NASDAQ$UPBD
Upbound Group Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Upbound Group, Inc. reported strong first quarter 2024 results, exceeding mid-point targets for revenue, Adjusted EBITDA, and Non-GAAP Diluted EPS, driven by growth momentum in Acima GMV and Rent-A-Center U.S. same store sales.
Upbound Group, Inc. delivered a strong first quarter 2024, with total revenues increasing 7.9% year-over-year to $1,096.0 million. The company reported GAAP diluted EPS of $0.50 and Non-GAAP diluted EPS of $0.79, exceeding mid-point targets. Adjusted EBITDA was $109.1 million, with growth driven by Acima GMV and Rent-A-Center U.S. same store sales.
- Consolidated revenues increased 7.9% year-over-year to $1,096.0 million, driven by higher rentals, fees, and merchandise sales.
- GAAP operating profit was $61.8 million, a significant improvement from a $(35.1) million GAAP operating loss in the prior year period.
- Adjusted EBITDA decreased 2.2% year-over-year to $109.1 million, with higher Rent-A-Center segment Adjusted EBITDA offset by lower Acima segment Adjusted EBITDA and higher Corporate costs.
- Non-GAAP diluted earnings per share was $0.79, compared to $0.83 in the prior year period, exceeding mid-point targets.
Headline financials
Revenue & EPS history
Upbound · Revenue · Quarterly
$1.1B
Revenue by segment
Upbound · $476M total across 1 segment · Q4 2023
- Acima$476M—100.0%
Forward guidance
Upbound Group, Inc. reaffirmed its full-year 2024 financial guidance, maintaining targets for revenue, Adjusted EBITDA, Non-GAAP Diluted Earnings Per Share, and Free Cash Flow.
Tailwinds
- Acima's nearly 20% GMV growth and Rent-A-Center's same store sales growth contributed to revenue increases in both segments.
- Disciplined underwriting resulted in overall LCOs slightly better than expectations, with Rent-A-Center's LCO rate decreasing year-over-year and Acima's LCO rate decreasing sequentially.
- Progress on capital allocation strategy, reducing debt by approximately $19 million in the quarter.
- Distribution of the first quarterly dividend of 2024 at $0.37, an increase from $0.34 last year.
- Strong financial position with net debt of $1.2 billion and leverage of 2.7x at quarter-end.
Headwinds
- The inherent uncertainty related to special items makes it difficult to provide a meaningful forecast of comparable GAAP measures.
- The actual amount of special items during 2024 may significantly impact future GAAP results.
- The company is mindful of headwinds facing consumers, despite strong employment metrics supporting demand.
- The company does not provide a GAAP forecast or reconciliation due to the inherent uncertainty of special items.
- The company is not obligated to publicly release any revisions to forward-looking statements unless required by law.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.8%
Avg return
Earnings day
+0.7%
Avg return
5 days after
+2.0%
Avg return
30 days after
58%
18 / 31 earnings
Positive
+19.1%
Q1 2025
Best reaction
-18.4%
Q3 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +4.3% | -1.1% | +1.4% | |
| Q4 2025 | +6.3% | +3.5% | -17.6% | |
| Q3 2025 | -16.3% | -14.5% | -22.5% | |
| Q1 2025 | +19.1% | +17.2% | +15.3% | |
| Q3 2024 | -1.4% | -8.1% | -16.5% | |
| Q2 2024 | +0.0% | -3.8% | +23.1% | |
| Q1 2024 | +0.0% | -6.3% | -11.9% | |
| Q4 2023 | +0.0% | -3.5% | +2.4% | |
| Q3 2023 | +5.9% | +10.9% | +15.1% | |
| Q3 2022 | +0.0% | -2.8% | -11.6% | |
| Q2 2023 | -4.8% | -3.3% | -7.9% | |
| Q1 2023 | +10.2% | +16.6% | +22.8% | |
| Q2 2022 | +13.3% | +13.3% | -0.4% | |
| Q1 2022 | +4.2% | +1.9% | -3.4% | |
| Q3 2021 | -18.4% | -19.5% | -17.6% | |
| Q2 2021 | +0.3% | +4.7% | +12.9% | |
| Q1 2021 | +2.0% | -4.0% | +3.2% | |
| Q3 2020 | -4.9% | -3.9% | +9.4% | |
| Q2 2020 | +0.5% | +2.7% | -7.1% | |
| Q1 2020 | +0.9% | +1.0% | +12.9% | |
| Q3 2019 | -6.6% | -0.9% | +11.5% | |
| Q2 2019 | +5.3% | +8.7% | -1.0% | |
| Q1 2019 | -0.8% | -9.5% | -10.8% | |
| Q3 2018 | +1.5% | +1.9% | +2.5% | |
| Q2 2018 | -0.6% | -0.1% | -0.7% | |
| Q1 2018 | +0.1% | -1.7% | +5.6% | |
| Q3 2017 | +2.4% | +4.0% | +15.7% | |
| Q2 2017 | +0.9% | +4.1% | -6.0% | |
| Q1 2017 | +0.8% | +0.6% | +7.1% | |
| Q3 2016 | +3.0% | +7.1% | +23.7% | |
| Q2 2016 | -1.1% | +5.8% | +12.5% |
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