Aaron’s Company Releases First Quarter Financial Results

May 7, 2024  by HFBusiness Staff in Business Strategy, Industry   

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

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.