Upbound Group Inc (UPBD) 2024 Q2 法說會逐字稿

Good day. Thank you for standing by. Welcome to the Q2 2024 Upbound Group, Inc. earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jeff Chesnut, Head of IR. Please go ahead.

再會。謝謝你的支持。歡迎參加 Upbound Group, Inc. 2024 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人，IR 主管 Jeff Chesnut。請繼續。

Good morning, and thank you all for joining us to discuss the company's performance for the second quarter of 2024. We issued our earnings release this morning before the market opened and the release and all related materials including a link to the live webcast are available on our website at investor.upbound.com. On the call today from Upbound Group, we have Mitch Fadel, our CEO; and Fahmi Karam, our CFO.

早安，感謝大家與我們一起討論公司 2024 年第二季的業績。今天早上，我們在市場開盤前發布了收益報告，該報告和所有相關資料（包括現場網路直播的連結）均可在我們的網站 Investor.upbound.com 上取得。今天，Upbound Group 的執行長 Mitch Fadel 出席了電話會議；和我們的財務長法赫米·卡拉姆 (Fahmi Karam)。

As a reminder, some of the statements provided on this call are forward-looking and are subject to factors that could cause actual results to differ materially and adversely from our expectations. These factors are described in our earnings release as well as in the company's SEC filings.

提醒一下，本次電話會議中提供的一些陳述具有前瞻性，並受到可能導致實際結果與我們的預期產生重大不利差異的因素的影響。這些因素在我們的收益報告以及公司向 SEC 提交的文件中都有描述。

Upbound Group undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. This call will also include references to non-GAAP financial measures. Please refer to today's earnings release, which can be found on our website for a description of the non-GAAP financial measures and the reconciliations to the most comparable GAAP financial measures.

除法律要求外，Upbound Group 不承擔公開更新或修改任何前瞻性聲明的義務。此次電話會議也將提及非公認會計準則財務指標。請參閱今天的收益報告，該報告可在我們的網站上找到，以了解非公認會計原則財務指標的說明以及與最具可比性的公認會計原則財務指標的調節表。

Finally, Upbound Group is not responsible for and does not edit or guarantee the accuracy of our earnings teleconference transcripts provided by third parties. Please refer to our website for the only authorized webcasts.

最後，Upbound Group 不對第三方提供的收益電話會議記錄的準確性負責，也不編輯或保證其準確性。請參閱我們的網站以取得唯一授權的網路廣播。

With that, I'll turn the call over to Mitch.

這樣，我就把電話轉給米奇。

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.

謝謝傑夫，今天與會的所有人早安。我將首先回顧第二季度的主要亮點，然後將其交給 Fahmi，以更詳細地回顧我們的財務表現和財務前景。之後，我們將回答一些問題。

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.

我們對本季的業績非常滿意，其中包括近 11 億美元的營收、約 1.25 億美元的調整後 EBITDA 和非 GAAP 每股收益 1.04 美元。我們對執行的專注得到了回報，Rent-A-Center 的營收比前一年增長了近 2%，Acima 的營收成長了 19%。與前幾季一致，這些結果是由對兩個部門業績的穩定關注所推動的。

Acima continued its 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%.

Acima 繼續保持強勁勢頭，商家數量不斷增長，現有商家的生產力不斷提高，Acima 直接面向消費者的電子商務管道的貢獻不斷增加。我們的租賃沖銷符合我們的預期，因為 Acima 本季的租金沖銷率為 9.6%，Rent-A-Center 的租金沖銷率為 4.2%，略優於預期。

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.

我們還實現了 Acima 調整後 EBITDA 利潤率的強勁連續改善，達到 14.7%，而第一季度為 11.6%，我們將在稍後的演示中更詳細地討論這一點。根據這些結果，並根據我們目前對今年剩餘時間的預期，我們提高了先前收入、調整後 EBITDA 和非 GAAP 稀釋每股盈餘指引的中點。

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 by -- still low by historic standards, it's up from the 54-year low of 3.4% in April of last year.

因此，在我們回顧細分市場結果之前，讓我們先討論一下我們在過去一個季度看到的一些企業範圍的主題。本季我們業務的經濟背景持續發展。失業率小幅上升至 4%，雖然以歷史標準來看仍處於較低水平，但仍高於去年 4 月 3.4% 的 54 年來最低點。

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.

我們也監控通膨水平，尤其是租金、食品和燃料等類別的通膨水平，我們很高興看到 6 月的整體 CPI，這是四年來首次出現季比負值。這對我們的消費者來說將是一個受歡迎的消息，因為通貨膨脹可能對低收入家庭產生更大的影響。

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.

其他因素，如信用卡債務和拖欠、耐用品需求、法國國家銀行餘額和選舉不確定性，意味著低收入消費者面臨大量的經濟變量，但這對我們的消費者來說並不是什麼新鮮事。他們在努力增加收入的同時尋求價值和靈活性，因此在支出選擇上是深思熟慮的。因此，看到更多有關降價活動的報告並不奇怪，特別是考慮到信用卡滯納金法規的持續不確定性時。

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.

由於我們上方的信貸機構和商業瀑布已經實施了緩解措施，我們相信一些機構也進一步調整了承保，從而可以向新消費者介紹從租賃到擁有的解決方案。儘管通讀並不準確，但我們看到近期申請者數量增加且申請者平均得分更高的趨勢，尤其是在我們的 Acima 細分市場。

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.

我們的數據分析團隊不斷評估和調整我們的承保，以適應這種新的動態環境，以實現合理的風險水平，同時繼續專注於可持續和盈利的盈利增長。隨著這個特定經濟週期的發展，我們相信我們的業務將處於有利地位，能夠持續成功。作為一個在這個行業工作了很長時間、在這個行業和這家公司工作了四十多年的人，我今晚看到了周期的所有變化，我知道我們的業務和我們的價值主張不僅是持久的，而且是有彈性的。

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.

我們的消費者欣賞符合其預算的低可預測付款，以及繼續續簽短期租約以獲取所有權、行使提前購買選擇權並隨時保存或終止合約而不受處罰甚至終止和恢復的靈活性視情況而定。我們是真正的全通路，在兩個主要細分市場都採用差異化模式，使我們能夠隨時隨地滿足客戶準備購物的需求。

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.

我們的線上展示提供了便利性和選擇，而店內體驗則提供了關鍵價值，例如查看和測試產品，我們正在與社區商店團隊建立關係。對於我們的零售合作夥伴，我們可以部署我們的員工模型，在他們的商店中配備 Acima 租賃主題專家，從而可以顯著提高轉換率。

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.

我們的集中支援職能為所有這些管道和團隊成員提供支持，優化整個公司的承保、帳戶管理、行銷和運營，以最大限度地降低成本並最大限度地提高效率，同時支持我們的業務部門並為我們的零售合作夥伴和客戶提供價值。重要的是，我們擁有超過 2,000 家品牌商店和 35,000 多家合作夥伴商店。

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.

這個商業模式已經建立和測試了 50 多年，在這樣的不確定時期，規模和流動性對於管理逆風並隨著環境的改善使公司長期成功至關重要。因此，業務是透過支援跨經濟週期獲利回報的演算法來平衡的。

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.

更精簡的宏觀經濟週期通常會透過貿易下降增加我們的商業機會。雖然擁有健康勞動力市場的更強勁的經濟體通常會看到所有群體表現更好並產生更低的損失。這就是我們如何在這段期間實現近 10% 的營收成長，綜合損失率符合我們的預期，並旨在優化獲利回報。

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.

現在讓我們詳細了解幻燈片 4 上的部門財務表現背後的詳細資訊。從 Acima 開始，我們連續第三個季度的 GMV 成長在 20% 範圍內，最近一個季度提高了 21%。除 2021 年的刺激期外，我們創下了 Acima 有史以來最高的第二季 GMV 記錄。

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 when 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.

與上季類似，這是由兩個主要因素推動的；新的商業合作夥伴的增加以及我們現有零售商網路生產力的提升，這意味著我們每個地點的租賃交易量都增加了。在新合作夥伴方面，Acima 的業務開發團隊已同比淨簽約近 10% 的新商家名牌。現在，當我們專注於招募新的零售合作夥伴時，我們同樣致力於為現有商家提供針對其零售專業特定業務量身定制的頂級服務。

And by collaborating with them on our marketing initiatives, we're able to more efficiently deliver -- 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.

透過與他們在行銷計劃上合作，我們能夠更有效地在正確的時間向消費者傳遞正確的訊息，例如數據驅動的行銷活動或主題促銷，這為我們的客戶提供了更好的體驗。並為零售商的營收帶來更好的結果。我們現有的商家看到了這些努力的價值，這就是為什麼活躍地點數量比去年同期增加了近 10%。

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 in Wayfair and ashley.com and will start to comp their enhanced volumes later this year.

因此，與去年相比，我們的申請量顯著增加了 35%。當您將更多的商家和這些商家中更有效率的商家加在一起時，應用程式比去年增長了 35%。但同樣重要的是要記住，在接下來的一年中，我們加深了與 Wayfair 和 ashley.com 兩個企業合作夥伴的關係，並將在今年稍後開始擴大其銷量的成長。

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.

我還很高興地告訴大家，隨著我們在網站上添加品牌零售商並不斷改善消費者的購物體驗，Acima 的直接面向消費者的產品繼續增長，該渠道的 GMV 增長了 50% 以上。雖然大多數消費者第一次接觸 Acima 是在零售合作夥伴（無論是店內還是線上）購物時，但我們的 Acima 市場也使客戶能夠直接與我們一起開始他們的旅程。

And with shopping destinations like Ashley, IKEA, Amazon and Best Buy, our customers can quickly and easily find what they need and complete their lease on our site 24 hours a day, 7 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.

透過 Ashley、IKEA、亞馬遜和百思買等購物目的地，我們的客戶可以快速、輕鬆地找到他們需要的東西，並在我們的網站上全年 365 天、每週 7 天、每天 24 小時完成租賃。總的來說，這些努力使得第二季營收年增 19%。與第一季類似，平均門票金額略有下降，因此收入的提升是由我一直在談論的滲透率擴大和生產力推動的。

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.

總體而言，Acima 在第二季結束時的融資租賃數量比去年增加了約 24%，與 2024 年第一季相比也較上季增加。從核保的角度來看，我們繼續採取積極主動和警覺的風險管理方法。我們的 Acima 部門虧損率為 9.6%，符合我們的預期，與上季持平。

Despite the volume of applications increasing 35% year-over-year and the strong growth numbers we've been talking about, Acima's approval rate declined 160 basis points from last year. And in terms of delinquencies, Acima's 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.

儘管申請量年增 35%，且成長數字強勁，但 Acima 的核准率較去年下降了 160 個基點。就拖欠率而言，Acima第二季超過60%的逾期率比去年同期下降了80個基點，比今年第一季連續下降了90個基點。

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.

這些結果符合我們對第二季的預期，隨著 Acima 決策引擎的 Acceptance Now 整合已接近尾聲，我們對今年的風險管理前景仍然充滿信心。如前所述，我很高興與大家分享，Acima 的調整後 EBITDA 利潤率在第二季度比第一季度提高了 310 個基點，達到 14.7%，因為我們開始體驗到我們所討論的一些流動性。更高的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.

與去年同期相比，第二季的 EBITDA 利潤率異常高，這是受到當時宏觀背景的推動。因此，預計 Acima 未來幾季的 EBITDA 利潤率將遵循當前的業績曲線並落在該領域，這與我們對該細分市場中低至中雙位數的預期一致。我們的 Acima 團隊致力於經營精實業務，實現虛擬平台模式固有的規模，我相信我們能夠繼續實現永續的獲利成長。

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.

現在，在 Rent-A-Center 上，我們第二季度的同店租賃組合同比增長了 140 個基點，並且該組合的增長幫助推動了同店銷售 2.6% 的正增長延續上季度同店銷售積極增長的勢頭。Rent-A-Center 的網路通路銷售量持續表現出色，約佔第二季營收的 26%，與去年同期持平。

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.

這些因素幫助實現了營收年增 1.9%，毛利也有類似的提升。由於勞動力福利成本、配送成本和商店技術投資的增加，營運費用比去年增加了約 4%。我們預計勞動力福利支出將在今年下半年恢復正常，特別是在上個季度的門市整合工作的推動下，我們的車隊管理團隊正在積極制定營運策略以優化效率。

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 current -- at our target ranges.

我們繼續重視 Rent-A-Center 的核保和帳戶管理，導致本季的租賃沖銷率為 4.2%，比去年第二季下降了 30 個基點。本季我們的逾期利率（未來潛在租賃沖銷的早期指標）穩定在 2.7%，較上一季下降 40 個基點。儘管通膨的步伐最近有所放緩，隨著時間的推移，這將減輕Rent-A-Center 客戶群的經濟壓力，但我們的帳戶管理工作將在中短期內繼續成為客戶連結的重要組成部分，以幫助我們維持我們目前的拖欠率和核銷率處於我們的目標範圍內。

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.

總的來說，我們對第二季的營運和財務表現非常滿意。這兩個部門都成功地預期並滿足了客戶和商家的期望，使我們能夠在 Acima 實現 21% 的 GMV 成長，同時實現 EBITDA 利潤率目標，以及 Rent-A-Center 的同店銷售成長。這些結果，加上我們在 7 月初的結果中看到的勢頭，讓我們相信我們正在順利實現更新和增加的全年目標。

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.

因此，在投影片 5 中，讓我們回顧一下我們今年概述的策略重點的狀況。在 Acima，我們相信我們的市場佔有率將繼續成長，商業合作夥伴年增近 10%，其中包括 Purple Mattress 和 iFIT（其品牌系列包括 NordicTrack 和 ProForm）。

We also onboarded 2 of the top 50 furniture retailers in the US, Levin Furniture and Slumberland Furniture. And while we haven't yet seen the hardlines category fully recover from the pandemic era full-forward, we believe our lineup of merchandise -- merchants in that vertical is poised to accelerate when it does.

我們也與美國 50 強家具零售商中的兩家合作：Levin Furniture 和 Slumberland Furniture。雖然我們還沒有看到強硬派類別從大流行時代全面復甦，但我們相信我們的商品陣容——該垂直領域的商家將在這種情況下加速發展。

In fact, we now partner with 6 of the top 15 furniture retailers in the US. 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.

事實上，我們現在與美國 15 強家具零售商中的 6 家合作。值得注意的是，除了在最大的家具零售商中保持強大的影響力外，我們的團隊還擁有人才和技術，可以為多個零售類別的大型合作夥伴提供卓越的服務和成果。即使我們增加了國家和地區帳戶，Acima 的商家網路仍然保持多元化。

In the second quarter, our largest retailer represented approximately 6% of total GMV and the top 5 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.

第二季度，我們最大的零售商約佔總 GMV 的 6%，排名前 5 的零售商合計約佔 20%。我們堅信，我們的商家基礎和產品類別的多元化將有助於為未來的可預測和永續成長奠定穩定的基礎。因此，我們繼續增加國家和地區參與者，但我們也有較小的參與者來保持多樣性和成長。

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 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.

我們最近的營運重點之一是將 Acceptance Now 員工業務從舊核保平台遷移到 Acima 的決策引擎。我很高興地向大家報告，這趟旅程即將結束，波多黎各只剩下幾家商店。當我們結束轉換時，我想談談該計劃的好處。對於我們的零售商，我們可以在某些高銷售地點現場部署 Acima 團隊成員，以補充商家的內部團隊。

Our representatives can serve as the leasing coordinator to help customers complete an LCO transaction, and in between transactions, they 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.

我們的代表可以充當租賃協調員，幫助客戶完成 LCO 交易，並且在交易之間，他們可以加強我們向零售商員工提供的有關 Acima 租賃流程的培訓。在全國數百個地點，我們的團隊可以將無人值守商店的轉換率提高近一倍，使零售商能夠更有效地重新部署資源。

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.

就消費者體驗的承保而言，這項轉變對 Acima 來說是一個非常重要的里程碑。舊平台不是為虛擬電子商務交易而設計的。鑑於 Acima 的完全虛擬模型，決策引擎從一開始就被設計為處理數位訂單，並且應該以更低的損失提供更強大的租賃結果。

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.

從客戶體驗的角度來看，Acima 平台使我們的客戶能夠靈活地全面在線結帳，而無需與我們的代表交談或像在 Acceptance Now 時那樣親自進入零售店。這應該會提高這些地點的轉換率並提高 GMV，因為現在它們可以最好地處理所有客戶互動。

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.

我們很高興有機會提高收益，增加這些商業合作夥伴的 GMV，並透過先進的核保平台補充我們的員工業務。在 Rent-A-Center，我們強調了對科技的持續投資，特別是對數位通路的投資，以幫助我們無縫地為客戶提供服務，無論是在店內還是在網路上。這些投資得到了回報，第二季度rentacenter.com的訪問量接近1700萬次，比去年同期增長了兩位數。

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.

我們的網路業務實現了兩位數的成長，反映出我們的團隊為推動線上流量並在每個管道上創造一致、無摩擦的客戶體驗所做的努力。更具體地說，我們添加了新的身份驗證步驟，以加快客戶的線上結帳流程，同時提高我們篩選詐欺流量的能力。

As we see more of our customer interaction shift to digital channels, we have an opportunity to optimize our footprint, 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.

隨著我們看到更多的客戶互動轉向數位管道，我們有機會優化我們的足跡，我們的商店足跡，它已經根據我們關注的關鍵商店級別指標和當地發生的情況進行了密切管理。根據這些變量，我們在上半年整合了 55 家商店，約占公司自有商店的 3%，其中大部分發生在第二季。我們希望透過在附近的商店為他們提供服務或透過線上與他們互動來維持與大多數客戶的關係。

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 and the Acima Private Label Credit Cards, each of which expands our offerings as well as financial access for our customers.

展望未來，我們將繼續努力取得適當的平衡，以便在所有連接點為客戶提供高效服務，同時優化租賃中心的規模和生產力。在上行層面，我們透過與 Concora 的合作，繼續在消費者信貸領域進行測試和學習。自從二月啟動 Acima 經典信用通用萬事達卡和 Acima 自有品牌信用卡試點以來，我們每個月都取得了連續進展，每張卡都擴大了我們的產品範圍以及客戶的金融服務範圍。

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.

特別是，我們很高興看到自有品牌產品與我們現有和潛在的零售合作夥伴產生了共鳴。我們目前的一些商業合作夥伴正在尋求簡化他們的供應商關係，我們的二次考察和 LTO 組合產品提供了更多機會，透過我們領先的解決方案為更多消費者提供服務。

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.

我們還發現，潛在客戶，尤其是那些沒有現任第二信貸提供者的客戶，喜歡一站式服務，特別是在考慮 POS 系統的整合工作時。提醒一下，我們與 Concora 建立了現有的合作夥伴關係，因此我們不承擔任何信用風險，並且我們的經濟是由預付費用和收入共享所驅動的。

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.

此外，在上行層面，我們繼續在數位技術方面進行大量投資以支持我們的業務。我們針對互聯企業的策略性舉措旨在增強我們在 Rent-A-Center 內部和整個組織內的全通路策略。我們最近推出的下一代雲端原生 POS 系統 RecPad 為跨所有管道的整合客戶體驗指明了方向。

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.

其微服務架構促進了功能和產品整合的快速開發，優先考慮客戶體驗並透過使用者友好的工作流程提高同事效率。我們的線上流量持續呈現兩位數成長，為了支持這種不斷增長的需求，我們推出了一個基於模組化架構的新電子商務平台，該平台將使我們的品牌能夠採用、部署和擴展全通路銷售方法，專注於增加轉換率和保留率。

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.

隨著我們減少資料中心佔地面積，這兩項措施都標誌著提高營運可擴展性、減少技術債和增強網路彈性的重要里程碑，而這些都是支持我們成長的關鍵組成部分。整體而言，市場仍存在大量不確定性，無論是經濟走向、消費者信心、產業動態，或是即將到來的選舉。但我們認為這是一個機會，因為我們的業務旨在跨越這些週期取得成功。

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.

我們已經熱衷於為現有客戶提供服務，我們預計隨著降價的繼續，新客戶將發現我們的產品。當他們這樣做時，我們將作為一個值得信賴的品牌做好準備，幫助他們獲得生活所需的產品——讓他們的日常生活更加充實。現在，在我將其交給 Fahmi 之前，我想簡要地談談 Acima leasing 上週針對 CFPB 提起的​​訴訟。

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.

我們向德州聯邦法院提起了這項訴訟，旨在阻止CFPB 未經授權擴大其權力的企圖，該權力受到聯邦法律的限制，並且您服務於管理我們行業的長期綜合州監管框架，管理租賃業。如您所知，我們之前披露過，CFPB 一直在對 Acima 進行調查，調查始於 Upbound 於 2021 年收購該公司之前。

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 26, alleging the allegations of -- 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.

經過這場曠日持久的調查後，CFPB 威脅立即對 Acima 採取執法行動。現在我想澄清的是，Acima 提起這起訴訟是不情願的。儘管我們長期合作，但我們最終得出的結論是 CFPB 不准備與 Acima 達成和解並接受所有條款。正如預期的那樣，CFPB 隨後於 7 月 26 日對 Acima 發起了執法行動，指控違反多項聯邦消費者金融保護法規。我們認為，在我們針對相同主題的訴訟在德克薩斯州懸而未決之後，CFPB 正在猶他州提起訴訟，以參與知情購物。

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.

我們強烈反對我們的主張，並將積極為自己辯護。不過，正如您所料，由於訴訟未決，我們無法對此事發表任何進一步評論。因此，當我結束本節時，我要感謝我們業務各個角落的傑出隊友，感謝他們的精力、熱情和奉獻精神。

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.

我知道他們和我一樣興奮，希望將上半年的勢頭延續到下半年及以後。無論是從事特定部門的專案還是就整個企業的優先事項進行合作，我們的同事都是推動我們在這一年取得豐碩成果的動力。

And with that, I'll turn the call over to Fahmi.

然後，我會將電話轉給法赫米。

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.

謝謝米奇，大家早安。今天我將首先回顧第二季度的業績，然後討論我們對今年剩餘時間的展望，然後我們將回答問題。從簡報的第 6 頁開始。第二季綜合營收年增 9.9%，其中 Acima 成長 19%，Rent-A-Center 成長 1.9%。租金和費用收入成長 9.7%，而商品銷售收入成長 17.3%，反映出 Acima 進入本季的投資組合餘額更大。

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.

綜合毛利率為 49.4%，年減 230 個基點，其中 Acima 業務下降 ​​190 個基點，Rent-A-Center 業務下降 ​​40 個基點。綜合非公認會計準則營運支出（不包括租賃沖銷、折舊和攤銷）成長了中個位數，主要是非勞動力營運支出（包括 Rent-A-Center 的交付成本和一般和管理成本出現高單位數成長，這是企業對技術和人員進行有針對性的投資的結果。

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.

綜合租賃核銷率為7.2%，較上年同期上升30個基點，符合我們的預期。環比來看，由於 Rent-A-Center 環比提高了 50 個基點，綜合租賃核銷率上升了 20 個基點。綜合調整後 EBITDA 為 1.245 億美元，年減 4.6%，Acima 部門調整後 EBITDA 較高，但被 Rent-A-Center 部門調整後 EBITDA 較低和企業成本上升所抵銷。

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-A-Center 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.

調整後EBITDA 利潤率為11.6%，與上年同期相比下降約170 個基點，其中Rent-A-Center 收縮約160 個基點，Acima 利潤率收縮約210 個基點，但被20 個基點的增長所抵銷企業成本佔銷售額的百分比。我稍後將提供有關細分結果的更多詳細資訊。

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.

從線下來看，第二季淨利息支出約 2,800 萬美元，與去年同期基本持平。以非公認會計準則計算的有效稅率為 25.8%，去年同期為 25.5%。本季稀釋後平均股數為 5,580 萬股。

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.

第二季 GAAP 每股收益為 0.61 美元，而去年同期每股虧損為 0.83 美元，這是由於剝離與 Acima 收購相關的限制性股票獎勵所產生的上一年稅收影響所致。在對我們認為不能反映我們業務基本業績的特殊項目進行調整後，2024 年第二季度非 GAAP 攤薄後每股收益為 1.04 美元，而去年同期為 1.11 美元。

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.

第二季度，我們產生了 60 萬美元的自由現金流，較去年同期的 2,470 萬美元有所下降，這主要是由於 Acima 的 GMV 增加。我們派發了每股 0.37 美元的季度股息，第二季結束時，我們的淨槓桿率約為 2.8 倍。

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%.

從第 7 頁開始深入查看細分結果。對於 Acima 來說，GMV 連續第三個季度保持兩位數的同比增長。繼前兩季年增近 20% 後，第二季 GMV 成長了 21%，兩年累計成長約 15%。GMV 的提升是由主要潛在驅動因素的同比增長推動的，活躍商戶位置同比增長 9.8%，每個商戶的生產力提高，應用程式增長超過 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.

這些有利因素被較低的支持率部分抵消，因為通貨膨脹繼續影響我們的核心消費者基礎，我們仍然嚴格遵守承保方法。租賃存貨資產淨值年增約23%。

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.

營收年增 19%，其中租金和費用收入成長 18.2%，商品銷售收入成長 22%，原因是第二季初的產品組合較去年有所擴大。Acima 部門的租賃沖銷率為 9.6%，年比高出 70 個基點，與上一季持平。

The year-over-year increase in Acima's lease charge-offs was in line with our expectations as the A Now 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.

Acima 租賃沖銷的年成長符合我們的預期，因為源自遺留決策引擎的 A Now 租賃持續減少。此次轉換將增強我們的承保能力，並且隨著遺留系統的先前隊列在全年中逐漸減少，應該會降低租賃沖銷率。

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.

第二季營運成本（不包括租賃沖銷）以美元計算增加約 460 萬美元，佔營收的百分比下降了 60 個基點。調整後 EBITDA 為 8,130 萬美元，年增 4.5%，主要是由於營收成長 19%，但部分被銷售成本成長 22.5% 所抵銷。調整後 EBITDA 利潤率為 14.7%，較上季成長約 310 個基點，年減約 210 個基點，主要是由於毛利率較 2023 年第二季收縮 190 個基點。

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.

與去年相比，毛利率下降是由多種因素造成的，包括產品組合不斷增長，收入落後於 GMV 產量、商品銷售增加（與上年同期相比，佔收入的比例更大）以及將Acceptance Now 地點轉換為Acima 平台，這會增加商品折舊費用和銷售成本。

EBITDA margins were impacted by higher labor costs, underwriting costs as application volumes significantly surpassed the prior year and the performance of the legacy A Now 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.

EBITDA 利潤率受到勞動成本上升、申請量大幅超過上年的承保成本以及傳統 A Now 投資組合表現的影響，從而提高了我們的 LCO 率。所有這些不利因素都符合我們的預期，並已納入我們今年的指南中，預計隨著進入今年下半年，這些不利因素將得到改善。

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.

對於租賃中心部門，截至季末，同店租賃組合價值年增 1.4%，同店銷售額年增 2.6%，較去年同期提高 80 個基點2024 年第一季成長。分部總營收連續第二季年增，較 2023 年第二季成長 1.9%，較今年第一季年增 20 個基點有所改善。

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.

營收成長主要得益於租金和費用收入較去年同期成長2.1%，而第二季商品銷售收入較去年同期成長1.6%，較第一季下降3.6%有所改善。這些沖銷佔第二季營收的 4.2%，年減 30 個基點，較上季下降 50 個基點，這是持續核保和帳戶管理工作的結果。第二季 30 天逾期利率平均為 2.7%，比去年同期上升 10 個基點，較上一季下降 40 個基點。

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.

第二季調整後 EBITDA 利潤率年減 160 個基點至 16.3%，主要是因為營運費用增加，包括勞動福利成本、配送成本和商店技術投資增加。這反映在非 GAAP 營運費用（不含分部收入的租賃沖銷）比率年增 150 個基點。

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.

對於墨西哥部門，調整後 EBITDA 同比較高，而特許經營部門調整後 EBITDA 較低。非 GAAP 公司費用比前一年增加約 7%，主要是由於對技術和人員的額外投資。轉向財務前景。

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.

考慮到我們上半年的持續成長動能以及對宏觀經濟環境的最新預測，我們很高興上調 2024 年全年營收、調整後 EBITDA 和非 GAAP 稀釋每股收益目標的中點。我們的投資組合和 GMV 成長，加上低拖欠率，讓我們有信心在下半年提高利潤率並實現這些更新的目標。

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.

我們的預測繼續假設宏觀環境整體穩定，耐用品需求仍然面臨壓力，並且我們的承保繼續嚴格。在 Acima，我們將開始與第三季更高的成長率進行比較。因此，我們預計 GMV 成長將從連續三個季度實現的 20% 下降到下一季的低兩位數。

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.

Rent-A-Center 的投資組合價值預計將在第三季比第二季季節性下降，與去年類似。對於 Acima 和 Rent-A-Center 來說，我們預計第三季營收將遵循與 2023 年相同的環比模式，其中 Acima 由於投資組合不斷增長而環比略有增長。我們預計今年的虧損將保持在我們先前指導評論的範圍內，Rent-A-Center 在第三季較第二季經歷了典型的季節性上升，並將在 4.5% 的範圍內。

Acima losses are expected to improve in the third quarter as the legacy A Now 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.

隨著傳統 A Now 投資組合繼續縮減並完成本季 9% 的區域，Acima 虧損預計將在第三季有所改善。就第三季調整後的 EBITDA 利潤率而言，Rent-A-Center 業務從第二季到第三季將遵循與去年類似的季節性趨勢，並連續下降至中雙位數區域。

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.

上個季度的商店優化工作將對今年的財務狀況產生最小的影響，總部門收入的壓力被較低的費用所抵消，這應該會略微改善未來調整後的 EBITDA 利潤率。我們預計 Acima 將實現調整後 EBITDA 利潤率的連續改善，因為更高的 GMV 帶來的收益繼續有利於損益表和更低的損失率。

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.

如果降價活動繼續擴大，GMV 可能會比我們今天的指導有所改善。我們假設本季完全攤薄後的平均股數為 5,580 萬美元，並且我們的指導中假設沒有股票回購。利息支出和稅率預計與第二季相似，因此第三季的非公認會計準則每股收益範圍為 0.90 美元至 1 美元。

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.

我們預計本季將產生 6000 萬至 7500 萬美元的自由現金流，並且由於 Acima 增長速度的變化、Rent-A-Center 庫存採購的減少以及與記錄的其他營運資金需求相關的時間安排而連續增加在第二季。今年，我們將營收調整為 41 億美元至 43 億美元範圍，調整後 EBITDA 為 4.65 億美元至 4.85 億美元，並將全年非 GAAP 每股盈餘指南收緊至 3.65 美元。

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.

我們的 2024 年展望反映了我們繼續注重執行力，以推動永續和獲利的成長。與 2023 年相比，我們修訂後的指引的中點表示營收成長 4%，調整後 EBITDA 成長 5%，非 GAAP 每股盈餘成長 8%（假設不進行股票回購）。我們有能力應對這一充滿挑戰的環境，並在實現利潤和虧損目標的同時實現兩個細分市場的盈利增長，這證明了整個團隊為推動股東價值而付出的努力和奉獻精神。

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.

在資本配置方面，我們擁有經過驗證的業務模式，可以隨著時間的推移產生強勁的營運現金流，並且擁有經驗豐富的管理團隊來分配這些現金流以支持我們的策略重點。我們的首要任務仍然是透過有利可圖的租賃和創新理念來支持成長，這將改善我們的客戶互動和商家成果。同時，我們將透過維持對股利計畫的承諾並在股票回購方面抓住機會，專注於提高股東價值。

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.

我很高興與大家分享，在第二季度，我們優化了資本結構，以支持我們的長期資本配置優先事項。利用我們近期強勁的表現和有利的市場條件，我們為定期貸款債務進行了再融資，從而節省了超過60 個基點的年度利息，同時還將我們5.5 億美元的ABL 左輪手槍的期限延長至2029 年。

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 2 times and towards our long-term target of 1.5 times. We ended the second quarter at 2.8 times, up from 2.7 times at the end of the first quarter due to an increase in working capital needs to support GMV growth.

總而言之，這些對我們資本結構的增強確保了我們的流動性狀況，同時降低了公司的資本成本。我們預計今年自由現金流的餘額將用於去槓桿化，因為我們正朝著淨槓桿率低於 2 倍和 1.5 倍的長期目標邁進。由於支持 GMV 成長的營運資金需求增加，我們第二季末的本益比為 2.8 倍，高於第一季末的 2.7 倍。

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.

我們的資產負債表實力有助於使我們免受市場波動的影響，並使我們能夠在追求戰略重點時自信而果斷地採取行動。截至季度末，我們擁有近 5 億美元的可用流動性，這使我們能夠在更廣泛的不確定性時期進行投資，無論是支持我們的本土計劃還是有針對性的無機機會。

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.

投影片 11 結束。我們對公司今年上半年的持續成長勢頭感到鼓舞，其中包括兩個主要細分市場的營收成長、Acima 的 GMV 成長和 Rent-A-Center 的同店銷售成長，重要的是， Acima 調整後的EBITDA利潤率符合我們中低青少年目標。

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.

我們審慎的風險管理和帳戶管理策略幫助實現了符合我們預期的損失率，並使我們能夠在展望今年剩餘時間時提高指導的中點。

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.

展望未來，我們將繼續執行日常優先事項，為客戶提供服務並提升零售合作夥伴的業務，同時推進新的想法和業務策略，幫助我們實現長期成長計畫。感謝您今天早上抽出時間。

Operator, you may now open the line for questions.

接線員，現在可以撥打電話提問。

(Operator Instructions)

（操作員說明）

Vincent Caintic.

文森特凱恩蒂克.

Hi. Good morning. Thanks for taking my questions and great results this quarter. First, I wanted to focus on the trade down opportunity you've discussed and it was very encouraging to see that 35% higher applications. I'm wondering if you could talk about how much that's lifting your business so far, the trade down opportunity if you see more of it? And then you brought up Concora, and I was just wondering if there are opportunities to grow that with this trade-down opportunity or if there's other ways to take advantage of that?

你好。早安.感謝您提出我的問題並在本季度取得了出色的成果。首先，我想專注於您所討論的折價機會，看到申請數量增加 35% 非常令人鼓舞。我想知道您是否可以談談到目前為止這對您的業務帶來了多大的提升，如果您看到更多的話，還有機會降低價格嗎？然後你提到了 Concora，我只是想知道是否有機會透過這種折價機會來發展它，或者是否有其他方法可以利用它？

Yeah. Goodmorning, Vincent, this is Mitch. Thanks for the questions. Yeah, the trade down is certainly front and center when we look at everything, all the data and certainly the advantage scores and things like that. And of course, you're hearing it throughout different businesses, and we're certainly no exception with those 35% applications.

是的。早安，文森特，這是米奇。感謝您的提問。是的，當我們審視一切、所有數據，當然還有優勢分數等類似因素時，降價交易肯定是最重要的。當然，您在不同的企業中都會聽到這種說法，而對於這 35% 的應用程式來說，我們當然也不例外。

When you say how much comes from one place versus the other, we think about 10% growth in merchants, 50% growth on our direct-to-consumer, which is a small piece, but it still drives some of that 21% GMV growth. And then the productivity of the merchants really is where the trade down comes in as well as our team's just doing a better job training those merchants and getting in first position in those stores or exclusivity and so forth.

當你說有多少來自一個地方與另一個地方時，我們會想到商家的 10% 增長，我們的直接面向消費者的 50% 增長，這只是一小部分，但它仍然推動了 21% 的 GMV 增長。然後，商家的生產力確實是貿易下降的根源，而我們的團隊只是在培訓這些商家方面做得更好，並在這些商店或獨家經營等方面取得了第一名。

I don't know if I had to break down 21%, 10s with new merchants. One or two maybe is coming from the direct to consumer, even though that's 50% growth, it's a small number. And the rest is a combination of the trade down and our sales team working with those merchants to get in a better position. So maybe it's somewhere between, I don't know, Fahmi, 30% and 40% -- of the 21%. It's kind of hard to put a number on it, but it's definitely a part of it.

我不知道我是否必須與新商家分解 21%、10s。一兩個可能來自直接面向消費者的，儘管增加了 50%，但這個數字很小。剩下的就是貿易下降和我們的銷售團隊與這些商家合作以獲得更好的地位的結合。所以也許是介於 21% 的人中，我不知道，Fahmi，30% 和 40% 之間。很難給出一個數字，但它絕對是其中的一部分。

Yes. I would say the way I would break down the growth in GMV, and I think you covered it, Mitch, which is about 50% of it or just under 50% of it came from new merchant locations. 5% of it came from the direct-to-consumer and the marketplace growth and the rest of it came from merchant productivity, and that's probably where you see some of the trade down impact.

是的。我會說我會分解 GMV 增長的方式，我認為你已經涵蓋了，Mitch，其中大約 50% 或略低於 50% 來自新的商家地點。其中 5% 來自直接面向消費者和市場成長，其餘部分來自商家生產力，這可能是您看到一些貿易下降影響的地方。

Yeah. So maybe it's more like 25% of our growth, 25%, 30%, 40%, somewhere in that range. But it's not like 1% or 2%, it's definitely real. And we would continue -- we'd expect it to continue and if it accelerates, then there's even upside to our numbers. And if it accelerates, then there's even upside to our numbers.

是的。因此，也許我們的成長幅度更像是 25%、25%、30%、40%，在這個範圍內的某個地方。但它不像1%或2%，它絕對是真實的。我們會繼續下去——我們預計它會繼續下去，如果它加速，那麼我們的數字甚至還有上升空間。如果它加速，那麼我們的數字甚至還有上升空間。

And on the Concora question, yeah, I think with the second look provider because it's still a subprime offering or near prime offering with our retail partners. There's certainly a lot of interest in it as there's tightening above the near prime tightening with the prime lender.

關於 Concora 問題，是的，我認為是第二次尋找提供者，因為它仍然是我們零售合作夥伴的次級產品或接近優質產品。當然，人們對此很感興趣，因為主要貸款人的緊縮程度高於接近主要緊縮程度。

So I think that does create opportunity. As we mentioned in our prepared comments, as Fahmi mentioned, the retailers really like the -- we're hearing lots of good anecdotal stories about liking the one-stop shopping and those kind of things. So it's kind of just taking off. But yeah, we do think that creates opportunity in this environment.

所以我認為這確實創造了機會。正如我們在準備好的評論中提到的，正如法赫米所提到的，零售商真的很喜歡——我們聽到了很多關於喜歡一站式購物之類的好軼事故事。所以它才剛剛起飛。但是，是的，我們確實認為這在這種環境下創造了機會。

Okay, great. That's very helpful. And actually, following up, it's a good segue. Just I want to get a sense of maybe the merchant engagement and if any of those merchant discussions have evolved and changed? I guess, to your point about if there's trading down and what's happening? Is that the higher credit providers are tightening up? And I would assume that there would be more merchant need for your product. So if you could maybe talk about merchant engagement, now that's the opportunities there? Thank you.

好的，太好了。這非常有幫助。事實上，接下來，這是一個很好的延續。我只是想了解商家的參與情況，以及這些商家討論是否已經演變和改變？我想，關於你的觀點，是否有交易下跌以及發生了什麼事？較高的信貸提供者是否正在收緊政策？我認為商家對您的產品會有更多的需求。那麼，如果您可以談論商家參與度，那麼這就是那裡的機會嗎？謝謝。

Yeah. I think that's certainly happening with our -- from an SMB standpoint, when you think about 10% net merchant growth year-over-year, you think about a couple of the signing just last quarter, a couple of the top 50 furniture retailers like Levin and Slumberland and more in the pipeline.

是的。我認為這肯定會發生在我們身上——從中小型企業的角度來看，當你想到10% 的同比淨商家增長時，你會想到上個季度的幾筆簽約，一些排名前50 的家具零售商，例如Levin 和斯林百蘭等公司正在籌備中。

So yeah, I think that's definitely happening. The pipeline is robust. The team at Acima is doing a great job bringing in new partners. Obviously, the bigger the partner, the longer the cycle runs, but the regionals they're bringing in and the SMBs are bringing in, they're just doing an excellent job.

所以是的，我認為這肯定會發生。管道很堅固。Acima 團隊在引進新合作夥伴方面做得非常出色。顯然，合作夥伴規模越大，週期就越長，但他們引入的區域和中小型企業都做得非常出色。

Okay. Great. Very helpful. Thank you.

好的。偉大的。非常有幫助。謝謝。

Thanks, Vincent.

謝謝，文森特。

Hoang Nguyen, TD Cowen.

Hoang Nguyen，TD Cowen。

Hi, team and congratulations on the quarter. Just wanted to touch on the guidance. It looks like you guys raised the high end of revenue guidance, but I mean, didn't raise the high end for EBITDA and EPS. I mean can you touch a little bit on the rationale behind that? I mean does it have to do with more mix of merchandise sales versus rental and have a follow-up?

嗨，團隊，恭喜本季。只是想談談指導。看起來你們提高了收入指導的上限，但我的意思是，沒有提高 EBITDA 和 EPS 的上限。我的意思是你能談談這背後的基本原理嗎？我的意思是，這是否與商品銷售與租賃的更多組合有關並有後續行動？

Good morning, Hoang. Thanks for the question. Yeah, I think the guide for the year, especially on the revenue side, really reflects the GMV growth that we've experienced over the last couple of quarters. Obviously, this is the third quarter in a row where we've had nearly 20% growth in GMV, and we started to reflect that now into the revenue guide.

早上好，黃。謝謝你的提問。是的，我認為今年的指南，特別是在收入方面，確實反映了我們在過去幾季所經歷的 GMV 成長。顯然，這是我們的 GMV 連續第三個季度成長近 20%，我們現在開始將這一點反映到營收指南中。

As far as the margin profile goes, I think we talked a little bit about it last time as far as having some really tough comps coming into the year, especially in the first half. We think that improves when we get into the second half, especially on the Acima side, Q2, we start to see some of that flow through from GMV come into play. So Q2 was better than Q1, and we expect Q3 to be better than Q2.

就利潤率而言，我認為我們上次討論過一些非常艱難的競爭，特別是在上半年。我們認為，當我們進入下半場時，情況會有所改善，尤其是在 Acima 方面，即第二季度，我們開始看到 GMV 的一些流程開始發揮作用。因此，第二季度優於第一季度，我們預期第三季也將優於第二季。

And so nothing really as far as the mix goes, just more kind of where the trends have been heading towards the margin profile for the year and then where revenue is coming in. I think for Q3, the guidance consistent will be up on the revenue side and then flat to slightly better on the margin side.

因此，就組合而言，沒有什麼真正的意義，只是更多的趨勢是朝著今年的利潤狀況以及收入的方向發展。我認為對於第三季度，收入方面的指導將一致上升，然後利潤方面持平或略好。

I think I'd add to that, Hoang. This is Mitch. As Fahmi mentioned, as we talked about last quarter, the margins take a little longer to catch up with the large GMV growth. We saw it this quarter, right, with the 310 basis point improvement in Acima's EBITDA margin. So you're starting to see that flow through, and there's more to come, but it does run a little behind the revenue. It's kind of the short answer to your question.

我想我要補充一點，Hoang。這是米奇。正如 Fahmi 所提到的，正如我們上個季度談到的，利潤率需要更長的時間才能趕上 GMV 的大幅成長。我們在本季就看到了這一點，對吧，Acima 的 EBITDA 利潤率提高了 310 個基點。所以你開始看到這種流動，而且還會有更多的流動，但它確實有點落後於收入。這是對你問題的簡短回答。

And I'd also say from a guidance standpoint, the -- you got to remember, we had a lot of momentum going into the year. We had -- in the fourth quarter, we had almost 20% GMV growth at Acima and Renter-A-Center was starting to turn positive on the same-store sales. So we had momentum. We knew it was going to carry over. We saw a trade down coming, and those kind of things.

我還想說，從指導的角度來看，你必須記住，今年我們有很大的動力。第四季度，Acima 的 GMV 成長了近 20%，Renter-A-Center 的同店銷售開始轉正。所以我們有動力。我們知道它會延續下去。我們看到交易即將到來，諸如此類的事情。

And our original guide was relatively stout. When you think about the revenue, our original guide, the revenue was up 3% year-over-year, and the EPS is up about 6%. And now we've updated it, and I'm just talking midpoints, when I say this, now revenue instead of 3% year-over-year is 5% and EPS instead of 6% above last year to 8%. So we started out with pretty high numbers. We have a small race here, but I just want to remind everybody, we started out pretty high with the 3% year-over-year on revenue. Now it's 5% and EPS at 6%. Now it's 8%.

我們原來的指南是相對堅固的。當你考慮收入時，我們最初的指南是，營收年增 3%，每股盈餘成長約 6%。現在我們已經更新了它，我只是在談論中點，當我這麼說時，現在收入同比增長從 3% 上升到 5%，每股收益從去年的 6% 上升到 8%。所以我們一開始就有相當高的數字。我們在這裡舉行了一場小型競賽，但我只是想提醒大家，我們一開始的收入年增了 3%，相當高。現在是 5%，每股盈餘是 6%。現在是8%。

And as trade down continues, we hope to outperform. But we're pretty excited about the flow-through we're starting to see now, as I mentioned, with that -- when you look at the Acima margins compared to the first quarter.

隨著交易持續下跌，我們希望能跑贏大盤。但正如我所提到的，當你看看 Acima 與第一季相比的利潤率時，我們對現在開始看到的流量感到非常興奮。

Got it. And maybe if you can talk a little bit about the court fight with the CFPB, you guys sued them in Texas, they sued back in Utah. I mean, can you talk high level about the next step in the process? And maybe in terms of the value and what's the next milestone will be? Thank you.

知道了。也許你可以談談與 CFPB 的法庭鬥爭，你們在德克薩斯州起訴了他們，他們又在猶他州起訴了。我的意思是，您能談談該過程的下一步嗎？也許就價值而言，下一個里程碑是什麼？謝謝。

Well, I can't -- with ongoing litigation, I can't say a lot in my prepared comments. We have to suffice -- as I said in my prepared comments, we think they're formed shopping by filing in Utah when there was already our case pending in Texas addressing the same subject. So we'll strongly contest our claims and defend ourselves from them trying to take over state regulatory framework that's governed our industry for a long time, like I said in my prepared comments.

好吧，我不能——由於訴訟正在進行，我不能在準備好的評論中說太多。我們必須足夠了——正如我在準備好的評論中所說，我們認為他們是通過在猶他州提起訴訟而形成的，而我們的案件已經在德克薩斯州懸而未決，涉及同一主題。因此，我們將強烈質疑我們的主張，並為自己辯護，以免他們試圖接管長期管理我們行業的國家監管框架，就像我在準備好的評論中所說的那樣。

But as far as next steps and all that, we'll have to leave it at that rather than get into a legal discussion about next steps. I'm not an attorney, and of course, they'd yell at me if I say any more than I've already said anyhow. So we'll have to leave it at that.

但至於下一步以及所有這些，我們將不得不就此打住，而不是就下一步進行法律討論。我不是律師，當然，如果我說的比我已經說過的更多的話，他們當然會對我大喊大叫。所以我們只能這樣了。

Thank you.

謝謝。

Thanks, Hoang.

謝謝，黃。

Bobby Griffin, Raymond James.

鮑比·格里芬、雷蒙德·詹姆斯。

Good morning, guys. Thanks for taking my questions and congrats on another good quarter of momentum.

早安，夥計們。感謝您回答我的問題，並祝賀又一個良好的季度勢頭。

Thanks, Bobby.

謝謝，鮑比。

So Mitch, my first question really is kind of on that on a high-level aspect. It seems -- if we look at your results as well as some of the peers' results, the industry is really starting to see some inflection points, whether it's on GMV growth, trade down, the portfolio performance, et cetera, what could potentially derail that? I guess, if the question is, is it just availability of credit becoming more available again? Or like when you kind of sit here and you kind of think out on multi-quarter or even kind of a year basis, what do you worry about that could derail some of this momentum?

米奇，我的第一個問題其實是關於高層次的問題。看來——如果我們看看你們的結果以及一些同行的結果，這個行業確實開始看到一些拐點，無論是 GMV 成長、交易下降、投資組合表現等等，可能會發生什麼脫軌嗎？我想，如果問題是，僅僅是信貸的可用性再次變得更加可用嗎？或者就像當你坐在這裡思考多個季度甚至一年的情況時，你擔心什麼可能會破壞這種勢頭？

It's a good question. I see only -- I'm usually the optimist in the room, but I see only positive things coming, Bobby, with the trade down. Of course, we talk about all the time about how resilient we are in a good economy where we did great. I mean, we're still trying to catch the record numbers we did from stimulus money. So when people have money, we do great too.

這是一個好問題。我只看到——我通常是房間裡的樂觀主義者，但我只看到積極的事情會發生，鮑比，隨著交易的減少。當然，我們一直在談論我們在經濟良好且表現出色的情況下的韌性。我的意思是，我們仍在努力利用刺激資金創造創紀錄的數字。所以當人們有錢時，我們也會做得很好。

So it's such a resilient model. I think you're seeing it now -- also when some subprime -- traditional retail at subprime is having some headwinds, right, with a lot of closures out there, but not the least owned industry. I mean Rent-A-Center going positive as well as, of course, the alternative of Acima being within our retail partners is going strong, even though subprime retail, like I said, there's a lot of closures.

所以這是一個很有彈性的模型。我想你現在也看到了這一點——也在一些次貸期間——次貸的傳統零售業遇到了一些阻力，對吧，有很多工廠倒閉，但不是擁有最少的行業。我的意思是，Rent-A-Center 正在積極發展，當然，我們的零售合作夥伴內部的 Acima 的替代方案也正在強勁發展，儘管像我所說的那樣，次級零售業有很多公司倒閉。

So we're -- that's the benefit of our -- of the lease on business model. It's there for all retailers for those customers that don't have the credit, you don't have to start out in a subprime store. But there's actually tailwinds coming from even some of those closures I mentioned probably when you think about for companies like -- or segments like Rent-A-Center.

所以我們——這就是我們的——商業模式租賃的好處。它適用於所有零售商，為那些沒有信用的客戶提供服務，您不必從次級商店開始。但實際上，當你考慮像租賃中心這樣的公司或像租賃中心這樣的細分市場時，即使是我提到的一些關閉，實際上也帶來了順風車。

So I don't know, Bobby, I'm not really -- I don't -- I just --- I worry about our strategy and things like that and are we executing in and talk to the team all the time about execution. I'm worried when -- are we taking advantage of every opportunity, things like that. But as far as something derailing the trend, I just -- I don't see anything.

所以我不知道，鮑比，我不是真的——我不——我只是——我擔心我們的策略和類似的事情，我們是否一直在執行並與團隊討論執行。我擔心我們是否會利用每一個機會，諸如此類的事情。但就破壞這一趨勢的因素而言，我只是——我沒有看到任何東西。

Fair enough. That's helpful. And I guess my second question is kind of a combo question just on the Acima side of the business. I mean, first, with the momentum that we now are seeing across the industry and as well as your results. What are you seeing competitively? Is everybody still behaving from a competitive standpoint because I know competition is tough out there?

很公平。這很有幫助。我想我的第二個問題是一個關於 Acima 業務方面的組合問題。我的意思是，首先，我們現在看到整個行業的勢頭以及你們的成果。你在競爭中看到了什麼？每個人是否仍然從競爭的角度行事，因為我知道那裡的競爭很激烈？

And then can you just define how you guys really define pipeline? Like what are those active merchants that are in conversation about actually engaging or is it just a list of potential merchants? Like what exactly is in the pipeline where we know how real it is and how the timing or maybe we can try to take an estimate at the timing of them becoming actual customers?

然後你能定義一下你們如何真正定義管道嗎？例如那些正在談論實際參與的活躍商家是什麼，或者只是潛在商家的清單？就像管道中到底有什麼，我們知道它的真實性以及時間安排，或者我們可以嘗試估計他們成為實際客戶的時間？

When I say pipeline, I'm talking about active conversations, not just the list. Like last quarter, we talked about there's some good regional players in the pipeline, and then we end up signing Levin, Slumberland, Purple, iFIT, things like that. Some of those are regional furniture players, obviously, Purples more of a nationwide e-com player for mattresses, even though they do have some stores and so forth.

當我說管道時，我指的是活躍的對話，而不僅僅是清單。就像上個季度一樣，我們談到了一些優秀的地區性公司正在醞釀中，然後我們最終簽下了 Levin、Slumberland、Purple、iFIT 等公司。其中一些是區域性家具廠商，顯然，Purples 更像是全國性的床墊電子商務廠商，儘管他們確實有一些商店等。

So it's -- we're talking about active conversations. And of course, our sales team of field sales and inside sales, a little over 100 people. They're -- they got tons of conversations going on with the 1- and 2- and 3-star merchants, and they're up 10% year-over-year, almost 10%.

所以，我們正在談論積極的對話。當然，我們的現場銷售和內部銷售團隊也有 100 多人。他們與 1 星級、2 星級和 3 星級商家進行了大量對話，並且同比增長了 10%，接近 10%。

So they're knocking it out of the park as they have for many years. So competition is about the same. I wouldn't say competition has gotten any stiffer or crazier as far as offerings and things like that. I'd say that's been pretty consistent. Of course, competition on the Rent-A-Center side is probably less than it was when we think about the store closures that are happening out there with some of our, not even -- not direct competitors, but indirect competitors that do business similarly with the same customers.

因此，他們正在像多年來所做的那樣，將其從公園中淘汰出來。所以競爭也差不多。我不會說就產品和類似的事情而言競爭變得更加激烈或瘋狂。我想說這非常一致。當然，租賃中心方面的競爭可能比我們考慮到我們的一些商店關閉時要少，甚至不是直接競爭對手，而是經營類似業務的間接競爭對手與相同的客戶。

So as I mentioned earlier, we see some of those closures as opportunities, especially on the Rent-A-Center side.

正如我之前提到的，我們將其中一些關閉視為機遇，特別是在租賃中心方面。

Thank you. Very helpful. Best of luck for the remainder of the year.

謝謝。非常有幫助。祝今年剩下的時間一切順利。

Thanks, Bobby.

謝謝，鮑比。

Brad Thomas, KeyBanc Capital Markets.

Brad Thomas，KeyBanc 資本市場。

Hi. Good morning and let me add my congrats on some nice results here as well. So I wanted to follow up more on the growth, Mitch. Yeah, absolutely well deserved. And I was hoping you could add a little bit more perspective on what you're seeing from a category perspective. And I say that with the knowledge that the -- many of your end markets, the retailers are seeing very challenged trends. So curious what you're seeing from a category perspective in terms of some of those dynamics like new merchant growth and what you're seeing from the D2C and productivity standpoint as well? Thank you.

你好。早安，讓我也對這裡取得的一些好成績表示祝賀。所以我想更多地跟進增長情況，米奇。是的，絕對當之無愧。我希望您能從類別的角度為您所看到的內容添加更多觀點。我想說的是，據了解，許多終端市場的零售商都看到了充滿挑戰的趨勢。很好奇您從品類角度看到的一些動態（例如新商家成長）以及從 D2C 和生產力角度看到的情況？謝謝。

Good morning, Brad. This is Fahmi. Yeah, I think from a category standpoint, I think it's been pretty steady year over year as far as kind of our mix of where the GMV is coming from. But I would say that we are starting to see some -- a greater mix coming through the e-com channel. We've talked about Wayfair and ahsley.com.

早安，布拉德。這是法赫米。是的，我認為從類別的角度來看，就我們的 GMV 來源組合而言，我認為逐年相當穩定。但我想說的是，我們開始看到一些——透過電子商務管道出現了更大的組合。我們已經討論過 Wayfair 和 ahsley.com。

So we've seen a greater mix of e-com, which tends for us to be heavier on the furniture side. So when you look at the categories, I would say there's softer demand on furniture and some of those household categories that we've talked about. But for us, we're offsetting that with some of the productivity gains and some of the merchant gains that we've talked about.

因此，我們看到了電子商務的更大組合，這往往使我們更重視家具方面。因此，當您查看這些類別時，我會說對家具和我們討論過的一些家居類別的需求較為疲軟。但對我們來說，我們正在用一些生產力的提高和我們談論的一些商業收益來抵消這一點。

So even though furniture may have some softer demand in applications on a per-location basis may be down, what we're seeing is that 35% increase because of some of the things that we've talked about. So the mix is changing a little bit as far as whether brick-and-mortar versus e-com.

因此，儘管家具在每個地點的應用中的需求可能會下降，但我們看到的是，由於我們討論過的一些事情，需求增加了 35%。因此，無論是實體店還是電子商務，混合方式正在發生一些變化。

I would say auto and jewelry also very strong when we look year over year from growth in applications and the growth in GMV standpoint. So it's pretty much -- the growth is coming across the board. We also talked about average ticket size. Average ticket size has come down. That's also partly of mix.

我想說，從應用的成長和 GMV 的成長來看，汽車和珠寶也非常強勁。所以，成長幾乎是全面的。我們也討論了平均門票尺寸。平均門票尺寸有所下降。這也是混合的一部分。

Typically, our average ticket size is lower on the e-com side, but there are some pricing benefits that we're seeing across the board as well. So some of that is also underwriting as we look to tighten on the bottom, we do cut the average ticket size. So I would say the growth is coming across the board across all categories.

通常，我們在電子商務方面的平均票價較低，但我們也全面看到了一些定價優勢。因此，其中一些也是承保，因為我們希望收緊底部，我們確實削減了平均票據規模。所以我想說，所有類別的成長都是全面的。

Yeah. And when you add it -- when you add it up -- that's well said, Fahmi. But Brad, when you add it up, it can be, let's say, less than intuitive that -- especially in the furniture business, with the business, a lot of people, public companies, at least, and even private companies talking negative same-store sales and things like that. But when you add growth and trade down together, we still have growth in furniture.

是的。當你添加它時 - 當你添加它時 - 說得好，法赫米。但是布拉德，當你把它加起來時，可以說，這可能不太直觀——尤其是在家具行業，在這個行業，很多人，至少是上市公司，甚至私營公司也持同樣的負面看法- 商店銷售和類似的事情。但當你把成長和貿易下降加在一起時，我們的家具仍然有成長。

A good example of the large furniture company that reported numbers this morning was slightly negative revenue, but we're up with that merchant. And is that trade down? Is that because our product offering is the best product offering they have? I don't know, it's probably a combination of all that, but we're up with that merchant. So we can be up with a merchant that's down in revenue.

今天早上報告數據的大型家具公司的一個很好的例子是收入略有負數，但我們與該商家保持一致。那麼這種交易會下降嗎？這是因為我們的產品是他們擁有的最好的產品嗎？我不知道，這可能是所有這些的結合，但我們正在與那個商人聯繫。這樣我們就可以與收入下降的商家合作。

And then when you add 10% growth in merchants to that factor that I just mentioned, in other words, add growth and trade down together, that's how you can be going up as a way of maybe what people think is happening in the furniture industry.

然後，當你將商家的10% 成長添加到我剛才提到的因素中時，換句話說，將成長和貿易下降一起添加，這就是你可以上升的方式，也許人們認為家具業正在發生這種情況。

That's very helpful. Maybe to follow up a little bit on Bobby's question. I don't know that I'd say derailing, but a question that we had asked is sort of thinking about how different macro scenarios might impact you all. And so I guess the question, Mitch, would be, as you maybe look at a year and think about potentially tail opportunities on the economy and if we get discretionary really coming back, maybe how do you think that affects you? And maybe vice versa, if we saw unemployment rise, how do you think Upbound Group fares?

這非常有幫助。也許是為了跟進鮑比的問題。我不知道我會說脫軌，但我們提出的一個問題是思考不同的宏觀情景可能會如何影響你們所有人。所以我想，米奇，問題是，當你回顧一年並思考經濟中潛在的尾部機會時，如果我們真的恢復了自由裁量權，也許你認為這會對你產生什麼影響？也許反之亦然，如果我們看到失業率上升，您認為Upbound Group的表現如何？

Yeah. I think it's the resilience in the durability of the model when -- if we get more at one end of the spectrum, maybe if the economy improves, the -- you can start adding back some of the, what Fahmi just referred to from an underwriting standpoint, the bottom, you can add some more back to the bottom, plus you get longer retention, especially on the Rent-A-Center side when people have more money, so it helps the portfolio.

是的。我認為這是模型耐久性的彈性，如果我們在一端得到更多，也許如果經濟改善的話，你可以開始添加一些，法赫米剛才在一篇文章中提到的從承銷的角度來看，在底部，您可以添加更多的回到底部，再加上您可以獲得更長的保留時間，特別是在租賃中心方面，當人們有更多的錢時，因此它有助於投資組合。

So you can drive there eventually, maybe you lose some of the trade down on the other end, but that's the resiliency how it just goes back and forth like a swing a little bit and you end up strong in any economic environment. But I will say that as things like demand for household furnishings come back that overall, I see that is very positive for Rent-A-Center and for Acima whereas people start moving again, interest rates come down and people start moving again.

所以你最終可以開車去那裡，也許你在另一端失去了一些交易，但這就是彈性，它就像擺動一點一樣來回移動，你最終在任何經濟環境中都很強大。但我要說的是，隨著家居家具需求等總體回升，我認為這對 Rent-A-Center 和 Acima 來說是非常積極的，而人們又開始搬家，利率下降，人們又開始搬家。

People buying starter homes usually still own a lot, especially in that starter home category. And of course, those are the ones most affected by these mortgage rates. So as people -- it's not just home depot and loans that will start benefiting from people moving around again. It's also our industry with the household furnishings and even appliances.

購買新房的人通常仍然擁有很多房產，尤其是在新房類別中。當然，這些都是受抵押貸款利率影響最大的。因此，對於人們來說，不僅僅是家得寶和貸款將開始從人們再次搬家中受益。這也是我們的家居用品甚至電器行業。

So I think there's just plenty of tailwinds to think about and very few on the headwind side because, again, even when things get a whole lot better, we still perform just -- not just us, but the industry will still perform because of the reasons I've already said. And if it gets a lot worse, to your point about it, unemployment could skyrocket again, we certainly venture those cycles, and we've done fine because you get even more trade down. So obviously, we're pretty optimistic.

因此，我認為有很多順風因素需要考慮，而很少有逆風因素，因為，即使情況變得好多了，我們仍然會表現——不僅僅是我們，但整個行業仍然會表現，因為原因我已經說過了。如果情況變得更糟，就你的觀點而言，失業率可能會再次飆升，我們當然會冒險這些週期，而且我們做得很好，因為你會得到更多的降價。顯然，我們非常樂觀。

Okay. Thanks so much, Mitch.

好的。非常感謝，米奇。

Thanks, Brad.

謝謝，布拉德。

Derek Sommers, Jefferies.

德里克·薩默斯，傑弗里斯。

Hi. Good morning, everyone. What's the typical GMV ramp time when you are on board with the new retail partner?

你好。大家早安。當您與新零售合作夥伴合作時，典型的 GMV 提升時間是多少？

The ramp time, it supposedly depends on the industry a little bit and how big they are. The bigger they are, it ramps up a little slower because they might put it in a few stores to start and make sure everything is working and so forth. If you've got a two-store chain, there may be very little ramp up. I mean very little time. By the second month, you might be at your run rate.

斜坡時間，據說有點取決於行業及其規模。它們越大，速度就會慢一些，因為他們可能會將其放在幾家商店中啟動並確保一切正常等等。如果您擁有兩家連鎖店，則成長幅度可能很小。我的意思是時間很少。到第二個月，您可能會達到預期的運行速度。

So I think it kind of depends, but it doesn't take a long time. Let me just say that. It's a couple of months, even on the big ones, it's still only a couple of months to ramp up. In staffed versus unstaffed, the staffed stores will ramp up faster than the (inaudible)

所以我認為這取決於情況，但不需要很長時間。我就這麼說吧。這需要幾個月的時間，即使是大的，也只有幾個月的時間來提升。在有人值守與無人值守的情況下，有人值守的商店將比無人值守的商店增長得更快。（聽不清楚）

Great. Thanks for the helpful color there. And then just one quick one on the RAC store count. How should we think about store count moving forward? Was most of that kind of consolidation exercise concentrated in this quarter? And how do you think about same-store sales trends moving forward?

偉大的。感謝那裡有用的顏色。然後簡單介紹一下 RAC 儲存計數。我們應該如何考慮未來的商店數量？大部分此類整合活動是否集中在本季？您如何看待未來的同店銷售趨勢？

Yeah, good question. Yes, I think it was concentrated in that quarter. We don't see a lot more this year. Of course, we're always looking to optimize. We've opened stores, too. And so it all depends on the market. But no, we don't see that from an ongoing standpoint. We had -- through the pandemic it was a seamless month, we didn't have any underperforming stores.

是的，好問題。是的，我認為它集中在那個季度。今年我們看不到更多。當然，我們一直在尋求優化。我們也開了商店。所以這一切都取決於市場。但不，我們並沒有從持續的角度看到這一點。在大流行期間，我們度過了一個完美的月份，我們沒有任何表現不佳的商店。

So as we looked at here three years away from that, that in the majority of what we've closed, it's only 2% or 3% of our stores, but the majority were underperforming. I also want to point out that the majority of those stores, almost all of them were less than 3 miles from another Rent-A-Center, like 90% of them were less than 3 miles from another Rent-A-Center and they are underperforming.

因此，三年後我們看到，在我們關閉的大部分商店中，只有 2% 或 3% 的商店，但大多數表現不佳。我還想指出的是，這些商店中的大多數，幾乎全部距離另一個租賃中心不到 3 英里，其中 90% 的商店距離另一個租賃中心不到 3 英里，而且它們表現不佳。

So we're able to still serve those customers. We run reports that the apps team, Anthony, and his team look at every week where we take the customers out of those closed stores. When we put them in the next closest store, we run the reports to see how -- what our retention level is for those customers as we put them in different stores and the report, I was just looking at it the other day, the weekly report where -- the stores in there for right now because it goes back two years.

所以我們仍然能夠為這些客戶提供服務。我們運行的報告顯示，應用程式團隊安東尼和他的團隊每週都會查看我們將顧客帶出那些關閉的商店的情況。當我們把它們放在下一個最近的商店時，我們運行報告來看看當我們把它們放在不同的商店和報告中時，我們對這些客戶的保留水平是多少，我前幾天剛剛看過，每週一次報告現在在哪裡——那裡的商店，因為它可以追溯到兩年前。

The stores on the report right now that we've closed average seven months of closure, and we're over 80% retention of those customers. So it's pretty high retention when you get rid of the overhead of a store and keep that level of customers even seven months later on average.

報告顯示，目前我們已經關閉的商店平均關閉了 7 個月，而且我們保留了超過 80% 的顧客。因此，當你擺脫商店的管理費用並平均在七個月後保留該水平的客戶時，保留率相當高。

So -- but the short answer to your question is going forward, we don't see a lot more of that. We're in positive territory same-store sales. We see that continuing through the rest of the year. We don't see anything bringing that back down to negative territory. So we continue to expect that will be low single digits.

所以，但對你的問題的簡短回答是，我們不會看到更多這樣的情況。我們的同店銷售額處於正值。我們看到這種情況將持續到今年剩餘時間。我們認為沒有任何事情可以使其回到負值區域。因此，我們仍然預計這將是低個位數。

It's not -- we're not going to start putting Acima numbers on the board at Rent-A-Center. But I think it's still a low single-digit same-store sales growth as we move forward.

事實並非如此——我們不會開始把 Acima 的數字寫在租賃中心的板上。但我認為，隨著我們的前進，同店銷售成長仍然處於較低的個位數。

Great. Thanks for that. That's all for me.

偉大的。謝謝你。這就是我的全部。

Thanks, Derek.

謝謝，德里克。

John Rowan, Janney Montgomery Scott.

約翰·羅文，珍妮·蒙哥馬利·斯科特。

Hey, guys, good morning. So obviously, you can see the trade down pretty clearly in the Acima business with the applications coming down from a waterfall. But are you seeing the same type of trade-down benefit in the core RAC business that you're seeing from whatever it might be, people tightening up above you because of impending or recently enacted credit card regulations?

嘿，夥計們，早安。顯然，您可以清楚地看到 Acima 業務中的應用程式從瀑布式下降。但是，您是否在核心 RAC 業務中看到了與您從任何方面看到的相同類型的折衷收益，即由於即將實施或最近頒布的信用卡法規，人們對您的壓力越來越大？

Yeah. Good question, John. It's certainly not as direct at Rent-A-Center, right? You don't really see it. It takes a little longer because the customer is not in a waterfall at a retailer or online, where they got denied and then their next option would be a lease. So it takes longer. I'd say positive same-store sales will tell us we're seeing a little.

是的。好問題，約翰。當然不是直接在租賃中心，對吧？你並沒有真正看到它。這需要更長的時間，因為客戶不會在零售商或線上商店中被拒絕，然後他們的下一個選擇將是租賃。所以需要更長的時間。我想說，積極的同店銷售將告訴我們我們已經看到了一些。

Certainly, the vantage scores don't have the increase like we're seeing at Acima, things like that. But I think that we're seeing a little bit. It's just a lot slower happening. And it probably picks up over -- we don't have it in our forecast that a lot of trade down would pick up on the Rent-A-Center side going forward, but it probably picks up. It just takes a little longer because it's not that direct sale like at a retail partner the way Acima does it.

當然，優勢分數並沒有像我們在 Acima 看到的那樣增加，諸如此類。但我認為我們看到了一點。只是發生的速度要慢得多。而且它可能會回升——我們的預測中並沒有預測未來租賃中心方面會出現大量交易下降，但它可能會回升。只是需要更長的時間，因為它不像 Acima 那樣像零售合作夥伴那樣直接銷售。

But I mentioned it earlier, too, John, I think there's some opportunities. There are some store closures out there where Rent-A-Center and they're in our neighborhoods. Some of the ones the two larger chains nationwide that announced closures in the last couple of weeks, we're in the same neighborhood. So we see that only as an opportunity. And thankfully, on the Acima side, we don't do business with one of those two. So it's nothing but positive to us.

但我之前也提到過，約翰，我認為有一些機會。我們附近有一些 Rent-A-Center 商店關閉。其中一些全國範圍內的兩家較大連鎖店在過去幾週宣布關閉，我們就在同一個社區。所以我們認為這只是一個機會。值得慶幸的是，在 Acima 方面，我們不與這兩家公司之一開展業務。所以這對我們來說只是正面的。

Okay. And I'm going to ask one question on the CFPB, broad question. If you can answer it, I won't hold it against you. But I'm just trying to understand the main tenant of your lawsuit against them, I'm assuming, it's an assumption that it's based on the legal definition of a lease in Dodd-Frank and whether or not the CFPB actually has jurisdiction over it. Is that correct?

好的。我要問一個關於 CFPB 的問題，一個廣泛的問題。如果你能回答的話，我不會反對你。但我只是想了解你對他們提起的訴訟的主要租戶，我假設，這是基於多德弗蘭克法案中租賃的法律定義以及 CFPB 是否實際上對此擁有管轄權的假設。這是正確的嗎？

Well, as I said in my prepared comments, we think there -- we see them trying to do is expand our authority and usurp the state regulatory framework that governs our industry, and that's really the gist of it.

嗯，正如我在準備好的評論中所說，我們認為 - 我們看到他們試圖擴大我們的權力並篡奪管理我們行業的國家監管框架，這確實是其要點。

All right. Thank you.

好的。謝謝。

Thanks, John.

謝謝，約翰。

(Operator Instructions)

（操作員說明）

Carla Casella, JPMorgan.

卡拉‧卡塞拉，摩根大通。

Hi. Thank you.You talked about the store closures, and it sounds like you're getting good transfer retention to your other stores. Have you given the number of how many more you see opportunities to close? And if there's any specific regions where they're concentrated?

你好。謝謝。您是否給出了您認為還有多少機會可以關閉？是否存在他們集中的特定區域？

No, Carla, we haven't. We don't really see any more this year. Now would there be one or two sprinkled in, of course. I mean we lose leases and markets change and so forth. And we opened a few stores here and there as we see the opportunity as well. So no, we haven't given that number, but as I mentioned, we don't see any more on the near horizon anyhow.

不，卡拉，我們沒有。今年我們真的看不到更多了。當然，現在會撒上一兩個。我的意思是我們失去了租約和市場變化等等。我們也看到了機會，因此到處開了幾家商店。所以不，我們還沒有給出這個數字，但正如我所提到的，無論如何，我們在不久的將來看不到更多的數字。

That was like a -- we did a review of just about every store in the system or certainly every underperforming store in the system. And also, to answer your question, no, it wasn't regional. It was where we had an underperforming store and another store within 3 miles or less than 3 miles at the vast majority. So -- but now there wasn't any one region of the country or anything like that.

這就像——我們對系統中的幾乎每個商店或系統中每個表現不佳的商店進行了審查。而且，回答你的問題，不，這不是區域性的。在那裡，我們有一家表現不佳的商店，而另一家商店則在 3 英里內或絕大多數不到 3 英里。所以——但現在這個國家不再有任何一個地區或類似的東西了。

Okay. Great. And then you talked about deleveraging from both EBITDA or cash flow as well as paying down debt. It looks like you're -- really the only debt payable right now is the ABL. Can you just talk about -- are you thinking about something more broadly than that? Or maybe ABL eventually addressed them on the term loan as you -- with your free cash flow?

好的。偉大的。然後您談到了 EBITDA 或現金流的去槓桿化以及償還債務。看來你現在唯一需要償還的債務就是 ABL。你能談談——你是否在思考比這更廣泛的事情？或者，也許 ABL 最終會像您一樣透過定期貸款解決這些問題——利用您的自由現金流？

Yeah. Hey, Carla, it's Fahmi. Yeah, we have about $80 million outstanding on the ABL. But I think the deleveraging comment would be more -- it's going to be a combination of paying down the ABL. We can also prepay the term loan depending on where our cash flow is, but it will be a combination of EBITDA growth as well as actually paying down some of that gross debt.

是的。嘿，卡拉，我是法赫米。是的，我們的 ABL 上還有大約 8000 萬美元的未償資金。但我認為去槓桿化的評論會更多——這將是償還 ABL 的結合。我們也可以根據我們的現金流狀況提前償還定期貸款，但這將是 EBITDA 成長以及實際償還部分總債務的結合。

Cash flows, obviously, this year have been -- the free cash flow number has been light compared to year over year as we fund the GMV growth at Acima and fund some of the technology advancements that Mitch mentioned. But we do see that as some of the growth changes throughout the rest of the year as we comp over some of the bigger numbers year over year, we do expect free cash flow to increase in the second half of the year, and we guided for the third quarter of $60 million to $75 million. And part of that will go down to paying down debt.

顯然，今年的現金流量——與去年同期相比，自由現金流量較少，因為我們為 Acima 的 GMV 成長提供了資金，並為米奇提到的一些技術進步提供了資金。但我們確實看到，由於今年剩餘時間裡的一些增長發生了變化，因為我們逐年比較了一些較大的數字，我們確實預計自由現金流將在今年下半年增加，並且我們指導第三季度為6000萬至7,500 萬美元。其中一部分將用於償還債務。

Okay. Great. That's helpful. Thank you.

好的。偉大的。這很有幫助。謝謝。

I am showing no further questions at this time. I would now like to turn it back to our Chief Executive Officer, Mitch Fadel, for closing remarks.

我目前沒有提出任何進一步的問題。現在我想請我們的執行長米奇法德爾 (Mitch Fadel) 致閉幕詞。

Thank you, Elizabeth, and thank you to everyone who joined us today for an update on our second quarter and our outlook for the rest of the year. I'm really thankful for the collective efforts of my teammates and our merchants who helped deliver such strong GMV and the same-store sales results for the quarter, and we're grateful for your interest and your support, and we look forward to updating you next quarter on our continued progress towards the goals we've outlined. So have a great day, everybody. Thank you.

謝謝伊麗莎白，也感謝今天加入我們的所有人，了解我們第二季度的最新情況以及我們對今年剩餘時間的展望。非常感謝我的隊友和商家的集體努力，他們幫助我們實現了本季度如此強勁的 GMV 和同店銷售業績，我們感謝您的關注和支持，我們期待更新請您在下個季度介紹我們在實現我們概述的目標方面的持續進展。祝大家有美好的一天。謝謝。

Thank you for joining the participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。