ATLANTA,
Ga., May 6, 2024 /PRNewswire/ -- The Aaron's
Company, Inc. (NYSE: AAN) today released its first quarter 2024
financial results. Highlights of those results and the 2024 outlook
are included below, in the attached supplement, and at
investor.aarons.com.
First Quarter 2024 Consolidated Results:
- Revenues were $511.5 million
- Adjusted EBITDA1 was $22.7
million
- Loss per share was $0.46;
Non-GAAP loss per share1 was $0.15
- Reaffirms full year 2024 outlook for revenue and adjusted
EBITDA and raises outlook for non-GAAP EPS on lower estimated tax
rate
Key Business Highlights2:
- Aaron's Business recurring revenue written increased 2.3%
driven by 6.8% growth in lease merchandise deliveries
- E-commerce recurring revenue written increased 94.1% benefiting
from new omnichannel lease decisioning and customer acquisition
program
- Lease portfolio size ended Q1 down 4.8% year-over-year, a
sequential improvement of 220 basis points from the end of Q4
2023
- Same store3 lease portfolio size ended Q1 down 1.4%
year-over-year, a sequential improvement of 300 basis points from
the end of Q4 2023
- Positive momentum continued into April with lease merchandise
deliveries up 18.6% driven by e-commerce growth of 116.3%
- Write-offs were 5.9%; expect full year write-offs in line with
guidance of 6% to 7%
- BrandsMart comparable sales decreased 9.4%, a sequential
improvement of 460 basis points
- Announced quarterly cash dividend of $0.125 per share to be paid on July 3, 2024
Full Year 2024 Consolidated Outlook:
- Revenues of $2.055 billion to
$2.155 billion
- Adjusted EBITDA1 of $105.0
million to $125.0 million
- Non-GAAP Diluted EPS1 of $0.00 to $0.25
The Company will host an earnings conference call tomorrow,
May 7, 2024, at 8:30 a.m. ET.
Chief Executive Officer Douglas A.
Lindsay will host the call along with President Steve Olsen and Chief Financial Officer
C. Kelly Wall. A live audio webcast
of the conference call and presentation slides may be accessed at
investor.aarons.com and the hosting website at
https://events.q4inc.com/attendee/241854235. A transcript of the
webcast will also be available at investor.aarons.com.
About The Aaron's Company, Inc.
Headquartered in Atlanta, The
Aaron's Company, Inc. (NYSE: AAN) is a leading, technology-enabled,
omnichannel provider of lease-to-own and retail purchase solutions
of appliances, electronics, furniture, and other home goods across
its brands: Aaron's, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven.
Aaron's offers a direct-to-consumer lease-to-own solution through
its approximately 1,220 Company-operated and franchised stores in
47 states and Canada, as well as
its e-commerce platform. BrandsMart U.S.A. is one of the leading appliance
retailers in the country with 11 retail stores in Florida and Georgia, as well as its e-commerce platform.
BrandsMart Leasing offers lease-to-own solutions to customers of
BrandsMart U.S.A. Woodhaven is the
Company's furniture manufacturing division. For more information,
visit investor.aarons.com, aarons.com, and brandsmartusa.com.
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1.
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Item is a Non-GAAP
financial measure. Refer to the "Use of Non-GAAP Financial
Information" and supporting reconciliation tables in the attached
supplement.
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2.
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Comparisons are to the
prior year period unless otherwise noted. Key operating metrics do
not include BrandsMart Leasing.
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3.
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With respect to any
metric, "same store" includes all stores open for the 15-month
period ended March 31, 2024, excluding stores that received lease
agreements from other acquired, closed or merged stores.
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SOURCE The Aaron's Company, Inc.