Aaron’s Company Releases Second Quarter 2024 Results

August 5, 2024  by Karen Parrish in Business Strategy, Industry   

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 on October 3, 2024

 

Transaction with IQVentures Holdings, LLC:
As previously announced on June 17, 2024, The Aaron's Company, Inc. has entered into a definitive agreement to be acquired by IQVentures Holdings, LLC ("IQVentures"), a leading fintech organization, for $10.10 per share in cash, or an enterprise value of approximately $504 million. The transaction is expected to close by the end of the year, subject to shareholder approval and other customary closing conditions.

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.