Business Context and Reporting Period
This Form 8-K is a current report filed by Rent-A-Center, Inc. (not Upbound Group, Inc., as noted in the metadata) on December 19, 2012, covering events occurring on December 13, 2012, and December 17, 2012. The filing addresses a change in the company's independent registered public accounting firm and an increase in the quarterly cash dividend.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures. The only financial metric disclosed is the change in dividend policy:
- Previous Quarterly Dividend: $0.16 per share
- New Quarterly Dividend: $0.21 per share
- Effective Date: First quarter of 2013
- Payment Date: January 24, 2013
- Record Date: January 3, 2013
Material Changes Versus Prior Period
The primary material change reported is the decision to replace the independent auditor. Grant Thornton LLP, which audited the financial statements for the years ended December 31, 2010, and 2011, is being dismissed. KPMG LLP has been selected to commence the audit for the year ending December 31, 2013. The filing explicitly states there were no disagreements or reportable events between the company and Grant Thornton during the relevant periods.
Guidance, Outlook, and Management Commentary
The filing contains no forward-looking guidance, earnings outlook, or management commentary regarding operational performance. The decision to change auditors was made by the Audit Committee after soliciting proposals and conducting a formal review. The dividend increase was announced via a press release on December 17, 2012.
Important Facts for Investor Verification
- Verify the transition timeline between Grant Thornton LLP and KPMG LLP for the 2013 audit cycle.
- Confirm the record date (January 3, 2013) and payment date (January 24, 2013) for the increased dividend of $0.21 per share.
- Note that the filing explicitly states no accounting disagreements or reportable events occurred with the outgoing auditor, Grant Thornton.
- Review the attached Exhibit 16.1 (Letter from Grant Thornton) and Exhibit 99.1 (Press Release) for full details.