Rent-A-Center, Inc. – parent company of Rent-A-Center and Acima Leasing, both APRO members – has had a full spring, beginning with the announcement of a full corporate rebrand, adopting a new name, Upbound Group, Inc. The company is now well-positioned to become an omnichannel platform, providing flexible financial solutions to a wider range of consumers.
“Two years ago, Rent-A-Center closed on its acquisition of Acima Holdings, almost doubling the size of the company and dramatically changing both organizations,” Upbound Group CEO Mitch Fadel said. “We are now a unified, multi-brand platform company that includes more than just the Rent-A-Center business.”
Upbound will continue its well-known operating brands, including Rent-A-Center – with more than 2,400 rent-to-own stores – and Acima Leasing, its virtual lease-to-own service. As the corporate enterprise behind all of the company’s businesses, Upbound will provide strategic planning and shared services to support inclusivity, innovation, and technology-driven solutions designed to meet the needs and encourage the aspirations of its consumers.
“Upbound [is] a new enterprise brand and operating structure that will better serve our business and our mission,” said Fadel. “This announcement is a significant milestone in our evolution and strategic plan, as we strive to offer more inclusive financial solutions that fulfill consumers’ changing, growing needs.”
Naturally, Upbound Group will continue its commitment to responsible business practices, shown in the recent publication of the company’s second annual Sustainability Report. The report highlights Upbound’s ongoing work to develop and implement its environmental, social, and governance (ESG) strategy, while also demonstrating a data-based overview of its current performance on topics relevant to its business. Spoiler alert: The company met all of the 2022 sustainability objectives it set in 2021.
The full report can be found at https://investor.upbound.com.
Additionally, Upbound Group just released its first-quarter 2023 results, revealing it’s off to a strong start this year. Despite unpredictable external conditions, the company reported a total revenue of $1.016 billion, and achieved a Generally Accepted Accounting Principles (GAAP)-diluted earnings per share (EPS) of $0.84, with an undiluted EPS of $0.83. This strong financial performance, combined with effective cost-management efforts and overall improved loss rates, has led to Upbound already surpassing its 2023 outlook for non-GAAP EPS for the first quarter.
Considering its overall portfolio health and the uncertain external environment, Upbound remains cautiously optimistic about the future, and has raised its full-year 2023 Adjusted EBITDA and non-GAAP EPS targets – a showing of confidence in the company’s ability to adapt to continuing challenges in the marketplace.
