The Aaron's Company, Inc. Reports Fourth Quarter & Full Year 2023 Financial Results, and Announces 2024 Outlook
Fourth Quarter 2023 Consolidated Results1:
- Revenues were
$529.5 million , a decrease of 10.2% - Adjusted EBITDA2,3 was
$22.4 million , a decrease of 25.2% - Loss per share was
$0.41 ; Non-GAAP loss per share2 was$0.26 - Write-offs were 6.5% in the Aaron's Business, an improvement of 60 basis points
Full Year 2023 Consolidated Results1:
- Revenues were
$2.14 billion , a decrease of 4.9% - Adjusted EBITDA2,3 was
$136.0 million , a decrease of 23.2% - EPS was
$0.09 ; Non-GAAP EPS2 was$0.81 - Write-offs were 5.8% in the Aaron's Business, an improvement of 60 basis points
- Adjusted free cash flow was
$102.3 million , an increase of 10.5% - Net debt lowered by
$79.8 million , a reduction of 37.2%
Key Business Highlights1:
- Aaron's Business recurring revenue written decreased 4.2% in Q4 due to lower average ticket, partially offset by 1.4% growth in lease merchandise deliveries
- Aaron's Business e-commerce recurring revenue written increased 60.0% in Q4 driven by new omnichannel customer acquisition program
- Aaron's Business lease portfolio size decreased 7.0% in 2023 but is expected to grow mid single digits by year-end 2024
- BrandsMart comparable sales decreased 14.0% in Q4, a sequential improvement of 300 basis points
- 2023 cost savings exceeded
$40 million , with additional cost actions taken in Q1 2024
Full Year 2024 Consolidated Outlook :
- Revenues of
$2.055 billion to$2.155 billion - Adjusted EBITDA2 of
$105.0 million to$125.0 million - Non-GAAP Diluted EPS2 of
$(0.10) to$0.25
The Company will host an earnings conference call tomorrow,
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1. |
Comparisons are to the prior year period unless otherwise noted. |
2. |
Item is a Non-GAAP financial measure. Refer to the "Use of Non-GAAP Financial Information" and supporting reconciliation tables in the attached supplement. |
3. |
Starting in 2023, adjusted EBITDA excludes stock-based compensation expense. All prior period adjusted EBITDA metrics included herein have been adjusted to exclude stock compensation expense for comparability purposes. |
About The Aaron's
Headquartered in
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SOURCE The Aaron’s