questions. XXXX and you, start guidance, a quarter fiscal which review our of good will today then take the I'll with Mitch, results and morning, everyone. year first we after Thank discuss
X Beginning on the of presentation. Page
Mitch good relative noted, for start to a year. As our to outlook we're off the initial
expansion were a results by was macro year-over-year, and strong for in decrease down overall at continued Acima a the first revenue highlighted Acima execution rates, quarter the of quarter improvement despite business. for by loss for challenging and margins XX.X% backdrop. decrease Rent-A-Center Consolidated first The our X.X% XX.X% driven
between down during revenue that values of sales first XXXX. Rentals half to value revenues early for purchase decline quarter decreases reflecting both the smaller options and fees rentals the fee resulted sales revenue. X.X% fewer second GMV XX% evenly this categories, businesses the almost electing Merchandise a and portfolio revenue at were Looking split due a customers in and for revenues and year-over-year Acima lower of XX% decreased from merchandise dollar year. portfolio
yield mix businesses, gross portfolio increased the year revenue a year-over-year. points Consolidated higher and in expansion factors a for the fee both Acima including XX.X% and higher in current higher The was a of basis margin a business rentals current the of XXX for by few was segment and period Rent-A-Center year. driven revenue, mix margin
costs costs in skip/stolen quarter expenses, X.X% decrease a in to year-over-year, low-single-digits. with down costs consolidated other We labor and XX.X% costs, X.X% in losses operating on decrease administrative continue down the first operating excluding and manage well general
disciplined approach Our underwriting to is working.
skip/stolen by led business. XXX basis sequentially improvement year-over-year basis Loss also rates XXX points improvement loss consolidated by the XX a Acima. led rate point basis Rent-A-Center for point decreased As for improved
growth up XXX% decline with quarter partially basis with for Acima lower Adjusted First margin points of approximately year-over-year basis offset XX% for for of EBITDA increased consolidated the EBITDA by XXX.X period, million partially by approximately for of points approximately XX% compared cost XXX and offset was adjusted Rent-A-Center. of prior XXX basis contraction XX% the to XX.X% corporate margin points Rent-A-Center. expansion XXX Acima year
segment slides. I more detail next will provide the results few on the on
line, to approximately million, due year, was Looking XXX XX.X XXX variable end. below compared interest at year-over-year across to prior points the XX.X million which first quarter our was in debt, rates expense that basis net an variable benchmark affected approximately quarter increase million in rate the
the our quarter the items $XX.X compared non-GAAP million the effective compared to underlying quarter, special reflect for was we non-GAAP adjusting to in $X.XX an compared of the The $X.XX period. year business. GAAP year on the share XXXX, The to prior tax that prior was diluted $X.XX first was year. a year was $X.XX the the believe million period. first per XX.X% XX.X%, prior in prior period. Non-GAAP in earnings of quarter loss XX.X share compared average EPS in in diluted do in to the basis count performance not After in rate
generated we distributed $X.XX in prior dividend a quarter, flow share. We the million of of $XXX.X to first quarterly the $XX.X period. compared per million year During free cash
loan term at times leverage and the X.X paid from we X.X with ratio fourth quarter. a down net of times down $XX.X the finished million our Additionally, end of of
payout year-over-year, a to Drilling a the revenue. fees decrease to Page impacted the fewer rental revenue customers quarter results starting in decrease early and sales lease segment Merchandise contributed down X.X% Rent-A-Center on also X, drove to down and by compared the was year. XX.X% in were business X.X% which prior merchandise sales portfolio electing first options
forecast a assumptions. increased XXX sequential Total segment consistent our points basis to Skip/stolen few year-over-year rates quarters for on decreased sales continue with the down with Past revenues over X.X% same-store year. X.X%. supporting few our first the X.X% XX improvement losses underwriting additional points basis loss of basis course to the but year-over-year over changes move and lower quarter, validating rate outlook the the past decreased in initiated
decreased prior well as compared Adjusted effect year-over-year EBITDA XX.X%, to margin of points for on revenues the primarily lower XXX costs first as year of due the excluding This the percent quarter flat. the losses to the reflected higher year-over-year basis to XXX fixed by rates operating points remaining in loss deleveraging despite expenses ratio of period. revenue expense basis was as a dollars increase
revenue to teens in year-over-year on quarter cumulative single down XX.X% for XX.X%. was was as modestly count fee with decrease and up high-teens size of three a result was merchandise down ticket and and mid- for revenue sales active decrease first Acima, GMV lease XX.X% Moving This trailing up the down merchant rentals account in quarters. average digits. low a low drove a the revenues year-over-year to year-over-year Open
noted As year to the shift earlier, buyout prior which Acima of this in first away meaningful drove basis period. from compared using points Mitch a gross there margin quarter was for year, expansion early option XXX the customers of
Consequently, buyout the large higher to relatively segment. in a impact due transactions modest profitability. that on behavior cost of customer the in a reminder, yield to As require goods change does early not is Acima
it this this is this performance into if know or to early environment. Importantly, sustainable, temporary to shift future or too know in is translates how
this average be XX%. continued tax to year, of This by this upside the options remain have lacked the which than expectations. consumers that customers tax our our to early some our season reported values above could Considering season, may approximately in were to exercise this an continues proximity trend rent the kept portfolio to margins. If longer funds down tax and support fact on refunds
actions. charge future lead put to if temporary higher of or is margins this that either offs, further trend on However, a could pressure sign underwriting and losses and
over losses higher continued monitoring since continuous benefit last our made Skip/stolen changes decreased the points earlier XXXX. high of half in Underwriting seen XXX year to and to has X.X%. the first year basis segments in year losses of risk
of X.X% is originally business. majority the range at were channel, just virtual the to segment, which the within we Looking expected had X% that the Acima and loss X% the rates for
revenue. Mexico losses, million XXX margin loss than were relatively X unchanged adjusted more million compared $XX.X to the approximately and our XXX% basis points compared yield up The prior operating reflecting year and Adjusted down were EBITDA to With higher administrative segment lower year, was our EBITDA the Adjusted prior increased results of year-over-year. general year-over-year. rates. costs EBITDA portfolio lower lower costs of offsetting and franchise segment lower costs. to due our XX.X% lower Corporate was XX% of
Note Most year non-GAAP that Shifting focused or financial stated. outlook. to refer the references to otherwise XXXX generally on commentary unless results. growth be will year of to decreases changes my over
this year and of starts strong the our incorporates uncertain the cautious forecasting revised environment. Our approach in
to guidance. approximately expected billion, For to our unchanged $XXX year, now is be million, expect $XX $XXX Adjusted of EBITDA stock-based generate to billion we compensation from previous million $X.X $X full million. of revenue the excluding to
We are this slightly to year the from first projecting to gross compared we high as margins compress similar and scene expect the lower to prior quarter, quarter. margins to
which $X.XX, average with earnings $X.XX the million target into our repurchases adjusted We fully share for are of to XX.X assumes forecast share year. to per count share throughout diluted fully built diluted increasing the range a no
cash expense XX.X%. of year, flow, million million million For tax $XXX $XXX to effective we expect an interest of to of free $XXX approximately the rate million and $XXX net
persistent backdrop a disciplined unemployment. continued inflation, consistent conditions, a in targeted and and underwriting, increase forecast Our assumes slight with existing macroeconomic
does that not We're including a the first trade in applicants year. away increase purchase shift rest early or throughout that options continue outlook will we experienced from assume Our also the meaningful from shift a quarter the in down. not of
down XXXX For mid expectations Acima, GMV full change year our have digits year-over-year. to single no
merchant demand macroeconomic the impact the partner from of prevailing expect pull significant pressure conditions remain continued and will forward. under We the volumes
the GMV be high-single quarter. to down expect in to digits second mid- We
half expect will year, digits. second the to single the of be up low flat we For GMV
ability and mix our our other demonstrated Although, partners, this we segment. categories retail volume, product believe commented, merchant our to initiatives. have substantially biggest to shift and not across be able sales furniture to and we'll application we are is Despite outlook demand the down other digital changing especially softening our GMV as with offset our previously in growth, furniture, we are headwind, which volumes
Similar to be teens. the margin expect SEMA first digits to low we double gross low Based year continue revenue the will expansion, GMV, outlook changing we quarter to for revenues and are down not increasing of on the towards digits low EBITDA year. Acima margin end our double low the adjusted to in teens full half are bottom the the to year range be the second as be and range, in our of
for to and shift has first dynamic tax quarter rates economics Based loss a one-time and lease change behavior, was on this disproportionate in lower a an this the expect we the going transaction, of event forward. from We have payoffs whether refunds X.X% biggest a related The sustainable early is the profits. impact and impact will on full the variable and see range. the whether margin a X.X% year in on or losses consumer shift delinquencies unit to
slightly underwriting the expect the especially except changes Rent-A-Center year losses, outlook for we the year the at area ending our now segment, We to full the quarter better be versus portfolio. continue major X.X% in work For second our through the in do no to changes expect as to losses X.X%.
same the the EBITDA down margin in source and we digit range sales our be in previous mid-teens expect to to mid-single reiterate adjusted year. revenues the throughout low to XXXX and To guidance, be
similar will and XXXX. still Corporate to franchising Mexico generate results expected businesses mid-single the expect digits. to increase costs are We
For total year-over-year be first be and and revenue double quarter of be the into the with XX% the expense momentum adjusted EBITDA should to of XXXX, the quarter the share margin we XX%. digits account over quarter, tax XX% Interest the range. second consolidated the to first to approximately down similar to single should and carry expect from low some for to high in rate
the to Regarding debt capital top in dividend continue the and reduction. reinvestment be payments allocation, priorities business,
million debt to committed are first demonstrated quarter X.Xx. reduced debt We gross to we XX as paying the reduced down in over leverage by as and
term, but we our debt a to the appropriately margins behavior also free opportunities continue ratio, and will X.Xx near that remains benefiting value, to strong, Over capital we adjusted our to favorable shareholder flow. EBITDA allocate returns consumer target create increasing cash payment long especially if weigh and term risk generate
to In summary, analytics have initiatives standards based underwriting year, the to executing of we over are fully a a and portfolio. continue to contributed are range start. resilient the made tailwinds outperform position several disciplined a our encouraged has on us Company including outlook, initial success progress that that by our the past solid There data
time, a for pressure still may today, that continue there be same level goods. under the external to we high durable is of understand uncertainty demand and At
So and cautiously EPS as our guidance. raised we look of which adjusted why out adjusted EBITDA are over XXXX the year we we year, is the rest optimistic, full
a cash create we for flow value opportunity term, long-term generating time have a Thank growth. your Longer this significant you believe to morning. for also opportunities we has resilient shareholders. business that for compelling With
for turn questions. the over now your will We call
