UPBOUND GROUP INC
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 27, 2024
UPBD$24.68+1.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net (loss) earnings | $(5,179) | $12,357 | $134,940 |
| Adjustments to reconcile net (loss) earnings to net cash provided by operating activities | |||
| Depreciation of rental merchandise | 1,160,579 | 1,229,136 | 1,216,735 |
| Bad debt expense | 25,869 | 24,658 | 14,397 |
| Stock-based compensation expense | 162,116 | 159,358 | 147,554 |
| Depreciation of property assets | 75,450 | 67,981 | 67,091 |
| Loss on sale or disposal of property assets | 568 | 6,080 | 353 |
| Amortization of intangibles | 58,022 | 65,890 | 102,742 |
| Amortization of financing fees | 6,374 | 6,409 | 6,008 |
| Write-off of debt financing fees | — | — | 9,926 |
| Deferred income taxes | (17,944) | (41,209) | 48,315 |
| Changes in operating assets and liabilities, net of effects of acquisitions | |||
| Rental merchandise | (1,272,043) | (1,047,687) | (1,273,734) |
| Receivables | (25,009) | (10,145) | (25,516) |
| Prepaid expenses and other assets | (4,188) | 17,398 | (12,766) |
| Operating lease right-of-use assets and lease liabilities | 487 | (1,952) | 2,712 |
| Accounts payable — trade | 21,800 | 19,783 | (66,419) |
| Accrued liabilities | 13,388 | (39,597) | 19,960 |
| Net cash provided by operating activities | 200,290 | 468,460 | 392,298 |
| Cash flows from investing activities | |||
| Purchase of property assets | (53,402) | (61,387) | (62,450) |
| Proceeds from sale of assets | 2,484 | 52 | 4 |
| Acquisitions of businesses | (39) | (995) | (1,273,528) |
| Net cash used in investing activities | (50,957) | (62,330) | (1,335,974) |
| Cash flows from financing activities | |||
| Share repurchases | (50,000) | (75,052) | (390,112) |
| Exercise of stock options | 2,386 | 1,786 | 12,054 |
| Shares withheld for payment of employee tax withholdings | (2,850) | (9,509) | (20,903) |
| Debt issuance costs | — | — | (47,622) |
| Proceeds from debt | 70,000 | 90,000 | 1,780,000 |
| Repayments of debt | (138,604) | (298,750) | (369,063) |
| Dividends paid | (83,056) | (79,188) | (71,505) |
| Net cash (used in) provided by financing activities | (202,124) | (370,713) | 892,849 |
| Effect of exchange rate changes on cash | 2,355 | 391 | (289) |
| Net (decrease) increase in cash and cash equivalents | (50,436) | 35,808 | (51,116) |
| Cash and cash equivalents at beginning of year | 144,141 | 108,333 | 159,449 |
| Cash and cash equivalents at end of year | $93,705 | $144,141 | $108,333 |
| Supplemental cash flow information: | |||
| Cash paid during the year for: | |||
| Interest | $106,161 | $71,195 | $51,071 |
| Income taxes (excludes $20,714, $725, and $1,571 of income taxes refunded in 2023, 2022, and 2021, respectively) | $89,241 | $72,307 | $19,340 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.