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Aaron's Company (AAN) investor relations material
Aaron's Company Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary5 Aug, 2024
Executive summary
Q2 2024 revenues were $503.1 million, down 5.1% year-over-year, with declines in both Aaron's Business and BrandsMart segments.
Net loss for Q2 2024 was $11.9 million, compared to net earnings of $6.5 million in Q2 2023; diluted loss per share was $0.39 versus earnings per share of $0.21 last year.
Adjusted EBITDA was $24.5 million, a 42.3% decrease year-over-year.
Entered into a definitive merger agreement with IQVentures Holdings for $10.10 per share in cash; transaction expected to close by year-end.
Restructuring and acquisition-related costs, including $7.5 million for the proposed merger, significantly impacted Q2 results.
Financial highlights
Lease revenues and fees fell 5.1% year-over-year to $335.7 million; retail sales declined 5.7% to $139.5 million.
Gross profit decreased 3.6% to $272.0 million, but gross margin improved to 54.1% from 53.2% due to higher margins in both segments.
Operating loss was $12.3 million, compared to operating profit of $11.3 million in Q2 2023.
Adjusted free cash flow was $(6.0) million, down from $36.0 million in Q2 2023.
Cash and cash equivalents were $34.2 million at June 30, 2024, down $24.9 million from year-end 2023.
Outlook and guidance
Withdrew 2024 outlook due to pending acquisition; no earnings call will be held.
Management anticipates continued challenging market conditions, including reduced consumer demand and elevated inflation, to persist through 2024 and beyond.
Cost-cutting and real estate optimization strategies are expected to partially offset these headwinds.
The company expects to continue paying its quarterly dividend of $0.125 per share, subject to board approval.
How will IQVentures' expertise enhance Aaron's?
Explain BrandsMart's sales decline vs. Aaron's growth.
Why did adjusted free cash flow turn negative?
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Frequently asked questions
Aaron's Company Inc provides lease-to-own and retail solutions for furniture, appliances, electronics, and other home goods. It offers flexible payment options and delivery services through company-operated and franchised stores, as well as e-commerce platforms. The company serves customers who seek access to household items without traditional credit. The company is headquartered in Atlanta, Georgia, and its shares are listed on the NYSE.
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