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Upbound Group, Inc. (NASDAQ: UPBD) is a leading omnichannel platform company dedicated to enhancing financial opportunities for consumers through innovative and inclusive financial solutions. The company’s mission is to address the evolving financial needs and aspirations of its customers using technology-driven approaches. Upbound Group operates through four primary segments:
- Rent-A-Center Business: This segment operates lease-to-own stores across the United States, providing customers with flexible payment options for big-ticket items.
- Acima: A prominent part of Upbound's operations, Acima offers lease-to-own transactions for consumers who do not qualify for traditional financing. Its services are available through various channels, including e-commerce, digital, and mobile platforms.
- Mexico Segment: This segment operates lease-to-own stores in Mexico, further expanding Upbound Group's reach and influence.
- Franchising Segment: This segment focuses on the sale of rental merchandise to franchisees, helping them grow their businesses under the Rent-A-Center brand.
Headquartered in Plano, Texas, Upbound Group employs approximately 17,000 people nationwide and operates over 2,400 stores in 50 states, Washington D.C., Canada, and Puerto Rico. The company's core brands include Rent-A-Center and Acima, both of which facilitate consumer transactions across a wide range of retail channels, both physical and digital.
Recently, Upbound Group has made significant strides through strategic partnerships and innovative solutions:
- In April 2024, Acima Leasing announced an exclusive multi-year agreement with Levin Furniture & Mattress, a top 501 home furnishings retailer. This partnership aims to provide flexible shopping options for consumers with credit challenges, enabling them to access high-quality furniture and mattresses.
- In April 2024, Upbound Group's Acima Leasing also partnered with iFIT Inc., integrating lease-to-own options for iFIT's interactive fitness products. This collaboration allows customers from diverse financial backgrounds to access premium fitness equipment through flexible leasing solutions.
- In May 2024, Acima Leasing released a comprehensive white paper highlighting the benefits of having a best-in-class lease-to-own partner. The paper emphasized the importance of LTO options in enhancing customer loyalty and satisfaction, while providing growth opportunities for retail partners.
Upbound Group’s commitment to financial inclusivity and cutting-edge technology continues to drive its success and expansion. For more information about Upbound Group, Inc., visit their website at www.upbound.com.
Upbound Group (NASDAQ: UPBD) announced a significant leadership transition as CEO Mitch Fadel will retire after 40 years with the company, effective June 1, 2025. Current Executive Vice President and CFO Fahmi Karam will succeed Fadel as CEO and join the Board of Directors.
Under Fadel's leadership, the company transformed from Rent-A-Center's brick-and-mortar focus into Upbound's omni-channel lease-to-own platform, expanding to over 35,000 merchant locations and national e-commerce partners. The company also recently acquired Brigit, a financial health app.
The Board has initiated an internal and external search for a new CFO. Karam brings nearly 25 years of strategic and financial experience to the role. The transition is the result of a deliberate succession planning process, with the Board unanimously selecting Karam as the next CEO.
Upbound Group (NASDAQ: UPBD) has reported its financial results for the fourth quarter and full year ending December 31, 2024. The company achieved total revenue of $1,079 million for the fourth quarter and $4.3 billion for the full year.
GAAP diluted EPS was $0.55 for the fourth quarter and $2.21 for the full year, while Non-GAAP diluted EPS reached $1.05 for the fourth quarter and $3.83 for the full year.
The company, known for its brands Acima®, Brigit™, and Rent-A-Center®, operates over 2,300 retail units across the United States, Mexico, and Puerto Rico. A conference call to discuss these results and the 2025 outlook will be hosted by CEO Mitch Fadel and CFO Fahmi Karam.
Upbound emphasizes the use of non-GAAP financial measures to provide a consistent basis for performance evaluation, although these measures are not a substitute for GAAP metrics.
Full details, including financial tables, are available on Upbound's investor relations website.
Upbound Group (NASDAQ: UPBD) has announced it will release its fourth quarter and full year 2024 financial results before market open on February 20, 2025. The company will host a conference call at 9:00 a.m. ET on the same day to discuss the results. A webcast of the call will be available live and for replay starting at 1:00 p.m. ET. The presentation materials will be accessible on the company's investor relations website.
Upbound Group (NASDAQ: UPBD) has completed its acquisition of Brigit, a financial health technology company, significantly expanding its customer base to approximately four million active customers, including Brigit's over one million active paying subscribers and almost one million free subscribers.
The acquisition enhances Upbound's platform by adding Brigit's all-digital solutions, including earned wage access, credit building products, and financial wellness tools. Brigit's proprietary cash flow underwriting data and technology stack are expected to improve risk management and fraud prevention across Upbound's existing brands, including Acima and Rent-A-Center.
Brigit co-founders Zuben Mathews and Hamel Kothari will continue to lead the Brigit team as a business segment of Upbound. The merger aims to create a more personalized customer experience and deliver targeted financial solutions for underserved consumers.
Upbound Group (NASDAQ: UPBD) has announced a definitive agreement to acquire Brigit, a financial health technology company, for up to $460 million in cash and stock. The transaction includes $325 million payable at closing (75% cash, 25% stock), $75 million in deferred cash over two years, and a potential $60 million earnout based on 2026 performance metrics.
Brigit serves nearly two million monthly active customers, including over one million paying subscribers. The company is projected to generate revenues of $215-230 million in 2025 and $350-400 million in 2026. The acquisition is expected to be accretive to Adjusted EBITDA by $25-30 million in 2025 and $70-80 million in 2026.
The deal is anticipated to close in Q1 2025, expanding Upbound's technology-driven financial solutions and enhancing its risk management capabilities through Brigit's AI/ML models.
Upbound Group (NASDAQ: UPBD), a provider of flexible leasing solutions through brands like Rent-A-Center and Acima, has announced a 5% increase in its quarterly cash dividend. The new dividend of $0.39 per share will be paid on January 7, 2025, to stockholders of record as of December 18, 2024.
Upbound Group (NASDAQ: UPBD) has partnered with Google Cloud to implement advanced AI solutions across its Acima Leasing and Rent-A-Center businesses. The collaboration will utilize Google Cloud's Vertex AI to enhance product accessibility, personalization, and service quality. The AI roadmap focuses on improving customer conversion through website enhancement, expanding leasable goods catalog through real-time identification on retailer websites, and increasing operational efficiency in customer service. The partnership aims to establish a data ecosystem for scaling AI initiatives while ensuring data security and compliance.
Upbound Group (NASDAQ:UPBD) has released its third quarter 2024 financial results, reporting total revenue of $1,069 million. The company achieved GAAP diluted earnings per share of $0.55 and Non-GAAP diluted EPS of $0.95. Upbound operates through brands like Rent-A-Center® and Acima®, managing over 2,300 retail units across the United States, Mexico, and Puerto Rico. The Non-GAAP EPS includes adjustments for special items such as Acima acquired assets depreciation, legal matters, and accelerated stock compensation.
Upbound Group, Inc. (NASDAQ: UPBD), a leading provider of technology-driven, flexible leasing solutions, has announced the timing for its third quarter 2024 financial results. The company, which operates brands including Rent-A-Center® and Acima®, will release its financial report before the market opens on October 31, 2024. This will be followed by a conference call at 9:00 a.m. ET to discuss the results. Interested parties can access a live webcast of the conference call through a provided link. The webcast and presentation materials will also be available on Upbound's investor relations website. A replay of the call will be available from 1:00 p.m. ET on October 31.
Upbound Group, Inc. (NASDAQ: UPBD), a leading provider of flexible leasing solutions through brands like Rent-A-Center® and Acima®, has declared a quarterly cash dividend of $0.37 for the fourth quarter of 2024. The dividend is payable on October 22, 2024, to stockholders of record as of October 1, 2024. This announcement demonstrates Upbound's commitment to returning value to shareholders and suggests confidence in the company's financial stability. The consistent dividend payout may attract income-focused investors and potentially support the stock price.
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