Rent-A-Center: Furniture - Appliances - Computers - Electronics
NASDAQ GS: RCII
$12.77(+0.19)
Jul 21, 2017 4:00 p.m.(20 minute delay)
Press Release

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Rent-A-Center, Inc. Reports Second Quarter 2014 Results

Total Revenues Increased 1.7%

Revenue Increased Over 32% in Acceptance Now and Over 56% in Mexico

Diluted Earnings per Share of $0.33, Including a Restructuring Charge of Approximately $0.05 per Diluted Share Related to Store Consolidation Plan

PLANO, Texas--(BUSINESS WIRE)--Jul. 21, 2014-- Rent-A-Center, Inc. (the "Company") (NASDAQ/NGS: RCII), the nation's largest rent-to-own operator, today announced results for the quarter ended June 30, 2014.

Second Quarter 2014 Results

Total revenues were $773.2 million, an increase of $12.7 million from total revenues of $760.5 million for the same period in the prior year. This 1.7% increase in total revenues was primarily due to increases of approximately $38.3 million in the Acceptance Now segment and approximately $6.4 million in the Mexico segment, partially offset by a decrease of approximately $30.4 million in the Core U.S. segment.

Same store sales increased 0.6% as compared to the same period in the prior year, primarily attributable to increases of 25.1% and 17.0% in the Acceptance Now and Mexico segments, respectively, partially offset by a 4.7% decrease in the Core U.S. segment.

Net earnings and net earnings per diluted share were $17.5 million and $0.33, respectively, as compared to $41.9 million and $0.76, respectively, for the same period in the prior year. Net earnings and net earnings per diluted share for the quarter ended June 30, 2014 were reduced by a $4.4 million pre-tax restructuring charge, and approximately $0.05 per diluted share, respectively, related to the consolidation of 150 stores into existing Core U.S. stores as discussed below.

Adjusted net earnings per diluted share were $0.38, when excluding the pre-tax restructuring charge, as compared to net earnings per diluted share of $0.76 for the same period in the prior year. These results include dilution related to the Mexico segment of approximately $0.08 per diluted share in the current quarter and $0.07 per diluted share for the same period in the prior year.

“As announced on July 10, we faced a difficult retail environment in the second quarter, not unlike many retailers that serve a similar demographic. As a result, revenue and earnings for the second quarter 2014 did not meet expectations,” said Robert D. Davis, the Chief Executive Officer of Rent-A-Center, Inc.

“We acknowledge the challenging retail environment is not a justification for our financial results, but rather an opportunity to better serve our customers and improve our operating performance. We believe we are up to this challenge. To that end, we have rolled out an exciting new product - smartphones and no-contract airtime plans - this month in substantially all of our Core U.S. stores. In addition, we are in the midst of executing on our transformative strategic initiatives outlined at our investor day and look forward to updating you on our progress during tomorrow’s conference call,” Mr. Davis concluded.

Six Months Ended June 30, 2014 Results

Total revenues were $1,607.0 million, an increase of $27.2 million from total revenues of $1,579.8 million in the same period in the prior year. This 1.7% increase in total revenues was primarily due to increases of approximately $85.3 million in the Acceptance Now segment and approximately $12.8 million in the Mexico segment, partially offset by a decrease of approximately $68.1 million in the Core U.S. segment.

Same store sales decreased 0.2% as compared to the same period in the prior year, primarily attributable to a 5.5% decrease in the Core U.S. segment, partially offset by increases of 25.6% and 18.5% in the Acceptance Now and Mexico segments, respectively.

Net earnings and net earnings per diluted share were $46.4 million and $0.87, respectively, as compared to $88.0 million and $1.55, respectively, in the same period in the prior year.

Net earnings and net earnings per diluted share for the six months ended June 30, 2014, were impacted by the following significant items, as discussed below:

  • A $4.4 million pre-tax restructuring charge, and approximately $0.05 per diluted share, respectively, related to the consolidation of 150 stores into existing Core U.S. stores; and
  • A $1.9 million pre-tax financing charge, and approximately $0.03 per diluted share, respectively, to write off unamortized financing costs from the previous credit agreement.

Collectively, these items reduced net earnings per diluted share by approximately $0.08.

Adjusted net earnings per diluted share were $0.95, when excluding the items above, as compared to net earnings per diluted share of $1.55 for the same period in the prior year. These results include dilution related to the Mexico segment of approximately $0.15 per diluted share in the current six-month period and $0.12 per diluted share for the same period in the prior year.

For the six months ended June 30, 2014, the Company generated cash flow from operations of approximately $69.0 million, while ending the quarter with approximately $68.1 million of cash on hand. The Company will pay its 17th consecutive quarterly cash dividend on July 24, 2014.

2014 Guidance

  • 2.5% to 4.0% total revenue growth for 2014.
    • 2.0% to 3.0% for Q3'14.
  • 1.5% to 2.5% same store sales growth for 2014.
    • 2.0% to 3.0% for Q3'14.
      • (3.5%) to (4.5%) for Core U.S. segment in Q3'14.
      • 25% to 30% for Acceptance Now segment in Q3'14.
      • 15% to 20% for Mexico segment in Q3'14.
  • EBITDA in the range of $300 to $310 million for 2014.
  • Annual effective tax rate in the range of 37% to 38% for 2014.
    • 33% to 34% for Q3'14.
  • Diluted earnings per share in the range of $2.00 to $2.15 for 2014, including approximately $0.25 per share dilution related to Mexico.
    • $0.43 to $0.51 for Q3'14.
  • Capital expenditures of approximately $95 million.
  • The Company expects to open approximately 190 domestic Acceptance Now kiosks.
  • The Company expects to open approximately 30 rent-to-own store locations in Mexico, all of which were opened in the six months ended June 30, 2014.
  • The 2014 guidance does not include the potential impact of any repurchases of common stock the Company may make, changes in future dividends, material changes in outstanding indebtedness, or the potential impact of acquisitions, dispositions or store closures that may be completed or occur after July 21, 2014.

“We believe the macro-environment will continue to be challenging in the back half of the year and as a result expect soft customer demand in our Core U.S. segment to persist,” said Mr. Davis. “We are excited about the smartphone rollout in the third quarter; however, we believe the impact to our third quarter results will be minimal and expect our diluted earnings per share to be similar to the third quarter of 2013. We believe the smartphone sales trend will accelerate, providing a significant impact in the fourth quarter and giving us confidence in our ability to achieve our updated annual diluted earnings per share guidance,” Mr. Davis concluded.

2014 Significant Items

Restructuring Charge. During the second quarter of 2014, the Company closed 150 Core U.S. stores and merged those accounts into existing Core U.S. stores as part of a multi-year program to improve profitability in the Core U.S. segment. The decision to close these stores was based on management's analysis and evaluation of the markets in which the Company operates, including market share, operating results, competitive positioning and growth potential for the affected stores. The store closures resulted in a pre-tax restructuring charge of $4.4 million during the second quarter of 2014. This charge included approximately $3.2 million of accelerated depreciation expense for fixed assets, leasehold improvements and write-off of merchandise inventory, $0.9 million in early lease termination costs and $0.3 million of other operating costs to decommission the stores. This restructuring charge reduced net earnings per diluted share by approximately $0.05 in both the three-month and six-month periods ended June 30, 2014.

We have not recorded a liability for future lease obligations on these properties as the fair value of the liability at the cease-use date was reduced to zero by estimated sublease rentals that could be obtained for the properties. Accordingly, future lease obligations of approximately $4.4 million that remain as of June 30, 2014, will either be expensed monthly as paid or recognized in full upon negotiation of early termination. Approximately $1.8 million of these remaining lease obligations are scheduled to be paid in the second half of 2014, and substantially all the remainder are scheduled to be paid out through 2016.

Senior Credit Facility Financing Charge. During the first quarter of 2014, the Company recorded a pre-tax charge of approximately $1.9 million to write off unamortized financing costs from the previous credit agreement closed in July 2011. This financing charge reduced net earnings per diluted share by approximately $0.03 for the six-month period ended June 30, 2014.

Rent-A-Center, Inc. will host a conference call to discuss the second quarter results, guidance and other operational matters on Tuesday morning, July 22, 2014, at 10:45 a.m. ET. 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, is the largest rent-to-own operator in North America, focused on improving the quality of life for its customers by providing them the opportunity to obtain ownership of high-quality, durable products such as consumer electronics, appliances, computers, furniture and accessories, under flexible rental purchase agreements with no long-term obligation. The Company owns and operates approximately 3,025 stores in the United States, Mexico, Canada and Puerto Rico, and approximately 1,360 Acceptance Now kiosk locations in the United States and Puerto Rico. Rent-A-Center Franchising International, Inc., a wholly owned subsidiary of the Company, is a national franchiser of approximately 180 rent-to-own stores operating under the trade names of "Rent-A-Center", "ColorTyme", and "RimTyme". For additional information about the Company, please visit our website at www.rentacenter.com.

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. The Company believes that the expectations reflected in such forward-looking statements are accurate. However, there can be no assurance that such expectations will occur. The Company's actual future performance could differ materially from such statements. Factors that could cause or contribute to such differences include, but are not limited to: the general strength of the economy and other economic conditions affecting consumer preferences and spending; economic pressures, such as high fuel costs, affecting the disposable income available to the Company's current and potential customers; changes in the unemployment rate; difficulties encountered in improving the financial performance of the Core U.S. segment; the Company’s ability to develop and successfully execute the competencies and capabilities which are the focus of the Company’s multi-year program designed to transform and modernize the Company’s operations; costs associated with the Company's multi-year program designed to transform and modernize the Company’s operations; the Company’s ability to successfully market smartphones and related services to its customers; the Company's ability to develop and successfully implement digital electronic commerce capabilities; the Company's ability to retain the revenue from customer accounts merged into another store location as a result of the store consolidation plan; the Company's ability to execute and the effectiveness of the store consolidation; rapid inflation or deflation in prices of the Company's products; the Company's available cash flow; the Company's ability to identify and successfully market products and services that appeal to its customer demographic; consumer preferences and perceptions of the Company's brand; 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 enter into new and collect on its rental or lease purchase agreements; the passage of legislation adversely affecting the rent-to-own industry; the Company's compliance with applicable statutes or regulations governing its transactions; changes in interest rates; adverse changes in the economic conditions of the industries, countries or markets that the Company serves; information technology and data security costs; the Company's ability to protect the integrity and security of individually identifiable data of its customers and employees; the impact of any breaches in data security or other disturbances to the Company's information technology and other networks; 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; fluctuations in foreign currency exchange rates; the Company's ability to maintain an effective system of internal controls; 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, 2013, and its quarterly report on Form 10-Q for the quarter ended March 31, 2014. 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
(Unaudited)
 
(In thousands, except per share data) Three Months Ended June 30,
2014     2014       2013 (2)
Before After After
Significant Items Significant Items Significant Items
(Non-GAAP (GAAP (GAAP
Earnings) Earnings) Earnings)
Total Revenues $ 773,217 $ 773,217 $ 760,511
Operating Profit 44,536 40,159 77,230
Net Earnings 20,216 (1) 17,533 41,876
Diluted Earnings per Common Share $ 0.38 (1) $ 0.33 $ 0.76
Adjusted EBITDA $ 65,164 $ 65,164 $ 97,155
 
Reconciliation to Adjusted EBITDA:
 
Earnings Before Income Taxes $ 32,985 (1) $ 28,608 $ 67,557
Add back:
Restructuring charge 4,377
Finance charges from refinancing
Interest Expense, net 11,551 11,551 9,673
Depreciation of Property Assets 18,583 18,583 18,760
Amortization and Write-down of Intangibles   2,045     2,045     1,165
 
Adjusted EBITDA $ 65,164 $ 65,164 $ 97,155
(1)   Excludes the effects of a $4.4 million pre-tax restructuring charge related to the consolidation of 150 stores as discussed above. This charge reduced net earnings and net earnings per diluted share for the quarter ended June 30, 2014, by approximately $2.7 million and $0.05, respectively.
 
(2) As discussed in our Annual Report on Form 10-K for the year ended December 31, 2013, we identified errors in accounting for our estimates for rental merchandise reserves and for the allowance for doubtful accounts, resulting in an immaterial overstatement of on rent merchandise and understatements of held for rent merchandise and receivables which affected periods through December 31, 2013. We increased (decreased) previously reported salaries and other expenses, operating profit, income tax expense and net earnings by $0.2 million, $(0.2) million, $(0.1) million and $(0.1) million in our historical financial statement highlights and financial statements for the three-month period ended June 30, 2013, reported herein.
 
     
(In thousands, except per share data) Six Months Ended June 30,
2014     2014       2013 (4)
Before After After
Significant Items Significant Items Significant Items
(Non-GAAP (GAAP (GAAP
Earnings) Earnings) Earnings)
Total Revenues $ 1,606,963 $ 1,606,963 $ 1,579,792
Operating Profit 104,299 99,922 156,014
Net Earnings 50,287 (3) 46,390 88,009
Diluted Earnings per Common Share $ 0.95 (3) $ 0.87 $ 1.55
Adjusted EBITDA $ 144,813 $ 144,813 $ 195,302
 
Reconciliation to Adjusted EBITDA:
 
Earnings Before Income Taxes $ 81,583 (3) $ 75,260 $ 138,633
Add back:
Restructuring charge 4,377
Finance charges from refinancing 1,946
Interest Expense, net 22,716 22,716 17,381
Depreciation of Property Assets 37,722 37,722 37,233
Amortization and Write-down of Intangibles   2,792     2,792     2,055
 
Adjusted EBITDA $ 144,813 $ 144,813 $ 195,302
(3)   Excludes the effects of a $4.4 million pre-tax restructuring charge in the second quarter related to the consolidation of 150 stores as discussed above, and the effects of a $1.9 million pre-tax charge in the first quarter to write off unamortized financing costs from the previous credit agreement closed in July 2011. These charges reduced net earnings and net earnings per diluted share for the six months ended June 30, 2014, by approximately $3.9 million and $0.08, respectively.
 
(4) As discussed in our Annual Report on Form 10-K for the year ended December 31, 2013, we identified errors in accounting for our estimates for rental merchandise reserves and for the allowance for doubtful accounts, resulting in an immaterial overstatement of on rent merchandise and understatements of held for rent merchandise and receivables which affected periods through December 31, 2013. We increased (decreased) previously reported salaries and other expenses, operating profit, income tax expense and net earnings by $0.7 million, $(0.7) million, $(0.3) million and $(0.4) million in our historical financial statement highlights and financial statements for the six-month period ended June 30, 2013, reported herein. We also increased (decreased) previously reported accounts receivable, on rent rental merchandise inventory, held for rent rental merchandise, total assets, total liabilities and stockholders' equity by $4.3 million, $(15.5) million, $1.2 million, $(10.0) million, $(3.8) million and $(6.2) million, respectively, at June 30, 2013.
 
     
(In thousands of dollars) June 30,
2014     2013 (4)
Cash and Cash Equivalents $ 68,068 $ 78,491
Receivables, net 59,520 52,627
Prepaid Expenses and Other Assets 75,063 70,441
Rental Merchandise, net
On Rent 855,821 833,725
Held for Rent 247,375 219,485
Total Assets $ 3,017,760 $ 2,930,459
 
Senior Debt $ 393,238 $ 323,775
Senior Notes 550,000 550,000
Total Liabilities 1,647,118 1,610,457
Stockholders' Equity $ 1,370,642 $ 1,320,002
 
           

Rent-A-Center, Inc. and Subsidiaries

 
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
 
(In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30,
2014    

2013 (2)

2014    

2013 (4)

Revenues
Store
Rentals and fees $ 684,134 $ 668,947 $ 1,378,302 $ 1,342,551
Merchandise sales 59,610 59,790 167,671 173,363
Installment sales 18,054 17,537 36,410 34,664
Other 3,734 5,001 7,992 9,761
Franchise
Merchandise sales 5,963 7,843 13,287 16,676
Royalty income and fees 1,722   1,393   3,301   2,777  
773,217 760,511 1,606,963 1,579,792
Cost of revenues
Store
Cost of rentals and fees 177,512 168,928 355,382 336,847
Cost of merchandise sold 47,113 47,260 126,730 133,559
Cost of installment sales 6,358 6,189 12,740 12,158
Franchise cost of merchandise sold 5,737   7,514   12,737   15,930  
236,720 229,891 507,589 498,494
Gross profit 536,497 530,620 1,099,374 1,081,298
Operating expenses
Salaries and other expenses

443,799

413,865

901,429

846,056
General and administrative expenses

46,117

38,360

90,854

77,173
Amortization and write-down of intangibles 2,045 1,165 2,792 2,055
Restructuring charge 4,377     4,377    
496,338 453,390 999,452 925,284
 
Operating profit 40,159 77,230 99,922 156,014
Finance charges from refinancing 1,946
Interest expense 11,796 9,856 23,197 17,857
Interest income (245 ) (183 )   (481 ) (476 )  
Earnings before income taxes 28,608 67,557 75,260 138,633
Income tax expense 11,075   25,681   28,870   50,624  
NET EARNINGS $ 17,533   $ 41,876   $ 46,390   $ 88,009  
 
Basic weighted average shares 52,824   54,885   52,809   56,416  
 
Basic earnings per common share $ 0.33   $ 0.76   $ 0.88   $ 1.56  
 
Diluted weighted average shares 53,074   55,253   53,047   56,794  
 
Diluted earnings per common share $ 0.33   $ 0.76   $ 0.87   $ 1.55  
 

Rent-A-Center, Inc. and Subsidiaries

SEGMENT INFORMATION HIGHLIGHTS
(Unaudited)

On January 1, 2014, the Company realigned its reporting structure to include its 18 Canadian stores in the Core U.S. segment, which were previously reported in the International segment. The accompanying prior-year amounts and store counts have been revised to reflect this change, and we now refer to the segment formerly reported as "International" as "Mexico" since only that country's results are reported therein.

(In thousands of dollars)       Three Months Ended June 30, 2014
Core U.S.     Acceptance Now     Mexico     Franchising     Total
Revenue $ 592,040 $ 155,797 $ 17,695 $ 7,685 $ 773,217
Gross profit 431,920 89,876 12,753 1,948 536,497
Operating profit (loss) 28,161 18,399 (6,818 ) 417 40,159
Depreciation of property assets 17,884 1,426 1,788 51 21,149
Amortization and write-down of intangibles 1,903 142 2,045
Capital expenditures 13,685 3,073 1,584 18,342
 
(In thousands of dollars)       Three Months Ended June 30, 2013
Core U.S.     Acceptance Now     Mexico     Franchising     Total (2)
Revenue $ 622,469 $ 117,493 $ 11,313 $ 9,236 $ 760,511
Gross profit 451,920 68,770 8,208 1,722 530,620
Operating profit (loss) 65,656 17,394 (6,362 ) 542 77,230
Depreciation of property assets 16,203 1,162 1,375 20 18,760
Amortization and write-down of intangibles 1,023 142 1,165
Capital expenditures 20,191 2,262 2,731 25,184
 
(In thousands of dollars)       Six Months Ended June 30, 2014
Core U.S.     Acceptance Now     Mexico     Franchising     Total
Revenue $ 1,226,803 $ 330,004 $ 33,568 $ 16,588 $ 1,606,963
Gross profit 888,509 182,783 24,231 3,851 1,099,374
Operating profit (loss) 72,018 39,976 (13,095 ) 1,023 99,922
Depreciation of property assets 33,921 2,850 3,431 86 40,288
Amortization and write-down of intangibles 2,508 284 2,792
Capital expenditures 31,721 5,857 3,872 41,450
Rental merchandise, net
On rent 538,222 296,133 21,466 855,821
Held for rent 227,118 8,139 12,118 247,375
Total assets 2,545,380 396,158 74,361 1,861 3,017,760
 
(In thousands of dollars)       Six Months Ended June 30, 2013
Core U.S.     Acceptance Now     Mexico     Franchising     Total (4)
Revenue $ 1,294,877 $ 244,656 $ 20,806 $ 19,453 $ 1,579,792
Gross profit 926,992 135,877 14,906 3,523 1,081,298
Operating profit (loss) 132,734 33,044 (11,009 ) 1,245 156,014
Depreciation of property assets 32,377 2,251 2,565 40 37,233
Amortization and write-down of intangibles 1,770 285 2,055
Capital expenditures 35,243 4,202 5,376 44,821
Rental merchandise, net
On rent 581,363 240,010 12,352 833,725
Held for rent 209,091 3,506 6,888 219,485
Total assets 2,542,102 328,644 58,104 1,609 2,930,459
 
         
SAME STORE SALES
(Unaudited)
 
2014   2013  
Period Core U.S.    

Acceptance
Now

    Mexico     Total Core U.S.    

Acceptance
Now

    Mexico     Total
Three months ended March 31, (6.1 )% 26.1 % 20.3 % (0.8 )% (8.7 )% 33.8 % 80.0 % (4.3 )%
Three months ended June 30, (4.7 )% 25.1 % 17.0 % 0.6 % (5.8 )% 32.0 % 61.3 % (1.6 )%
Six months ended June 30, (5.5 )% 25.6 % 18.5 % (0.2 )% (7.3 )% 32.9 % 69.3 % (3.0 )%
 
     
Rent-A-Center, Inc. and Subsidiaries
 
LOCATION ACTIVITY
(Unaudited)
 
Location Activity - Three Months Ended June 30, 2014
Core U.S.     Acceptance Now     Mexico     Franchising     Total
Locations at beginning of period 2,997 1,355 173 178 4,703
New location openings 2 25 8 8 43
Acquired locations remaining open 1 1
Closed locations
Merged with existing locations 144 21 5 170
Sold or closed with no surviving location 9       6   15
Locations at end of period 2,847   1,359   176   180   4,562
Acquired locations closed and accounts merged with existing locations 6 6
 
      Location Activity - Three Months Ended June 30, 2013
Core U.S.     Acceptance Now     Mexico     Franchising     Total
Locations at beginning of period 3,001 1,053 110 224 4,388
New location openings 2 110 20 2 134
Acquired locations remaining open 3 3
Closed locations
Merged with existing locations 14 10 24
Sold or closed with no surviving location 2       5   7
Locations at end of period 2,990   1,153   130   221   4,494
Acquired locations closed and accounts merged with existing locations 9 9
 
      Location Activity - Six Months Ended June 30, 2014
Core U.S.     Acceptance Now     Mexico     Franchising     Total
Locations at beginning of period 3,010 1,325 151 179 4,665
New location openings 8 85 30 9 132
Acquired locations remaining open 1 1
Closed locations
Merged with existing locations 163 50 5 218
Sold or closed with no surviving location 9   1     8   18
Locations at end of period 2,847   1,359   176   180   4,562
Acquired locations closed and accounts merged with existing locations 6 6
 
      Location Activity - Six Months Ended June 30, 2013
Core U.S.     Acceptance Now     Mexico     Franchising     Total
Locations at beginning of period 3,008 966 90 224 4,288
New location openings 9 208 40 5 262
Acquired locations remaining open 6 6
Closed locations
Merged with existing locations 30 21 51
Sold or closed with no surviving location 3       8   11
Locations at end of period 2,990   1,153   130   221   4,494
Acquired locations closed and accounts merged with existing locations 13 13

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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