在2024年第二季度，Upbound Group(未提供股票代码)报告收入显著增长，接近11亿美元，非公认会计准则每股收益显著增加至1.04美元。Rent-A-Center(纳斯达克股票代码:UPBD)和Acima的收入分别增长了2%和19%，这主要归功于商户数量的增加和生产力的提高。Upbound集团上调了全年预期，反映了对实现最新收入、调整后EBITDA和非gaap摊薄每股收益目标的信心。该公司仍然致力于适应经济变化并保持盈利增长。

关键的外卖

• Upbound集团2024年第二季度的收入接近11亿美元，调整后的息税折旧摊销前摊销前利润(EBITDA)为0.45亿美元大约1.25亿美元。
• Rent-A-Center的收入增长了2%，而Acima的收入增长了19%。
• 阿西玛调整后EBITDA利润率提高至14.7%;租赁冲销符合预期。
• 该公司上调了全年业绩预期，预示着公司将面临亏损实现新目标的信心。
• Rent-A-Center的同店销售额增长了2.6%，Acima的GMV增长了21%。
• 上界集团强调了在技术和数字平台方面的战略投资。
• 该公司回应了CFPB的诉讼，打算积极辩护。
• 有限公司合并收入增长9.9%，其中Acima增长19%，Rent-A-Center增长1.9%。
• 该公司预计本季度自由现金流为6,000万至7,500万美元，并拥有近5亿美元的可用流动性。
• 上界集团的目标是净杠杆率低于2倍，并计划将资本分配给增长、股息和股票回购。

公司前景

• Upbound Group预计本季度自由现金流在6,000万至7,500万美元之间。
• 全年营收预期在41亿至43亿美元之间。
• 调整后的EBITDA预计为4.65亿美元至4.85亿美元。
• 非公认会计准则每股收益预计在每股3.65美元至4美元之间。
• 该公司打算支持增长，维持股息等内部股票回购。

悲观的亮点

• 毛利率同比下降230个基点。
• 有限公司未合并调整后EBITDA较上年下降4.6%。
• 租赁冲销率上升30个基点至7.2%。

乐观的亮点

• Acima的收入和调整后的EBITDA利润率均有显著改善。
• Rent-A-Center经历了同店销售的积极增长。
• 该公司的网络频道数量有限贡献了总收入的26%。

错过

• 该公司产生了50美元。第二季度的自由现金流只有60万美元。
• 调整后的EBITDA和非gaap运营费用增加，原因是非人工运营费用和一般管理成本增加。

问答集锦

• 该公司讨论了交易机会和推动增长的商家参与。
• 上行组乐观a考察其在各种生态环境下的弹性和表现能力的经济条件。
• 该公司计划通过EBITDA增长和债务偿还来去杠杆化。

Upbound集团2024年第二季度财报电话会议强调了一段强劲增长和战略进步的时期。该公司上调了全年指导，并将重点放在技术投资和商业合作伙伴关系上，这反映了强劲的业绩轨迹。尽管面临诉讼和利润率压力，Upbound集团的领导层传达了乐观和明确的战略，以应对经济不确定性，并保持其在市场上的竞争优势。

InvestingPro见解

Upbound Group最近的财报电话会议强调了其强劲的业绩轨迹，2024年第二季度的收入接近11亿美元。这一增长反映在该公司18.7亿美元的市值上。该公司的收入增长与截至2024年第二季度的过去12个月报告的9.94%的季度收入增长和49.66%的稳定毛利率保持一致。这些数据凸显了Upbound集团维持盈利能力和有效管理成本的能力。

InvestingPro Tips透露，分析师预计上行集团今年的净收入将增长，支持该公司的积极前景。此外，该公司在过去一个月表现出了强劲的回报，总回报率增长了13.97%，表明投资者对其近期业绩和未来前景充满信心。如果读者对更深入的分析感兴趣，这里有更多的InvestingPro提示，这些提示为上界集团的财务状况和股票表现提供了进一步的见解。

对投资者来说，市盈率是一个关键指标，目前为34.15，表明该股市盈率很高。这可能表明投资者愿意为该公司的股票支付溢价，可能是出于对未来增长的预期。这与公司全年指导上调以及对技术和数字平台的战略关注一致，这可能会推动进一步的增长和盈利能力。

对于那些希望探索更多见解和建议的人，InvestingPro提供了一份全面的指标和分析清单，还有一些建议可以帮助投资者对Upbound集团的股票做出明智的决定。

全反式cript - Rent-A-Center Inc (UPBD) 2024年第二季度:

接线员:您好。谢谢你的支持。欢迎来到2024年第二季度Upbound Group, Inc.。财报电话会议。此时，所有参与者都处于仅听模式。演讲者演讲后，将有一个问答环节。[接线员说明]请注意，今天的会议正在录音。现在我想把会议交给今天的第一位演讲者，国际关系主管Jeff Chesnut。请继续。

杰夫·切斯纳特:早上好，感谢大家参加我们讨论公司2024年第二季度的业绩。我们在今天早上开市前发布了财报，这份财报和所有相关材料，包括网络直播的链接，都可以在我们的网站instor.upbound.com上找到。今天Upbound集团的首席执行官米奇·法德尔(Mitch Fadel)与我们进行了电话交谈;以及我们的首席财务官法赫米·卡拉姆。提醒一下，本次电话会议上提供的一些陈述是前瞻性的，并受可能导致实际结果与我们的预期产生重大不利影响的因素的影响。这些因素在我们的收益发布以及公司的SEC文件中都有描述。除法律要求外，Upbound集团不承担公开更新或修改任何前瞻性陈述的义务。本次电话会议还将包括参考非公认会计准则财务指标。请参阅今天的收益公告，该公告可在我们的网站上找到有关非公认会计准则财务指标的描述以及与最可比的公认会计准则财务指标的对账。最后，上行集团不负责，也不编辑或保证第三方提供的我们的收益电话会议记录的准确性。请参阅我们的网站上的唯一授权的网络广播。说到这里，我把电话转给米奇。

Mitch Fadel: Thank you, Jeff, and good morning to everyone on the call today. I'll begin with a review of the key highlights from the second quarter and then I'll hand it off to Fahmi for a more detailed review of our financial results and our financial outlook. And after that, we'll take some questions. We're very pleased with the results from the quarter, which included revenues of nearly $1.1 billion, adjusted EBITDA of approximately $125 million and non-GAAP earnings per share of $1.04. Our concentrated focus on execution paid off with Rent-A-Center's revenue up nearly 2% against the prior year and Acima's revenue up 19%, consistent with prior quarters. These results were driven by a steady focus on performance of both segments. Acima continued a strong momentum with growth in merchant count, enhanced productivity of our existing merchants and a growing contribution from Acima's direct-to-consumer e-commerce channel. Our lease charge-offs were in line with our expectations as Acima finished the quarter at 9.6% and Rent-A-Center slightly better than expected at 4.2%. We also delivered strong sequential improvement in Acima's adjusted EBITDA margin to 14.7% compared to 11.6% in the first quarter, which we'll discuss in a little more detail later in the presentation. With these results and based on our current expectations for the balance of the year, we're raising the midpoint of our previous guidance for revenue, adjusted EBITDA and non-GAAP diluted EPS. So before we review our segment results, let's discuss some of the enterprise-wide themes we've seen across the past quarter. The economic backdrop for our business this quarter continued to evolve. Unemployment edged higher to the 4% area, and while still low by historic standards, it's up from the 54-year low of 3.4% in April of last year. We also monitor inflation levels, especially in categories like rent and food and fuel, and we're pleased to see June's headline CPI, which was the first negative month-over-month print in four years. That will be welcome news to our consumers since inflation can have a larger impact on lower income households. Other factors like credit card debt and delinquencies, hard goods demand, BNPL balances and election uncertainty mean that the lower income consumer is confronting a blizzard of economic variables, but that's nothing new for our consumers. They're being deliberate in their spending choices as they seek value and flexibility while working to stretch their incomes. So it's not surprising to see more reports of trade down activity, especially when factoring in the ongoing uncertainty over the credit card late fee regulations. As the credit lenders above us and merchant waterfalls have implemented mitigating actions, we believe some have also further adjusted underwriting, which can then introduce new consumers to lease-to-own solutions. Although, the read-through isn't exact, we are seeing recent trends of more applicants and higher scoring applicants on average, especially in our Acima segment. Our data analytics team is constantly evaluating and adjusting our underwriting to adapt to this new dynamic environment to achieve reasonable risk levels, while continuing to focus on sustainable and profitable earnings growth. As this particular economic cycle evolves, we believe our business will be well-positioned for continued success. As someone who's been around this business for a long time over four decades in the industry and with this company. I've seen all variations of cycle tonight and I know that our business and our value proposition is not only durable. it's resilient. Our consumers appreciate the low predictable payments that fit within their budget and the flexibility to continue to renew their short-term leases to acquire ownership to exercise an early purchase option and save or just terminate the contract at any time without penalties or even terminate and reinstate as the circumstances warrant. And we're truly omnichannel with a differentiated model across both of our main segments that enables us to meet the customer where and when they're ready to shop. Our online presence offers convenience and selection while the in-store experience offers key values like seeing and testing out the products we're building a relationship, with our neighborhood-based store teams. For our retail partners we can deploy our staff model, which puts in Acima leasing subject matter expert in their stores and can drive significant improvements in conversions. Supporting all of these channels and team members, are our centralized support functions where we optimize underwriting account management, marketing and operations across the company to minimize cost and maximize efficiency while supporting our business units and delivering value to our retail partners and our customers. importantly, we have scale both with our 2,000-plus branded stores and our 35,000-plus partner locations. And the business model has been built and tested for over 50 years now and at uncertain times like these scale and liquidity are critical to manage through the headwinds and position the company for long-term success, as the environment improves. So the business is counterbalanced, with an algorithm that supports profitable returns across economic cycles. Leaner macroeconomic cycles generally increase our business opportunities through trade down. While more robust economies, with healthy labor markets will generally see all cohorts performing better and generating lower losses. And that's how we deliver nearly 10% top-line growth this period, with a consolidated loss rate that's in line with our expectations and geared to optimize profitable returns. Now, let's walk through the details behind our segment financial results on Slide 4. Starting with Acima, we achieved our third consecutive quarter of GMV growth in the 20% range, with an improvement of 21% in this most recent quarter. Other than the stimulus period in 2021, we achieved a new record for the highest second quarter GMV that Acima has ever recorded. Similar to last quarter this was powered by two primary factors; the addition of new merchant partners, as well as the lift in productivity from our existing network of retailers, which means we're transacting more leases per location. In terms of new partners Acima's business development team has signed up nearly 10% net new merchant nameplates year-over-year. Now we do focus on enrolling new retail partners, we're equally committed to providing our current merchants with top-tier service tailored to their particular business in retail specialty. And by collaborating with them on our marketing initiatives, we're able to more effectively deliver the right message to consumers at the right time like data-driven marketing campaigns or theme promotions which provides a better experience for our customers and drives better outcomes for the retailers' top line. Our current merchants see the value in these efforts, which is why active location count was up nearly 10% against the year ago period. As a result, we saw a notable 35% lift in applications compared to last year. When you add together the more merchants and more effective within those merchants, 35% application growth over last year. But it's also important to remember that in the intervening year, we deepened our relationships with two of our enterprise partners and Wayfair (NYSE:W) and ashley.com and will start to comp their enhanced volumes later this year. I'm also pleased to share that Acima's direct-to-consumer offering continues to grow with GMV from that funnel, up over 50% as we add brand name retailers to the site and continuously improve the shopping experience for our consumers. While most consumers first encounter Acima when shopping at a retail partner either in-store or online, our Acima marketplace also enables customers to start their journey directly with us. And with shopping destinations like Ashley, IKEA, Amazon (NASDAQ:AMZN) and Best Buy (NYSE:BBY), our customers can quickly and easily find what they need and complete their lease on our site, 24 hours a day, seven days a week, 365 days a year. Collectively, these are the efforts that resulted in Q2 revenues to be up 19% year-over-year. Similar to Q1, average ticket size was down a little bit, so the top line lift was driven by the expanded penetration and the productivity that I've been talking about. Overall, Acima exited the second quarter with a funded lease count that was approximately 24% higher versus last year as well as sequentially higher when comparing it against the first quarter of 2024. And from an underwriting standpoint, we continue to take a proactive and vigilant approach to risk management. Our Acima segment loss rate was 9.6% in line with our expectations and flat sequentially to last quarter. Despite the volume of applications increasing 35% year-over-year and the strong growth numbers we've been talking about, a seamless approval rate declined 160 basis points from last year. And in terms of delinquencies, Acima 60 plus past due rate in the second quarter was down 80 basis points from a year ago and down 90 basis points sequentially to the first quarter this year. These results were in line with our expectations for the second quarter and with the Acceptance Now integration into Acima's decision engine nearly behind us, we remain very confident in our risk management outlook for the year As noted earlier, I'm pleased to share that our adjusted EBITDA margin at Acima improved by 310 basis points to 14.7% in the second quarter as compared to the first quarter, as we begun to experience some of the flow-through we talked about with that higher GMV. The EBITDA margins from a year ago second quarter were atypically high and driven by the macro backdrop at that time. So expecting the next couple of quarters of EBITDA margins at Acima to follow the current performance curve and land in this area, which is right in line with our expectations of low to mid-teens for the segment. Our team at Acima has committed to running a lean business that realizes the scale inherent in this virtual platform model and I'm confident we can continue to deliver sustainable profitable growth. Now on Rent-A-Center we finished the second quarter with a same-store lease portfolio that was up 140 basis points year-over-year and that portfolio growth helped drive positive same-store sales growth of 2.6% as we carried forward the momentum from last quarter's positive same-store sales growth. Rent-A-Center's web channel volume continues to perform and it represented approximately 26% of revenue in the second quarter, which was consistent with the year ago period. These elements helped deliver revenue growth of 1.9% year-over-year which flowed through to gross profit with a similar lift. Operating expenses increased approximately 4% compared to last year due to a combination of elevated labor benefits costs, delivery costs and store technology investments. We expect the labor benefits expenses to normalize in the back half of the year, especially with the store consolidation efforts this past quarter and our fleet management team is actively working on operating strategies to optimize efficiency. Our continued emphasis on underwriting and account management at Rent-A-Center resulted in a lease charge-off rate of 4.2% for the quarter, down 30 basis points from the second quarter of last year. Our past due rate, which is an early indicator of potential future lease charge-offs was stable at 2.7% for the quarter, down 40 basis points sequentially. Although the pace of inflation has recently abated, which will reduce the economic pressure on Rent-A-Center's customer base over time our account management efforts will continue to be an important element of customer connectivity in the near to medium term to help us maintain our delinquency and charge-off rates at our target ranges. Overall, we're very pleased with our operating and financial results in the second quarter. Both segments successfully anticipated and met our customers' and merchants' expectations enabled us to achieve that 21% GMV growth at Acima, while meeting that mid-teens EBITDA margin target along with the same-store sales growth at Rent-A-Center. These results along with the momentum we've already seen in the early July results, give us confidence that we're tracking well towards achieving our updated and increased full-year targets. So on Slide 5, let's review the status of the strategic priorities we outlined for the year. At Acima, we believe we continue to grow our market share with a nearly 10% increase in merchant partners year-over-year, with additions such as Purple mattress and iFIT, whose family of brands includes NordicTrack and ProForm, we also onboarded two of the top 50 furniture retailers in the U.S., Levin Furniture and Slumberland furniture. And while we haven't yet seen the third-line [ph] category fully recover from the pandemic era pull-forward, we believe our lineup of merchants in that vertical is poised to accelerate when it does. In fact, we now partner with six of the top 15 furniture retailers in the U.S. And it's important to note that in addition to maintaining a strong presence among the largest furniture retailers our teams have the talent and technology to deliver superior service and outcomes to sizable partners in a number of retail categories. And even as we add National and Regional accounts Acima's merchant network remains well-diversified. In the second quarter our largest retailer represented approximately 6% of total GMV and the top five were collectively about 20%. We strongly believe that the diversification of our merchant base and product categories will help provide a stable foundation of predictable and sustainable growth for the future. So we continue to add national and regional players, but we also had the smaller players to keep that diversity and grow. One of our recent operational priorities has been the migration of the Acceptance Now staff business from the legacy underwriting platform over to Acima's decision engine. I'm pleased to report that journey is nearly done with only a few stores in Puerto Rico remaining. As we wrap-up our conversion I'd like to speak to the benefits of the initiative. For our retailers, we can embed Acima team members' onsite at certain high-volume locations to supplement the merchant's in-house team. Our representatives can serve as the leasing coordinator to help customers complete an LCO transaction in between transactions that can reinforce the training we provide, to the retailer staff about Acima's leasing process. At hundreds of locations across the country our team can drive nearly double the conversion rate of a non-staffed store will align the retailer to redeploy resources more efficiently. In terms of underwriting in the consumer experience the shift is a really important milestone for Acima. The legacy platform was not designed for virtual e-com transactions. Given Acima's fully virtual model the decision engine was designed from the beginning to handle digital orders and should deliver stronger lease outcomes with lower losses. From a customer experience standpoint the Acima platform allows our customers the flexibility to fully check out online without speaking to one of our representatives or physically going into the retail store like they had to do at Acceptance Now. This should improve conversion and increase GMV at these locations, because now they can best handle the whole spectrum of customer interactions. We're excited about the opportunity to improve yields, increase GMV for those merchant partners and supplement our staff business with a sophisticated underwriting platform. At Rent-A-Center, we've highlighted our continuing investments in technology and in particular in our digital channels to help us seamlessly serve our customers whether it's in-store or online. And those investments are paying off with nearly 17 million visits to rentacenter.com in the second quarter, which increased double-digits against the year ago quarter. Our web business being up double-digits reflects our team's efforts to drive online traffic and create a consistent friction-free customer experience across each of our channels. More specifically we've added new identity validation steps to expedite the online checkout process for customers while improving, our ability to screen out fraudulent traffic. As we see more of our customer interaction shift to digital channels we have an opportunity to optimize, our store footprint which is already closely managed based on key store level metrics we look at and what's going on in the local area. And based on those variables, we consolidated 55 stores or approximately 3% of our company-owned stores during the first half of the year most of which took place in the second quarter. And we expect to maintain those relationships with the majority of customers by serving them in a nearby store or by engaging them online. And going forward we'll keep working to strike the right balance to serve our customers efficiently, across all our connection points, while optimizing Rent-A-Center's scale and productivity. At the Upbound level we continue to test and learn in the consumer credit space through our partnership with Concora. We've made sequential progress each month since we launched the pilots in February for the Acima Classic Credit General-Purpose Mastercard (NYSE:MA) and the Acima Private Label Credit Cards each of which expands our offerings as well as financial access for our customers. In particular, we've been pleased to see that the private label offering has resonated with our existing and prospective retail partners. Some of our current merchant partners are looking to streamline their vendor relationships and our combined second look and LTO offering delivers increased opportunities to serve more consumers with our leading solutions. We've also found that potential clients especially those without an incumbent second-look credit provider appreciate the one-stop-shop approach especially when considering integration effort for the POS systems. As a reminder, we structured our existing partnership with the Concora so we're not taking any credit risk and our economics are driven by upfront fees and revenue sharing. Also at the Upbound level, we continue to make significant investments in digital technology to support our business. Our strategic initiatives on the connected enterprise are on target to supercharge our omnichannel strategy within Rent-A-Center and across the organization. The recent launch of RecPad our next-generation cloud native POS system sets the direction towards an integrated customer experience across all channels. Its microservices architecture promotes swift development of features and product integration, prioritizing customer experience and boosting coworker efficiency with user-friendly workflows. Our online traffic continues to show double-digit growth and to support this increased demand we're introducing a new e-commerce platform based on a modular architecture that will allow our brands to adopt, deploy and scale an omnichannel sales approach focused on increased conversion and retention rates. As we reduce our data center footprint both of these initiatives mark a significant milestone of improving scalability of our operations, reducing technical debt and bolstering our cyber resiliency, which are key components to support our growth. Overall there is still plenty of uncertainty in the market whether it's where the economy is headed, consumer sentiment, industry dynamics or even the upcoming election. But we view that as an opportunity as our business is built to succeed across these cycles. We're already passionate about serving our current customers and we expect new customers will discover our product offerings as trade down continues. And when they do, we'll be ready as a trusted brand to help them get the products they need to live their lives their daily lives to the fullest. Now before I hand it off to Fahmi, I'd like to briefly address the lawsuit of Acima leasing filed against the CFPB last week. We brought this action in Texas Federal Court seeking to halt what we intend is the CFPB's unauthorized attempt to expand its authority, which is limited by federal law and you serve the long-standing comprehensive state regulatory framework governing our industry governing the lease on industry. As you know we previously disclosed that the CFPB has been conducting an investigation of Acima that began prior to Upbound's acquisition of the company in 2021. After this protracted investigation the CFPB threatened an imminent enforcement action against Acima. Now I want to make clear that Acima filed this lawsuit reluctantly. Despite our long-standing cooperation, we ultimately concluded that CFPB was not prepared to settle with Acima and accept all terms. Then as expected, the CFPB subsequently initiated an enforcement action against Acima on July 26th for alleging violations of various federal consumer financial protection statutes. We believe the CFPB is engaging informed shopping by filing a lawsuit in Utah after our lawsuit was already pending in Texas addressing the same subject matter. We strongly contest our claims and will vigorously defend ourselves against them. So as you would expect though, because of the pending litigation we're not able to comment any further on this matter. So as I wrap up my section, I'd like to thank my exceptional teammates across all the corners of our business for their energy, their enthusiasm and their dedication. I know they're just as excited as I am about carrying the momentum from the first half of the year across the second half and beyond. Whether working on segment-specific projects or collaborating on enterprise-wide priorities, our co-workers are the driving force who help us deliver a strong finish to the year. And with that I'll turn the call over to Fahmi.

Fahmi Karam: Thank you Mitch and good morning, everyone. I'll start today with a review of the second quarter results and then discuss our outlook for the rest of the year after, which we will take questions. Beginning on page 6 of the presentation. Consolidated revenue for the second quarter was up 9.9% year-over-year with Acima up 19% and Rent-A-Center up 1.9%. Rentals and fees revenues were up 9.7% while merchandise sales revenue increased 17.3%, reflecting a larger portfolio balance at Acima coming into the quarter. Consolidated gross margin was 49.4% and decreased 230 basis points year-over-year with a 190 basis point decrease in the Acima segment and a 40 basis point decrease in the Rent-A-Center segment. Consolidated non-GAAP operating expenses, excluding lease charge-offs and depreciation and amortization were up mid-single-digits led by a low-double-digit increase in non-labor operating expenses including delivery costs at Rent-A-Center and a high-single-digit increase in general and administrative costs, which was a result of targeted corporate investments in technology and people. The consolidated lease charge-off rate was 7.2%, a 30 basis point increase from the prior year period and in line with our expectations. On a sequential basis, the consolidated lease charge-off rate increased 20 basis points due to a 50 basis point sequential improvement at Rent-A-Center. Consolidated adjusted EBITDA of $124.5 million decreased 4.6% year-over-year with higher Acima segment adjusted EBITDA offset by lower Rent-A-Center segment adjusted EBITDA and higher corporate costs. Adjusted EBITDA margin of 11.6% was down approximately 170 basis points compared to the prior year period with approximately 160 basis points of contraction for Rent-ACenter and approximately 210 basis points of margin contraction for Acima offset by a 20 basis point increase in corporate costs as a percentage of sales. I'll provide more detail on the segment results in a moment. Looking below the line, second quarter net interest expense was approximately $28 million, which is roughly flat compared to the prior year period. The effective tax rate on a non-GAAP basis was 25.8% compared to 25.5% for the prior year period. The diluted average share count was $55.8 million shares in the quarter. GAAP earnings per share was $0.61 in the second quarter compared to a loss per share of $0.83 in the prior year period, which was driven by the prior year tax impact associated with divesting of restricted stock awards issued in connection with the Acima acquisition. After adjusting for special items that we believe do not reflect the underlying performance of our business, non-GAAP diluted EPS was $1.04 in the second quarter of 2024 compared to $1.11 in the prior year period. During the second quarter, we generated $600,000 of free cash flow, which decreased from $24.7 million in the prior year period, primarily due to the increase of GMV at Acima. We distributed a quarterly dividend of $0.37 per share and we finished the second quarter with a net leverage ratio of approximately 2.8 times. Drilling down to the segment results starting on page 7. For Acima, double-digit year-over-year GMV growth continued for the third consecutive quarter. Following nearly 20% year-over-year growth in the prior two quarters, GMV grew 21% in the second quarter and approximately 15% on a two-year stacked basis. The GMV lift was driven by year-over-year growth in key underlying drivers with active merchant locations up 9.8% year-over-year, more productivity per merchant and applications increasing over 35%. Those tailwinds were partially offset by lower approval rates as we remain disciplined in our underwriting approach as inflation continues to impact our core consumer base. The net asset value of inventory under lease was up approximately 23% year-over-year. Revenue increased 19% year-over-year including an 18.2% increase in rentals and fees revenue and a 22% increase in merchandise sales revenue due to a larger portfolio at the beginning of the second quarter compared to last year. Lease charge-offs for the Acima segment were 9.6%, 70 basis points higher year-over-year and flat sequentially. The year-over-year increase in Acima's lease charge-offs was in line with our expectations as the ANow leases originated on the legacy decision engine continue to wind down. The conversion will strengthen our underwriting capabilities and should reduce lease charge-off rates as prior cohorts from the legacy system wind down throughout the year. Operating costs excluding lease charge-offs were up on a dollar basis approximately $4.6 million in the second quarter, which was 60 basis points lower as a percentage of revenue. Adjusted EBITDA of $81.3 million was up 4.5% year-over-year, primarily due to the 19% increase in revenue that was partially offset by a 22.5% increase in cost of goods sold. Adjusted EBITDA margin of 14.7% increased approximately 310 basis points sequentially and decreased approximately 210 basis points year-over-year, primarily due to a 190 basis point contraction of gross margin compared to the second quarter of 2023. The decrease in gross margins compared to the prior year was a result of a few factors including a growing portfolio where revenue lags GMV production, an increase in merchandise sales, which represented a larger percentage of revenue compared to the prior year period and the conversion of Acceptance Now locations to the Acima platform, which increases merchandise depreciation expense and cost of goods sold. EBITDA margins were impacted by higher labor costs underwriting costs as application volumes significantly surpassed the prior year and the performance of the legacy ANow portfolio increasing our LCO rate. All of these headwinds were in line with our expectations were included in our guide for the year and are expected to improve as we get into the second half of this year. For the Rent-A-Center segment at quarter end the same-store lease portfolio value was up 1.4% year-over-year, while same-store sales increased 2.6% year-over-year, improving from an 80 basis point increase in the first quarter of 2024. Total segment revenue grew year-over-year for the second consecutive quarter increasing 1.9% compared to the second quarter of 2023 and improving from a 20 basis point year-over-year increase in the first quarter of this year. The increase in revenue was driven primarily by a 2.1% year-over-year increase in rentals and fees revenue, while second quarter merchandise sales revenue increased 1.6% year-over-year, an improvement from a 3.6% decrease in the first quarter. These charge-offs were 4.2% of revenue in the second quarter, 30 basis points lower year-over-year and 50 basis points lower sequentially, a result of ongoing underwriting and account management efforts. 30-day past due rates averaged 2.7% for the second quarter, up 10 basis points from the prior year period and 40 basis points lower sequentially. Adjusted EBITDA margin for the second quarter decreased 160 basis points year-over-year to 16.3%, primarily due to higher operating expenses including elevated labor benefit costs, delivery costs, and store technology investments. This is reflected by a 150 basis point year-over-year increase in the ratio of non-GAAP operating expenses excluding lease charge-offs to segment revenue. For the Mexico segment, adjusted EBITDA was higher year-over-year and the franchise segment's adjusted EBITDA was lower. Non-GAAP corporate expenses were approximately 7% higher compared to the prior year, primarily due to additional investments in technology and people. Shifting to the financial outlook. Considering our sustained momentum through the first half of the year and the latest projections for the macroeconomic environment, we are pleased to raise the midpoint of our full year 2024 targets for revenue, adjusted EBITDA, and non-GAAP diluted EPS. Our portfolio and GMV growth, coupled with low delinquencies, give us confidence that we can improve margins in the second half of the year and achieve these updated targets. Our forecast continues to assume a generally stable macro environment with durable goods demand remaining under pressure and continued discipline in our underwriting. At Acima, we'll start comping against higher growth rates in the third quarter. So, we expect GMV growth to drop from the 20% area we've achieved for three consecutive quarters to low double-digits in the upcoming quarter. Rent-A-Center's portfolio value is expected to seasonally drop in the third quarter from the second quarter, similar to the prior year. For both Acima and Rent-A-Center, we expect third quarter revenue to follow the same sequential pattern as in 2023 with a slight increase sequentially at Acima due to a growing portfolio. We expect losses to remain within our previous guidance commentary for the year with Rent-A-Center experiencing a typical seasonal uptick in the third quarter from the second quarter and to be in the 4.5% range. Acima losses are expected to improve in the third quarter as the legacy ANow portfolio continues to wind down and finish the 9% area for the quarter. In terms of adjusted EBITDA margins for the third quarter, the Rent-A-Center segment will follow a similar seasonal trend from Q2 to Q3, as we experienced last year and be down sequentially to the mid-teens area. The store optimization efforts this past quarter will have a minimal impact to the financials for the year with pressure on total segment revenues offset by lower expenses, which should slightly improve adjusted EBITDA margins going forward. We expect Acima to realize an improvement in adjusted EBITDA margin sequentially, as flow-through from higher GMV continues to benefit the P&L and from lower loss rates. If trade down activity continues to expand GMV could improve from our guidance today. We are assuming a fully diluted average share count of $55.8 million shares for the quarter with no share repurchases assumed in our guidance. Interest expense and our tax rates are expected to be similar to the second quarter, resulting in a non-GAAP EPS range for the third quarter of $0.90 to $1. For the quarter, we expect to generate $60 million to $75 million of free cash flow and increase sequentially due to the pace of growth changing at Acima, lower inventory purchases at Rent-A-Center and timing related to other working capital needs that were recorded in the second quarter. For the year, we are revising revenues to be in the $4.1 billion to $4.3 billion range adjusted EBITDA to be $465 million to $485 million and we're tightening our full-year guide of non-GAAP EPS to a range of $3.65 per share to $4 per share. Our 2024 outlook reflects our continued focus on execution to drive sustainable and profitable growth. The midpoint of our revised guidance compared to 2023 represents a 4% increase in revenue, a 5% increase in adjusted EBITDA and an 8% increase in non-GAAP EPS with no share repurchases assumed. Our ability to navigate this challenging environment and generate earnings growth at both segments while meeting our margin and loss targets is a testament to the entire team's effort and dedication to drive shareholder value. In terms of capital allocation, we have a proven business model that generates strong operating cash flows over time and an experienced management team to allocate those cash flows in support of our strategic priorities. Our first priority continues to be supporting growth with profitable leases and innovative ideas that will improve our customer interactions and merchant outcomes.Concurrently, we will focus on enhancing shareholder value by maintaining our commitment to our dividend program and being opportunistic regarding share repurchases. I'm pleased to share that during the second quarter we optimized our capital structure in support of our long-term capital allocation priorities. Capitalizing on our strong recent performance and favorable market conditions, we refinanced our term loan debt which resulted in over 60 basis points of annual interest savings while also extending the maturity of our $550 million ABL revolver through 2029. Combined, these enhancements to our capital structure secure our liquidity position while reducing the cost of capital for the company. We expect the balance of our free cash flow this year will go towards deleveraging as we progress towards a net leverage ratio of under 2x and towards our long-term target of 1.5x. We ended the second quarter at 2.8x, up from 2.7x at the end of the first quarter due to an increase in working capital needs to support GMV growth. The strength of our balance sheet helps to insulate us from market volatility and enables us to act confidently and decisively when pursuing our strategic priorities. As of quarter end, we carried nearly $0.5 billion of available liquidity which enables us to invest during periods of broader uncertainty whether supporting our homegrown initiatives or targeted inorganic opportunities. Wrapping up on Slide 11. We're encouraged by the company's sustained momentum across the first half of this year which included top line growth at both primary segments GMV growth at Acima and same-store sales growth at Rent-A-Center and importantly, a notable improvement in adjusted EBITDA margins at Acima in line with our low-to-mid-teens target. Our prudent risk management and account management strategies helped deliver loss rates that were in line with our expectations and allowed us to raise the midpoint of our guidance as we look out across the balance of the year. Going forward, we will continue to execute against our day-to-day priorities to serve our customers and elevate our retail partners' businesses while pushing forward with new ideas and business strategies that will help us achieve our long-term growth plans. Thank you for your time this morning. Operator, you may now open the line for questions.

接线员:谢谢。此时，我们将进行问答环节。[操作说明]第一个问题将来自——很抱歉——来自文森特·凯恩蒂奇。文森特，你的电话接通了。

Vincent Caintic:早上好。感谢你们回答我的问题，本季度取得了很好的成绩。首先，我想把重点放在向下交易的机会上，你已经讨论过了，看到35%以上的申请是非常令人鼓舞的。我想知道您是否可以谈谈到目前为止，如果您看到更多的交易机会，这对您的业务有多大帮助?然后你提到了康科卡我想知道是否有机会通过这种交易机会来发展它或者是否有其他方法来利用它?谢谢你！

米奇·法德尔:嘿，早上好。文森特，这是米奇。谢谢你的问题。是的，当我们看所有的数据，优势分数和类似的东西时，向下交易当然是最重要的。当然你会在不同的行业中听到它我们当然也不例外在那35%的应用中。当你说有多少来自一个地方，多少来自另一个地方，我们认为商家增长了10%，直接面向消费者增长了50%，这只是一小部分，但它仍然推动了21%的GMV增长。因此，商家的生产效率确实是贸易下降的原因，同时我们的团队在培训这些商家方面做得更好，在这些商店或排他性方面取得了第一名。

法赫米·卡拉姆:我不知道我是否必须分解21%。

米奇·法德尔:是的，与新商人打交道。有一两个可能来自直接面向消费者的业务，尽管这是50%的增长，但这是一个很小的数字。剩下的就是交易下降和我们的销售团队与这些商家合作，以获得更好的地位。所以也许是介于，我不知道，Fahmi, 30%到40%之间，21%的人。很难给出具体的数字，但这绝对是其中的一部分。

法赫米·卡拉姆:是的。我想说的是，我想分解GMV增长的方式我想你已经涵盖了，米奇，其中大约50%或不到50%来自新的商户地点。其中5%来自直接面向消费者和市场的增长，其余来自商人的生产力，这可能是你看到一些贸易下降的影响。所以可能更像是我们增长的25% 25% 30% 40%在这个范围内。但不是1%或2%绝对是真实的。我们会继续，我们预计它会继续，如果它加速，那么我们的数字甚至会上升。

Mitch Fadel:关于Concora的问题，是的，我认为是与第二代供应商合作，因为它仍然是我们零售合作伙伴的次级产品或接近优质产品。肯定会有很多人对它感兴趣，因为在接近主要贷款机构的紧缩政策之上。所以我认为这确实创造了机会。正如我们在准备好的评论中提到的，正如法赫米提到的，零售商们真的很喜欢——我们听到了很多关于喜欢一站式购物之类的好的轶事故事。所以它刚刚起步。但是，我们确实认为这在这种环境下创造了机会。

Vincent Caintic:好的。太好了。这很有帮助。这是一个很好的segue。我只是想了解一下商家的参与度以及这些商家的讨论是否发生了变化?我想，对于你的观点，如果有交易，会发生什么?高级信贷提供者正在收紧信贷吗?我认为会有更多的商家需要你的产品。你能否谈谈商家参与这是其中的机会?谢谢你！

米奇·法德尔:是的。我认为，从中小企业的角度来看，这种情况确实正在发生，当你考虑到10%的净商家同比增长时，你会想到上个季度刚刚签约的几家50强家具零售商，比如Levin和Slumberland，还有更多正在筹备中。是的，我认为这确实发生了。管道是坚固的。Acima的团队在引进新合作伙伴方面做得很好。显然，合作伙伴越大，周期就越长，但他们引进的地区和中小企业都做得很好。

Vincent Caintic:好的。太好了。很有帮助。谢谢你！

米奇·法德尔:谢谢，文森特。

接线员:谢谢。下一个问题来自TD Cowen的Hoang Nguyen。您的电话现在接通了。

问:大家好，祝贺你们这一节。只是想提一下指南。看起来你们提高了收入指导的高端，但我的意思是没有提高EBITDA和每股收益的高端。我的意思是，你能讲一下这背后的基本原理吗?我的意思是，它是否与商品销售和租赁的更多组合有关，并有后续行动?

法赫米·卡拉姆:早上好，黄。谢谢你的问题。是的，我认为今年的指引，特别是在收入方面，确实反映了我们在过去几个季度经历的GMV增长。很明显，这是我们连续第三个季度实现近20%的GMV增长，我们现在开始将这一点反映到收入指南中。至于利润率情况，我想我们上次谈过一些关于今年会有一些非常艰难的竞争，特别是在上半年。我们认为，当我们进入下半年，特别是在第二季度，我们开始看到GMV的一些流动开始发挥作用时，情况会有所改善。所以第二季度比第一季度好，我们预计第三季度也会比第二季度好。所以并没有什么真正的混合，更多的是趋势朝着今年的利润状况发展，然后是收入。我认为，对于第三季度，收入方面的指导将保持一致，然后在利润率方面持平或略有好转。

米奇·法德尔:黄，我想我还要补充一点。这是米奇。正如Fahmi所提到的，正如我们上个季度所讨论的那样，利润率需要更长的时间才能赶上GMV的大幅增长。我们看到，本季度Acima的EBITDA利润率提高了310个基点。所以，你开始看到流量，还有更多，但它确实有点落后于收入。这是对你问题的简短回答。

法赫米·卡拉姆:我还想说，从指导的角度来看，你要记住，我们今年有很多动力。在第四季度，Acima的GMV增长了近20% Rent-A-Center的同店销售额也开始好转。所以我们有动量。我们知道它会延续下去。我们看到了交易下滑之类的事情。我们最初的向导相对来说比较结实。当你考虑收入时——我们最初的指引是收入同比增长3%每股收益增长约6%。现在，我们更新了数据，我说的只是中间值，我说的是，收入比去年增长3%，现在是5%每股收益比去年增长6%，现在是8%。我们一开始的数字很高。我们在这里有一个小竞赛，但我只是想提醒大家，我们一开始的收入很高，年增长率为3%。现在是5%每股收益是6%现在是8%随着交易继续下跌，我们希望能跑赢大盘。但我们对我们现在开始看到的流动感到非常兴奋，正如我提到的，当你把Acima的利润率与第一季度相比时。

Q - Hoang Nguyen:明白了。也许，如果你能谈谈与CFPB的法庭斗争，你们在德克萨斯州起诉他们，他们在犹他州起诉。我的意思是，你能高层次地谈谈这个过程的下一步吗?也许在价值方面，下一个里程碑会是什么?谢谢你！

米奇·法德尔:嗯，我不能——正在进行的诉讼，我不能在我准备好的评论中说太多。正如我在事先准备好的评论中所说的那样，我们认为他们是在犹他州提起诉讼，而我们在德克萨斯州的案件已经悬而未决，解决了同样的问题。因此，我们将强烈反对我们的主张，并为自己辩护，反对他们试图接管长期以来管理我们行业的国家监管框架，就像我在准备好的评论中所说的那样。但至于下一步，我们就到此为止吧，而不是讨论下一步的法律问题——我不是律师，当然，如果我再说更多的话，他们会对我大喊大叫的。所以我们就到此为止。

黄阮:谢谢。

米奇·法德尔:谢谢，黄。

接线员:下一个问题来自鲍比·格里芬和雷蒙德·詹姆斯。您的电话现在接通了。

鲍比·格里芬:大家早上好。感谢回答我的问题，并祝贺又一个良好的季度势头。米奇，我的第一个问题是关于高层次的。如果我们看一下你的业绩以及一些同行的业绩，这个行业似乎真的开始看到一些拐点，无论是在GMV增长、交易下降、投资组合表现等方面，什么可能会破坏这一点?我想，如果问题是，这只是信贷的可用性再次变得更容易获得吗?或者，当你坐在这里考虑几个季度甚至一年的情况时，你担心什么会破坏这种势头?

米奇·法德尔:这是个好问题。我只看到——我通常是房间里的乐观主义者，但我只看到积极的事情，鲍比，随着交易的结束。当然，我们一直在谈论我们在经济良好的情况下是多么有弹性，我们做得很好。我的意思是，我们仍在努力赶上我们从刺激资金中获得的创纪录数字。所以当人们有钱的时候，我们也会做得很好。所以这是一个很有弹性的模型。我认为你现在看到的是，一些传统的次贷零售也遇到了一些阻力，很多公司倒闭了，但不是最不受欢迎的行业。我的意思是，Rent-A-Center发展良好，当然，Acima成为我们零售合作伙伴的另一个选择也很强劲，尽管次级零售，就像我说的，有很多店关闭了。这就是租赁商业模式的好处。它适用于所有零售商对于那些没有信用的顾客，你不必从次级商店开始。但实际上，即使是我提到的一些公司的倒闭也会带来一些好处，比如Rent-A-Center等公司。所以我不知道，鲍比，我不是真的，我不是，我只是，我只是担心我们的战略和类似的事情，我们是否在执行，并且一直和团队谈论执行。我很担心我们是否利用了每一个机会，诸如此类的事情。但至于有什么东西会偏离这一趋势，我只是，我没有看到任何东西。

鲍比·格里芬:很公平。这是有帮助的。我想我的第二个问题是关于Acima业务方面的一个组合问题。我的意思是，首先，我们现在看到整个行业的发展势头以及你的成果。你认为有什么竞争优势?因为我知道竞争很激烈，所以每个人都还站在竞争的立场上吗?然后你能定义一下你们是怎么定义管道的吗?比如，哪些活跃的商家是真正参与对话的——或者只是潜在商家的列表?比如我们到底知道什么是真正的管道，以及时间如何，或者我们可以试着估计一下他们成为实际客户的时间?

Mitch Fadel:当我说管道时，我指的是积极的对话，而不仅仅是列表。就像上个季度一样，我们谈到有一些优秀的区域参与者正在筹备中，然后我们最终签下了Levin, Slumberland, Purple, iFIT等公司。其中一些是地区性的家具公司，很明显，Purples更像是全国性的床垫电子商务公司，尽管他们确实有一些商店等等。所以我们说的是积极的对话。当然，我们的销售团队包括现场销售和内部销售，有100多人。他们与一星、二星和三星的商家进行了大量的对话，他们的数量同比增长了10%，几乎是10%。所以他们像多年来一样，取得了巨大的成功。所以竞争是一样的。我不会说竞争变得更激烈或更疯狂，就产品和类似的东西而言。我得说这是相当一致的。当然，Rent-A-Center方面的竞争可能比我们考虑到我们的一些——甚至不是——不是直接竞争对手，而是与同样的客户开展类似业务的间接竞争对手时要少得多。所以就像我之前提到的，我们将一些关闭视为机遇，特别是在租赁中心方面。

鲍比·格里芬:谢谢。很有帮助。恭祝来年好运。

接线员:[接线员说明]下一个问题来自KeyBanc资本市场公司的布拉德·托马斯。布拉德，你的电话接通了。

Brad Thomas:大家早上好，我也要祝贺你们取得了一些不错的成果。我想进一步了解增长情况，米奇。是的，绝对当之无愧。我希望你能从品类的角度来补充一点你所看到的观点?我知道你们的许多终端市场零售商都看到了非常具有挑战性的趋势。所以很好奇你从一个类别的角度看到了什么在这些动态方面，比如新的商人增长，你从D2C和生产力的角度也看到了什么?谢谢你！

Fahmi Karam:早上好，Brad。这是法赫米。是的，我认为从一个类别的角度来看，我认为它每年都很稳定，就我们对GMV来源的混合而言。但我想说的是，我们开始看到一些——通过电子商务渠道出现了更大的组合。我们已经讨论过Wayfair和ahsley.com。因此，我们看到了更多的电子商务组合，这使我们更倾向于在家具方面。所以，当你看这些类别时，我想说的是，对家具和我们讨论过的一些家居类别的需求有所疲软。但对我们来说，我们正在抵消一些生产力的提高和一些我们谈论过的商业收益。因此，尽管家具在每个位置的应用需求可能会有所下降，但我们看到的是35%的增长，因为我们已经讨论过的一些事情。因此，无论是实体店还是电子商务，这种组合正在发生一些变化。从应用程序和GMV的同比增长来看，汽车和珠宝行业也非常强劲。所以这几乎是——增长是全面的。我们还讨论了平均票价。平均票价已经下降。这也是混合的一部分。一般来说，我们的平均票价在电子商务方面要低一些，但我们也看到了一些价格上的优势。因此，其中一些也是承销，因为我们希望在底部收紧，我们确实削减了平均票价。所以，我想说的是，所有类别的增长都是全面的。

米奇·法德尔:是的。当你把它加起来——当你把它加起来——法赫米说。但是布拉德，当你把这些加起来，我们可以说，这不是很直观特别是在家具行业，很多人，至少是上市公司甚至是私营公司谈论负的同店销售等等。但是当你把增长和贸易加在一起时，我们在家具方面仍然有增长。一个很好的例子是，今天早上，一家大型家具公司公布的数据显示，它的收入略有下降，但我们还是继续关注这家公司。这种交易是向下的吗?是因为我们的产品是他们最好的吗?我不知道这可能是所有这些的组合，但我们找到了那个商人。所以我们可以和一个收入下降的商家合作。然后，当你把10%的商家增长加上我刚才提到的因素换句话说，把增长和贸易加在一起，这就是你如何上升的一种方式，可能是人们认为家具行业正在发生的事情。

布拉德·托马斯:这很有帮助。也许是为了跟进鲍比的问题。我不知道我是否会说脱轨，但我们问过的一个问题是考虑不同的宏观情景会如何影响你们所有人。所以我猜米奇的问题是，当你回顾这一年并考虑潜在的经济机会时如果我们的自由裁量权真的回来了也许你认为这对你有什么影响?如果失业率上升，反之亦然你认为上行集团的表现如何?

米奇·法德尔:是的。我认为这是模型耐久性的弹性，如果我们在一端得到更多如果经济改善，你可以开始增加一些，法赫米刚刚从承保的角度提到的底部，你可以增加一些到底部，你可以延长保留期特别是在Rent-A-Center方面，当人们有更多的钱时，这有助于投资组合。所以你最终可以做到这一点也许你会失去另一端的一些交易但这就是弹性它就像摆动一样来回摆动，最终在任何经济环境中都很强大。但我想说的是，随着对家居用品的需求回升，总体而言，我认为这对rent - center和Acima来说是非常积极的，因为人们开始再次搬家，利率下降，人们开始再次搬家。人们购买新屋，通常会卖出很多，尤其是新屋这一类。当然，这些人是受抵押贷款利率影响最大的人。因此，人们——不仅仅是家得宝和贷款将开始从人们再次搬家中受益。这也是我们的行业，家居家具甚至电器。所以我认为有很多有利因素需要考虑，不利因素很少，因为即使事情变得更好，我们仍然表现良好，不仅仅是我们，整个行业仍然会表现良好，原因我已经说过了。如果情况变得更糟，就像你所说的，失业率可能会再次飙升，我们当然会冒险经历这些周期，我们做得很好，因为你会让更多的贸易下降。所以很明显，我们非常乐观。

布拉德·托马斯:谢谢。非常感谢你，米奇。

Mitch Fadel:谢谢Brad。

接线员:请稍等，下一个问题。下一个问题来自Jefferies的Derek Sommers。您的电话接通了。

德里克·萨默斯:大家好。大家早上好。当你与新的零售合作伙伴合作时，一般的GMV上升时间是多久?

Mitch Fadel:斜坡时间取决于行业和规模。他们的规模越大，增长速度就越慢，因为他们可能会把它放在几个商店里，以确保一切正常，等等。如果你有一家两家连锁店，可能会有很少的增长。我的意思是非常少的时间。到第二个月，你可能会达到你的跑步速度。所以我认为这要看情况，但不会花很长时间。我这么说吧。有几个月了。即使是那些大公司，也只需要几个月的时间。在有人员与没有人员的对比中，有人员的商店会比没有人员的商店增长得更快。

德里克·萨默斯:很好。谢谢。这个颜色很有用。然后简单讲一下RAC商店数，我们应该如何考虑商店数呢?这种整合活动是否主要集中在本季度?你如何看待同店销售的未来趋势?

米奇·法德尔:是的，好问题。是的，我想主要集中在那个地区。今年我们不会看到更多。当然，我们总是在寻求优化。我们也开了商店。所以这完全取决于市场。但是，不，我们没有从持续的角度来看。在疫情期间，我们有充足的资金，没有一家商店表现不佳。三年之后，我们看到我们关闭的大部分门店只有2%或3%，但大多数都表现不佳。我还想指出的是，这些商店中的大多数几乎都离另一家Rent-A-Center不到3英里，其中90%的商店离另一家Rent-A-Center不到3英里，它们的表现不佳。所以我们仍然能够为这些客户服务。我们的应用程序团队Anthony和他的团队每周都会查看我们从那些关闭的商店中吸引顾客的报告。当我们把他们放在离我们最近的商店时我们会做报告看看我们对这些顾客的保留率是多少当我们把他们放在不同的商店时，报告只是几天前看的每周报告是现在的商店因为它是两年前的。报告中显示，我们已经关闭了平均7个月的门店，这些客户的保留率超过80%。因此，如果你摆脱了商店的日常开支，即使在平均7个月后也能保持这样的客户水平，那么留存率就会很高。所以，对你的问题的简短回答是，未来我们不会看到更多这样的情况。我们的同店销售额正增长。我们预计这种情况将持续到今年余下的时间。我们没有看到任何东西将其拉回负值区域。因此，我们仍然预计这将是低个位数。我们不会把Acima的数字写在Rent-A-Center的广告牌上。但我认为，随着我们的发展，同店销售增长仍然是一个较低的个位数。

德里克·萨默斯:很好。谢谢你。对我来说就这些了。

米奇·法德尔:谢谢，德里克。

接线员:请稍等，下一个问题。下一个问题来自约翰·罗文和詹尼·蒙哥马利·斯科特。您的电话现在接通了。

约翰·罗文:嘿，伙计们。早上好。很明显，你可以很清楚地看到在Acima业务中，应用程序从瀑布式下降。但是您是否在核心的RAC业务中看到了与您所看到的相同类型的交易收益，无论它可能是什么，因为即将实施或最近颁布的信用卡法规而使您的上级收紧?

米奇·法德尔:是的。问得好，约翰。当然不是直接针对Rent-A-Center，对吧?你并没有真正看到它。这需要更长的时间，因为客户不会在零售商或在线上遇到瀑布，他们会被拒绝，然后他们的下一个选择是租赁。所以需要更长的时间。我想说，同店销售额的增长说明我们看到了一点起色。当然优势分数并没有像我们在Acima看到的那样增加。但我认为我们看到了一点。只是发生得慢了很多。它可能会回升，在我们的预测中没有很多交易会在租赁中心这边回升，但它可能会回升。它只是需要更长的时间，因为它不像Acima那样在零售合作伙伴那里直接销售。但是我之前也提到过，约翰，我认为有一些机会。Rent-A-Center附近有一些商店关闭了，它们就在我们的社区里。在过去的几周里，全国两家较大的连锁店宣布关闭其中一些。我们住在同一个社区。所以我们只把这看作是一个机会。幸运的是，在Acima方面，我们没有与这两家公司中的任何一家做生意。所以对我们来说没有正电。

约翰·罗文:好的。我要问一个关于CFPB的宽泛问题如果你能回答，我不会反对你。但我只是想了解，你对他们提起诉讼的主要承租人，我假设，这是一个假设，它是基于多德-弗兰克法案中租赁的法律定义以及CFPB是否真的对它有管辖权。对吗?

米奇·法德尔:正如我在事先准备好的评论中所说，我们认为，我们看到他们试图扩大我们的权力，而你为管理我们行业的国家监管框架服务，这才是真正的要点。

约翰·罗文:好的。好吧。谢谢你！

米奇·法德尔:谢谢，约翰。

接线员:请稍等，我们的下一个问题。[接线员说明]下一个问题来自摩根大通的卡拉·卡塞拉。您的电话接通了。

Carla Casella:嗨。谢谢你！你谈到了一些门店的关闭，听起来你的其他门店的留存率也不错。你有没有给出你认为还有多少机会可以完成交易?它们是否有特定的集中区域?

米奇·法德尔:不，卡拉，我们没有——我们今年真的没有看到更多。当然会有一两个洒进去。我的意思是，我们失去了租约，市场改变了等等。当我们看到机会的时候，我们在各地开了几家店。所以我们没有给出这个数字，但正如我提到的，我们在近视界上看不到更多的数字。这就像——我们对系统中几乎所有的商店或者系统中表现不佳的商店进行了审查。我也要回答你的问题，不是区域性的。在那里，我们有一家表现不佳的商店，还有一家在三英里以内的商店——大多数都不到三英里。但是现在这个国家没有任何一个地区或类似的东西。

卡拉·卡塞拉:好的。太好了。然后，你谈到了从EBITDA或现金流以及偿还债务这两个方面去杠杆化。看起来你现在唯一需要偿还的债务就是ABL了。你能不能谈谈——你有没有想过更广泛的东西?或者ABL最终会像你一样在定期贷款中解决这些问题——用你的自由现金流?

法赫米·卡拉姆:是的。卡洛，我是法赫米。是的，我们有八千万美元的ABL未偿。但我认为去杠杆化的评论会更多——这将是偿还ABL的组合。我们也可以根据我们的现金流提前支付定期贷款，但这将是EBITDA增长和实际偿还部分总债务的结合。很明显，今年的现金流——自由现金流数量与去年相比有所增加，因为我们为Acima的GMV增长提供了资金，并为米奇提到的一些技术进步提供了资金。但我们确实看到，随着今年剩余时间的一些增长变化，随着我们对一些更大的数字进行同比比较，我们确实预计下半年自由现金流将增加，我们指引第三季度为6000万美元至7500万美元。其中一部分将用于偿还债务。

卡拉·卡塞拉:好的。太好了。这是有帮助的。谢谢你！

接线员:我现在没有其他问题了。现在请我们的首席执行官米奇·法德尔致闭幕词。

米奇·法德尔:谢谢你，伊丽莎白，谢谢今天来听我们第二季度最新情况和对今年剩余时间的展望的每一个人。我非常感谢我的队友和我们的商家的共同努力，他们帮助我们实现了如此强劲的GMV和同店销售业绩。我们非常感谢你们的关心和支持。我们期待下个季度向大家介绍我们在实现上述目标方面取得的持续进展。祝大家今天愉快。谢谢你！

接线员:谢谢您参加今天的会议。这个程序就结束了。您现在可以断开连接。

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