Upbound Group, Inc. (NASDAQ:UPBD) Q3 2023 Earnings Conference Call November 2, 2023 9:00 AM ET
Company Participants
Brendan Metrano - Head of Investor Relations
Mitchell Fadel - Chief Executive Officer
Fahmi Karam - Executive Vice President and Chief Financial Officer
Conference Call Participants
Bobby Griffin - Raymond James
Bradley Thomas - KeyBanc Capital Markets
Jason Haas - BofA Securities
Vincent Caintic - Stephens Inc.
Kyle Joseph - Jefferies
John Rowan - Janney Montgomery Scott
Alex Fuhrman - Craig-Hallum Capital Group
Carla Casella - JP Morgan
Operator
Good day and thank you for standing by. Welcome to the Quarter 3 2023 Upbound Group Incorporated Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would like to now hand the conference over to your first speaker today, Brendan Metrano.
Brendan Metrano
Good morning, and thank you all for joining us to discuss the company's results for the third quarter of 2023. We issued our earnings release before the market opened today, and the release and all related materials, including a link to the live webcast are available on our website at investor.upbound.com.
On the call today from Upbound Group, we have Mitch Fadel, our CEO; and Fahmi Karam, our CFO.
As a reminder, some of the statements provided on this call are forward-looking and are subject to factors that could cause actual results to different materially from our expectations. These factors are described in our earnings release as well as in the company's SEC filings. Upbound Group undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.
This call will also include references to non-GAAP financial measures, and our discussion of comparable performance will generally refer to non-GAAP results. Please refer to our third quarter earnings release, which can be found on our website for a description of the non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures.
With that, I will turn the call over to Mitch.
Mitchell Fadel
Thank you, Brendan, and welcome everyone to the call this morning. We are pleased to report another strong quarter for the company, which generated financial results at the high end of our financial outlook. Non-GAAP diluted earnings per share was $0.79 compared to guidance of $0.70 to $0.80 and revenues of $979 million and adjusted EBITDA of $106 million. We are encouraged to see our businesses are on track to meet key operating objectives for the year despite the continuing challenging external conditions. We again delivered sequential improvement in top line trends, lower overall loss rates year-over-year and strong margins due to stable customer payment behavior in the third quarter.