Rent-A-Center: Furniture - Appliances - Computers - Electronics
NASDAQ GS: RCII
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Jul 23, 2014 4:00 p.m.(20 minute delay)
Press Release

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Rent-A-Center, Inc. Reports Fourth Quarter and Year End 2011 Results

Total Revenues Increased 8.9% in the 4th Quarter

Same Store Sales Increased 2.7% in the 4th Quarter

Diluted Earnings per Share of $0.83 in the 4th Quarter, Including an Acquisition Related Restructuring Charge of $0.02 per Diluted Share

PLANO, Texas--(BUSINESS WIRE)--Jan. 30, 2012-- Rent-A-Center, Inc. (the “Company”) (NASDAQ/NGS: RCII), the nation’s largest rent-to-own operator, today announced revenues and earnings for the quarter and year ended December 31, 2011.

Fourth Quarter 2011 Results

Total revenues for the quarter ended December 31, 2011, were $737.5 million, an increase of $60.4 million from total revenues of $677.1 million for the same period in the prior year. This 8.9% growth in total revenues was primarily due to an increase in revenue driven by the RAC Acceptance business, partially offset by a reduction in revenue due to the discontinuation of the financial services business. Same store sales for the three months ended December 31, 2011, increased 2.7%.

Net earnings and net earnings per diluted share for the three months ended December 31, 2011, were $49.3 million and $0.83, respectively, as compared to $31.9 million and $0.49, respectively, for the same period in the prior year.

Net earnings and net earnings per diluted share for the three months ended December 31, 2011, were reduced by $1.4 million, and approximately $0.02, respectively, due to a pre-tax restructuring charge in connection with the acquisition of 58 rent-to-own stores, as discussed below.

Net earnings and net earnings per diluted share for the three months ended December 31, 2010, were impacted by the following significant items, as discussed below:

  • An $18.9 million pre-tax impairment charge, or approximately $0.19 per share, related to the discontinuation of the financial services business; and
  • A $3.1 million pre-tax financing expense, or approximately $0.03 per share, related to the repayment of $200.0 million of term loans under the Company’s senior secured credit facilities.

Collectively, these items reduced net earnings per diluted share by approximately $0.22 for the three months ended December 31, 2010.

When excluding the items above, adjusted net earnings per diluted share for the three months ended December 31, 2011, were $0.85, as compared to adjusted net earnings per diluted share for the three months ended December 31, 2010, of $0.71, an increase of 19.7%. These results include dilution related to the Company’s growth initiatives of approximately $0.08 per share for the three months ended December 31, 2011 and $0.03 per share for the same period in the prior year.

“We are generally pleased with our earnings for the fourth quarter and our overall results for the fiscal year 2011,” said Mark E. Speese, the Company's Chairman and Chief Executive Officer. “While our top line was somewhat tempered a bit due to our core rent-to-own customers remaining focused on value, our customer demand remained strong,” Speese added. “In addition, our RAC Acceptance business reflected continued customer demand with revenue contribution of over $60 million in the quarter and over $190 million for the year,” Speese continued. “We believe we are well positioned as we enter 2012 and our future remains bright. We will continue to execute on our strategic plan by keeping the core business strong and extending our reach both domestically and internationally,” Speese concluded.

Twelve Months Ended December 31, 2011 Results

Total revenues for the twelve months ended December 31, 2011, were $2.882 billion, an increase of $150.0 million from total revenues of $2.732 billion for the same period in the prior year. This 5.5% growth in total revenues was primarily due to an increase in revenue driven by the RAC Acceptance business, partially offset by a reduction in revenue due to the discontinuation of the financial services business. Same store sales for the twelve months ended December 31, 2011, increased 0.8%.

Net earnings and net earnings per diluted share for the twelve months ended December 31, 2011, were $164.6 million and $2.66, respectively, as compared to $171.6 million and $2.60, respectively, for the same period in the prior year.

Net earnings and net earnings per diluted share for the twelve months ended December 31, 2011, were impacted by the following significant items, as discussed below:

  • A $1.4 million pre-tax restructuring charge, or approximately $0.01 per share, related to the acquisition of 58 rent-to-own stores;
  • A $7.6 million pre-tax restructuring charge, or approximately $0.08 per share, related to the closing of Home Choice and RAC Limited locations;
  • A $4.9 million pre-tax restructuring charge, or approximately $0.05 per share, related to the acquisition of The Rental Store, Inc.;
  • A $7.3 million pre-tax impairment charge, or approximately $0.08 per share, related to the discontinuation of the financial services business; and
  • A $2.8 million pre-tax litigation expense, or approximately $0.03 per share, related to the settlement of wage and hour claims in California.

Collectively, these items reduced net earnings per diluted share by approximately $0.25 for the twelve months ended December 31, 2011.

Net earnings and net earnings per diluted share for the twelve months ended December 31, 2010 were impacted by the following significant items, as discussed below:

  • An $18.9 million pre-tax impairment charge, or approximately $0.18 per share, related to the discontinuation of the financial services business; and
  • A $3.1 million pre-tax financing expense, or approximately $0.03 per share, related to the repayment of $200.0 million of term loans under the Company’s senior secured credit facilities.

Collectively, these items reduced net earnings per diluted share by approximately $0.21 for the twelve months ended December 31, 2010.

When excluding the items above, adjusted net earnings per diluted share for the twelve months ended December 31, 2011, were $2.91, as compared to adjusted net earnings per diluted share for the twelve months ended December 31, 2010, of $2.81, an increase of 3.6%. These results include dilution related to the Company’s growth initiatives of approximately $0.25 per share for the twelve months ended December 31, 2011 and $0.09 per share for the same period in the prior year.

Through the twelve month period ended December 31, 2011, the Company generated cash flow from operations of approximately $286.6 million, while ending the quarter with approximately $88.1 million of cash on hand. During the twelve month period ended December 31, 2011, the Company repurchased 5,852,408 shares of its common stock for approximately $164.3 million in cash under its common stock repurchase program. To date, the Company has repurchased a total of 29,322,753 shares and has utilized approximately $715.5 million of the $800.0 million authorized by its Board of Directors since the inception of the plan. Also, reflecting continued confidence in its strong cash flows, the Company recently paid its seventh consecutive quarterly cash dividend.

2012 Guidance

The Company will begin presenting segmented financial information commencing with its Annual Report on Form 10-K for the year ended December 31, 2011. Accordingly, operating results will be reported on such segmented basis beginning with the quarter ended March 31, 2012. The Company is committed to high levels of disclosure and transparency with respect to its operating segments.

In addition, the Company has made certain changes to its guidance practices. Beginning with this current earnings press release, the Company will be providing annual guidance with quarterly updates on the metrics below. The Company will no longer provide quarterly earnings per share guidance; however, the Company will make available on its website (investor.rentacenter.com) a range of the percentage contribution to full year diluted earnings per share by quarter based on historical results since 2009. In future years, the Company will provide its initial annual guidance for the following fiscal year with the fourth quarter earnings press release. We believe these changes in guidance practice will allow management to focus on the Company’s long-term performance and the execution of our strategic plan as communicated in November 2010.

Updated 2012 Guidance

  • 7% to 10% total revenue growth.
    • Low single digit growth in the Core U.S.
    • Over $300 million contribution from RAC Acceptance.
  • 2.5% to 4.5% same store sales growth.
    • Split evenly between Core U.S. and the impact of RAC Acceptance.
  • 100 basis points gross profit margin decrease.
    • Primarily due to the impact of RAC Acceptance.
  • 50 basis points operating profit margin decrease.
  • Diluted earnings per share in the range of $3.00 to $3.20, including approximately $0.20 per share dilution related to our international growth initiatives.
  • Capital expenditures of approximately $105 million.
  • The Company expects to open approximately 50 domestic rent-to-own store locations.
  • The Company expects to open approximately 200 domestic RAC Acceptance kiosks.
  • The Company expects to open approximately 60 rent-to-own store locations in Mexico.
  • The Company expects to open approximately 10 rent-to-own store locations in Canada.
  • The 2012 guidance does not include the potential impact of any repurchases of common stock the Company may make, future dividends, changes in outstanding indebtedness, or the potential impact of acquisitions, dispositions or store closures that may be completed or occur after January 30, 2012.

Significant Items

Restructuring Charges. During the fourth quarter of 2011, the Company recorded a $1.4 million pre-tax restructuring charge in connection with the acquisition in November 2011 of 58 rent-to-own stores. This charge relates primarily to post-acquisition lease terminations. This pre-tax restructuring charge of $1.4 million reduced net earnings per diluted share in the fourth quarter of 2011 by approximately $0.02 and for the twelve month period ended December 31, 2011 by approximately $0.01.

As previously reported, the Company recorded a $7.6 million pre-tax restructuring charge during the third quarter of 2011 related to the closure of eight Home Choice stores in Illinois and 24 RAC Limited locations within third party grocery stores, all of which had been operated on a test basis, as well as the closure of 26 core rent-to-own stores following the sale of all customer accounts at those locations. The charge with respect to these closings relates primarily to lease terminations, fixed asset disposals and other miscellaneous items. For the twelve months ended December 31, 2011, this pre-tax restructuring charge of $7.6 million reduced net earnings per diluted share by approximately $0.08.

Also previously reported, the Company recorded a $4.9 million pre-tax restructuring charge during the second quarter of 2011 in connection with the December 2010 acquisition of The Rental Store, Inc. This charge relates to post-acquisition lease terminations. For the twelve months ended December 31, 2011, this pre-tax restructuring charge of $4.9 million reduced net earnings per diluted share by approximately $0.05.

Financial Services Charge. As previously reported, the Company recorded an $18.9 million pre-tax impairment charge during the fourth quarter of 2010 related to the discontinuation of the financial services business. The charge with respect to discontinuing the operations of all 331 store locations related primarily to fixed asset disposals, goodwill impairment, loan write-downs and other miscellaneous items. This pre-tax impairment charge of $18.9 million reduced net earnings per diluted share in the fourth quarter of 2010 by approximately $0.19 and for the twelve month period ended December 31, 2010 by approximately $0.18.

Also previously reported, the Company recorded a $7.3 million pre-tax impairment charge during the first quarter of 2011 related primarily to loan write-downs, fixed asset disposals (store reconstruction), and other miscellaneous items. For the twelve months ended December 31, 2011, this pre-tax impairment charge of $7.3 million reduced net earnings per diluted share by approximately $0.08.

Settlement of Wage & Hour Claims in California. As previously reported, the Company recorded a $2.8 million pre-tax litigation expense during the first quarter of 2011 in connection with the settlement of certain putative class actions pending in California alleging various claims, including violations of California wage and hour laws. For the twelve months ended December 31, 2011, this pre-tax litigation expense of $2.8 million reduced net earnings per diluted share by approximately $0.03.

Senior Credit Facility Financing Expense. As previously reported, the Company recorded a $3.1 million pre-tax expense during the fourth quarter of 2010 to write off the unamortized financing costs related to the repayment of $200.0 million of term loans under the Company’s existing senior secured credit facilities. This pre-tax expense of $3.1 million reduced net earnings per diluted share in both the fourth quarter of 2010 and for the twelve month period ended December 31, 2010 by approximately $0.03.

Rent-A-Center, Inc. will host a conference call to discuss the fourth quarter results, guidance and other operational matters on Tuesday morning, January 31, 2012, at 10:45 a.m. EST. For a live webcast of the call, visit http://investor.rentacenter.com. Certain financial and other statistical information that will be discussed during the conference call will also be provided on the same website.

Rent-A-Center, Inc., headquartered in Plano, Texas, currently operates approximately 3,075 company-owned stores nationwide and in Canada, Mexico and Puerto Rico and approximately 750 RAC Acceptance locations within traditional retailers in the United States. The stores generally offer high-quality, durable goods such as major consumer electronics, appliances, computers and furniture and accessories under flexible rental purchase agreements that generally allow the customer to obtain ownership of the merchandise at the conclusion of an agreed upon rental period. ColorTyme, Inc., a wholly owned subsidiary of the Company, is a national franchiser of approximately 215 rent-to-own stores operating under the trade name of "ColorTyme."

                 

Store Activity

 
Domestic International
  RAC Get It Now/
RTO Acceptance Home Choice Canada Mexico
Three Months Ended December 31, 2011
Stores at beginning of period 2,923 721 35 20 24
New store openings 17 86 4 8 28
Acquired stores remaining open 21
Closed stores
Merged with existing stores 4 54
Sold or closed with no surviving store 2 3
Stores at end of period 2,955 750 39 28 52
 
Acquired stores closed and accounts 42
merged with existing stores
 
 
Domestic International
RAC Get It Now/
RTO Acceptance Home Choice Canada Mexico
Twelve Months Ended December 31, 2011
Stores at beginning of period 2,943 384 42 18 5
New store openings 46 445 6 10 47
Acquired stores remaining open 26 5
Closed stores
Merged with existing stores 28 63
Sold or closed with no surviving store 32 21 9
Stores at end of period 2,955 750 39 28 52
 
Acquired stores closed and accounts 71
merged with existing stores
 

This press release and the guidance above contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “could,” “estimate,” “should,” “anticipate,” or “believe,” or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements will prove to be correct, the Company can give no assurance that such expectations will prove to have been correct. The actual future performance of the Company could differ materially from such statements. Factors that could cause or contribute to such differences include, but are not limited to: uncertainties regarding the ability to open new locations; the Company’s ability to acquire additional stores or customer accounts on favorable terms; the Company’s ability to control costs and increase profitability; the Company’s ability to enhance the performance of acquired stores; the Company’s ability to retain the revenue associated with acquired customer accounts; the Company’s ability to identify and successfully market products and services that appeal to its customer demographic; the Company’s ability to enter into new and collect on its rental purchase agreements; the passage of legislation adversely affecting the rent-to-own industry; the Company’s failure to comply with applicable statutes or regulations governing its transactions; interest rates; changes in the unemployment rate; economic pressures, such as high fuel costs, affecting the disposable income available to the Company’s current and potential customers; conditions affecting consumer spending and the impact, depth, and duration of current economic conditions; changes in the Company’s stock price, the number of shares of common stock that it may or may not repurchase, and future dividends, if any; changes in estimates relating to self-insurance liabilities and income tax and litigation reserves; changes in the Company’s effective tax rate; the Company’s ability to maintain an effective system of internal controls; changes in the number of share-based compensation grants, methods used to value future share-based payments and changes in estimated forfeiture rates with respect to share-based compensation; the resolution of the Company’s litigation; and the other risks detailed from time to time in the Company’s SEC reports, including but not limited to, its annual report on Form 10-K for the year ended December 31, 2010 and its quarterly reports on Form 10-Q for the quarters ended March 31, 2011, June 30, 2011, and September 30, 2011. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Rent-A-Center, Inc. and Subsidiaries
           
STATEMENT OF EARNINGS HIGHLIGHTS
 
(In thousands of dollars, except per share data) Three Months Ended December 31,
2011 2011 2010 2010
 
Before After Before After
Significant Items Significant Items Significant Items Significant Items
(Non-GAAP (GAAP (Non-GAAP (GAAP
Earnings) Earnings) Earnings) Earnings)
 
Total Revenue $ 737,482 $ 737,482 $ 677,090 $ 677,090
Operating Profit 83,214 81,790

(1)

81,781 62,842

(6)(7)

Net Earnings 50,510 49,295

(1)

45,620 31,854

(6)(7)

Diluted Earnings per Common Share $ 0.85 $ 0.83

(1)

$ 0.71 $ 0.49

(6)(7)

Adjusted EBITDA $ 101,914 $ 101,914 $ 98,173 $ 98,173
 
Reconciliation to Adjusted EBITDA:
 
Earnings Before Income Taxes $ 74,309 $ 72,885 $ 73,482 $ 51,443
Add back:
Impairment Charge 18,939
Restructuring Charge 1,424
Finance Charges from Refinancing 3,100
Interest Expense, net 8,905 8,905 8,299 8,299
Depreciation of Property Assets 17,276 17,276 16,258 16,258
Amortization and Write-down of Intangibles   1,424   1,424       134   134    
 
Adjusted EBITDA $ 101,914 $ 101,914 $ 98,173 $ 98,173
 
(In thousands of dollars, except per share data) Twelve Months Ended December 31,
2011 2011 2010 2010
 
Before After Before After
Significant Items Significant Items Significant Items Significant Items
(Non-GAAP (GAAP (Non-GAAP (GAAP
Earnings) Earnings) Earnings) Earnings)
 
Total Revenue $ 2,882,184 $ 2,882,184 $ 2,731,632 $ 2,731,632
Operating Profit 317,220 293,157

(1)(2)(3)(4)(5)

322,708 303,769

(6)(7)

Net Earnings 180,069 164,637

(1)(2)(3)(4)(5)

185,408 171,642

(6)(7)

Diluted Earnings per Common Share $ 2.91 $ 2.66

(1)(2)(3)(4)(5)

$ 2.81 $ 2.60

(6)(7)

Adjusted EBITDA $ 387,109 $ 387,109 $ 389,372 $ 389,372
 
Reconciliation to Adjusted EBITDA:
 
Earnings Before Income Taxes $ 280,613 $ 256,550 $ 296,796 $ 274,757
Add back:
Litigation Settlement 2,800
Impairment Charge 7,320 18,939
Restructuring Charge 13,943
Finance Charges from Refinancing 3,100
Interest Expense, net 36,607 36,607 25,912 25,912
Depreciation of Property Assets 65,214 65,214 63,410 63,410
Amortization and Write-down of Intangibles   4,675   4,675       3,254   3,254    
 
Adjusted EBITDA $ 387,109 $ 387,109 $ 389,372 $ 389,372
 

Significant Items

(1)

 

Includes the effects of a $1.4 million pre-tax restructuring charge in the fourth quarter of 2011 in connection with the acquisition in
November 2011 of 58 rent-to-own stores. The charge reduced net earnings per diluted share by approximately $0.02 for the fourth quarter of
2011 and by $0.01 for the twelve month period ended December 31, 2011.

 

(2)

Includes the effects of a $7.6 million pre-tax restructuring charge in the third quarter of 2011 related to the closure of eight Home
Choice stores in Illinois and 24 RAC Limited locations within third party grocery stores, as well as the closure of 26 core rent-to-own
stores following the sale of all customer accounts at these locations. The charge reduced net earnings per diluted share by approximately
$0.08 for the twelve month period ended December 31, 2011.

 

(3)

Includes the effects of a $4.9 million pre-tax restructuring charge in the second quarter of 2011 for lease terminations related to The
Rental Store acquisition. The charge reduced net earnings per diluted share by approximately $0.05 for the twelve month period ended
December 31, 2011.

 

(4)

Includes the effects of a $7.3 million pre-tax impairment charge in the first quarter of 2011 related to the discontinuation of the
financial services business. The charge reduced net earnings per diluted share by approximately $0.08 for the twelve month period ended
December 31, 2011.

 

(5)

Includes the effects of a $2.8 million pre-tax litigation expense in the first quarter of 2011 related to the settlement of various
California claims, including wage and hour violations. The expense reduced net earnings per diluted share by approximately $0.03 for the
twelve month period ended December 31, 2011.

 

(6)

Includes the effects of an $18.9 million pre-tax impairment charge in the fourth quarter of 2010 related to the discontinuation of the
financial services business. The charge reduced diluted earnings per share by approximately $0.19 for the fourth quarter of 2010 and
approximately $0.18 for the twelve month period ended December 31, 2010.

 

(7)

Includes the effects of a $3.1 million pre-tax financing expense in the fourth quarter of 2010 related to the write-off of unamortized
financing costs. The expense reduced diluted earnings per share by approximately $0.03 in both the fourth quarter of 2010 and the twelve
month period ended December 31, 2010.

 
SELECTED BALANCE SHEET HIGHLIGHTS
               
(In thousands of dollars) December 31,
  2011   2010
 
Cash and Cash Equivalents $ 88,065 $ 70,727
Receivables, net 48,221 53,890
Prepaid Expenses and Other Assets 69,326 170,713
Rental Merchandise, net
On Rent 766,425 655,248
Held for Rent 186,768 181,606
Total Assets $ 2,801,378 $ 2,688,331
 
Senior Debt $ 440,675 $ 401,114
Senior Notes 300,000 300,000
Total Liabilities 1,442,169 1,334,532
Stockholders’ Equity $ 1,359,209 $ 1,353,799
 
Rent-A-Center, Inc. and Subsidiaries
           
CONSOLIDATED STATEMENTS OF EARNINGS
 
(In thousands of dollars, except per share data) Three Months Ended December 31,
  2011     2010  
 
Unaudited
Revenue
Store
Rentals and Fees $ 646,165 $ 589,106
Merchandise Sales 56,755 43,549
Installment Sales 19,011 18,594
Other   4,296     16,270  
 
726,227 667,519
Franchise
Merchandise Sales 10,051 8,420
Royalty Income and Fees   1,204     1,151  
 
Total Revenue 737,482 677,090
 
Cost of Revenues
Store
Cost of Rentals and Fees 152,753 131,777
Cost of Merchandise Sold 50,595 34,912
Cost of Installment Sales 7,233 7,367
Franchise Cost of Merchandise Sold   9,612     8,040  
 
Total Cost of Revenues 220,193 182,096
 
Gross Profit 517,289 494,994
 
Operating Expenses
Salaries and Other Expenses 396,558 381,504
General and Administrative Expenses 36,093 31,575
Amortization and Write-down of Intangibles 1,424 134
Impairment Charge 18,939
Restructuring Charge   1,424      
 
Total Operating Expenses 435,499 432,152
 
Operating Profit 81,790 62,842
 
Finance Charges from Refinancing 3,100
Interest Expense 9,050 8,547
Interest Income   (145 )   (248 )
 
Earnings Before Income Taxes 72,885 51,443
 
Income Tax Expense   23,590     19,589  
 
NET EARNINGS $ 49,295   $ 31,854  
 
BASIC WEIGHTED AVERAGE SHARES   58,917     63,678  
 
BASIC EARNINGS PER COMMON SHARE $ 0.84   $ 0.50  
 
DILUTED WEIGHTED AVERAGE SHARES   59,611     64,575  
 
DILUTED EARNINGS PER COMMON SHARE $ 0.83   $ 0.49  
 

Rent-A-Center, Inc. and Subsidiaries

           
CONSOLIDATED STATEMENTS OF EARNINGS
 
(In thousands of dollars, except per share data) Twelve Months Ended December 31,
  2011     2010  
 
Unaudited
Revenue
Store
Rentals and Fees $ 2,496,863 $ 2,335,496
Merchandise Sales 259,796 220,329
Installment Sales 68,617 63,833
Other   17,925     76,542  
 
2,843,201 2,696,200
Franchise
Merchandise Sales 33,972 30,575
Royalty Income and Fees   5,011     4,857  
 
Total Revenue 2,882,184 2,731,632
 
Cost of Revenues
Store
Cost of Rentals and Fees 570,493 519,282
Cost of Merchandise Sold 201,854 164,133
Cost of Installment Sales 24,834 23,303
Franchise Cost of Merchandise Sold   32,487     29,242  
 
Total Cost of Revenues 829,668 735,960
 
Gross Profit 2,052,516 1,995,672
 
Operating Expenses
Salaries and Other Expenses 1,594,480 1,543,391
General and Administrative Expenses 136,141 126,319
Amortization and Write-down of Intangibles 4,675 3,254
Litigation Settlement 2,800
Impairment Charge 7,320 18,939
Restructuring Charge   13,943      
 
Total Operating Expenses 1,759,359 1,691,903
 
Operating Profit 293,157 303,769
 
Finance Charges from Refinancing 3,100
Interest Expense 37,234 26,766
Interest Income   (627 )   (854 )
 
Earnings Before Income Taxes 256,550 274,757
 
Income Tax Expense   91,913     103,115  
 
NET EARNINGS $ 164,637   $ 171,642  
 
BASIC WEIGHTED AVERAGE SHARES   61,188     65,104  
 
BASIC EARNINGS PER COMMON SHARE $ 2.69   $ 2.64  
 
DILUTED WEIGHTED AVERAGE SHARES   61,889     65,903  
 
DILUTED EARNINGS PER COMMON SHARE $ 2.66   $ 2.60  

Source: Rent-A-Center, Inc.

Rent-A-Center, Inc.:
David E. Carpenter, 972-801-1214
Vice President of Investor Relations
david.carpenter@rentacenter.com



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