Rent-A-Center, Inc. Announces a New $500 Million Share Repurchase Authorization and 10% Increase in the Quarterly Dividend to $0.34

Rhea-AI Summary

Rent-A-Center, Inc. (NASDAQ: RCII) has announced a new share repurchase authorization of up to $500 million following the completion of a $250 million repurchase program initiated in August 2021. These repurchases may occur via various methods, including open market transactions. Additionally, the Board approved a 10% increase in the quarterly cash dividend to $0.34, payable on January 13, 2022, to shareholders of record by December 16, 2021. This strategic move aims to enhance shareholder value.

Positive

• New share repurchase authorization of up to $500 million, enhancing shareholder value.
• 10% increase in quarterly cash dividend to $0.34, indicating strong financial health.

Negative

• None.

PLANO, Texas--(BUSINESS WIRE)-- Rent-A-Center, Inc. (the "Company" or "Rent-A-Center") (NASDAQ/NGS: RCII), a leading provider of technology driven, flexible, no debt obligation leasing solutions for consumers, today announced that its Board of Directors has approved a new share repurchase authorization of up to $500 million of the Company’s common stock, following the recent completion of the $250 million share repurchase authorization the Company announced in August 2021. Share repurchases may be made in the open market, through 10b5-1 programs, through privately negotiated transactions or otherwise. The Company is not obligated to acquire any shares, and the Board of Directors may modify, extend or terminate share repurchases any time.

The Board of Directors also approved an increase of approximately 10% in the quarterly cash dividend to $0.34 for the first quarter of 2022. The dividend will be paid on January 13, 2022 to the Company’s common stockholders of record as of the close of business on December 16, 2021.

About Rent-A-Center, Inc.

Rent-A-Center, Inc. (NASDAQ: RCII) is a leading provider of technology driven, flexible, no debt obligation leasing solutions that offer underserved consumers access to and potential ownership of high-quality durable goods that enhance the quality of life. The Company’s omni-channel model utilizes proprietary data and technology to facilitate transactions across a wide range of retail channels including its own Acima virtual lease-to-own platform, Rentacenter.com, e-commerce partner platforms, partner retail stores, and Rent-A-Center branded stores. For additional information about the Company, please visit our website Rentacenter.com or Investor.rentacenter.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211203005115/en/

Rent-A-Center, Inc.

Brendan Metrano

VP, Investor Relations

972-801-1280

brendan.metrano@rentacenter.com

Source: Rent-A-Center, Inc.