SEC Filing Summary: Rent-A-Center, Inc. (8-K)
Business Context and Reporting Period
This Form 8-K was filed by Rent-A-Center, Inc. on October 21, 2013. The filing serves to report the company's results of operations and financial condition for the quarter ended September 30, 2013. The detailed earnings information is contained in a press release attached as Exhibit 99.1.
Key Financial Metrics
The filing text itself does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references a press release (Exhibit 99.1) which contains:
- EBITDA: Earnings before interest, taxes, depreciation, and amortization (a non-GAAP measure).
- Reconciliation: A reconciliation of EBITDA to reported earnings before income taxes.
- Debt Instruments: The filing notes that EBITDA impacts financial covenants related to the company's senior credit facilities, 6.625% senior unsecured notes due November 2020, and 4.75% senior unsecured notes due May 2021.
Note: Specific financial figures are not present in the provided text; they must be sourced from the referenced Exhibit 99.1.
Material Changes
The filing text does not explicitly detail material changes versus the prior comparable period. It directs investors to the attached press release for the specific results of operations for the quarter ended September 30, 2013.
Guidance, Outlook, and Management Commentary
Management Commentary on Non-GAAP Measures: Management states that presenting EBITDA is useful to investors because it impacts financial covenants under the company's debt agreements. However, management emphasizes that:
- EBITDA is a non-GAAP financial measure and should be considered supplemental.
- It is not a substitute for or superior to GAAP financial information.
- It may differ from similar measures used by other companies.
Legal Status of Information: Pursuant to General Instruction B.2 of Form 8-K, the information in this filing and the accompanying exhibit is deemed "furnished" and not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934. Consequently, it shall not be incorporated by reference into any filing under the Securities Act of 1933.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated October 21, 2013) for specific revenue, net income, and EBITDA figures for the quarter ended September 30, 2013.
- Verify the reconciliation of EBITDA to earnings before income taxes to understand adjustments made to GAAP figures.
- Confirm the status of financial covenants related to the 6.625% notes (due 2020) and 4.75% notes (due 2021) based on the reported EBITDA.
- Note that the information in this 8-K is "furnished" and not subject to the liabilities of Section 18 of the Exchange Act.