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FURNITURE APPLIANCES RAC Rent - A - Center ELECTRONICS Rent - A - Center , Inc. Reports First Quarter 2021 Results May 5 , 2021 Consolidated Revenues of $ 1.0 Billion , up 24.8 % ¹ on a Pro Forma Basis Acima Segment Pro Forma Revenue Growth of 30.2 % ¹ Acima Segment Invoice Volume of $ 506 million , up 28 % ¹ on a Pro Forma Basis Rent - A - Center Business Same Store Sales of 23.4 % Diluted EPS of $ 0.64 ; Non - GAAP Diluted EPS of $ 1.32 Increases Consolidated Full Year 2021 Guidance PLANO , Texas -- ( BUSINESS WIRE ) -- May 5 , 2021-- Rent - A - Center , Inc. ( the " Company " or " Rent - A - Center " ) ( NASDAQ / NGS : RCII ) today announced results for the quarter ended March 31 , 2021 . " We're extremely pleased with the momentum across the business in the first quarter of 2021 , " said Mitch Fadel , Chief Executive Officer . " We delivered one of the most successful quarters in our history , with same store sales and invoice volume accelerating in an improving economy and strong lease performance in both our Acima and Rent - A - Center segments . " " Acima has immediately transformed our retail partner business to a higher growth , higher profit , best in class virtual platform , " continued Mr. Fadel . " The Acima virtual LTO business we acquired in mid - February achieved a 17.5 percent adjusted EBITDA margin in the quarter , and we're bringing new innovations to cash and credit constrained customers that can support long - term growth . The market opportunity is significant , and we see ample runway to capture share across a wide spectrum of retail partner and consumer channels . " " Meanwhile , digital investments continue to propel the Rent - A - Center business , " said Mr. Fadel . " E - commerce revenue increased over 50 percent versus the year - ago quarter , and we believe the tech - enabled enhancement we've made to the payments and collections process has long - term benefits . " " We've increased our outlook for consolidated revenue , adjusted EBITDA , diluted non - GAAP earnings per share and free cash flow for the year , " said Mr. Fadel . " The revised outlook incorporates our expectation that trends normalize in the second half of 2021. We're excited about long - term prospects and confident in our 2023 goal for $ 6.0 billion in consolidated revenues with a mid - teens consolidated adjusted EBITDA margin , " Mr. Fadel concluded . Consolidated Results On a consolidated basis , total revenues increased in the first quarter of 2021 to $ 1.0 billion , or by 47.7 percent compared to the same period in 2020 , primarily due to the acquisition of Acima Holdings , LLC in mid - February 2021 ( the " Acima Transaction " ) and an increase in same store sales revenue of 23.4 percent in the Rent - A - Center Business . On a GAAP basis , the Company generated $ 70.0 million in operating profit in the first quarter of 2021 compared to $ 48.9 million in the first quarter of 2020 , with the increase primarily due to the increased operating profit of the Rent - A - Center Business and Acima segments , partially offset by various expenses related to the Acima Transaction , as described further below . On a GAAP basis , net earnings and diluted earnings per share were $ 42.6 million and $ 0.64 , respectively , in the first quarter of 2021 compared to $ 49.3 million and $ 0.88 in the first quarter of 2020. As of March 31 , 2021 , diluted shares were 66,295,000 compared to 56,152,000 during the same period last year with the increase from 2020 primarily due to shares issued for the Acima Transaction . Special items in the first quarter of 2021 of $ 51.1 million primarily related to the Acima Transaction , including one - time transaction and integration costs , stock compensation expense related to equity consideration subject to vesting conditions , depreciation and amortization of acquired software and intangible assets , and debt refinancing charges . The Company's Non - GAAP first quarter 2021 diluted earnings per share were $ 1.32 compared to $ 0.67 in the first quarter of 2020 , an increase of 96.8 percent . Adjusted EBITDA in the first quarter was $ 134.6 million compared to $ 65.5 million in the first quarter of 2020 , an increase of 105.5 percent . Adjusted EBITDA margin as a percentage of total revenues in the first quarter was 13.0 percent , an increase of 370 basis points compared to the first quarter of 2020 . For the three months ended March 31 , 2021 , the Company generated $ 135.8 million of cash from operations . The Company ended the first quarter of 2021 with $ 123.0 million of cash and cash equivalents and $ 1.38 billion of outstanding indebtedness . The Company's net debt to Adjusted EBITDA ratio ended the first quarter at 2.0 times on a pro forma basis compared to 0.7 times as of the end of the first quarter 2020. The Company ended the