__
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report:
(Date of earliest event reported)
October 21, 2013
RENT-A-CENTER, INC.
(Exact name of registrant as specified in charter)
Delaware | 0-25370 | 45-0491516 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) | ||
5501 Headquarters Drive
Plano, Texas 75024
(Address of principal executive offices and zip code)
(972) 801-1100
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425). |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12). |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)). |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)). |
Item 2.02 Results of Operations and Financial Condition.
Attached hereto as Exhibit 99.1 is the Registrant's press release reflecting earnings information for the quarter ended September 30, 2013.
The press release contains information regarding EBITDA (earnings before interest, taxes, depreciation and amortization), which is a non-GAAP financial measure as defined in Item 10(e) of Regulation S-K. The press release also contains a reconciliation of EBITDA to the Registrant's reported earnings before income taxes. Management of the Registrant believes that presentation of EBITDA is useful to investors, as among other things, this information impacts certain financial covenants under the Registrant's senior credit facilities and the indentures governing its 6.625% senior unsecured notes due November 2020 and its 4.75% senior unsecured notes due May 2021. While management believes this non-GAAP financial measure is useful in evaluating the Registrant, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Further, the non-GAAP financial measure may differ from similar measures presented by other companies.
Pursuant to General Instruction B.2. of Form 8-K, all of the information contained in this Form 8-K and the accompanying exhibit shall be deemed to be "furnished" and not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and, therefore, shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1 Press Release, dated October 21, 2013.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RENT-A-CENTER, INC. | ||||
Date: October 21, 2013 | By: | /s/ Robert D. Davis | ||
Robert D. Davis | ||||
Executive Vice President - Finance, Chief Financial Officer and Treasurer | ||||
3
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 | Press release, dated October 21, 2013 | |
Exhibit 99.1
For Immediate Release:
RENT-A-CENTER, INC. REPORTS
THIRD QUARTER 2013 RESULTS
Diluted Earnings per Share of $0.51
RAC Acceptance Revenues Increased 47.7%
Cash Flow from Operations of Approximately $173 million Year-to-Date
______________________________________________
Plano, Texas, October 21, 2013 — 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 ended September 30, 2013.
Third Quarter 2013 Results
Total revenues for the quarter ended September 30, 2013, were $754.8 million, an increase of $15.5 million from total revenues of $739.3 million for the same period in the prior year. This 2.1% increase in total revenues was primarily due to increases of approximately $40.0 million in the RAC Acceptance segment and approximately $4.1 million in the International segment, partially offset by a decrease of approximately $26.2 million in the Core U.S. segment. For the quarter ended September 30, 2013, same store sales declined 0.8% as compared to the same period in the prior year, primarily attributable to a 5.1% decrease in the Core U.S. segment, partially offset by increases of 29.3% and 33.1% in the RAC Acceptance and International segments, respectively.
Net earnings and net earnings per diluted share for the quarter ended September 30, 2013, were $27.6 million and $0.51, respectively, as compared to $39.9 million and $0.67, respectively, for the same period in the prior year. These results include dilution related to the Company's international growth initiatives of approximately $0.09 per share in the quarter ended September 30, 2013, and approximately $0.10 per share for the same period in the prior year.
"I am pleased with our progress in building our portfolio of agreements in our Core U.S. business as we surpassed prior-year levels in the third quarter. Traffic remained strong again this quarter with deliveries up 7.3% year-over-year. I am encouraged by the improving trend in this metric as it indicates improving market share. However, continued electronic product deflation coupled with promotional activity in the quarter to attract customers who remain under pressure caused our average revenue per agreement or ticket to be down year-over-year and is the primary reason for our same store sales decline in our Core U.S. segment and the lowering of our 2013 diluted earnings per share guidance to $2.80 to $2.85,” said Mark E. Speese, the Company's Chairman and Chief Executive Officer. “Two consecutive quarters of approximately 7% increase in deliveries gives us confidence in our long-term strategy of improving the results in our Core U.S. segment,” Speese added.
"Our growth initiatives continue to perform very well. RAC Acceptance results are tracking to our new store economic model with revenues of approximately $124 million in the quarter, an increase of close to 48%, and contributing over 16% of our total revenues and over 33% of our total operating profit. Mexico grew revenues over 91% and has met its store opening goal for the year by ending the quarter with 150 locations," Speese continued. “We believe we will continue to exploit the opportunities in our growth initiatives as part of our long-term strategy,” Speese concluded.
Nine Months Ended September 30, 2013 Results
Total revenues for the nine months ended September 30, 2013, were $2,334.6 million, an increase of $10.3 million from total revenues of $2,324.3 million for the same period in the prior year. This 0.4% increase in total revenues was primarily due to increases of approximately $119.8 million in the RAC Acceptance segment and approximately $13.9 million in the International segment, substantially offset by a decrease of approximately $119.2 million in the Core U.S. segment. For the nine months ended September 30, 2013, same store sales declined 2.3% as compared to the same period in the prior year, primarily attributable to a 6.7% decrease in the Core U.S. segment, partially offset by increases of 31.6% and 48.3% in the RAC Acceptance and International segments, respectively.
Net earnings and net earnings per diluted share for the nine months ended September 30, 2013, were $116.1 million and $2.08, respectively, as compared to $136.0 million and $2.28, respectively, for the same period in the prior year. These results include dilution related to the Company's international growth initiatives of approximately $0.23 per share for the nine months ended September 30, 2013, and approximately $0.25 per share for the same period in the prior year.
Through the nine month period ended September 30, 2013, the Company generated cash flow from operations of approximately $172.9 million, while ending the quarter with $52.9 million of cash on hand. Reflecting continued confidence in its strong cash flows by returning cash to stockholders, the Company will pay its 14th consecutive quarterly cash dividend on October 24, 2013.
During the nine month period ended September 30, 2013, the Company repurchased 5,057,458 shares of its common stock for approximately $217.4 million under its common stock repurchase plan. This includes the initial delivery of approximately 4.6 million shares for $200 million pursuant to the previously announced accelerated stock buyback (“ASB”) program, which represents approximately 80% of the shares expected to be purchased in the ASB transaction. The total number of shares that the Company ultimately purchases in the ASB transaction will be determined based on the average of the daily volume-weighted average share price of its common stock over the duration of the ASB transaction, less an agreed discount, and is subject to certain adjustments under the term of the ASB agreement. Final settlement of the ASB transaction is expected to occur in or before February 2014, although the completion date may be accelerated or extended.
To date, the Company has repurchased a total of 36,177,737 shares and has utilized approximately $994.8 million of the $1.25 billion authorized by its Board of Directors since the inception of the plan.
The Company also announced today that its wholly owned subsidiary, ColorTyme, Inc., a franchisor of rent-to-own stores operating under the trade name of “ColorTyme,” changed its name to Rent-A-Center Franchising International, Inc. in connection with an offer to its current franchisees of the opportunity to convert their ColorTyme stores to the Rent-A-Center brand. The Company believes that a unified network of both company-owned and franchised stores operating under the Rent-A-Center name creates a stronger service offering for our customers and leverages our growth efforts to reach more customers.
To facilitate the conversion of ColorTyme branded stores to Rent-A-Center, the Company will sell some of its company-owned stores to existing franchisees, purchase some of the former ColorTyme stores and either operate them under the Rent-A-Center brand or merge them with existing stores, and some franchise stores will continue to operate under the ColorTyme brand. The Company will also bear certain re-imaging costs incurred by franchisees who elect to re-brand. The Company anticipates recording a pre-tax restructuring charge in the fourth quarter of 2013 in connection with this re-branding initiative in the range of $1 million to $3 million. No restructuring charges were incurred in the third quarter of 2013.
2013 Guidance
• | Approximately 1.0% total revenue growth. |
◦ | Approximately $515 million contribution from RAC Acceptance. |
• | Approximate decline of 1.5% in same store sales. |
• | Approximately 10 basis points gross profit margin decrease. |
◦ | Due to the growth of RAC Acceptance. |
• | Approximately 100 basis points operating profit margin decrease. |
• | EBITDA of approximately $370 million. |
• | Annual effective tax rate of approximately 37.3% |
• | Diluted earnings per share in the range of $2.80 to $2.85. |
◦ | Includes approximately $0.30 per share dilution related to our international growth initiatives after giving effect to lower share count due to the accelerated stock buyback ("ASB") program. |
• | Capital expenditures of approximately $110 million. |
• | The Company expects to open approximately 365 domestic RAC Acceptance kiosks and net approximately 325. |
• | The Company expects to open approximately 60 rent-to-own store locations in Mexico. |
• | The 2013 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 October 21, 2013. |
Rent-A-Center, Inc. will host a conference call to discuss the third quarter results, guidance and other operational matters on Tuesday morning, October 22, 2013, 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 goods 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 3,140 stores in the United States, Canada, Mexico and Puerto Rico, and approximately 1,255 RAC Acceptance 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 215 rent-to-own stores. For additional information about the Company, please visit 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: 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 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; 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; the general strength of the economy and other economic conditions affecting consumer preferences and spending; adverse changes in the economic conditions of the industries, countries or markets that the Company serves; 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; information technology and data security costs; the Company's ability to maintain an effective system of internal controls; the resolution of the Company's litigation; uncertainties regarding the number of franchisees who accept the offer to convert; uncertainties regarding the number and location of stores that the Company may buy in connection with the conversion offer; uncertainties regarding the number and location of Company owned stores that may be sold to one or more franchisees to facilitate conversion; ability to market franchises under the “Rent-A-Center” brand; the Company’s ability to support both “ColorTyme” and “Rent-A-Center” franchise brands, to the extent necessary; the Company's ability to retain the revenue associated with customer accounts acquired from any franchisees; the Company's compliance with applicable statutes or regulations governing the conversion offer; 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, 2012, and its quarterly reports on Form 10-Q for the quarters ended March 31, 2013, and June 30, 2013. 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.
Contact for Rent-A-Center, Inc.:
David E. Carpenter
Vice President of Investor Relations
(972) 801-1214
david.carpenter@rentacenter.com
Rent-A-Center, Inc. and Subsidiaries
STATEMENT OF EARNINGS HIGHLIGHTS
(Unaudited)
(In thousands, except per share data) | Three Months Ended September 30, | |||||||||
2013 | 2012 | |||||||||
Total Revenues | $ | 754,780 | $ | 739,314 | ||||||
Operating Profit | 56,532 | 68,113 | ||||||||
Net Earnings | 27,622 | 39,910 | ||||||||
Diluted Earnings per Common Share | $ | 0.51 | $ | 0.67 | ||||||
Adjusted EBITDA | $ | 76,592 | $ | 88,972 | ||||||
Reconciliation to Adjusted EBITDA: | ||||||||||
Earnings Before Income Taxes | $ | 45,799 | $ | 60,184 | ||||||
Add back: | ||||||||||
Interest Expense, net | 10,733 | 7,929 | ||||||||
Depreciation of Property Assets | 19,421 | 18,412 | ||||||||
Amortization and Write-down of Intangibles | 639 | 2,447 | ||||||||
Adjusted EBITDA | $ | 76,592 | $ | 88,972 | ||||||
(In thousands of dollars, except per share data) | Nine Months Ended September 30, | |||||||||
2013 | 2012 | |||||||||
Total Revenues | $ | 2,334,572 | $ | 2,324,266 | ||||||
Operating Profit | 213,252 | 239,174 | ||||||||
Net Earnings | 116,083 | 136,033 | ||||||||
Diluted Earnings per Common Share | $ | 2.08 | $ | 2.28 | ||||||
Adjusted EBITDA | $ | 272,600 | $ | 299,181 | ||||||
Reconciliation to Adjusted EBITDA: | ||||||||||
Earnings Before Income Taxes | $ | 185,138 | $ | 214,228 | ||||||
Add back: | ||||||||||
Interest Expense, net | 28,114 | 24,946 | ||||||||
Depreciation of Property Assets | 56,654 | 54,744 | ||||||||
Amortization and Write-down of Intangibles | 2,694 | 5,263 | ||||||||
Adjusted EBITDA | $ | 272,600 | $ | 299,181 | ||||||
SELECTED BALANCE SHEET HIGHLIGHTS
(Unaudited)
(In thousands of dollars) | September 30, | |||||||||
2013 | 2012 | |||||||||
Cash and Cash Equivalents | $ | 52,857 | $ | 81,800 | ||||||
Receivables, net | 48,527 | 44,284 | ||||||||
Prepaid Expenses and Other Assets | 73,910 | 71,914 | ||||||||
Rental Merchandise, net | ||||||||||
On Rent | 854,580 | 733,724 | ||||||||
Held for Rent | 217,388 | 214,158 | ||||||||
Total Assets | $ | 2,937,310 | $ | 2,799,915 | ||||||
Senior Debt | $ | 284,575 | $ | 293,300 | ||||||
Senior Notes | 550,000 | 300,000 | ||||||||
Total Liabilities | 1,589,592 | 1,339,117 | ||||||||
Stockholders' Equity | $ | 1,347,718 | $ | 1,460,798 | ||||||
Rent-A-Center, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenues | |||||||||||||||
Store | |||||||||||||||
Rentals and fees | $ | 671,334 | $ | 652,059 | $ | 2,013,885 | $ | 1,989,027 | |||||||
Merchandise sales | 53,808 | 58,854 | 227,171 | 242,335 | |||||||||||
Installment sales | 17,474 | 15,560 | 52,138 | 49,225 | |||||||||||
Other | 4,483 | 2,811 | 14,244 | 12,280 | |||||||||||
Franchise | |||||||||||||||
Merchandise sales | 6,396 | 8,697 | 23,072 | 27,332 | |||||||||||
Royalty income and fees | 1,285 | 1,333 | 4,062 | 4,067 | |||||||||||
754,780 | 739,314 | 2,334,572 | 2,324,266 | ||||||||||||
Cost of revenues | |||||||||||||||
Store | |||||||||||||||
Cost of rentals and fees | 170,979 | 158,805 | 507,826 | 481,954 | |||||||||||
Cost of merchandise sold | 42,344 | 47,497 | 175,903 | 192,038 | |||||||||||
Cost of installment sales | 5,983 | 5,376 | 18,141 | 17,402 | |||||||||||
Franchise cost of merchandise sold | 6,142 | 8,295 | 22,072 | 26,141 | |||||||||||
225,448 | 219,973 | 723,942 | 717,535 | ||||||||||||
Gross profit | 529,332 | 519,341 | 1,610,630 | 1,606,731 | |||||||||||
Operating expenses | |||||||||||||||
Salaries and other expenses | 435,107 | 410,693 | 1,280,457 | 1,248,732 | |||||||||||
General and administrative expenses | 37,054 | 38,088 | 114,227 | 113,562 | |||||||||||
Amortization and write-down of intangibles | 639 | 2,447 | 2,694 | 5,263 | |||||||||||
472,800 | 451,228 | 1,397,378 | 1,367,557 | ||||||||||||
Operating profit | 56,532 | 68,113 | 213,252 | 239,174 | |||||||||||
Interest expense | 10,916 | 8,096 | 28,773 | 25,416 | |||||||||||
Interest income | (183 | ) | (167 | ) | (659 | ) | (470 | ) | |||||||
Earnings before income taxes | 45,799 | 60,184 | 185,138 | 214,228 | |||||||||||
Income tax expense | 18,177 | 20,274 | 69,055 | 78,195 | |||||||||||
NET EARNINGS | $ | 27,622 | $ | 39,910 | $ | 116,083 | $ | 136,033 | |||||||
Basic weighted average shares | 53,438 | 58,882 | 55,423 | 59,098 | |||||||||||
Basic earnings per common share | $ | 0.52 | $ | 0.68 | $ | 2.09 | $ | 2.30 | |||||||
Diluted weighted average shares | 53,812 | 59,312 | 55,800 | 59,609 | |||||||||||
Diluted earnings per common share | $ | 0.51 | $ | 0.67 | $ | 2.08 | $ | 2.28 | |||||||
Rent-A-Center, Inc. and Subsidiaries
SEGMENT INFORMATION HIGHLIGHTS
(Unaudited)
(In thousands of dollars) | Three Months Ended September 30, 2013 | ||||||||||||||||||
Core U.S. | RAC Acceptance | International | Franchising | Total | |||||||||||||||
Revenue | $ | 608,333 | $ | 123,798 | $ | 14,968 | $ | 7,681 | $ | 754,780 | |||||||||
Gross profit | 442,971 | 74,083 | 10,739 | 1,539 | 529,332 | ||||||||||||||
Operating profit (loss) | 44,943 | 18,855 | (7,665 | ) | 399 | 56,532 | |||||||||||||
Depreciation of property assets | 16,401 | 1,323 | 1,677 | 20 | 19,421 | ||||||||||||||
Amortization and write-down of intangibles | 497 | 142 | — | — | 639 | ||||||||||||||
Capital expenditures | 22,340 | 2,819 | 3,781 | — | 28,940 | ||||||||||||||
(In thousands of dollars) | Three Months Ended September 30, 2012 | ||||||||||||||||||
Core U.S. | RAC Acceptance | International | Franchising | Total | |||||||||||||||
Revenue | $ | 634,575 | $ | 83,838 | $ | 10,871 | $ | 10,030 | $ | 739,314 | |||||||||
Gross profit | 460,353 | 49,737 | 7,516 | 1,735 | 519,341 | ||||||||||||||
Operating profit (loss) | 69,544 | 7,259 | (9,046 | ) | 356 | 68,113 | |||||||||||||
Depreciation of property assets | 15,981 | 936 | 1,475 | 20 | 18,412 | ||||||||||||||
Amortization and write-down of intangibles | 583 | 897 | 967 | — | 2,447 | ||||||||||||||
Capital expenditures | 22,056 | 1,191 | 1,536 | — | 24,783 | ||||||||||||||
(In thousands of dollars) | Nine Months Ended September 30, 2013 | ||||||||||||||||||
Core U.S. | RAC Acceptance | International | Franchising | Total | |||||||||||||||
Revenue | $ | 1,897,586 | $ | 368,454 | $ | 41,398 | $ | 27,134 | $ | 2,334,572 | |||||||||
Gross profit | 1,365,980 | 209,960 | 29,628 | 5,062 | 1,610,630 | ||||||||||||||
Operating profit | 179,608 | 52,384 | (20,384 | ) | 1,644 | 213,252 | |||||||||||||
Depreciation of property assets | 48,319 | 3,574 | 4,701 | 60 | 56,654 | ||||||||||||||
Amortization and write-down of intangibles | 2,267 | 427 | — | — | 2,694 | ||||||||||||||
Capital expenditures | 57,537 | 7,021 | 9,203 | — | 73,761 | ||||||||||||||
Rental merchandise, net | |||||||||||||||||||
On rent | 574,871 | 261,967 | 17,742 | — | 854,580 | ||||||||||||||
Held for rent | 205,674 | 3,579 | 8,135 | — | 217,388 | ||||||||||||||
Total assets | 2,513,251 | 351,407 | 71,443 | 1,209 | 2,937,310 | ||||||||||||||
(In thousands of dollars) | Nine Months Ended September 30, 2012 | ||||||||||||||||||
Core U.S. | RAC Acceptance | International | Franchising | Total | |||||||||||||||
Revenue | $ | 2,016,761 | $ | 248,626 | $ | 27,480 | $ | 31,399 | $ | 2,324,266 | |||||||||
Gross profit | 1,444,824 | 137,524 | 19,125 | 5,258 | 1,606,731 | ||||||||||||||
Operating profit | 244,215 | 17,024 | (23,617 | ) | 1,552 | 239,174 | |||||||||||||
Depreciation of property assets | 47,689 | 2,620 | 4,366 | 69 | 54,744 | ||||||||||||||
Amortization and write-down of intangibles | 1,606 | 2,690 | 967 | — | 5,263 | ||||||||||||||
Capital expenditures | 59,089 | 3,582 | 10,432 | — | 73,103 | ||||||||||||||
Rental merchandise, net | |||||||||||||||||||
On rent | 534,812 | 184,372 | 14,540 | — | 733,724 | ||||||||||||||
Held for rent | 204,235 | 3,099 | 6,824 | — | 214,158 | ||||||||||||||
Total assets | 2,464,875 | 265,496 | 67,907 | 1,637 | 2,799,915 | ||||||||||||||
Location Activity - Three Months Ended September 30, 2013 | ||||||||||||||
Core U.S. | RAC Acceptance | International | Franchising | Total | ||||||||||
Locations at beginning of period | 2,972 | 1,153 | 148 | 221 | 4,494 | |||||||||
New location openings | 6 | 112 | 22 | 4 | 144 | |||||||||
Acquired locations remaining open | 6 | — | — | — | 6 | |||||||||
Closed locations | ||||||||||||||
Merged with existing locations | 10 | 10 | 2 | — | 22 | |||||||||
Sold or closed with no surviving location | — | 1 | — | 12 | 13 | |||||||||
Locations at end of period | 2,974 | 1,254 | 168 | 213 | 4,609 | |||||||||
Acquired locations closed and accounts merged with existing locations | 5 | — | — | — | 5 | |||||||||
Location Activity - Three Months Ended September 30, 2012 | ||||||||||||||
Core U.S. | RAC Acceptance | International | Franchising | Total | ||||||||||
Locations at beginning of period | 2,973 | 811 | 99 | 219 | 4,102 | |||||||||
New location openings | 11 | 100 | 16 | 5 | 132 | |||||||||
Acquired locations remaining open | 2 | — | — | — | 2 | |||||||||
Closed locations | ||||||||||||||
Merged with existing locations | 2 | 29 | 1 | — | 32 | |||||||||
Sold or closed with no surviving location | 1 | — | — | 4 | 5 | |||||||||
Locations at end of period | 2,983 | 882 | 114 | 220 | 4,199 | |||||||||
Acquired locations closed and accounts merged with existing locations | 9 | — | — | — | 9 | |||||||||
Location Activity - Nine Months Ended September 30, 2013 | ||||||||||||||
Core U.S. | RAC Acceptance | International | Franchising | Total | ||||||||||
Locations at beginning of period | 2,990 | 966 | 108 | 224 | 4,288 | |||||||||
New location openings | 15 | 320 | 62 | 9 | 406 | |||||||||
Acquired locations remaining open | 12 | — | — | — | 12 | |||||||||
Closed locations | ||||||||||||||
Merged with existing locations | 40 | 31 | 2 | — | 73 | |||||||||
Sold or closed with no surviving location | 3 | 1 | — | 20 | 24 | |||||||||
Locations at end of period | 2,974 | 1,254 | 168 | 213 | 4,609 | |||||||||
Acquired locations closed and accounts merged with existing locations | 18 | — | — | — | 18 | |||||||||
Location Activity - Nine Months Ended September 30, 2012 | ||||||||||||||
Core U.S. | RAC Acceptance | International | Franchising | Total | ||||||||||
Locations at beginning of period | 2,994 | 750 | 80 | 216 | 4,040 | |||||||||
New location openings | 23 | 222 | 36 | 11 | 292 | |||||||||
Acquired locations remaining open | 2 | — | — | — | 2 | |||||||||
Closed locations | ||||||||||||||
Merged with existing locations | 31 | 76 | 1 | — | 108 | |||||||||
Sold or closed with no surviving location | 5 | 14 | 1 | 7 | 27 | |||||||||
Locations at end of period | 2,983 | 882 | 114 | 220 | 4,199 | |||||||||
Acquired locations closed and accounts merged with existing locations | 15 | — | — | — | 15 | |||||||||