Upbound Group (UPBD) Q1 FY2024 earnings: revenue $1.1 billion, up 7.9% on the year

Upbound Group, Inc. (UPBD) reported revenue of $1.1 billion for Q1 FY2024, the quarter ended 31 March 2024, up 7.9% on the same quarter a year earlier. Net income was $28 million, down 41.5% on the year, and diluted earnings per share $0.50. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$1.1 billionup 7.9%

Net income$28 milliondown 41.5%

Diluted EPS$0.50

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,096	1,018	n/a	n/a
Cost of revenue	567	505	n/a	n/a
Gross profit	529	513	n/a	n/a
Gross margin	48.3%	50.3%	n/a
Operating income	61.8	55.9	n/a	n/a
Operating margin	5.6%	5.5%	n/a
Interest expense	30.0	29.2	n/a	n/a
Pre-tax income	32.6	27.4	n/a	n/a
Income tax	4.9	38.7	n/a	n/a
Effective tax rate	15.0%	141.0%	n/a
Net income	27.7	-11.3	n/a	n/a
Net margin	2.5%	-1.1%	n/a
Diluted EPS	$0.50	-$0.18	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	45.4	-19.7	n/a	n/a
Capital expenditure	11.8	17.2	n/a	n/a
Free cash flow	33.6	-36.9	n/a	n/a
Free cash flow margin	3.1%	-3.6%	n/a
Cash from investing	-11.7	-14.8	n/a	n/a
Cash from financing	-42.8	21.6	n/a	n/a
Depreciation and amortisation	13.5	13.2	n/a	n/a
Share-based compensation	11.9	15.4	n/a	n/a
Dividends paid	21.5	18.7	n/a	n/a
Dividend per share	$0.37	n/a	n/a	n/a
Diluted shares, weighted	56m	55m	n/a	n/a
Shares outstanding at period end	55m	54m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	578	560	n/a	n/a
Debt	1,289	1,307	n/a	n/a
Other liabilities	760	854	n/a	n/a
Total liabilities and equity	2,627	2,721	n/a	n/a
Fixed assets	263	273	n/a	n/a
Goodwill	290	290	n/a	n/a
Intangible assets	288	301	n/a	n/a
Cash and equivalents	84.8	93.7	n/a	n/a
Other assets	1,701	1,763	n/a	n/a
Total assets	2,627	2,721	n/a	n/a

Questions

What was Upbound Group's revenue in Q1 FY2024?

Upbound Group (UPBD) reported revenue of $1.1 billion for Q1 FY2024, the quarter ended 31 March 2024, up 7.9% on the same quarter a year earlier.

How much did Upbound Group earn in Q1 FY2024?

Net income for Q1 FY2024 was $28 million, down 41.5% on the year, and diluted earnings per share $0.50.

When did Upbound Group report Q1 FY2024 results?

Upbound Group filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 2 May 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	979	1,018	1,096	1,077	1,069	1,079	1,176	1,158	1,165	1,196	1,220	1,163
Cost of revenue	482	505	567	545	558	571	626	586	602	610	633	569
Gross profit	497	513	529	532	511	508	550	572	563	587	586	595
Gross margin	51%	50%	48%	49%	48%	47%	47%	49%	48%	49%	48%	51%
Operating income	58.1	55.9	61.8	80.7	70.1	79.2	62.6	50.7	52.8	57.2	77.4	54.3
Operating margin	6%	5%	6%	7%	7%	7%	5%	4%	5%	5%	6%	5%
Interest expense	27.9	29.2	30.0	28.4	26.8	25.4	27.8	28.5	28.7	28.0	26.9	25.5
Pre-tax income	31.4	27.4	32.6	46.4	44.2	54.4	35.5	22.8	19.9	29.9	51.3	29.3
Tax rate	86%	141%	15%	27%	30%	43%	30%	32%	33%	34%	30%	26%
Net income	4.4	-11.3	27.7	33.9	30.9	31.0	24.8	15.5	13.2	19.7	35.8	21.6
Net margin	0%	-1%	3%	3%	3%	3%	2%	1%	1%	2%	3%	2%
Diluted EPS	$0.08	-$0.18	$0.50	$0.61	$0.55	$0.55	$0.42	$0.26	$0.22	$0.35	$0.61	$0.37
Operating cash flow	78.0	-19.7	45.4	15.0	106	-61.9	138	7.8	118	41.6	171	123
Capital expenditure	14.8	17.2	11.8	14.4	17.9	12.1	10.6	18.2	20.5	17.5	16.0	15.5
Free cash flow	63.2	-36.9	33.6	0.6	88.3	-74.0	127	-10.4	97.9	24.0	155	108
Dividends paid	20.0	18.7	21.5	20.3	20.3	20.3	21.4	22.1	22.2	22.2	23.1	22.9
Shares outstanding	54m	54m	55m	55m	55m	57m	58m	58m	58m	58m	58m	58m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 2 May 2024, accession 0000933036-24-000101: the filing on EDGAR. All of Upbound Group, Inc.'s filings: EDGAR company page.

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