We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Rent A Center Inc | NASDAQ:RCII | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 26.78 | 25.50 | 27.09 | 0 | 01:00:00 |
(Mark One)
|
|
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|||
For the fiscal year ended December 31, 2018
or
|
||||
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|||
Commission File No. 001-38047
|
||||
|
|
|
|
|
Delaware
|
|
45-0491516
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
Title of Each Class
|
|
Name of Exchange on Which Registered
|
Common Stock, par value $0.01 per share
|
|
The Nasdaq Global Select Market, Inc.
|
|
|
|
Securities registered pursuant to Section 12(g) of the Act:
None
|
||
|
|
|
Aggregate market value of the 41,270,651 shares
of Common Stock held by non-affiliates
of the registrant at the closing sales
price as reported on The Nasdaq Global Select Market, Inc. on June 30, 2018
|
$
|
607,503,983
|
|
Number of shares of Common Stock outstanding as of the close of business on February 19, 2019:
|
53,978,616
|
|
|
|
Page
|
|
|
|
Item 1.
|
Business
|
|
Item 1A.
|
Risk Factors
|
|
Item 1B.
|
Unresolved Staff Comments
|
|
Item 2.
|
Properties
|
|
Item 3.
|
Legal Proceedings
|
|
Item 4.
|
Mine Safety Disclosures
|
|
|
|
|
|
|
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|
Item 6.
|
Selected Financial Data
|
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures about Market Risk
|
|
Item 8.
|
Financial Statements and Supplementary Data
|
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
|
Item 9A.
|
Controls and Procedures
|
|
Item 9B.
|
Other Information
|
|
|
||
|
|
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
|
Item 11.
|
Executive Compensation
|
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
|
Item 14.
|
Principal Accountant Fees and Services
|
|
|
||
|
|
|
Item 15.
|
Exhibits and Financial Statement Schedules
|
|
|
|
|
SIGNATURES
|
•
|
the general strength of the economy and other economic conditions affecting consumer preferences and spending;
|
•
|
factors affecting the disposable income available to our current and potential customers;
|
•
|
changes in the unemployment rate;
|
•
|
the outcome of the litigation initiated by Vintage Capital Management, LLC (“Vintage Capital”) and B. Riley Financial, Inc. (“B. Riley”) challenging the validity of the termination of the Agreement and Plan of Merger (the “Merger Agreement”) and our right, or the ability, to collect on the $126.5 million reverse breakup fee;
|
•
|
risks relating to operations of the business and our financial results arising out of the termination of the Merger Agreement;
|
•
|
the effect of the termination of the Merger Agreement on our relationships with third parties, including our employees, franchisees, customers, suppliers, business partners and vendors, which may make it more difficult to maintain business and operations relationships, and negatively impact the operating results of our business segments and our business generally;
|
•
|
the risk of material price volatility with respect to trading in our common stock during litigation related to the termination of the Merger Agreement;
|
•
|
our ability to continue to effectively operate and execute our strategic initiatives as a stand-alone enterprise following the termination of the Merger Agreement;
|
•
|
capital market conditions, including availability of funding sources for us;
|
•
|
changes in our credit ratings;
|
•
|
difficulties encountered in improving the financial and operational performance of our business segments, including our ability to execute our franchise strategy;
|
•
|
our ability to recapitalize our debt, including our revolving credit facility expiring December 31, 2019, and senior notes maturing in November 2020 and May 2021 on favorable terms, if at all;
|
•
|
risks associated with pricing changes and strategies being deployed in our businesses;
|
•
|
our ability to continue to realize benefits from our initiatives regarding cost-savings and other EBITDA enhancements, efficiencies and working capital improvements;
|
•
|
our ability to continue to effectively operate and execute our strategic initiatives;
|
•
|
failure to manage our store labor and other store expenses;
|
•
|
disruptions caused by the operation of our store information management system;
|
•
|
our transition to more-readily scalable "cloud-based" solutions;
|
•
|
our ability to develop and successfully implement digital or E-commerce capabilities, including mobile applications;
|
•
|
disruptions in our supply chain;
|
•
|
limitations of, or disruptions in, our distribution network, and the impact, effects and results of the changes we have made and are making to our distribution methods;
|
•
|
rapid inflation or deflation in the prices of our products;
|
•
|
our ability to execute and the effectiveness of a store consolidation, including our ability to retain the revenue from customer accounts merged into another store location as a result of a store consolidation;
|
•
|
our available cash flow;
|
•
|
our ability to identify and successfully market products and services that appeal to our customer demographic;
|
•
|
consumer preferences and perceptions of our brand;
|
•
|
our ability to retain the revenue associated with acquired customer accounts and enhance the performance of acquired stores;
|
•
|
our ability to enter into new and collect on our rental or lease purchase agreements;
|
•
|
the passage of legislation adversely affecting the Rent-to-Own industry;
|
•
|
our compliance with applicable statutes or regulations governing our transactions;
|
•
|
changes in interest rates;
|
•
|
changes in tariff policies;
|
•
|
adverse changes in the economic conditions of the industries, countries or markets that we serve;
|
•
|
information technology and data security costs;
|
•
|
the impact of any breaches in data security or other disturbances to our information technology and other networks and our ability to protect the integrity and security of individually identifiable data of our customers and employees;
|
•
|
changes in estimates relating to self-insurance liabilities and income tax and litigation reserves;
|
•
|
changes in our effective tax rate;
|
•
|
fluctuations in foreign currency exchange rates;
|
•
|
our ability to maintain an effective system of internal controls;
|
•
|
the resolution of our litigation; and
|
•
|
the other risks detailed from time to time in our reports furnished or filed with the Securities and Exchange Commission.
|
•
|
Optimizing our cost structure by continuing to capitalize on recent initiatives targeting overhead, supply chain, and other store expenses; in addition to identifying future opportunities to efficiently manage cost within the business.
|
•
|
Enhance our value proposition through targeted pricing strategies across product categories aimed at improving traffic trends.
|
•
|
Executing our refranchising program allowing us to optimize our physical footprint and improve our capital position.
|
•
|
inaccurate assessment of the value, future growth potential, strengths, weaknesses, contingent and other liabilities and potential profitability of such strategic transactions;
|
•
|
our ability to preserve, enhance and leverage the value of our brand;
|
•
|
diversion of management’s attention and focus away from existing operations towards execution of strategic transactions;
|
•
|
inability to achieve projected economic and operating benefits from our strategic transactions;
|
•
|
challenges in successfully completing franchise transactions and integrating new franchisees into our franchise system; and
|
•
|
unanticipated changes in business and economic conditions affecting our strategic transactions.
|
•
|
our ability to meet market expectations with respect to the growth and profitability of each of our operating segments;
|
•
|
quarterly variations in our results of operations, which may be impacted by, among other things, changes in same store sales or when and how many locations we acquire or open;
|
•
|
quarterly variations in our competitors’ results of operations;
|
•
|
changes in earnings estimates or buy/sell recommendations by financial analysts;
|
•
|
uncertainties associated with the termination of the Merger Agreement and the litigation relating to its termination; and
|
•
|
the stock price performance of comparable companies.
|
|
Year Ended December 31,
|
|
||||||||||||||||||
(In thousands, except per share data)
|
2018
|
|
2017
|
|
2016
|
|
2015
(8)
|
|
2014
|
|
||||||||||
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Store
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rentals and fees
|
$
|
2,244,860
|
|
|
$
|
2,267,741
|
|
|
$
|
2,500,053
|
|
|
$
|
2,781,315
|
|
|
$
|
2,745,828
|
|
(13)
|
Merchandise sales
|
304,455
|
|
|
331,402
|
|
|
351,198
|
|
|
377,240
|
|
|
290,048
|
|
|
|||||
Installment sales
|
69,572
|
|
|
71,651
|
|
|
74,509
|
|
|
76,238
|
|
|
75,889
|
|
|
|||||
Other
|
9,000
|
|
|
9,620
|
|
|
12,706
|
|
|
19,158
|
|
|
19,949
|
|
|
|||||
Franchise
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Merchandise sales
|
19,087
|
|
|
13,157
|
|
|
16,358
|
|
|
15,577
|
|
|
19,236
|
|
|
|||||
Royalty income and fees
|
13,491
|
|
|
8,969
|
|
|
8,428
|
|
|
8,892
|
|
|
6,846
|
|
|
|||||
Total revenues
|
2,660,465
|
|
|
2,702,540
|
|
|
2,963,252
|
|
|
3,278,420
|
|
|
3,157,796
|
|
|
|||||
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Store
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of rentals and fees
|
621,860
|
|
|
625,358
|
|
|
664,845
|
|
|
728,706
|
|
|
704,595
|
|
|
|||||
Cost of merchandise sold
|
308,912
|
|
|
322,628
|
|
|
323,727
|
|
|
356,696
|
|
|
231,520
|
|
|
|||||
Cost of installment sales
|
23,326
|
|
|
23,622
|
|
|
24,285
|
|
|
25,677
|
|
|
26,084
|
|
|
|||||
Other charges and (credits)
|
—
|
|
|
—
|
|
|
—
|
|
|
34,698
|
|
(9)
|
(6,836
|
)
|
(14)
|
|||||
Franchise cost of merchandise sold
|
18,199
|
|
|
12,390
|
|
|
15,346
|
|
|
14,534
|
|
|
18,070
|
|
|
|||||
Total cost of revenues
|
972,297
|
|
|
983,998
|
|
|
1,028,203
|
|
|
1,160,311
|
|
|
973,433
|
|
|
|||||
Gross profit
|
1,688,168
|
|
|
1,718,542
|
|
|
1,935,049
|
|
|
2,118,109
|
|
|
2,184,363
|
|
|
|||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Store expenses
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Labor
|
683,422
|
|
|
732,466
|
|
|
789,049
|
|
|
854,610
|
|
|
888,929
|
|
|
|||||
Other store expenses
|
656,894
|
|
|
744,187
|
|
|
791,614
|
|
|
833,914
|
|
|
842,254
|
|
|
|||||
General and administrative expenses
|
163,445
|
|
|
171,090
|
|
|
168,907
|
|
|
166,102
|
|
|
162,316
|
|
|
|||||
Depreciation, amortization and write-down of intangibles
|
68,946
|
|
|
74,639
|
|
|
80,456
|
|
|
80,720
|
|
|
83,168
|
|
|
|||||
Goodwill impairment charge
|
—
|
|
|
—
|
|
|
151,320
|
|
(6)
|
1,170,000
|
|
(10)
|
—
|
|
|
|||||
Other charges
|
59,324
|
|
(1)
|
59,219
|
|
(3)
|
20,299
|
|
(7)
|
20,651
|
|
(11)
|
14,234
|
|
(15)
|
|||||
Total operating expenses
|
1,632,031
|
|
|
1,781,601
|
|
|
2,001,645
|
|
|
3,125,997
|
|
|
1,990,901
|
|
|
|||||
Operating profit (loss)
|
56,137
|
|
|
(63,059
|
)
|
|
(66,596
|
)
|
|
(1,007,888
|
)
|
|
193,462
|
|
|
|||||
Write-off of debt issuance costs
|
475
|
|
(2)
|
1,936
|
|
(4)
|
—
|
|
|
—
|
|
|
4,213
|
|
(16)
|
|||||
Interest expense, net
|
41,821
|
|
|
45,205
|
|
|
46,678
|
|
|
48,692
|
|
|
46,896
|
|
|
|||||
Earnings (loss) before income taxes
|
13,841
|
|
|
(110,200
|
)
|
|
(113,274
|
)
|
|
(1,056,580
|
)
|
|
142,353
|
|
|
|||||
Income tax expense (benefit)
|
5,349
|
|
|
(116,853
|
)
|
(5)
|
(8,079
|
)
|
|
(103,060
|
)
|
(12)
|
45,931
|
|
|
|||||
Net earnings (loss)
|
$
|
8,492
|
|
|
$
|
6,653
|
|
|
$
|
(105,195
|
)
|
|
$
|
(953,520
|
)
|
|
$
|
96,422
|
|
|
Basic earnings (loss) per common share
|
$
|
0.16
|
|
|
$
|
0.12
|
|
|
$
|
(1.98
|
)
|
|
$
|
(17.97
|
)
|
|
$
|
1.82
|
|
|
Diluted earnings (loss) per common share
|
$
|
0.16
|
|
|
$
|
0.12
|
|
|
$
|
(1.98
|
)
|
|
$
|
(17.97
|
)
|
|
$
|
1.81
|
|
|
Cash dividends declared per common share
|
$
|
—
|
|
|
$
|
0.16
|
|
|
$
|
0.32
|
|
|
$
|
0.96
|
|
|
$
|
0.93
|
|
|
|
December 31,
|
||||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
2016
|
|
2015
(8)
|
|
2014
|
||||||||||
Consolidated Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental merchandise, net
|
$
|
807,470
|
|
|
$
|
868,991
|
|
|
$
|
1,001,954
|
|
|
$
|
1,136,472
|
|
|
$
|
1,237,856
|
|
Intangible assets, net
|
57,344
|
|
|
57,496
|
|
|
60,560
|
|
|
213,899
|
|
|
1,377,992
|
|
|||||
Total assets
|
1,396,917
|
|
|
1,420,781
|
|
|
1,602,741
|
|
|
1,974,468
|
|
|
3,271,197
|
|
|||||
Total debt
|
540,042
|
|
|
672,887
|
|
|
724,230
|
|
|
955,833
|
|
|
1,042,813
|
|
|||||
Total liabilities
|
1,110,400
|
|
|
1,148,338
|
|
|
1,337,808
|
|
|
1,590,878
|
|
|
1,881,802
|
|
|||||
Total stockholders' equity
|
286,517
|
|
|
272,443
|
|
|
264,933
|
|
|
383,590
|
|
|
1,389,395
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
||||||||||
Core U.S. and Mexico stores open at end of period
|
2,280
|
|
|
2,512
|
|
|
2,593
|
|
|
2,815
|
|
|
3,001
|
|
|||||
Acceptance Now Staffed locations open at end of period
|
1,106
|
|
|
1,106
|
|
|
1,431
|
|
|
1,444
|
|
|
1,406
|
|
|||||
Acceptance Now Direct locations open at end of period
|
96
|
|
|
125
|
|
|
478
|
|
|
532
|
|
|
—
|
|
|||||
Same store revenue growth (decrease)
(12)
|
4.7
|
%
|
|
(5.4
|
)%
|
|
(6.2
|
)%
|
|
5.7
|
%
|
|
1.2
|
%
|
|||||
Franchise stores open at end of period
|
281
|
|
|
225
|
|
|
229
|
|
|
227
|
|
|
187
|
|
(1)
|
Includes $30.4 million related to cost savings initiatives, $16.4 million in incremental legal and advisory fees,
$11.6 million related to store closure costs, $1.2 million in capitalized software write-downs, and $(0.3) million related to the 2018 and 2017 hurricane impacts.
|
(2)
|
Includes the effects of a $0.5 million financing expense related to the write-off of unamortized financing costs.
|
(3)
|
Includes
$24.0 million related to the closure of Acceptance Now locations, $18.2 million for capitalized software write-downs, $6.5 million for incremental legal and advisory fees, $5.4 million for 2017 hurricane impacts, $3.4 million for reductions at the field support center, $1.1 million for previous store closure plans, and $0.6 million in legal settlements.
|
(4)
|
Includes the effects of a $1.9 million financing expense related to the write-off of unamortized financing costs.
|
(5)
|
Includes a $77.5 million gain resulting from the Tax Cuts and Jobs Act.
|
(6)
|
Includes a $151.3 million goodwill impairment charge in the Core U.S. segment.
|
(7)
|
Includes $22.5 million primarily related to the closure of Core U.S. stores, Acceptance Now locations, and Mexico stores, partially offset by a $2.2 million legal settlement.
|
(8)
|
Includes revisions for immaterial correction of deferred tax error associated with our goodwill impairment reported in the fourth quarter of 2015.
|
(9)
|
Includes a $34.7 million write-down of smartphones.
|
(10)
|
Includes a $1,170.0 million goodwill impairment charge in the Core U.S. segment.
|
(11)
|
Includes a $7.5 million loss on the sale of Core U.S. and Canada stores, a $7.2 million charge related to the closure of Core U.S. and Mexico stores, $2.8 million of charges for start-up and warehouse closure expenses related to our sourcing and distribution initiative, a $2.0 million corporate reduction charge and $1.1 million of losses for other store sales and closures.
|
(12)
|
Includes $6.0 million of discrete adjustments to income tax reserves.
|
(13)
|
Includes a $0.6 million reduction of revenue due to consumer refunds as a result of an operating system programming error.
|
(14)
|
Includes a $6.8 million credit due to the settlement of a lawsuit against the manufacturers of LCD screen displays.
|
(15)
|
Includes store closure charges of $5.1 million, asset impairment charges of $4.6 million, corporate reduction charges of $2.8 million, and a $1.8 million loss on the sale of stores in the Core U.S. segment.
|
(16)
|
Includes the effects of a $4.2 million financing expense related to the payment of debt origination costs and the write-off of unamortized financing costs.
|
|
Year Ended December 31,
|
|
2018-2017 Change
|
|
2017-2016 Change
|
||||||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Store
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rentals and fees
|
$
|
2,244,860
|
|
|
$
|
2,267,741
|
|
|
$
|
2,500,053
|
|
|
$
|
(22,881
|
)
|
|
(1.0
|
)%
|
|
$
|
(232,312
|
)
|
|
(9.3
|
)%
|
Merchandise sales
|
304,455
|
|
|
331,402
|
|
|
351,198
|
|
|
(26,947
|
)
|
|
(8.1
|
)%
|
|
(19,796
|
)
|
|
(5.6
|
)%
|
|||||
Installment sales
|
69,572
|
|
|
71,651
|
|
|
74,509
|
|
|
(2,079
|
)
|
|
(2.9
|
)%
|
|
(2,858
|
)
|
|
(3.8
|
)%
|
|||||
Other
|
9,000
|
|
|
9,620
|
|
|
12,706
|
|
|
(620
|
)
|
|
(6.4
|
)%
|
|
(3,086
|
)
|
|
(24.3
|
)%
|
|||||
Total store revenues
|
2,627,887
|
|
|
2,680,414
|
|
|
2,938,466
|
|
|
(52,527
|
)
|
|
(2.0
|
)%
|
|
(258,052
|
)
|
|
(8.8
|
)%
|
|||||
Franchise
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merchandise sales
|
19,087
|
|
|
13,157
|
|
|
16,358
|
|
|
5,930
|
|
|
45.1
|
%
|
|
(3,201
|
)
|
|
(19.6
|
)%
|
|||||
Royalty income and fees
|
13,491
|
|
|
8,969
|
|
|
8,428
|
|
|
4,522
|
|
|
50.4
|
%
|
|
541
|
|
|
6.4
|
%
|
|||||
Total revenues
|
2,660,465
|
|
|
2,702,540
|
|
|
2,963,252
|
|
|
(42,075
|
)
|
|
(1.6
|
)%
|
|
(260,712
|
)
|
|
(8.8
|
)%
|
|||||
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Store
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of rentals and fees
|
621,860
|
|
|
625,358
|
|
|
664,845
|
|
|
(3,498
|
)
|
|
(0.6
|
)%
|
|
(39,487
|
)
|
|
(5.9
|
)%
|
|||||
Cost of merchandise sold
|
308,912
|
|
|
322,628
|
|
|
323,727
|
|
|
(13,716
|
)
|
|
(4.3
|
)%
|
|
(1,099
|
)
|
|
(0.3
|
)%
|
|||||
Cost of installment sales
|
23,326
|
|
|
23,622
|
|
|
24,285
|
|
|
(296
|
)
|
|
(1.3
|
)%
|
|
(663
|
)
|
|
(2.7
|
)%
|
|||||
Total cost of store revenues
|
954,098
|
|
|
971,608
|
|
|
1,012,857
|
|
|
(17,510
|
)
|
|
(1.8
|
)%
|
|
(41,249
|
)
|
|
(4.1
|
)%
|
|||||
Franchise cost of merchandise sold
|
18,199
|
|
|
12,390
|
|
|
15,346
|
|
|
5,809
|
|
|
46.9
|
%
|
|
(2,956
|
)
|
|
(19.3
|
)%
|
|||||
Total cost of revenues
|
972,297
|
|
|
983,998
|
|
|
1,028,203
|
|
|
(11,701
|
)
|
|
(1.2
|
)%
|
|
(44,205
|
)
|
|
(4.3
|
)%
|
|||||
Gross profit
|
1,688,168
|
|
|
1,718,542
|
|
|
1,935,049
|
|
|
(30,374
|
)
|
|
(1.8
|
)%
|
|
(216,507
|
)
|
|
(11.2
|
)%
|
|||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Store expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Labor
|
683,422
|
|
|
732,466
|
|
|
789,049
|
|
|
(49,044
|
)
|
|
(6.7
|
)%
|
|
(56,583
|
)
|
|
(7.2
|
)%
|
|||||
Other store expenses
|
656,894
|
|
|
744,187
|
|
|
791,614
|
|
|
(87,293
|
)
|
|
(11.7
|
)%
|
|
(47,427
|
)
|
|
(6.0
|
)%
|
|||||
General and administrative
|
163,445
|
|
|
171,090
|
|
|
168,907
|
|
|
(7,645
|
)
|
|
(4.5
|
)%
|
|
2,183
|
|
|
1.3
|
%
|
|||||
Depreciation, amortization and write-down of intangibles
|
68,946
|
|
|
74,639
|
|
|
80,456
|
|
|
(5,693
|
)
|
|
(7.6
|
)%
|
|
(5,817
|
)
|
|
(7.2
|
)%
|
|||||
Goodwill impairment charge
|
—
|
|
|
—
|
|
|
151,320
|
|
|
—
|
|
|
—
|
%
|
|
(151,320
|
)
|
|
(100.0
|
)
|
|||||
Other charges
|
59,324
|
|
|
59,219
|
|
|
20,299
|
|
|
105
|
|
|
0.2
|
%
|
|
38,920
|
|
|
191.7
|
%
|
|||||
Total operating expenses
|
1,632,031
|
|
|
1,781,601
|
|
|
2,001,645
|
|
|
(149,570
|
)
|
|
(8.4
|
)%
|
|
(220,044
|
)
|
|
(11.0
|
)%
|
|||||
Operating profit (loss)
|
56,137
|
|
|
(63,059
|
)
|
|
(66,596
|
)
|
|
119,196
|
|
|
189.0
|
%
|
|
3,537
|
|
|
5.3
|
%
|
|||||
Write-off of debt issuance costs
|
475
|
|
|
1,936
|
|
|
—
|
|
|
(1,461
|
)
|
|
(75.5
|
)%
|
|
1,936
|
|
|
100.0
|
%
|
|||||
Interest, net
|
41,821
|
|
|
45,205
|
|
|
46,678
|
|
|
(3,384
|
)
|
|
(7.5
|
)%
|
|
(1,473
|
)
|
|
(3.2
|
)%
|
|||||
Income (loss) before income taxes
|
13,841
|
|
|
(110,200
|
)
|
|
(113,274
|
)
|
|
124,041
|
|
|
112.6
|
%
|
|
3,074
|
|
|
2.7
|
%
|
|||||
Income tax expense (benefit)
|
5,349
|
|
|
(116,853
|
)
|
|
(8,079
|
)
|
|
122,202
|
|
|
104.6
|
%
|
|
(108,774
|
)
|
|
(1,346.4
|
)%
|
|||||
Net earnings (loss)
|
$
|
8,492
|
|
|
$
|
6,653
|
|
|
$
|
(105,195
|
)
|
|
$
|
1,839
|
|
|
27.6
|
%
|
|
$
|
111,848
|
|
|
106.3
|
%
|
|
Year Ended December 31,
|
|
2018-2017 Change
|
|
2017-2016 Change
|
||||||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||||
Revenues
|
$
|
1,855,712
|
|
|
$
|
1,835,422
|
|
|
$
|
2,069,725
|
|
|
$
|
20,290
|
|
|
1.1
|
%
|
|
$
|
(234,303
|
)
|
|
(11.3
|
)%
|
Gross profit
|
1,299,809
|
|
|
1,276,212
|
|
|
1,467,679
|
|
|
23,597
|
|
|
1.8
|
%
|
|
(191,467
|
)
|
|
(13.0
|
)%
|
|||||
Operating profit (loss)
|
147,787
|
|
|
86,196
|
|
|
(1,020
|
)
|
|
61,591
|
|
|
71.5
|
%
|
|
87,216
|
|
|
8,550.6
|
%
|
|||||
Change in same store revenue
|
|
|
|
|
|
|
|
|
|
4.4
|
%
|
|
|
|
|
(8.0
|
)%
|
||||||||
Stores in same store revenue calculation
|
|
|
|
|
|
|
|
|
1,904
|
|
|
|
|
2,118
|
|
|
Year Ended December 31,
|
|
2018-2017 Change
|
|
2017-2016 Change
|
||||||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||||
Revenues
|
$
|
722,562
|
|
|
$
|
797,987
|
|
|
$
|
817,814
|
|
|
$
|
(75,425
|
)
|
|
(9.5
|
)%
|
|
$
|
(19,827
|
)
|
|
(2.4
|
)%
|
Gross profit
|
339,616
|
|
|
400,002
|
|
|
422,381
|
|
|
(60,386
|
)
|
|
(15.1
|
)%
|
|
(22,379
|
)
|
|
(5.3
|
)%
|
|||||
Operating profit
|
93,951
|
|
|
48,618
|
|
|
105,925
|
|
|
45,333
|
|
|
93.2
|
%
|
|
(57,307
|
)
|
|
(54.1
|
)%
|
|||||
Change in same store revenue
|
|
|
|
|
|
|
|
|
|
5.9
|
%
|
|
|
|
5.2
|
%
|
|||||||||
Stores in same store revenue calculation
|
|
|
|
|
|
|
|
|
563
|
|
|
|
|
1,140
|
|
|
Year Ended December 31,
|
|
2018-2017 Change
|
|
2017-2016 Change
|
||||||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||||
Revenues
|
$
|
49,613
|
|
|
$
|
47,005
|
|
|
$
|
50,927
|
|
|
$
|
2,608
|
|
|
5.5
|
%
|
|
$
|
(3,922
|
)
|
|
(7.7
|
)%
|
Gross profit
|
34,364
|
|
|
32,592
|
|
|
35,549
|
|
|
1,772
|
|
|
5.4
|
%
|
|
(2,957
|
)
|
|
(8.3
|
)%
|
|||||
Operating profit (loss)
|
2,605
|
|
|
(260
|
)
|
|
(2,449
|
)
|
|
2,865
|
|
|
1,101.9
|
%
|
|
2,189
|
|
|
89.4
|
%
|
|||||
Change in same store revenue
|
|
|
|
|
|
|
|
|
|
8.5
|
%
|
|
|
|
(5.1
|
)%
|
|||||||||
Stores in same store revenue calculation
|
|
|
|
|
|
|
|
|
108
|
|
|
|
|
118
|
|
|
Year Ended December 31,
|
|
2018-2017 Change
|
|
2017-2016 Change
|
||||||||||||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
2016
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||||||||
Revenues
|
$
|
32,578
|
|
|
$
|
22,126
|
|
|
$
|
24,786
|
|
|
$
|
10,452
|
|
|
47.2
|
%
|
|
$
|
(2,660
|
)
|
|
(10.7
|
)%
|
Gross profit
|
14,379
|
|
|
9,736
|
|
|
9,440
|
|
|
4,643
|
|
|
47.7
|
%
|
|
296
|
|
|
3.1
|
%
|
|||||
Operating profit
|
4,385
|
|
|
5,081
|
|
|
5,650
|
|
|
(696
|
)
|
|
(13.7
|
)%
|
|
(569
|
)
|
|
(10.1
|
)%
|
(In thousands, except per share data)
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
698,043
|
|
|
$
|
655,730
|
|
|
$
|
644,942
|
|
|
$
|
661,750
|
|
Gross profit
|
436,978
|
|
|
423,886
|
|
|
407,740
|
|
|
419,564
|
|
||||
Operating (loss) profit
|
(10,270
|
)
|
|
27,151
|
|
|
25,632
|
|
|
13,624
|
|
||||
Net (loss) earnings
|
(19,843
|
)
|
|
13,753
|
|
|
12,918
|
|
|
1,664
|
|
||||
Basic (loss) earnings per common share
|
$
|
(0.37
|
)
|
|
$
|
0.26
|
|
|
$
|
0.24
|
|
|
$
|
0.03
|
|
Diluted (loss) earnings per common share
|
$
|
(0.37
|
)
|
|
$
|
0.25
|
|
|
$
|
0.24
|
|
|
$
|
0.03
|
|
(In thousands, except per share data)
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
741,986
|
|
|
$
|
677,635
|
|
|
$
|
643,965
|
|
|
$
|
638,954
|
|
Gross profit
|
462,663
|
|
|
432,533
|
|
|
412,465
|
|
|
410,881
|
|
||||
Operating profit (loss)
|
1,152
|
|
|
(873
|
)
|
|
(8,445
|
)
|
|
(54,893
|
)
|
||||
Net (loss) earnings
|
(6,679
|
)
|
|
(8,893
|
)
|
|
(12,599
|
)
|
|
34,824
|
|
||||
Basic (loss) earnings per common share
|
$
|
(0.13
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
0.65
|
|
Diluted (loss) earnings per common share
|
$
|
(0.13
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
0.65
|
|
Cash dividends declared per common share
|
$
|
0.08
|
|
|
$
|
0.08
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(As a percentage of revenues)
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
||||
Revenues
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Gross profit
|
62.6
|
%
|
|
64.6
|
%
|
|
63.2
|
%
|
|
63.4
|
%
|
Operating (loss) profit
|
(1.5
|
)%
|
|
4.1
|
%
|
|
4.0
|
%
|
|
2.1
|
%
|
Net (loss) earnings
|
(2.8
|
)%
|
|
2.1
|
%
|
|
2.0
|
%
|
|
0.3
|
%
|
(As a percentage of revenues)
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
||||
Revenues
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Gross profit
|
62.4
|
%
|
|
63.8
|
%
|
|
64.1
|
%
|
|
64.3
|
%
|
Operating profit (loss)
|
0.2
|
%
|
|
(0.1
|
)%
|
|
(1.3
|
)%
|
|
(8.6
|
)%
|
Net (loss) earnings
|
(0.9
|
)%
|
|
(1.3
|
)%
|
|
(2.0
|
)%
|
|
5.5
|
%
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Customer stolen merchandise
|
$
|
136,705
|
|
|
$
|
161,912
|
|
|
$
|
169,021
|
|
Other merchandise losses
(1)
|
33,219
|
|
|
47,596
|
|
|
49,731
|
|
|||
Total merchandise losses
|
$
|
169,924
|
|
|
$
|
209,508
|
|
|
$
|
218,752
|
|
(1)
|
Other merchandise losses include unrepairable and missing merchandise, and loss/damage waiver claims.
|
|
Year Ended December 31, 2018
|
||||||||||||||||||||||
|
Core U.S.
|
|
Acceptance Now Staffed
|
|
Acceptance Now Direct
|
|
Mexico
|
|
Franchising
|
|
Total
|
||||||||||||
Locations at beginning of period
|
2,381
|
|
|
1,106
|
|
|
125
|
|
|
131
|
|
|
225
|
|
|
3,968
|
|
||||||
New location openings
|
—
|
|
|
122
|
|
|
7
|
|
|
—
|
|
|
3
|
|
|
132
|
|
||||||
Acquired locations remaining open
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71
|
|
|
72
|
|
||||||
Conversions
|
—
|
|
|
(3
|
)
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Closed locations
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merged with existing locations
|
(137
|
)
|
|
(119
|
)
|
|
(39
|
)
|
|
(8
|
)
|
|
—
|
|
|
(303
|
)
|
||||||
Sold or closed with no surviving location
|
(87
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(18
|
)
|
|
(106
|
)
|
||||||
Locations at end of period
|
2,158
|
|
|
1,106
|
|
|
96
|
|
|
122
|
|
|
281
|
|
|
3,763
|
|
||||||
Acquired locations closed and accounts merged with existing locations
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||
Total approximate purchase price
(in millions)
|
$
|
2.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.0
|
|
|
Year Ended December 31, 2017
|
||||||||||||||||||||||
|
Core U.S.
|
|
Acceptance Now Staffed
|
|
Acceptance Now Direct
|
|
Mexico
|
|
Franchising
|
|
Total
|
||||||||||||
Locations at beginning of period
|
2,463
|
|
|
1,431
|
|
|
478
|
|
|
130
|
|
|
229
|
|
|
4,731
|
|
||||||
New location openings
|
—
|
|
|
222
|
|
|
24
|
|
|
1
|
|
|
1
|
|
|
248
|
|
||||||
Acquired locations remaining open
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||||
Conversions
|
—
|
|
|
(63
|
)
|
|
63
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Closed locations
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Merged with existing locations
|
(51
|
)
|
|
(483
|
)
|
|
(439
|
)
|
|
—
|
|
|
—
|
|
|
(973
|
)
|
||||||
Sold or closed with no surviving location
|
(31
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(9
|
)
|
|
(42
|
)
|
||||||
Locations at end of period
|
2,381
|
|
|
1,106
|
|
|
125
|
|
|
131
|
|
|
225
|
|
|
3,968
|
|
||||||
Acquired locations closed and accounts merged with existing locations
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||||
Total approximate purchase price (
in millions
)
|
$
|
2.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.5
|
|
|
Year Ended December 31, 2016
|
||||||||||||||||||||||
|
Core U.S.
|
|
Acceptance Now Staffed
|
Acceptance Now Direct
|
|
Mexico
|
|
Franchising
|
|
Total
|
|||||||||||||
Locations at beginning of period
|
2,672
|
|
|
1,444
|
|
|
532
|
|
|
143
|
|
|
227
|
|
|
5,018
|
|
||||||
New location openings
|
—
|
|
|
171
|
|
|
67
|
|
|
1
|
|
|
2
|
|
|
241
|
|
||||||
Acquired locations remaining open
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
||||||
Conversions
|
—
|
|
|
1
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Closed locations
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Merged with existing locations
|
(185
|
)
|
|
(185
|
)
|
|
—
|
|
|
(4
|
)
|
|
(1
|
)
|
|
(375
|
)
|
||||||
Sold or closed with no surviving location
|
(24
|
)
|
|
—
|
|
|
(119
|
)
|
|
(10
|
)
|
|
(4
|
)
|
|
(157
|
)
|
||||||
Locations at end of period
|
2,463
|
|
|
1,431
|
|
|
478
|
|
|
130
|
|
|
229
|
|
|
4,731
|
|
||||||
Acquired locations closed and accounts merged with existing locations
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Total approximate purchase price
(in millions)
|
$
|
2.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.3
|
|
|
Payments Due by Period
|
||||||||||||||||||
(In thousands)
|
Total
|
|
2019
|
|
2020-2021
|
|
2022-2023
|
|
Thereafter
|
||||||||||
6.625% Senior Notes
(1)
|
331,528
|
|
|
19,394
|
|
|
312,134
|
|
|
—
|
|
|
—
|
|
|||||
4.75% Senior Notes
(2)
|
279,688
|
|
|
11,875
|
|
|
267,813
|
|
|
—
|
|
|
—
|
|
|||||
Operating Leases
|
408,649
|
|
|
145,345
|
|
|
197,147
|
|
|
63,877
|
|
|
2,280
|
|
|||||
Total contractual cash obligations
(3)
|
$
|
1,019,865
|
|
|
$
|
176,614
|
|
|
$
|
777,094
|
|
|
$
|
63,877
|
|
|
$
|
2,280
|
|
(1)
|
Includes interest payments of $9.7 million on each May 15 and November 15 of each year.
|
(2)
|
Includes interest payments of $5.9 million on each May 1 and November 1 of each year.
|
(3)
|
As of
December 31, 2018
, we have recorded $38.2 million in uncertain tax positions. Because of the uncertainty of the amounts to be ultimately paid as well as the timing of such payments, uncertain tax positions are not reflected in the contractual obligations table.
|
|
Page
|
Rent-A-Center, Inc. and Subsidiaries
|
|
|
|
Consolidated
Statements of Operations
|
|
Consolidated
Statements of Comprehensive Income (Loss)
|
|
Consolidated
Balance Sheets
|
|
Consolidated
Statements of Stockholders’ Equity
|
|
Consolidated
Statements of Cash Flows
|
|
/s/ KPMG LLP
|
|
We have served as the Company's auditor since 2013.
|
|
Dallas, Texas
|
March 1, 2019
|
/s/ KPMG LLP
|
|
Dallas, Texas
|
March 1, 2019
|
|
Year Ended December 31,
|
||||||||||
(In thousands, except per share data)
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues
|
|
|
|
||||||||
Store
|
|
|
|
|
|
||||||
Rentals and fees
|
$
|
2,244,860
|
|
|
$
|
2,267,741
|
|
|
$
|
2,500,053
|
|
Merchandise sales
|
304,455
|
|
|
331,402
|
|
|
351,198
|
|
|||
Installment sales
|
69,572
|
|
|
71,651
|
|
|
74,509
|
|
|||
Other
|
9,000
|
|
|
9,620
|
|
|
12,706
|
|
|||
Total store revenues
|
2,627,887
|
|
|
2,680,414
|
|
|
2,938,466
|
|
|||
Franchise
|
|
|
|
|
|
||||||
Merchandise sales
|
19,087
|
|
|
13,157
|
|
|
16,358
|
|
|||
Royalty income and fees
|
13,491
|
|
|
8,969
|
|
|
8,428
|
|
|||
Total revenues
|
2,660,465
|
|
|
2,702,540
|
|
|
2,963,252
|
|
|||
Cost of revenues
|
|
|
|
|
|
||||||
Store
|
|
|
|
|
|
||||||
Cost of rentals and fees
|
621,860
|
|
|
625,358
|
|
|
664,845
|
|
|||
Cost of merchandise sold
|
308,912
|
|
|
322,628
|
|
|
323,727
|
|
|||
Cost of installment sales
|
23,326
|
|
|
23,622
|
|
|
24,285
|
|
|||
Total cost of store revenues
|
954,098
|
|
|
971,608
|
|
|
1,012,857
|
|
|||
Franchise cost of merchandise sold
|
18,199
|
|
|
12,390
|
|
|
15,346
|
|
|||
Total cost of revenues
|
972,297
|
|
|
983,998
|
|
|
1,028,203
|
|
|||
Gross profit
|
1,688,168
|
|
|
1,718,542
|
|
|
1,935,049
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Store expenses
|
|
|
|
|
|
||||||
Labor
|
683,422
|
|
|
732,466
|
|
|
789,049
|
|
|||
Other store expenses
|
656,894
|
|
|
744,187
|
|
|
791,614
|
|
|||
General and administrative expenses
|
163,445
|
|
|
171,090
|
|
|
168,907
|
|
|||
Depreciation, amortization and write-down of intangibles
|
68,946
|
|
|
74,639
|
|
|
80,456
|
|
|||
Goodwill impairment charge
|
—
|
|
|
—
|
|
|
151,320
|
|
|||
Other charges
|
59,324
|
|
|
59,219
|
|
|
20,299
|
|
|||
Total operating expenses
|
1,632,031
|
|
|
1,781,601
|
|
|
2,001,645
|
|
|||
Operating profit (loss)
|
56,137
|
|
|
(63,059
|
)
|
|
(66,596
|
)
|
|||
Write-off of debt issuance costs
|
475
|
|
|
1,936
|
|
|
—
|
|
|||
Interest expense
|
42,968
|
|
|
45,996
|
|
|
47,181
|
|
|||
Interest income
|
(1,147
|
)
|
|
(791
|
)
|
|
(503
|
)
|
|||
Earnings (loss) before income taxes
|
13,841
|
|
|
(110,200
|
)
|
|
(113,274
|
)
|
|||
Income tax expense (benefit)
|
5,349
|
|
|
(116,853
|
)
|
|
(8,079
|
)
|
|||
Net earnings (loss)
|
$
|
8,492
|
|
|
$
|
6,653
|
|
|
$
|
(105,195
|
)
|
Basic earnings (loss) per common share
|
$
|
0.16
|
|
|
$
|
0.12
|
|
|
$
|
(1.98
|
)
|
Diluted earnings (loss) per common share
|
$
|
0.16
|
|
|
$
|
0.12
|
|
|
$
|
(1.98
|
)
|
Cash dividends declared per common share
|
$
|
—
|
|
|
$
|
0.16
|
|
|
$
|
0.32
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Net earnings (loss)
|
$
|
8,492
|
|
|
$
|
6,653
|
|
|
$
|
(105,195
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Foreign currency translation adjustments, net of tax of ($73), $2,822, and ($2,794) for 2018, 2017 and 2016, respectively
|
(274
|
)
|
|
5,241
|
|
|
(5,188
|
)
|
|||
Total other comprehensive income (loss)
|
(274
|
)
|
|
5,241
|
|
|
(5,188
|
)
|
|||
Comprehensive income (loss)
|
$
|
8,218
|
|
|
$
|
11,894
|
|
|
$
|
(110,383
|
)
|
|
December 31,
|
||||||
(In thousands, except share and par value data)
|
2018
|
|
2017
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
155,391
|
|
|
$
|
72,968
|
|
Receivables, net of allowance for doubtful accounts of $4,883 and $4,167 in 2018 and 2017, respectively
|
69,645
|
|
|
69,823
|
|
||
Prepaid expenses and other assets
|
51,352
|
|
|
64,577
|
|
||
Rental merchandise, net
|
|
|
|
||||
On rent
|
683,808
|
|
|
701,803
|
|
||
Held for rent
|
123,662
|
|
|
167,188
|
|
||
Merchandise held for installment sale
|
3,834
|
|
|
4,025
|
|
||
Property assets, net of accumulated depreciation of $551,750 and $525,673 in 2018 and 2017, respectively
|
226,323
|
|
|
282,901
|
|
||
Deferred tax asset
|
25,558
|
|
|
—
|
|
||
Goodwill
|
56,845
|
|
|
56,614
|
|
||
Other intangible assets, net
|
499
|
|
|
882
|
|
||
Total assets
|
$
|
1,396,917
|
|
|
$
|
1,420,781
|
|
LIABILITIES
|
|
|
|
||||
Accounts payable — trade
|
$
|
113,838
|
|
|
$
|
90,352
|
|
Accrued liabilities
|
337,459
|
|
|
298,018
|
|
||
Deferred tax liability
|
119,061
|
|
|
87,081
|
|
||
Senior debt, net
|
—
|
|
|
134,125
|
|
||
Senior notes, net
|
540,042
|
|
|
538,762
|
|
||
Total liabilities
|
1,110,400
|
|
|
1,148,338
|
|
||
STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Common stock, $.01 par value; 250,000,000 shares authorized; 109,909,504 and 109,681,559 shares issued in 2018 and 2017, respectively
|
1,099
|
|
|
1,097
|
|
||
Additional paid-in capital
|
838,436
|
|
|
831,271
|
|
||
Retained earnings
|
805,924
|
|
|
798,743
|
|
||
Treasury stock at cost, 56,369,752 shares in 2018 and 2017
|
(1,347,677
|
)
|
|
(1,347,677
|
)
|
||
Accumulated other comprehensive loss
|
(11,265
|
)
|
|
(10,991
|
)
|
||
Total stockholders' equity
|
286,517
|
|
|
272,443
|
|
||
Total liabilities and stockholders' equity
|
$
|
1,396,917
|
|
|
$
|
1,420,781
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Treasury
Stock
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total
|
|||||||||||||||
(In thousands)
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||
Balance at January 1, 2016
|
109,442
|
|
|
$
|
1,094
|
|
|
$
|
818,339
|
|
|
$
|
922,878
|
|
|
$
|
(1,347,677
|
)
|
|
$
|
(11,044
|
)
|
|
$
|
383,590
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(105,195
|
)
|
|
—
|
|
|
—
|
|
|
(105,195
|
)
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,188
|
)
|
|
(5,188
|
)
|
||||||
Vesting of restricted share units
|
77
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Shares withheld for employee taxes on awards vested & exercised
|
—
|
|
|
—
|
|
|
(440
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(440
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
9,209
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,209
|
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,043
|
)
|
|
—
|
|
|
—
|
|
|
(17,043
|
)
|
||||||
Balance at December 31, 2016
|
109,519
|
|
|
1,095
|
|
|
827,107
|
|
|
800,640
|
|
|
(1,347,677
|
)
|
|
(16,232
|
)
|
|
264,933
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
6,653
|
|
|
—
|
|
|
—
|
|
|
6,653
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,241
|
|
|
5,241
|
|
||||||
Exercise of stock options
|
27
|
|
|
—
|
|
|
270
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
270
|
|
||||||
Vesting of restricted share units
|
136
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
3,896
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,896
|
|
||||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,550
|
)
|
|
—
|
|
|
—
|
|
|
(8,550
|
)
|
||||||
Balance at December 31, 2017
|
109,682
|
|
|
1,097
|
|
|
831,271
|
|
|
798,743
|
|
|
(1,347,677
|
)
|
|
(10,991
|
)
|
|
272,443
|
|
||||||
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
8,492
|
|
|
—
|
|
|
—
|
|
|
8,492
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(274
|
)
|
|
(274
|
)
|
||||||
Exercise of stock options
|
138
|
|
|
1
|
|
|
1,399
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,400
|
|
||||||
Vesting of restricted share units
|
90
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Shares withheld for employee taxes on awards vested & exercised
|
—
|
|
|
—
|
|
|
(194
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(194
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
5,961
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,961
|
|
||||||
ASC 606 adoption
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,311
|
)
|
|
—
|
|
|
—
|
|
|
(1,311
|
)
|
||||||
Balance at December 31, 2018
|
109,910
|
|
|
1,099
|
|
|
838,436
|
|
|
805,924
|
|
|
(1,347,677
|
)
|
|
(11,265
|
)
|
|
286,517
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
||||||
Net earnings (loss)
|
$
|
8,492
|
|
|
$
|
6,653
|
|
|
$
|
(105,195
|
)
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities
|
|
|
|
|
|
||||||
Depreciation of rental merchandise
|
616,640
|
|
|
618,390
|
|
|
657,090
|
|
|||
Bad debt expense
|
14,610
|
|
|
15,702
|
|
|
15,449
|
|
|||
Stock-based compensation expense
|
5,961
|
|
|
3,896
|
|
|
9,209
|
|
|||
Depreciation of property assets
|
68,275
|
|
|
73,685
|
|
|
77,361
|
|
|||
Loss on sale or disposal of property assets
|
7,388
|
|
|
15,795
|
|
|
3,718
|
|
|||
Goodwill impairment charge
|
—
|
|
|
—
|
|
|
151,320
|
|
|||
Amortization of impairment of intangibles
|
671
|
|
|
4,908
|
|
|
2,176
|
|
|||
Amortization of financing fees
|
5,486
|
|
|
4,667
|
|
|
2,217
|
|
|||
Write-off of debt financing fees
|
475
|
|
|
1,936
|
|
|
—
|
|
|||
Deferred income taxes
|
6,816
|
|
|
(86,063
|
)
|
|
(32,994
|
)
|
|||
Changes in operating assets and liabilities, net of effects of acquisitions
|
|
|
|
|
|
||||||
Rental merchandise
|
(569,717
|
)
|
|
(487,130
|
)
|
|
(523,697
|
)
|
|||
Receivables
|
(14,431
|
)
|
|
(15,741
|
)
|
|
(15,914
|
)
|
|||
Prepaid expenses and other assets
|
13,105
|
|
|
(9,622
|
)
|
|
104,379
|
|
|||
Accounts payable — trade
|
23,486
|
|
|
(17,886
|
)
|
|
11,883
|
|
|||
Accrued liabilities
|
40,248
|
|
|
(18,657
|
)
|
|
(2,929
|
)
|
|||
Net cash provided by operating activities
|
227,505
|
|
|
110,533
|
|
|
354,073
|
|
|||
Cash flows from investing activities
|
|
|
|
|
|
||||||
Purchase of property assets
|
(27,962
|
)
|
|
(65,460
|
)
|
|
(61,143
|
)
|
|||
Proceeds from sale of stores
|
25,317
|
|
|
4,638
|
|
|
5,262
|
|
|||
Acquisitions of businesses
|
(2,048
|
)
|
|
(2,525
|
)
|
|
(3,098
|
)
|
|||
Net cash used in investing activities
|
(4,693
|
)
|
|
(63,347
|
)
|
|
(58,979
|
)
|
|||
Cash flows from financing activities
|
|
|
|
|
|
||||||
Exercise of stock options
|
1,401
|
|
|
270
|
|
|
—
|
|
|||
Shares withheld for payment of employee tax withholdings
|
(317
|
)
|
|
(225
|
)
|
|
(338
|
)
|
|||
Debt issuance costs
|
(2,098
|
)
|
|
(5,258
|
)
|
|
—
|
|
|||
Proceeds from debt
|
27,060
|
|
|
347,635
|
|
|
52,245
|
|
|||
Repayments of debt
|
(166,358
|
)
|
|
(400,151
|
)
|
|
(286,065
|
)
|
|||
Dividends paid
|
—
|
|
|
(12,811
|
)
|
|
(25,554
|
)
|
|||
Net cash used in financing activities
|
(140,312
|
)
|
|
(70,540
|
)
|
|
(259,712
|
)
|
|||
Effect of exchange rate changes on cash
|
(77
|
)
|
|
926
|
|
|
(349
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
82,423
|
|
|
(22,428
|
)
|
|
35,033
|
|
|||
Cash and cash equivalents at beginning of year
|
72,968
|
|
|
95,396
|
|
|
60,363
|
|
|||
Cash and cash equivalents at end of year
|
$
|
155,391
|
|
|
$
|
72,968
|
|
|
$
|
95,396
|
|
Supplemental cash flow information:
|
|
|
|
|
|
||||||
Cash paid during the year for:
|
|
|
|
|
|
||||||
Interest
|
$
|
37,530
|
|
|
$
|
41,339
|
|
|
$
|
44,469
|
|
Income taxes (excludes $47,837, $7,321, and $84,884 of income taxes refunded in 2018, 2017 and 2016, respectively)
|
$
|
2,227
|
|
|
$
|
1,983
|
|
|
$
|
18,536
|
|
(In thousands)
|
January 1, 2018
|
|
Adjustments due to Topic 606
|
|
December 31, 2017
|
||||||
LIABILITIES
|
|
|
|
|
|
||||||
Accrued liabilities
|
$
|
299,683
|
|
|
$
|
(1,665
|
)
|
|
$
|
298,018
|
|
Deferred tax liability
|
86,727
|
|
|
354
|
|
|
87,081
|
|
|||
Total liabilities
|
1,149,649
|
|
|
(1,311
|
)
|
|
1,148,338
|
|
|||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||||
Retained earnings
|
$
|
797,432
|
|
|
$
|
1,311
|
|
|
$
|
798,743
|
|
Total stockholders' equity
|
271,132
|
|
|
1,311
|
|
|
272,443
|
|
Condensed Consolidated Statements of Operations
|
Twelve Months Ended December 31, 2018
|
|||||||
(In thousands)
|
As Reported
|
|
Adjustments due to Topic 606
|
|
Balances without Adoption of Topic 606
|
|||
Royalty income and fees
|
13,491
|
|
|
(1,844
|
)
|
|
11,647
|
|
Total revenues
|
2,660,465
|
|
|
(1,844
|
)
|
|
2,658,621
|
|
Gross profit
|
1,688,168
|
|
|
(1,844
|
)
|
|
1,686,324
|
|
Other store expenses
|
656,894
|
|
|
(3,965
|
)
|
|
652,929
|
|
Total operating expenses
|
1,632,031
|
|
|
(3,965
|
)
|
|
1,628,066
|
|
Operating profit
|
56,137
|
|
|
2,121
|
|
|
58,258
|
|
Earnings before income taxes
|
13,841
|
|
|
2,121
|
|
|
15,962
|
|
Income tax expense
|
5,349
|
|
|
657
|
|
|
6,006
|
|
Net earnings
|
8,492
|
|
|
1,464
|
|
|
9,956
|
|
Condensed Consolidated Balance Sheets
|
December 31, 2018
|
||||||||||
(In thousands)
|
As Reported
|
|
Adjustments due to Topic 606
|
|
Balances without Adoption of Topic 606
|
||||||
LIABILITIES
|
|
|
|
|
|
||||||
Accrued liabilities
|
$
|
337,459
|
|
|
$
|
(3,786
|
)
|
|
$
|
333,673
|
|
Deferred tax liability
|
119,061
|
|
|
1,011
|
|
|
120,072
|
|
|||
Total liabilities
|
1,110,400
|
|
|
(2,775
|
)
|
|
1,107,625
|
|
|||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||||
Retained earnings
|
$
|
805,924
|
|
|
$
|
2,775
|
|
|
$
|
808,699
|
|
Total stockholders' equity
|
286,517
|
|
|
2,775
|
|
|
289,292
|
|
|
Twelve Months Ended December 31, 2018
|
||||||||||||||||||
|
Core U.S.
|
|
Acceptance Now
|
|
Mexico
|
|
Franchising
|
|
Consolidated
|
||||||||||
(In thousands)
|
Unaudited
|
||||||||||||||||||
Store
|
|
|
|
|
|
|
|
|
|
||||||||||
Rentals and fees
|
$
|
1,640,839
|
|
|
$
|
557,592
|
|
|
$
|
46,429
|
|
|
$
|
—
|
|
|
$
|
2,244,860
|
|
Merchandise sales
|
136,878
|
|
|
164,432
|
|
|
3,145
|
|
|
—
|
|
|
304,455
|
|
|||||
Installment sales
|
69,572
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69,572
|
|
|||||
Other
|
8,423
|
|
|
538
|
|
|
39
|
|
|
—
|
|
|
9,000
|
|
|||||
Total store revenues
|
1,855,712
|
|
|
722,562
|
|
|
49,613
|
|
|
—
|
|
|
2,627,887
|
|
|||||
Franchise
|
|
|
|
|
|
|
|
|
|
||||||||||
Merchandise sales
|
—
|
|
|
—
|
|
|
—
|
|
|
19,087
|
|
|
19,087
|
|
|||||
Royalty income and fees
|
—
|
|
|
—
|
|
|
—
|
|
|
13,491
|
|
|
13,491
|
|
|||||
Total revenues
|
$
|
1,855,712
|
|
|
$
|
722,562
|
|
|
$
|
49,613
|
|
|
$
|
32,578
|
|
|
$
|
2,660,465
|
|
|
December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Installment sales receivable
|
$
|
54,746
|
|
|
$
|
55,516
|
|
Trade and notes receivables
|
19,782
|
|
|
18,474
|
|
||
Total receivables
|
74,528
|
|
|
73,990
|
|
||
Less allowance for doubtful accounts
|
(4,883
|
)
|
|
(4,167
|
)
|
||
Total receivables, net of allowance for doubtful accounts
|
$
|
69,645
|
|
|
$
|
69,823
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning allowance for doubtful accounts
|
$
|
4,167
|
|
|
$
|
3,593
|
|
|
$
|
3,614
|
|
Bad debt expense
|
14,610
|
|
|
15,702
|
|
|
15,449
|
|
|||
Accounts written off
|
(14,475
|
)
|
|
(15,791
|
)
|
|
(16,095
|
)
|
|||
Recoveries
|
581
|
|
|
663
|
|
|
625
|
|
|||
Ending allowance for doubtful accounts
|
$
|
4,883
|
|
|
$
|
4,167
|
|
|
$
|
3,593
|
|
|
December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
On rent
|
|
|
|
||||
Cost
|
$
|
1,110,968
|
|
|
$
|
1,176,240
|
|
Less accumulated depreciation
|
(427,160
|
)
|
|
(474,437
|
)
|
||
Net book value, on rent
|
$
|
683,808
|
|
|
$
|
701,803
|
|
Held for rent
|
|
|
|
||||
Cost
|
$
|
147,300
|
|
|
$
|
198,471
|
|
Less accumulated depreciation
|
(23,638
|
)
|
|
(31,283
|
)
|
||
Net book value, held for rent
|
$
|
123,662
|
|
|
$
|
167,188
|
|
|
December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Furniture and equipment
|
$
|
512,056
|
|
|
$
|
511,527
|
|
Building and leasehold improvements
|
251,975
|
|
|
269,522
|
|
||
Land and land improvements
|
6,737
|
|
|
6,747
|
|
||
Transportation equipment
|
3,765
|
|
|
10,585
|
|
||
Construction in progress
|
3,540
|
|
|
10,193
|
|
||
Total property assets
|
778,073
|
|
|
808,574
|
|
||
Less accumulated depreciation
|
(551,750
|
)
|
|
(525,673
|
)
|
||
Total property assets, net of accumulated depreciation
|
$
|
226,323
|
|
|
$
|
282,901
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
(Dollar amounts in thousands)
|
Avg.
Life
(years)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
||||||||
Customer relationships
|
2
|
|
$
|
79,942
|
|
|
$
|
79,695
|
|
|
$
|
79,670
|
|
|
$
|
79,274
|
|
Vendor relationships
|
11
|
|
860
|
|
|
860
|
|
|
860
|
|
|
860
|
|
||||
Non-compete agreements
|
3
|
|
6,745
|
|
|
6,493
|
|
|
6,748
|
|
|
6,262
|
|
||||
Total other intangible assets
|
|
|
$
|
87,547
|
|
|
$
|
87,048
|
|
|
$
|
87,278
|
|
|
$
|
86,396
|
|
Year Ended December 31, 2018
|
$
|
671
|
|
Year Ended December 31, 2017
(1)
|
$
|
4,908
|
|
Year Ended December 31, 2016
|
$
|
2,176
|
|
(In thousands)
|
Estimated
Amortization Expense
|
||
2019
|
$
|
451
|
|
2020
|
48
|
|
|
Thereafter
|
—
|
|
|
Total amortization expense
|
$
|
499
|
|
|
Year Ended December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Beginning goodwill balance
|
$
|
56,614
|
|
|
$
|
55,308
|
|
Additions from acquisitions
|
169
|
|
|
1,217
|
|
||
Post purchase price allocation adjustments
|
62
|
|
|
89
|
|
||
Ending goodwill balance
|
$
|
56,845
|
|
|
$
|
56,614
|
|
|
Year Ended December 31,
|
||||||||||
(Dollar amounts in thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Number of stores acquired remaining open
|
1
|
|
|
—
|
|
|
—
|
|
|||
Number of stores acquired that were merged with existing stores
|
6
|
|
|
8
|
|
|
3
|
|
|||
Number of transactions
|
7
|
|
|
4
|
|
|
3
|
|
|||
Total purchase price
|
$
|
2,048
|
|
|
$
|
2,547
|
|
|
$
|
2,302
|
|
Amounts allocated to:
|
|
|
|
|
|
||||||
Goodwill
|
$
|
169
|
|
|
$
|
1,217
|
|
|
$
|
1,442
|
|
Non-compete agreements
|
—
|
|
|
—
|
|
|
—
|
|
|||
Customer relationships
|
289
|
|
|
550
|
|
|
181
|
|
|||
Rental merchandise
|
1,590
|
|
|
780
|
|
|
679
|
|
|
December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Accrued insurance costs
|
$
|
109,505
|
|
|
$
|
124,760
|
|
Accrued compensation
|
55,789
|
|
|
37,783
|
|
||
Deferred revenue
|
53,348
|
|
|
51,742
|
|
||
Taxes other than income
|
27,711
|
|
|
27,415
|
|
||
Income taxes payable
|
26,797
|
|
|
—
|
|
||
Accrued legal settlement
|
11,000
|
|
|
—
|
|
||
Deferred compensation
|
8,687
|
|
|
11,323
|
|
||
Accrued interest payable
|
5,643
|
|
|
5,707
|
|
||
Deferred rent
|
3,503
|
|
|
3,937
|
|
||
Accrued other
|
35,476
|
|
|
35,351
|
|
||
Total Accrued liabilities
|
$
|
337,459
|
|
|
$
|
298,018
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Domestic
|
$
|
11,290
|
|
|
$
|
(109,615
|
)
|
|
$
|
(110,347
|
)
|
Foreign
|
2,551
|
|
|
(585
|
)
|
|
(2,927
|
)
|
|||
Income (loss) before income taxes
|
$
|
13,841
|
|
|
$
|
(110,200
|
)
|
|
$
|
(113,274
|
)
|
|
Year Ended December 31,
|
|||||||
|
2018
|
|
2017
|
|
2016
|
|||
Tax at statutory rate
|
21.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Tax Cuts and Jobs Act of 2017
|
—
|
%
|
|
70.3
|
%
|
|
—
|
%
|
Goodwill impairment
|
—
|
%
|
|
—
|
%
|
|
(29.3
|
)%
|
State income taxes
|
17.6
|
%
|
|
(1.8
|
)%
|
|
3.3
|
%
|
Effect of foreign operations, net of foreign tax credits
|
(1.2
|
)%
|
|
3.5
|
%
|
|
(0.2
|
)%
|
Effect of current and prior year credits
|
(31.4
|
)%
|
|
1.7
|
%
|
|
2.9
|
%
|
Change in unrecognized tax benefits
|
10.9
|
%
|
|
—
|
%
|
|
—
|
%
|
Other permanent differences
|
14.9
|
%
|
|
—
|
%
|
|
—
|
%
|
Prior year return to provision adjustments
|
7.3
|
%
|
|
—
|
%
|
|
—
|
%
|
Adjustments to deferred taxes
|
—
|
%
|
|
1.6
|
%
|
|
0.6
|
%
|
Valuation allowance
|
(0.5
|
)%
|
|
(1.6
|
)%
|
|
(6.6
|
)%
|
Other, net
|
—
|
%
|
|
(2.7
|
)%
|
|
1.4
|
%
|
Effective income tax rate
|
38.6
|
%
|
|
106.0
|
%
|
|
7.1
|
%
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Current expense (benefit)
|
|
|
|
|
|
||||||
Federal
|
$
|
(2,573
|
)
|
|
$
|
(34,445
|
)
|
|
$
|
23,752
|
|
State
|
816
|
|
|
1,216
|
|
|
779
|
|
|||
Foreign
|
724
|
|
|
(1,417
|
)
|
|
(582
|
)
|
|||
Total current
|
(1,033
|
)
|
|
(34,646
|
)
|
|
23,949
|
|
|||
Deferred expense (benefit)
|
|
|
|
|
|
||||||
Federal
|
4,691
|
|
|
(89,820
|
)
|
|
(27,307
|
)
|
|||
State
|
3,325
|
|
|
9,266
|
|
|
(6,586
|
)
|
|||
Foreign
|
(1,634
|
)
|
|
(1,653
|
)
|
|
1,865
|
|
|||
Total deferred
|
6,382
|
|
|
(82,207
|
)
|
|
(32,028
|
)
|
|||
Total income tax expense (benefit)
|
$
|
5,349
|
|
|
$
|
(116,853
|
)
|
|
$
|
(8,079
|
)
|
|
December 31,
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Deferred tax assets
|
|
|
|
||||
Net operating loss carryforwards
|
$
|
56,701
|
|
|
$
|
38,914
|
|
Accrued liabilities
|
50,558
|
|
|
49,619
|
|
||
Intangible assets
|
20,346
|
|
|
26,029
|
|
||
Other assets including credits
|
23,070
|
|
|
11,967
|
|
||
Foreign tax credit carryforwards
|
6,601
|
|
|
6,601
|
|
||
Total deferred tax assets
|
157,276
|
|
|
133,130
|
|
||
Valuation allowance
|
(39,961
|
)
|
|
(40,074
|
)
|
||
Deferred tax assets, net
|
117,315
|
|
|
93,056
|
|
||
Deferred tax liabilities
|
|
|
|
||||
Rental merchandise
|
(177,794
|
)
|
|
(139,425
|
)
|
||
Property assets
|
(32,571
|
)
|
|
(40,712
|
)
|
||
Other liabilities
|
(453
|
)
|
|
—
|
|
||
Total deferred tax liabilities
|
(210,818
|
)
|
|
(180,137
|
)
|
||
Net deferred taxes
|
$
|
(93,503
|
)
|
|
$
|
(87,081
|
)
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Beginning unrecognized tax benefit balance
|
$
|
37,319
|
|
|
$
|
33,723
|
|
|
$
|
27,164
|
|
(Reductions) additions based on tax positions related to current year
|
(206
|
)
|
|
(2,280
|
)
|
|
773
|
|
|||
Additions for tax positions of prior years
|
735
|
|
|
6,688
|
|
|
8,396
|
|
|||
Reductions for tax positions of prior years
|
(488
|
)
|
|
(368
|
)
|
|
(2,246
|
)
|
|||
Settlements
|
(996
|
)
|
|
(444
|
)
|
|
(364
|
)
|
|||
Ending unrecognized tax benefit balance
|
$
|
36,364
|
|
|
$
|
37,319
|
|
|
$
|
33,723
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
(In thousands)
|
Facility
Maturity
|
|
Maximum
Facility
|
|
Amount
Outstanding
|
|
Amount
Available
|
|
Maximum
Facility
|
|
Amount
Outstanding
|
|
Amount
Available
|
||||||||||||
Senior Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term Loan
(1)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
225,000
|
|
|
$
|
48,563
|
|
|
$
|
—
|
|
Revolving Facility
|
December 31, 2019
|
|
200,000
|
|
|
—
|
|
|
95,900
|
|
|
350,000
|
|
|
85,000
|
|
|
109,700
|
|
||||||
Total
|
|
|
200,000
|
|
|
—
|
|
|
95,900
|
|
|
575,000
|
|
|
133,563
|
|
|
109,700
|
|
||||||
Other indebtedness:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Line of credit
|
August 20, 2019
|
|
12,500
|
|
|
—
|
|
|
12,500
|
|
|
12,500
|
|
|
5,735
|
|
|
6,765
|
|
||||||
Total
|
|
|
$
|
212,500
|
|
|
—
|
|
|
$
|
108,400
|
|
|
$
|
587,500
|
|
|
139,298
|
|
|
$
|
116,465
|
|
||
Unamortized debt issuance costs
|
|
|
|
|
|
—
|
|
|
(2)
|
|
|
|
(5,173
|
)
|
|
|
|||||||||
Total senior debt, net
|
|
|
|
|
$
|
—
|
|
|
|
|
|
|
$
|
134,125
|
|
|
|
•
|
incur additional debt;
|
•
|
pay cash dividends in excess of
$15 million
annually when the Consolidated Total Leverage Ratio is greater than 3.75:1;
|
•
|
incur liens or other encumbrances;
|
•
|
merge, consolidate or sell substantially all property or business;
|
•
|
sell, lease or otherwise transfer assets (if not in the ordinary course of business, limited in any fiscal year to an amount equal to 5% of Consolidated Total Assets as of the last day of the immediately preceding fiscal year);
|
•
|
make investments or acquisitions (unless they meet financial tests and other requirements); or
|
•
|
enter into an unrelated line of business;
|
•
|
guarantee obligations of Foreign Subsidiaries in excess of $10 million at any time; and
|
•
|
exceed an aggregate outstanding amount of $10 million in indebtedness, including Capital Lease Obligations, mortgage financings and purchase money obligations that are secured by Liens permitted under the Credit Agreement.
|
|
Required Ratio
|
|
Actual Ratio
|
||
Consolidated Fixed Charge Coverage Ratio
|
No less than
|
|
1.10:1
|
|
3.64:1
|
•
|
incur additional debt;
|
•
|
sell assets or our subsidiaries;
|
•
|
grant liens to third parties;
|
•
|
pay cash dividends or repurchase stock when total leverage is greater than
2.50:1
(subject to an exception for cash dividends in an amount not to exceed
$20 million
annually); and
|
•
|
engage in a merger or sell substantially all of our assets.
|
(In thousands)
|
Operating Leases
|
||
2019
|
$
|
145,345
|
|
2020
|
116,785
|
|
|
2021
|
80,362
|
|
|
2022
|
47,417
|
|
|
2023
|
16,460
|
|
|
Thereafter
|
2,280
|
|
|
Total future minimum rental payments
|
$
|
408,649
|
|
(In thousands)
|
Accrued Charges at December 31, 2016
|
|
Charges & Adjustments
|
|
Payments
|
|
Accrued Charges at December 31, 2017
|
|
Charges & Adjustments
|
|
Payments
|
|
Accrued Charges at December 31, 2018
|
||||||||||||||
Cash charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Labor reduction costs
|
$
|
1,393
|
|
|
$
|
3,765
|
|
|
$
|
(3,484
|
)
|
|
$
|
1,674
|
|
|
$
|
13,321
|
|
|
$
|
(7,372
|
)
|
|
$
|
7,623
|
|
Lease obligation costs
|
6,628
|
|
|
457
|
|
|
(4,980
|
)
|
|
2,105
|
|
|
11,952
|
|
|
(9,175
|
)
|
|
4,882
|
|
|||||||
Contract termination costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,750
|
|
|
(6,750
|
)
|
|
—
|
|
|||||||
Other miscellaneous
|
—
|
|
|
723
|
|
|
(723
|
)
|
|
—
|
|
|
2,696
|
|
|
(2,696
|
)
|
|
—
|
|
|||||||
Total cash charges
|
$
|
8,021
|
|
|
4,945
|
|
|
$
|
(9,187
|
)
|
|
$
|
3,779
|
|
|
34,719
|
|
|
$
|
(25,993
|
)
|
|
$
|
12,505
|
|
||
Non-cash charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Rental merchandise losses
|
|
|
18,417
|
|
|
|
|
|
|
620
|
|
|
|
|
|
||||||||||||
Asset impairments, including capitalized software
|
|
|
19,237
|
|
|
|
|
|
|
6,825
|
|
|
|
|
|
||||||||||||
Impairment of intangible asset
|
|
|
3,896
|
|
|
|
|
|
|
—
|
|
|
|
|
|
||||||||||||
Other
(1)
|
|
|
12,724
|
|
|
|
|
|
|
17,160
|
|
|
|
|
|
||||||||||||
Total other charges
|
|
|
$
|
59,219
|
|
|
|
|
|
|
$
|
59,324
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Stock options
|
$
|
1,388
|
|
|
$
|
2,023
|
|
|
$
|
2,954
|
|
Restricted share units
|
4,573
|
|
|
1,873
|
|
|
6,255
|
|
|||
Total stock-based compensation expense
|
5,961
|
|
|
3,896
|
|
|
9,209
|
|
|||
Tax benefit recognized in the statements of earnings
|
1,739
|
|
|
1,442
|
|
|
658
|
|
|||
Stock-based compensation expense, net of tax
|
$
|
4,222
|
|
|
$
|
2,454
|
|
|
$
|
8,551
|
|
|
Equity Awards
Outstanding
|
|
Weighted Average
Exercise Price
|
|
Weighted Average
Remaining Contractual Life
|
|
Aggregate Intrinsic
Value
(In thousands)
|
|||||
Balance outstanding at January 1, 2018
|
2,953,694
|
|
|
$
|
21.34
|
|
|
|
|
|
||
Granted
|
522,731
|
|
|
8.73
|
|
|
|
|
|
|||
Exercised
|
(137,509
|
)
|
|
10.19
|
|
|
|
|
|
|||
Forfeited
|
(373,690
|
)
|
|
12.79
|
|
|
|
|
|
|||
Expired
|
(496,326
|
)
|
|
27.40
|
|
|
|
|
|
|||
Balance outstanding at December 31, 2018
|
2,468,900
|
|
|
$
|
19.37
|
|
|
6.06
|
|
$
|
2,090
|
|
|
|
|
|
|
|
|
|
|||||
Exercisable at December 31, 2018
|
1,424,800
|
|
|
$
|
25.81
|
|
|
4.38
|
|
$
|
2,090
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Weighted average grant date fair value
|
$
|
3.80
|
|
|
$
|
2.92
|
|
|
$
|
3.06
|
|
Weighted average risk free interest rate
|
2.51
|
%
|
|
1.78
|
%
|
|
1.31
|
%
|
|||
Weighted average expected dividend yield
|
—
|
%
|
|
3.03
|
%
|
|
3.16
|
%
|
|||
Weighted average expected volatility
|
49.58
|
%
|
|
45.44
|
%
|
|
39.64
|
%
|
|||
Weighted average expected life (in years)
|
4.63
|
|
|
4.50
|
|
|
4.63
|
|
|
Restricted Awards
Outstanding
|
|
Weighted Average
Grant Date Fair Value
|
|||
Balance outstanding at January 1, 2018
|
1,344,411
|
|
|
$
|
10.87
|
|
Granted
|
1,188,565
|
|
|
8.73
|
|
|
Vested
|
(188,029
|
)
|
|
23.34
|
|
|
Forfeited
|
(489,085
|
)
|
|
8.66
|
|
|
Balance outstanding at December 31, 2018
|
1,855,862
|
|
|
$
|
8.82
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
(In thousands)
|
Carrying Value
|
|
Fair Value
|
|
Difference
|
|
Carrying Value
|
|
Fair Value
|
|
Difference
|
||||||||||||
6.625% senior notes
|
$
|
292,740
|
|
|
$
|
285,509
|
|
|
$
|
(7,231
|
)
|
|
$
|
292,740
|
|
|
$
|
278,835
|
|
|
$
|
(13,905
|
)
|
4.75% senior notes
|
250,000
|
|
|
239,050
|
|
|
(10,950
|
)
|
|
250,000
|
|
|
237,500
|
|
|
(12,500
|
)
|
||||||
Total senior notes
|
$
|
542,740
|
|
|
$
|
524,559
|
|
|
$
|
(18,181
|
)
|
|
$
|
542,740
|
|
|
$
|
516,335
|
|
|
$
|
(26,405
|
)
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Gross profit
|
|
|
|
|
|
||||||
Core U.S.
|
$
|
1,299,809
|
|
|
$
|
1,276,212
|
|
|
$
|
1,467,679
|
|
Acceptance Now
|
339,616
|
|
|
400,002
|
|
|
422,381
|
|
|||
Mexico
|
34,364
|
|
|
32,592
|
|
|
35,549
|
|
|||
Franchising
|
14,379
|
|
|
9,736
|
|
|
9,440
|
|
|||
Total gross profit
|
$
|
1,688,168
|
|
|
$
|
1,718,542
|
|
|
$
|
1,935,049
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Operating profit (loss)
|
|
|
|
|
|
||||||
Core U.S.
|
$
|
147,787
|
|
|
$
|
86,196
|
|
|
$
|
(1,020
|
)
|
Acceptance Now
|
93,951
|
|
|
48,618
|
|
|
105,925
|
|
|||
Mexico
|
2,605
|
|
|
(260
|
)
|
|
(2,449
|
)
|
|||
Franchising
|
4,385
|
|
|
5,081
|
|
|
5,650
|
|
|||
Total segments
|
248,728
|
|
|
139,635
|
|
|
108,106
|
|
|||
Corporate
|
(192,591
|
)
|
|
(202,694
|
)
|
|
(174,702
|
)
|
|||
Total operating profit (loss)
|
$
|
56,137
|
|
|
$
|
(63,059
|
)
|
|
$
|
(66,596
|
)
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Depreciation, amortization and write-down of intangibles
|
|
|
|
|
|
||||||
Core U.S.
(1)
|
$
|
25,566
|
|
|
$
|
31,070
|
|
|
$
|
39,734
|
|
Acceptance Now
(2)
|
1,677
|
|
|
2,498
|
|
|
3,309
|
|
|||
Mexico
|
1,006
|
|
|
1,973
|
|
|
3,179
|
|
|||
Franchising
|
172
|
|
|
177
|
|
|
177
|
|
|||
Total segments
|
28,421
|
|
|
35,718
|
|
|
46,399
|
|
|||
Corporate
|
40,525
|
|
|
38,921
|
|
|
34,057
|
|
|||
Total depreciation, amortization and write-down of intangibles
|
$
|
68,946
|
|
|
$
|
74,639
|
|
|
$
|
80,456
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Capital expenditures
|
|
|
|
|
|
||||||
Core U.S.
|
$
|
17,173
|
|
|
$
|
26,506
|
|
|
$
|
20,802
|
|
Acceptance Now
|
203
|
|
|
2,723
|
|
|
2,330
|
|
|||
Mexico
|
295
|
|
|
124
|
|
|
283
|
|
|||
Total segments
|
17,671
|
|
|
29,353
|
|
|
23,415
|
|
|||
Corporate
|
10,291
|
|
|
36,107
|
|
|
37,728
|
|
|||
Total capital expenditures
|
$
|
27,962
|
|
|
$
|
65,460
|
|
|
$
|
61,143
|
|
|
December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
On rent rental merchandise, net
|
|
|
|
|
|
||||||
Core U.S.
|
$
|
424,829
|
|
|
$
|
408,993
|
|
|
$
|
426,845
|
|
Acceptance Now
|
242,978
|
|
|
278,443
|
|
|
354,486
|
|
|||
Mexico
|
16,001
|
|
|
14,367
|
|
|
13,787
|
|
|||
Total on rent rental merchandise, net
|
$
|
683,808
|
|
|
$
|
701,803
|
|
|
$
|
795,118
|
|
|
December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Held for rent rental merchandise, net
|
|
|
|
|
|
||||||
Core U.S.
|
$
|
117,294
|
|
|
$
|
156,039
|
|
|
$
|
192,718
|
|
Acceptance Now
|
1,207
|
|
|
4,940
|
|
|
7,489
|
|
|||
Mexico
|
5,161
|
|
|
6,209
|
|
|
6,629
|
|
|||
Total held for rent rental merchandise, net
|
$
|
123,662
|
|
|
$
|
167,188
|
|
|
$
|
206,836
|
|
|
December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Assets by segment
|
|
|
|
|
|
||||||
Core U.S.
|
$
|
714,914
|
|
|
$
|
776,296
|
|
|
$
|
860,717
|
|
Acceptance Now
|
312,151
|
|
|
350,970
|
|
|
432,383
|
|
|||
Mexico
|
29,321
|
|
|
33,529
|
|
|
31,415
|
|
|||
Franchising
|
4,287
|
|
|
3,802
|
|
|
2,197
|
|
|||
Total segments
|
1,060,673
|
|
|
1,164,597
|
|
|
1,326,712
|
|
|||
Corporate
|
336,244
|
|
|
256,184
|
|
|
276,029
|
|
|||
Total assets
|
$
|
1,396,917
|
|
|
$
|
1,420,781
|
|
|
$
|
1,602,741
|
|
|
December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Assets by country
|
|
|
|
|
|
||||||
United States
|
$
|
1,366,405
|
|
|
$
|
1,383,004
|
|
|
$
|
1,567,933
|
|
Mexico
|
29,321
|
|
|
33,529
|
|
|
31,415
|
|
|||
Canada
|
1,191
|
|
|
4,248
|
|
|
3,393
|
|
|||
Total assets
|
$
|
1,396,917
|
|
|
$
|
1,420,781
|
|
|
$
|
1,602,741
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Rentals and fees by inventory category
|
|
|
|
|
|
||||||
Furniture and accessories
|
$
|
962,241
|
|
|
$
|
921,159
|
|
|
$
|
927,537
|
|
Consumer electronics
|
410,184
|
|
|
459,942
|
|
|
553,976
|
|
|||
Appliances
|
344,548
|
|
|
351,893
|
|
|
391,539
|
|
|||
Computers
|
120,756
|
|
|
124,158
|
|
|
148,889
|
|
|||
Smartphones
|
62,592
|
|
|
57,927
|
|
|
93,449
|
|
|||
Other products and services
|
344,539
|
|
|
352,662
|
|
|
384,663
|
|
|||
Total rentals and fees
|
$
|
2,244,860
|
|
|
$
|
2,267,741
|
|
|
$
|
2,500,053
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Revenue by country
|
|
|
|
|
|
||||||
United States
|
$
|
2,610,432
|
|
|
$
|
2,654,819
|
|
|
$
|
2,911,613
|
|
Mexico
|
49,612
|
|
|
47,005
|
|
|
50,927
|
|
|||
Canada
|
421
|
|
|
716
|
|
|
712
|
|
|||
Total revenues
|
$
|
2,660,465
|
|
|
$
|
2,702,540
|
|
|
$
|
2,963,252
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands, except per share data)
|
2018
|
|
2017
|
|
2016
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net earnings (loss)
|
$
|
8,492
|
|
|
$
|
6,653
|
|
|
$
|
(105,195
|
)
|
Denominator:
|
|
|
|
|
|
||||||
Weighted-average shares outstanding
|
53,471
|
|
|
53,282
|
|
|
53,121
|
|
|||
Effect of dilutive stock awards
(1)
|
1,071
|
|
|
562
|
|
|
—
|
|
|||
Weighted-average dilutive shares
|
54,542
|
|
|
53,844
|
|
|
53,121
|
|
|||
|
|
|
|
|
|
||||||
Basic earnings (loss) per share
|
$
|
0.16
|
|
|
$
|
0.12
|
|
|
$
|
(1.98
|
)
|
Diluted earnings (loss) per share
|
$
|
0.16
|
|
|
$
|
0.12
|
|
|
$
|
(1.98
|
)
|
Anti-dilutive securities excluded from diluted earnings (loss) per common share:
|
|
|
|
|
|
||||||
Anti-dilutive restricted share units
|
—
|
|
|
—
|
|
|
482
|
|
|||
Anti-dilutive performance share units
|
200
|
|
|
329
|
|
|
880
|
|
|||
Anti-dilutive stock options
|
1,498
|
|
|
2,554
|
|
|
3,072
|
|
(1)
|
There was no dilutive effect to the loss per common share for the year ended December 31,
2016
due to the net loss incurred for the period.
|
(In thousands, except per share data)
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||||||
Year Ended December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
698,043
|
|
|
$
|
655,730
|
|
|
$
|
644,942
|
|
|
$
|
661,750
|
|
Gross profit
|
436,978
|
|
|
423,886
|
|
|
407,740
|
|
|
419,564
|
|
||||
Operating profit (loss)
|
(10,270
|
)
|
|
27,151
|
|
|
25,632
|
|
|
13,624
|
|
||||
Net (loss) earnings
|
(19,843
|
)
|
|
13,753
|
|
|
12,918
|
|
|
1,664
|
|
||||
Basic (loss) earnings per common share
|
$
|
(0.37
|
)
|
|
$
|
0.26
|
|
|
$
|
0.24
|
|
|
$
|
0.03
|
|
Diluted (loss) earnings per common share
|
$
|
(0.37
|
)
|
|
$
|
0.25
|
|
|
$
|
0.24
|
|
|
$
|
0.03
|
|
(In thousands, except per share data)
|
1st Quarter
|
|
2nd Quarter
|
|
3rd Quarter
|
|
4th Quarter
|
||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
741,986
|
|
|
$
|
677,635
|
|
|
$
|
643,965
|
|
|
$
|
638,954
|
|
Gross profit
|
462,663
|
|
|
432,533
|
|
|
412,465
|
|
|
410,881
|
|
||||
Operating profit (loss)
|
1,152
|
|
|
(873
|
)
|
|
(8,445
|
)
|
|
(54,893
|
)
|
||||
Net earnings (loss)
|
(6,679
|
)
|
|
(8,893
|
)
|
|
(12,599
|
)
|
|
34,824
|
|
||||
Basic earnings (loss) per common share
|
$
|
(0.13
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
0.65
|
|
Diluted earnings (loss) per common share
|
$
|
(0.13
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
0.65
|
|
Cash dividends declared per common share
|
$
|
0.08
|
|
|
$
|
0.08
|
|
|
$
|
—
|
|
|
$
|
—
|
|
*
|
The information required by Items 10, 11, 12, 13 and 14 is or will be set forth in the definitive proxy statement relating to the 2019 Annual Meeting of Stockholders of Rent-A-Center, Inc., which is to be filed with the SEC pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended. This definitive proxy statement relates to a meeting of stockholders involving the election of directors and the portions therefrom required to be set forth in this Form 10-K by Items 10, 11, 12, 13 and 14 are incorporated herein by reference pursuant to General Instruction G(3) to Form 10-K.
|
Exhibit No.
|
Description
|
|
|
2.1
|
|
|
|
3.1
|
|
|
|
3.2
|
|
|
|
3.3
|
|
|
|
3.4
|
|
|
|
4.1
|
|
|
|
4.2
|
|
|
|
4.3
|
|
|
|
4.4
|
|
|
|
10.1†
|
|
|
|
10.2
|
|
|
|
10.3†
|
|
|
|
10.4†
|
|
|
|
10.5†
|
|
|
|
10.6†
|
|
|
|
10.7†
|
|
|
|
10.8†
|
|
|
|
10.9†
|
|
|
|
10.10†
|
|
|
|
10.11†
|
|
|
|
10.12†
|
|
|
|
10.13†
|
|
|
|
10.14†
|
|
|
|
10.15†
|
|
|
|
10.16†
|
|
|
|
10.17†
|
|
|
|
10.18†
|
|
|
|
10.19†
|
|
|
|
10.20†
|
|
|
|
10.21†
|
|
|
|
10.22
|
|
|
|
10.23†
|
|
|
|
10.24
|
|
|
|
10.25
|
|
|
|
10.26
|
|
|
|
10.27
|
|
|
|
10.28
|
|
|
|
10.29
|
|
|
|
10.30†
|
|
|
|
10.31†
|
|
|
|
10.32†
|
|
|
|
10.33
|
|
|
|
10.34
†
|
|
|
|
10.35
|
|
|
|
10.36
|
|
|
|
10.37
|
|
|
|
10.38
†
|
|
10.39
|
|
|
|
10.4
|
|
|
|
18.1
|
|
|
|
21.1
|
|
|
|
23.1*
|
|
|
|
31.1*
|
|
|
|
31.2*
|
|
|
|
32.1*
|
|
|
|
32.2*
|
|
|
|
101.INS*
|
XBRL Instance Document
|
|
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
†
|
Management contract or compensatory plan or arrangement.
|
*
|
Filed herewith.
|
**
|
The XBRL-related information in Exhibit No. 101 to this Annual Report on Form 10-K is filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.
|
|
|
|
|
RENT-A-CENTER, INC.
|
|
|
|
|
|
By:
|
/s/ M
ITCHELL
E
.
F
ADEL
|
|
|
Mitchell E. Fadel
|
|
|
Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
||
/s/ M
ITCHELL
E
.
F
ADEL
|
|
Chief Executive Officer and Director
(Principal Executive Officer)
|
|
March 1, 2019
|
Mitchell E. Fadel
|
|
|
||
|
|
|
|
|
|
|
|
|
|
/s/ M
AUREEN
B. S
HORT
|
|
Chief Financial Officer (Principal Financial and Accounting Officer)
|
|
March 1, 2019
|
Maureen B. Short
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ J
EFFREY
J
.
B
ROWN
|
|
Director
|
|
March 1, 2019
|
Jeffrey J. Brown
|
|
|
||
|
|
|
|
|
/s/ M
ICHAEL
J. G
ADE
|
|
Director
|
|
March 1, 2019
|
Michael J. Gade
|
|
|
|
|
|
|
|
|
|
/s/
C
HRISTOPHER
B
.
H
ETRICK
|
|
Director
|
|
March 1, 2019
|
Christopher B. Hetrick
|
|
|
||
|
|
|
|
|
/s/ J. V. L
ENTELL
|
|
Director
|
|
March 1, 2019
|
J. V. Lentell
|
|
|
|
|
|
|
|
|
|
1 Year Rent A Center Chart |
1 Month Rent A Center Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions