The Aaron's Company, Inc. Reports First Quarter 2024 Financial Results, Reaffirms Revenue and Adjusted EBITDA Outlook, Raises Non-GAAP EPS Outlook
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. | Item is a Non-GAAP financial measure. Refer to the "Use of Non-GAAP Financial Information" and supporting reconciliation tables in the attached supplement. |
2. | Comparisons are to the prior year period unless otherwise noted. Key operating metrics do not include BrandsMart Leasing. |
3. | 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.