The Aaron's Company, Inc. Reports First Quarter 2024 Financial Results, Reaffirms Revenue and Adjusted EBITDA Outlook, Raises Non-GAAP EPS Outlook
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 onJuly 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,
About The Aaron's
Headquartered in
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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 |
3. |
With respect to any metric, "same store" includes all stores open for the 15-month period ended |
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SOURCE The Aaron's