate purchase price of $45.2 million under the December 2021 Program and approximately $285 million remains available for repurchases. Under previous stock repurchase programs, 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. We recognized $2.7 million and $5.6 million in compensation expense related to stock awards issued under the Rent-A-Center, Inc. 2021 Long-Term Incentive Plan (the “2021 Plan”) and 2016 Long-Term Incentive Plan (the “2016 Plan”) during the three months ended September 30, 2022 and 2021, and $11.1 million and $15.0 million during the nine months ended September 30, 2022 and 2021. During the nine months ended September 30, 2022, we granted approximately 713,000 market-based performance units and 406,000 time-vesting units under the 2021 Plan. 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, 2022 was $24.59 and $28.31, 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, are recognized as stock compensation expense over the vesting term in accordance with ASC Topic 718, “Stock-based Compensation”. We recognized $42.1 million and $42.8 million in stock compensation expense related to these restricted stock agreements during the three

Contingencies (Notes)

Contingencies (Notes)	9 Months Ended
	Sep. 30, 2022
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 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. Unclaimed Property. We are subject to unclaimed property audits by states in the ordinary course of business. The property subject to review in the audit process includes 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 and believe we are 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. 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 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 were 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. In respect of certain pre-closing taxes, a portion of the escrowed funds were released to Acima Holdings’ former owners on the first business day following the date that was 18 months after the closing date of the transaction, in accordance with the definitive agreement. In respect of the CID, other than with respect to any then-pending or unresolved claims for indemnification submitted by Rent-A-Center, remaining escrowed funds of $45 million will be released 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. 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). In November 2021, the parties reached an agreement in principle regarding the resolution of this matter. On August 2, 2022, the parties finalized the settlement of this matter, which includes a proposed final judgment for approval by the Superior Court of the State of California. In the agreement and in consideration of the final resolution of this matter, we agreed to pay a total of $15.5 million in restitution to consumers and civil penalties along with certain injunctive provisions, including (1) in the case of rental-purchase transactions in California originating through a third-party host retailer, not to charge a cash price on the rental-purchase agreement that is greater than the cash price offered to the consumer by the host retailer, and (2) to implement certain additional customer disclosures, employee training and other compliance requirements and restrictions as set forth in the stipulated agreement. We did not admit to any violations of law or any wrongdoing. Although we disagree with the CAG’s interpretation of the relevant California statutory language regarding the definition of “cash price”, we entered into the agreement to avoid the expense, risk and distractions associated with potential protracted litigation. The agreed upon settlement amount of $15.5 million was paid in August 2022. 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 and discuss resolution of the inquiry with the MAG. We are currently unable to predict the ultimate timing or outcome of the MAG investigation. State Attorneys General Investigation. On November 1, 2021, Acima received a letter from the Nebraska Attorney General’s office stating that the Attorney General of Nebraska, along with a coalition of thirty-eight state Attorneys General, initiated a multi-state investigation into the business acts and practices of Acima and that a civil investigative demand(s) and/or subpoena(s) pursuant to respective state consumer protection laws will be forthcoming. Since receiving the letter, we have held multiple discussions with officials at the lead attorneys general offices and, based on those discussions, it is our understanding that the investigation is looking at business practices within the virtual lease-to-own industry and includes or will include multiple companies. In April 2022, we received a request for information and documents. Acima is cooperating with the investigation and is currently in the process of producing requested information.

Earnings Per Common Share (Note

Earnings Per Common Share (Notes)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Common Share	(Loss) Earnings Per Common Share Summarized basic and diluted (loss) earnings per common share were calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2022 2021 2022 2021 Numerator: Net (loss) earnings $ (5,778) $ 21,267 $ 9,710 $ 125,128 Denominator: Weighted-average shares outstanding 55,380 58,267 54,376 57,603 Effect of dilutive stock awards (1) (2) — 9,927 5,422 9,853 Weighted-average dilutive shares 55,380 68,194 59,798 67,456 Basic (loss) earnings per common share $ (0.10) $ 0.36 $ 0.18 $ 2.17 Diluted (loss) earnings per common share (1) (2) $ (0.10) $ 0.31 $ 0.16 $ 1.85 Anti-dilutive securities excluded from diluted (loss) earnings per common share: Anti-dilutive restricted share units 465 — 81 110 Anti-dilutive performance share units 941 295 197 295 Anti-dilutive stock options 865 33 279 33 (1) Weighted-average dilutive shares outstanding for the nine months ended September 30, 2022 and 2021, includes approximately 3.7 million and 8.1 million common shares, respectively, issued in connection with the acquisition of Acima Holdings and subject to vesting conditions under restricted stock agreements. (2) There was no dilutive effect to the loss per common share for the three months ended September 30, 2022 due to the net loss incurred for the period.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
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, such as the future unknown impacts of the COVID-19 pandemic and other macroeconomic factors, including recent significant increases to the consumer price index, a condensed labor market, wage inflation, and global supply chain issues 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 Operations The 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, which includes the operations of Acima Holdings (as defined in Note 2 below) acquired in February 2021 and our previous 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 through staffed or unstaffed kiosks located within such retailer’s locations, or other virtual options. Virtual locations employ a virtual solution where customers, either directly or with the assistance of a representative of the third-party retailer, initiate the lease-to-own transaction online in the retailers’ locations using our virtual solutions. 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.

Acquisitions and Divestitures_2

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2022
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 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) $ 25,255 Prepaid expenses and other assets 700 Rental merchandise On rent 340,575 Property assets 171,455 Operating lease right-of-use assets 9,136 Deferred income taxes 28,559 Goodwill 219,530 Other intangible assets 520,000 Total assets acquired $ 1,315,210 LIABILITIES ASSUMED Accounts payable - trade 16,023 Accrued liabilities 11,716 Operating lease liabilities 9,689 Deferred income taxes (116,410) Total liabilities assumed (78,982) Total equity value $ 1,394,192 (1) Includes gross contractual receivables of $61.6 million related to merchandise lease contracts, of which $34.7 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 values were determined based on an independent valuation of the net assets acquired, including $340.6 million of rental merchandise and $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 (unaudited) Total revenues $ 1,042,966 Net earnings (1) 102,063 (1) Net earnings for the period includes amortization of intangible assets acquired upon closing of the Acima Holdings acquisition.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2022
Revenues [Abstract]
Disaggregation of Revenue	The following table disaggregates our revenue for the periods ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 Rent-A-Center Business Acima (1) Mexico Franchising Consolidated (in thousands) Store Rentals and fees $ 426,805 $ 387,488 $ 15,166 $ — $ 829,459 Merchandise sales 30,009 116,795 812 — 147,616 Installment sales 16,718 — — — 16,718 Other 223 165 63 889 1,340 Total store revenues 473,755 504,448 16,041 889 995,133 Franchise Merchandise sales — — — 22,823 22,823 Royalty income and fees — — — 6,001 6,001 Total revenues $ 473,755 $ 504,448 $ 16,041 $ 29,713 $ 1,023,957 (1) Represents revenues for our Acima segment, as defined in Note 1. Nine Months Ended September 30, 2022 Rent-A-Center Business Acima (1) Mexico Franchising Consolidated (in thousands) Store Rentals and fees $ 1,305,871 $ 1,218,143 $ 45,790 $ — $ 2,569,804 Merchandise sales 123,255 415,465 2,545 — 541,265 Installment sales 52,355 — — — 52,355 Other 964 386 119 2,229 3,698 Total store revenues 1,482,445 1,633,994 48,454 2,229 3,167,122 Franchise Merchandise sales — — — 67,849 67,849 Royalty income and fees — — — 19,962 19,962 Total revenues $ 1,482,445 $ 1,633,994 $ 48,454 $ 90,040 $ 3,254,933 (1) Represents revenues for our Acima segment, as defined in Note 1. Three Months Ended September 30, 2021 Rent-A-Center Business Acima (1) 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 (1) Represents revenues for our Acima segment, as defined in Note 1. Nine Months Ended September 30, 2021 Rent-A-Center Business Acima (1) 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 (1) Represents revenues for our Acima segment, as defined in Note 1.

Receivables and Allowance for_2

Receivables and Allowance for Doubtful Accounts (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables and Allowance for Doubtful Accounts [Abstract]
Receivables	Receivables consist of the following: (in thousands) September 30, 2022 December 31, 2021 Installment sales receivables $ 67,398 $ 66,276 Trade and notes receivables 58,210 68,581 Total receivables 125,608 134,857 Less allowance for doubtful accounts (1) (12,378) (8,479) Total receivables, net of allowance for doubtful accounts $ 113,230 $ 126,378 1) Lease receivables are accrued on a net basis, adjusted for the probability of collection based on our assessment of historical collection rates, as described above. Therefore, we do not maintain a separate allowance for doubtful accounts related to our lease receivables.
Changes in allowance for doubtful accounts	Changes in our allowance for doubtful accounts are as follows: (in thousands) September 30, 2022 Beginning allowance for doubtful accounts $ 8,479 Bad debt expense (1) 18,100 Accounts written off, net of recoveries (14,201) Ending allowance for doubtful accounts $ 12,378 (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, 2022
Leases [Abstract]
Operating lease costs	Total operating lease costs by expense type: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Operating lease cost included in Other store expenses (1)(2) $ 31,100 $ 33,218 $ 93,365 $ 102,044 Operating lease cost included in Other charges (2) 264 16 299 260 Sublease receipts (1,642) (2,850) (5,700) (9,333) Total operating lease charges $ 29,722 $ 30,384 $ 87,964 $ 92,971 (1) Includes short-term lease costs, which are not significant. (2) Excludes variable lease costs of $9.4 million and $27.2 million for the three and nine months ended September 30, 2022 compared to $8.4 million and $25.4 million for the three and nine months ended September 30, 2021. Supplemental cash flow information related to leases: Nine Months Ended September 30, (in thousands) 2022 2021 Cash paid for amounts included in measurement of operating lease liabilities $ 77,780 $ 80,800 Cash paid for short-term operating leases not included in operating lease liabilities 14,170 13,022 Right-of-use assets obtained in exchange for new operating lease liabilities 81,937 87,178 Weighted-average discount rate and weighted-average remaining lease term: (in thousands) September 30, 2022 December 31, 2021 Weighted-average discount rate (1) 6.8 % 6.0 % 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, 2022: (in thousands) Operating Leases 2022 $ 27,138 2023 100,626 2024 83,448 2025 65,635 2026 41,461 Thereafter 35,038 Total undiscounted operating lease liabilities 353,346 Less: Interest (43,247) Total present value of operating lease liabilities $ 310,099

Senior Debt (Tables)

Senior Debt (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 for each of the years ending December 31: (in thousands) Term Loan Facility ABL Credit Facility Total 2022 $ 2,188 $ — $ 2,188 2023 8,750 — 8,750 2024 8,750 — 8,750 2025 8,750 — 8,750 2026 8,750 90,000 98,750 Thereafter 824,687 — 824,687 Total senior debt $ 861,875 $ 90,000 $ 951,875

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022: September 30, 2022 (in thousands) Carrying Value Fair Value Difference Senior notes $ 450,000 $ 351,000 $ (99,000)

Other Charges (Tables)

Other Charges (Tables)	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Other Charges	Activity with respect to Other charges for the nine months ended September 30, 2022 is summarized in the below table: (in thousands) Accrued Charges at December 31, 2021 Charges & Adjustments Payments & Adjustments Accrued Charges at September 30, 2022 Cash charges: Acima Holdings transaction costs $ — $ 187 $ (187) $ — Labor reduction costs (1) 1,593 5,160 (3,757) 2,996 Other cash charges — 293 (293) — Total cash charges $ 1,593 5,640 $ (4,237) $ 2,996 Non-cash charges: Acima Holdings restricted stock agreements (2) 111,489 Depreciation and amortization of acquired assets (3) 62,558 Asset impairments (4) 6,768 Other (1,020) Total other charges $ 185,435 (1) Represents charges incurred for employee severance. (2) Represents stock compensation expense 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. (3) 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. (4) Primarily represents impairment of software assets.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Information [Abstract]
Segment Information	Segment information as of and for the three and nine months ended September 30, 2022 and 2021 is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Revenues Rent-A-Center Business $ 473,755 $ 500,986 $ 1,482,445 $ 1,531,686 Acima (1) 504,448 623,445 1,633,994 1,716,174 Mexico 16,041 15,917 48,454 45,670 Franchising 29,713 40,920 90,040 118,495 Total revenues $ 1,023,957 $ 1,181,268 $ 3,254,933 $ 3,412,025 (1) Represents revenues for our Acima operating segment as defined in Note 1. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Gross profit Rent-A-Center Business $ 334,892 $ 356,590 $ 1,046,332 $ 1,072,946 Acima (1) 152,434 193,527 481,742 539,181 Mexico 11,330 11,293 34,242 32,323 Franchising 6,879 7,350 21,857 22,305 Total gross profit $ 505,535 $ 568,760 $ 1,584,173 $ 1,666,755 (1) Represents gross profit for our Acima operating segment as defined in Note 1. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Operating profit Rent-A-Center Business $ 71,999 $ 109,272 $ 271,283 $ 357,036 Acima (1) 48,885 51,884 94,318 144,797 Mexico 996 2,285 5,011 6,659 Franchising 5,077 4,816 15,170 15,495 Total segments 126,957 168,257 385,782 523,987 Corporate (2) (89,880) (101,111) (279,582) (280,276) Total operating profit $ 37,077 $ 67,146 $ 106,200 $ 243,711 (1) Represents operating profit for our Acima segment as defined in Note 1. (2) Includes stock compensation expense of $42.1 million and $111.5 million recognized for the three and nine months ended September 30, 2022, and $42.8 million and $93.1 million recognized for the three and nine months ended September 30, 2021, related to common stock issued to Acima Holdings employees under restricted stock agreements as part of the acquisition consideration subject to vesting restrictions as described in Note 10. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Depreciation and amortization Rent-A-Center Business $ 4,629 $ 4,792 $ 15,665 $ 13,821 Acima (1)(2) 439 570 1,496 1,568 Mexico 182 130 494 369 Franchising 35 24 110 58 Total segments 5,285 5,516 17,765 15,816 Corporate (3) 7,513 8,319 22,443 24,978 Total depreciation and amortization $ 12,798 $ 13,835 $ 40,208 $ 40,794 (1) Represents depreciation and amortization for our Acima segment as defined in Note 1. (2) Excludes amortization expense of approximately $14.2 million and $50.6 million for the three and nine months ended September 30, 2022, compared to $29.2 million and $72.4 million for the three and nine months ended September 30, 2021, recorded to Other charges in the Condensed Consolidated Statement of Operations, related to intangible assets acquired upon closing of the Acima Holdings acquisition. See Note 10 for additional information. (3) Excludes depreciation expense of approximately $3.9 million and $11.9 million for the three and nine months ended September 30, 2022, compared to $4.0 million and $9.3 million for the three and nine months ended September 30, 2021, recorded to Other charges in the Condensed Consolidated Statement of Operations, related to software acquired upon closing of the Acima Holdings acquisition. See Note 10 for additional information. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2022 2021 2022 2021 Capital expenditures Rent-A-Center Business $ 10,714 $ 6,637 $ 30,917 $ 21,202 Acima (1) 16 276 205 945 Mexico 696 478 1,219 744 Franchising 166 — 278 — Total segments 11,592 7,391 32,619 22,891 Corporate 6,949 13,084 16,817 22,985 Total capital expenditures $ 18,541 $ 20,475 $ 49,436 $ 45,876 (1) Represents capital expenditures for our Acima segment as defined in Note 1. (in thousands) September 30, 2022 December 31, 2021 On rent rental merchandise, net Rent-A-Center Business $ 444,174 $ 477,901 Acima (1) 480,317 676,279 Mexico 19,387 18,844 Total on rent rental merchandise, net $ 943,878 $ 1,173,024 (1) Represents on-rent rental merchandise for our Acima segment as defined in Note 1. (in thousands) September 30, 2022 December 31, 2021 Held for rent rental merchandise, net Rent-A-Center Business $ 118,329 $ 123,111 Acima (1) 417 626 Mexico 9,962 9,247 Total held for rent rental merchandise, net $ 128,708 $ 132,984 (1) Represents held-for-rent rental merchandise for our Acima segment as defined in Note 1. (in thousands) September 30, 2022 December 31, 2021 Assets by segment Rent-A-Center Business $ 1,022,173 $ 1,026,886 Acima (1) 1,195,982 1,476,752 Mexico 46,561 41,669 Franchising 19,346 15,412 Total segments 2,284,062 2,560,719 Corporate 484,534 432,608 Total assets $ 2,768,596 $ 2,993,327 (1) Represents total assets for our Acima segment as defined in Note 1.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Common Share	Summarized basic and diluted (loss) earnings per common share were calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2022 2021 2022 2021 Numerator: Net (loss) earnings $ (5,778) $ 21,267 $ 9,710 $ 125,128 Denominator: Weighted-average shares outstanding 55,380 58,267 54,376 57,603 Effect of dilutive stock awards (1) (2) — 9,927 5,422 9,853 Weighted-average dilutive shares 55,380 68,194 59,798 67,456 Basic (loss) earnings per common share $ (0.10) $ 0.36 $ 0.18 $ 2.17 Diluted (loss) earnings per common share (1) (2) $ (0.10) $ 0.31 $ 0.16 $ 1.85 Anti-dilutive securities excluded from diluted (loss) earnings per common share: Anti-dilutive restricted share units 465 — 81 110 Anti-dilutive performance share units 941 295 197 295 Anti-dilutive stock options 865 33 279 33 (1) Weighted-average dilutive shares outstanding for the nine months ended September 30, 2022 and 2021, includes approximately 3.7 million and 8.1 million common shares, respectively, issued in connection with the acquisition of Acima Holdings and subject to vesting conditions under restricted stock agreements. (2) There was no dilutive effect to the loss per common share for the three months ended September 30, 2022 due to the net loss incurred for the period.

Acquisitions and Divestitures_3

Acquisitions and Divestitures (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended							7 Months Ended	9 Months Ended			12 Months Ended
	Feb. 17, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021
Business Acquisition [Line Items]
Deferred tax liability		$ 92,759								$ 92,759			$ 113,943
Goodwill		289,750								289,750			289,750
Accrued liabilities		308,390								308,390			362,708
Gross receivables		125,608								125,608			134,857
Allowance for doubtful accounts		12,378								12,378			8,479
Operating Expenses		468,458			$ 501,614					1,477,973	$ 1,423,044
Total revenues		1,023,957			1,181,268					3,254,933	3,412,025
Net earnings(1)		$ (5,778)	$ 19,725	$ (4,237)	21,267	$ 61,309	$ 42,552			$ 9,710	125,128
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
Aggregate stock consideration, subject to lockup agreements	120,929
Total Purchase price	$ 1,394,192
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)	$ 25,255
Prepaid expenses and other assets	700
On rent	340,575
Property assets	171,455
Operating lease right-of-use assets	9,136
Deferred Tax Assets, Tax Deferred Expense	28,559
Goodwill	219,530
Other intangible assets	520,000
Total assets acquired	1,315,210
Accounts payable - trade	16,023
Accrued liabilities	11,716
Operating lease liabilities	9,689
Deferred income taxes	(116,410)
Total liabilities assumed	(78,982)
Total equity value	1,394,192
Gross receivables	61,600
Allowance for doubtful accounts	$ 34,700
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. 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	$ 23,900
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
Net earnings(1)									$ 102,063
Adjustment to rental merchandise													17,100
Goodwill, Purchase Accounting Adjustments													$ (22,200)
Acima Holdings [Member] | Software [Member]
Business Acquisition [Line Items]
Property assets	$ 170,000
Intangible assets remaining lives	10 years
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									3,700,000	8,100,000

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Rentals and fees	$ 829,459	$ 930,849	$ 2,569,804	$ 2,592,788
Merchandise sales	147,616	192,016	541,265	646,038
Installment sales	16,718	17,028	52,355	52,992
Other	1,340	1,082	3,698	3,035
Total store revenues	995,133	1,140,975	3,167,122	3,294,853
Merchandise sales	22,823	33,671	67,849	96,342
Royalty income and fees	6,001	6,622	19,962	20,830
Total revenues	1,023,957	1,181,268	3,254,933	3,412,025
Rental purchase agreements [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	31,700		31,700		$ 51,700
Other product plans [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	2,100		2,100		2,600
Franchise fees [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue	3,600		3,600		$ 4,100
Rent-A-Center Business [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	426,805	446,049	1,305,871	1,313,512
Merchandise sales	30,009	37,515	123,255	163,943
Installment sales	16,718	17,028	52,355	52,992
Other	223	394	964	1,239
Total store revenues	473,755	500,986	1,482,445	1,531,686
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	473,755	500,986	1,482,445	1,531,686
Acima [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	387,488	469,692	1,218,143	1,236,059
Merchandise sales	116,795	153,725	415,465	479,701
Installment sales	0	0	0	0
Other	165	28	386	414
Total store revenues	504,448	623,445	1,633,994	1,716,174
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	504,448	623,445	1,633,994	1,716,174
Mexico [Member]
Disaggregation of Revenue [Line Items]
Rentals and fees	15,166	15,108	45,790	43,217
Merchandise sales	812	776	2,545	2,394
Installment sales	0	0	0	0
Other	63	33	119	59
Total store revenues	16,041	15,917	48,454	45,670
Merchandise sales	0	0	0	0
Royalty income and fees	0	0	0	0
Total revenues	16,041	15,917	48,454	45,670
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	889	627	2,229	1,323
Total store revenues	889	627	2,229	1,323
Merchandise sales		33,671		96,342
Royalty income and fees		6,622		20,830
Total revenues	$ 29,713	$ 40,920	$ 90,040	$ 118,495

Receivables and Allowance for_3

Receivables and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Receivables [Line Items]
Interest paid on installment agreements	$ 9,200	$ 9,200
Gross receivables	125,608		$ 134,857
Total receivables, net of allowance for doubtful accounts	113,230		126,378
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	12,378		8,479
Bad debt expense	18,100
Accounts written off, net of recoveries	(14,201)
Installment sales receivable [Member]
Receivables [Line Items]
Gross receivables	67,398		66,276
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	11,400		7,600
Trade and notes receivables [Member]
Receivables [Line Items]
Gross receivables	58,210		68,581
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	$ 1,000		$ 900

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease charges	$ 29,722	$ 30,384	$ 87,964	$ 92,971
Cash paid for amounts included in measurement of operating lease liabilities			77,780	80,800
Right-of-use assets obtained in exchange for new operating lease liabilities			$ 81,937	87,178
Weighted-average discount rate	6.80%		6.80%		6%
Operating lease charges	$ 29,722	30,384	$ 87,964	92,971
Lease, Cost [Abstract]
Cash paid for short-term operating leases not included in operating lease liabilities			$ 14,170	13,022
Weighted average remaining lease term (in years)	4 years		4 years		4 years
Sublease receipts	$ (1,642)	(2,850)	$ (5,700)	(9,333)
Variable lease cost	9,400	8,400	27,200	25,400
Operating lease charges	29,722	30,384	87,964	92,971
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	27,138		27,138
2023	100,626		100,626
2024	83,448		83,448
2025	65,635		65,635
2026	41,461		41,461
Thereafter	35,038		35,038
Total undiscounted operating lease liabilities	353,346		353,346
Less: Interest	(43,247)		(43,247)
Operating lease liabilities	310,099		310,099		$ 296,535
Other store expenses [Member]
Lessee, Lease, Description [Line Items]
Operating lease charges	31,100	33,218	93,365	102,044
Operating lease charges	31,100	33,218	93,365	102,044
Lease, Cost [Abstract]
Operating lease charges	31,100	33,218	93,365	102,044
Other charges [Member]
Lessee, Lease, Description [Line Items]
Operating lease charges	264	16	299	260
Operating lease charges	264	16	299	260
Lease, Cost [Abstract]
Operating lease charges	$ 264	$ 16	$ 299	$ 260

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	78.70%	28.90%

Senior Debt (Details)

Senior Debt (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 21, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Feb. 17, 2021
Debt Instrument [Line Items]
Original issue discount						$ 4,400,000
Debt issuance costs	$ 1,500,000					30,200,000
Other charges		$ 61,619,000	$ 88,323,000	$ 185,435,000	$ 212,095,000
Letters of credit, amount outstanding		86,200,000		$ 86,200,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				0.375%
Line of credit commitment fee		700,000
2022		2,188,000		$ 2,188,000
2023		8,750,000		8,750,000
2024		8,750,000		8,750,000
2025		8,750,000		8,750,000
2026		98,750,000		98,750,000
Thereafter		824,687,000		824,687,000
Senior debt, net		951,875,000		951,875,000
Write-off of debt financing fees	5,400,000			0	9,926,000
Debt Issuance Costs [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	$ 100,000	17,400,000		17,400,000
Other charges					$ 4,900,000
Original Issue Discount [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		$ 2,500,000		$ 2,500,000
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%
Actual margin on variable rate		6.06%		6.06%
2022		$ 2,188,000		$ 2,188,000
2023		8,750,000		8,750,000
2024		8,750,000		8,750,000
2025		8,750,000		8,750,000
2026		8,750,000		8,750,000
Thereafter		824,687,000		824,687,000
Senior debt, net		861,875,000		$ 861,875,000		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%
Term loan credit [Member] | Debt Issuance Costs [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense						25,300,000
ABL credit facility [Member]
Debt Instrument [Line Items]
Revolving credit facility commitments						$ 550,000,000
ABL Credit Facility amount available		$ 373,800,000		$ 373,800,000
Debt Instrument, Maturity Date				Feb. 17, 2026
Actual margin on variable rate		4.783%		4.783%
Required consolidated fixed charge coverage ratio, minimum		1.10		1.10
Actual fixed charge coverage ratio		0.68		0.68
2022		$ 0		$ 0
2023		0		0
2024		0		0
2025		0		0
2026		90,000,000		90,000,000
Thereafter		0		0
Senior debt, net		$ 90,000,000		$ 90,000,000
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%
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] | SOFR [Member]
Debt Instrument [Line Items]
Basis margin on variable rate				2%
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] | SOFR [Member]
Debt Instrument [Line Items]
Basis margin on variable rate				1.50%

Senior Notes (Details)

Senior Notes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 21, 2021	Feb. 17, 2021
Debt Issuance Costs [Member]
Senior Notes [Line Items]
Unamortized Debt Issuance Expense	$ 17,400	$ 100
Senior Notes [Member]
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%
Senior Notes [Member] | Debt Issuance Costs [Member]
Senior Notes [Line Items]
Unamortized Debt Issuance Expense	$ 12,500

Fair Value (Details)

Fair Value (Details) - Senior Notes [Member] - USD ($) $ in Thousands	Sep. 30, 2022	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	351,000
Difference	$ (99,000)

Other Charges (Details)

Other Charges (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 17, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Depreciation of property assets				$ 51,384	$ 49,335
Charges & Adjustments				5,640
Accrued Charges		$ 2,996		2,996		$ 1,593
Payments & Adjustments				(4,237)
Acima Holdings restricted stock agreements(2)				122,621	108,156
Depreciation and amortization		12,798	$ 13,835	40,208	40,794
Asset impairments(4)				6,768
Other charges		61,619	88,323	185,435	212,095
Non-Cash Charges [Member]
Restructuring Cost and Reserve [Line Items]
Other				(1,020)
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments				293
Accrued Charges		0		0		0
Payments & Adjustments				(293)
Acima Holdings [Member]
Restructuring Cost and Reserve [Line Items]
Stock consideration, shares	10,779,923
Stock consideration, value	$ 120,929
Other intangible assets	520,000
Property assets	$ 171,455
Depreciation of property assets		3,900	4,000	11,900	9,300
Amortization		14,200	29,200	50,600	72,400
Acima Holdings restricted stock agreements(2)		42,100	$ 42,800	111,489	$ 93,100
Depreciation and amortization				$ 62,558
Acima Holdings [Member] | Restricted Stock Units [Member]
Restructuring Cost and Reserve [Line Items]
Stock consideration, shares	8,096,595			3,700,000	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				$ 187	$ 17,300
Accrued Charges		0		0		0
Payments & Adjustments				(187)
Acima Holdings [Member] | Integration costs [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments					7,900
Acima Holdings [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments				5,160	3,500
Accrued Charges		$ 2,996		2,996		$ 1,593
Payments & Adjustments				$ (3,757)
Acima Holdings [Member] | Inventory Valuation and Obsolescence
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments					3,300
Acima Holdings [Member] | Incremental legal and professional fees [Member]
Restructuring Cost and Reserve [Line Items]
Charges & Adjustments					$ 1,100

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands		3 Months Ended		7 Months Ended	9 Months Ended
	Feb. 17, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenues		$ 1,023,957	$ 1,181,268		$ 3,254,933	$ 3,412,025
Gross profit		505,535	568,760		1,584,173	1,666,755
Operating profit		37,077	67,146		106,200	243,711
Depreciation and amortization		12,798	13,835		40,208	40,794
Capital expenditures		18,541	$ 20,475		49,436	45,876
On rent		943,878			943,878		$ 1,173,024
Held for rent		128,708			128,708		132,984
Assets		$ 2,768,596			2,768,596		2,993,327
Depreciation of property assets					$ 51,384	$ 49,335
Weighted-average shares outstanding		55,380,000	58,267,000		54,376,000	57,603,000
Acima Holdings restricted stock agreements(2)					$ 122,621	$ 108,156
Acima Holdings [Member]
Segment Reporting Information [Line Items]
Total revenues				$ 1,042,966
Amortization		$ 14,200	$ 29,200		50,600	72,400
Depreciation of property assets		3,900	4,000		11,900	9,300
Stock consideration, shares	10,779,923
Acima Holdings restricted stock agreements(2)		42,100	42,800		111,489	93,100
Rent-A-Center Business [Member]
Segment Reporting Information [Line Items]
Total revenues		473,755	500,986		1,482,445	1,531,686
Gross profit		334,892	356,590		1,046,332	1,072,946
Operating profit		71,999	109,272		271,283	357,036
Depreciation and amortization		4,629	4,792		15,665	13,821
Capital expenditures		10,714	6,637		30,917	21,202
On rent		444,174			444,174		477,901
Held for rent		118,329			118,329		123,111
Assets		1,022,173			1,022,173		1,026,886
Acima [Member]
Segment Reporting Information [Line Items]
Total revenues		504,448	623,445		1,633,994	1,716,174
Gross profit		152,434	193,527		481,742	539,181
Operating profit		48,885	51,884		94,318	144,797
Depreciation and amortization		439	570		1,496	1,568
Capital expenditures		16	276		205	945
On rent		480,317			480,317		676,279
Held for rent		417			417		626
Assets		1,195,982			1,195,982		1,476,752
Mexico [Member]
Segment Reporting Information [Line Items]
Total revenues		16,041	15,917		48,454	45,670
Gross profit		11,330	11,293		34,242	32,323
Operating profit		996	2,285		5,011	6,659
Depreciation and amortization		182	130		494	369
Capital expenditures		696	478		1,219	744
On rent		19,387			19,387		18,844
Held for rent		9,962			9,962		9,247
Assets		46,561			46,561		41,669
Franchising [Member]
Segment Reporting Information [Line Items]
Total revenues		29,713	40,920		90,040	118,495
Gross profit		6,879	7,350		21,857	22,305
Operating profit		5,077	4,816		15,170	15,495
Depreciation and amortization		35	24		110	58
Capital expenditures		166	0		278	0
Assets		19,346			19,346		15,412
Total Segments [Member]
Segment Reporting Information [Line Items]
Operating profit		126,957	168,257		385,782	523,987
Depreciation and amortization		5,285	5,516		17,765	15,816
Capital expenditures		11,592	7,391		32,619	22,891
Assets		2,284,062			2,284,062		2,560,719
Corporate [Member]
Segment Reporting Information [Line Items]
Operating profit		(89,880)	(101,111)		(279,582)	(280,276)
Depreciation and amortization		7,513	8,319		22,443	24,978
Capital expenditures		6,949	$ 13,084		16,817	$ 22,985
Assets		$ 484,534			$ 484,534		$ 432,608

Common Stock and Stock-Based _2

Common Stock and Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 17, 2021	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Oct. 26, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of treasury stock			$ 29,797	$ 20,039
Stock-based compensation expense					$ 122,621	$ 108,156
Performance-based restricted stock units granted					713,000
Time-vesting restricted stock units granted					406,000
Share Repurchase 500 Million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Shares, Acquired					1,218,313
Purchase of treasury stock					$ 29,800
Share Repurchase 250 Million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Shares, Acquired						335,508
Purchase of treasury stock						$ 20,000
Subsequent Event [Member] | Share Repurchase 500 Million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Shares, Acquired		2,318,486
Purchase of treasury stock		$ 45,200
Remaining Authorized Repurchase Amount							$ 285,000
Acima Holdings [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			42,100	42,800	$ 111,489	$ 93,100
Stock consideration, shares	10,779,923
Common stock price	$ 51.14
Stock consideration, value	$ 120,929
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				3,700,000	8,100,000
Stock consideration, value	$ 414,100
2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 2,700	$ 5,600	$ 11,100	$ 15,000
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					$ 24.59
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					$ 28.31

Contingencies (Details)

Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Payments for Legal Settlements	$ 15.5

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended						7 Months Ended	9 Months Ended
	Feb. 17, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Common Share
Net (loss) earnings		$ (5,778)	$ 19,725	$ (4,237)	$ 21,267	$ 61,309	$ 42,552		$ 9,710	$ 125,128
Weighted-average shares outstanding		55,380,000			58,267,000				54,376,000	57,603,000
Effect of dilutive stock awards(1) (2)		0			9,927,000				5,422,000	9,853,000
Weighted-average dilutive shares		55,380,000			68,194,000				59,798,000	67,456,000
Basic (loss) earnings per common share		$ (0.10)			$ 0.36				$ 0.18	$ 2.17
Diluted (loss) earnings per common share(1) (2)		$ (0.10)			$ 0.31				$ 0.16	$ 1.85
Acima Holdings [Member]
Earnings Per Common Share
Net (loss) earnings								$ 102,063
Stock consideration, shares	10,779,923
Restricted Stock Units [Member] | Acima Holdings [Member]
Earnings Per Common Share
Stock consideration, shares	8,096,595								3,700,000	8,100,000
Retained Earnings [Member]
Earnings Per Common Share
Net (loss) earnings		$ (5,778)	$ 19,725	$ (4,237)	$ 21,267	$ 61,309	$ 42,552		$ 9,710	$ 125,128
Performance-based restricted stock units [Member]
Earnings Per Common Share
Anti-dilutive securities		941,000			295,000				197,000	295,000
Stock options [Member]
Earnings Per Common Share
Anti-dilutive securities		865,000			33,000				279,000	33,000
Restricted share units [Member]
Earnings Per Common Share
Anti-dilutive securities		465,000			0				81,000	110,000