The Aaron's Company, Inc. Reports Second Quarter 2024 Financial Results
Second Quarter 2024 Consolidated Results:
- Revenues were
$503.1 million - Net loss was
$11.9 million - Adjusted EBITDA1 was
$24.5 million - Loss per share was
$0.39 ; Non-GAAP loss per share1 was$0.07
Key Business Highlights2:
- Announced the Company entered into a definitive agreement to be acquired by
IQVentures Holdings, LLC for$10.10 per share - Aaron's Business recurring revenue written increased 6.1% driven by 11.1% growth in lease merchandise deliveries
- E-commerce recurring revenue written increased 79.4% benefiting from new omnichannel lease decisioning and customer acquisition program
- Lease portfolio size ended Q2 down 2.0% year-over-year and same store3 lease portfolio size ended Q2 up 1.6% year-over-year
- BrandsMart comparable sales decreased 7.3%
- Announced quarterly cash dividend of
$0.125 per share to be paid onOctober 3, 2024
Transaction with
As previously announced on
In light of the pending transaction, the Company will not be hosting an earnings conference call to discuss its results for the quarter and is withdrawing outlook for 2024.
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. For Adjusted EBITDA, the most comparable GAAP metric is net loss. For Non-GAAP loss per share, the most comparable GAAP metric is loss per share. |
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