Upbound Group, Inc. (NASDAQ:UPBD) Q3 2023 Earnings Call Transcript

Fahmi Karam : We’re up low single digits on the quarter and that’s been pretty consistent over the last couple. And so I would say outside of us winning a big national account or enterprise account, I would expect that kind of percentage to continue quarter over quarter.

Mitchell Fadel : Yes. Low to mid-single digit growth in merchants. And again, I mentioned it earlier, Carla, not just growth is what we’re all about and that’s important, but also you got merchants that you’re in now that you can enhance your position by having the best alternative for the customer. I don’t mean best alternative price wise, but the easiest transaction to make on the website, things like that. So if you have the less friction than maybe the one of the other ones they’re using in that store, you can enhance your position and so forth. So we’re focused on continuing to grow that low to mid-single digits with the small mid-size players, but also enhance our position within each one we’re in, as well as obviously we’ve got a whole team working on larger national accounts that have such a long sales cycle to them.

Carla Casella: And have you said how many are you exclusive in?

Fahmi Karam : No, we don’t. The big ones we’re in, most of the big ones we’re in, we are exclusive but no, we don’t disclose that number. It’s not the easiest number to get, when you think about having over 30,000 small and mid-size stores out there where the Acima products in there but we look at it and we know we’re improving it because we’re seeing our position enhanced in a lot of cases, but we don’t disclose the exact number or anything. It is a focus of ours. We do push the sales team to ask for exclusivity. And if we can’t get exclusivity, how do we get first look instead of our existing merchants. So it is a focus of ours and that’s the enhanced position has gone. That focus has helped a lot.

Mitchell Fadel : Exactly.

Operator: I’m showing no further questions at this time, so I would like to now turn it back to Mitch Fadel, CEO for closing remarks.

Mitchell Fadel : Well, thank you and thank you everyone for joining us today. We appreciate your time as you look at look at the quarter and our guidance going forward. Another good quarter. I want to thank you for your support, but also thank all of our employees all the way from our executives and the people like Anthony and Tyler that are running these segments very successfully right now, all the way to every employee in the company. We’re executing, of course not a 100% because we never do, but we’re executing at a high level and we’ll just keep that going. Thank you, everyone.

Operator: Thank you for participation in today’s conference. This does conclude the program and you may now disconnect.