The Aaron’s Company, Inc. Reports Second Quarter 2024 Financial Results

The Aaron’s Company, Inc. released its 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 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.

For full results click here.

About The Aaron’s Company, Inc.

Headquartered in Atlanta, The Aaron’s Company, Inc. (NYSE: AAN) is a leading, technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions of appliances, electronics, furniture, and other home goods across its brands: Aaron’s, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven. Aaron’s offers a direct-to-consumer lease-to-own solution through its approximately 1,250 Company-operated and franchised stores in 47 states and Canada, as well as its e-commerce platform. BrandsMart U.S.A. is one of the leading appliance retailers in the country with 11 retail stores in Florida and Georgia, as well as its e-commerce platform. BrandsMart Leasing offers lease-to-own solutions to customers of BrandsMart U.S.A. Woodhaven is the Company’s furniture manufacturing division. For more information, visit investor.aarons.com, aarons.com, and brandsmartusa.com.

Source: The Aaron’s Company, Inc.