The Aaron's Company, Inc. Reports First Quarter 2024 Financial Results, Reaffirms Revenue and Adjusted EBITDA Outlook, Raises Non-GAAP EPS Outlook

Core Insights - The Aaron's Company, Inc. reported its first quarter 2024 financial results, reaffirming its full-year outlook while raising the non-GAAP EPS forecast due to a lower estimated tax rate [1][2]. Financial Performance - Revenues for Q1 2024 were $511.5 million [2]. - Adjusted EBITDA for the same period was $22.7 million [2]. - The company reported a loss per share of $0.46, with a non-GAAP loss per share of $0.15 [2]. Business Highlights - Recurring revenue from Aaron's Business increased by 2.3%, driven by a 6.8% growth in lease merchandise deliveries [3]. - E-commerce recurring revenue surged by 94.1%, benefiting from new omnichannel lease decisioning and customer acquisition programs [3]. - The lease portfolio size at the end of Q1 decreased by 4.8% year-over-year, but showed a sequential improvement of 220 basis points from Q4 2023 [3]. - Same-store lease portfolio size decreased by 1.4% year-over-year, with a sequential improvement of 300 basis points from Q4 2023 [3]. - Lease merchandise deliveries in April increased by 18.6%, with e-commerce growth at 116.3% [3]. - Write-offs were reported at 5.9%, with expectations for full-year write-offs in line with guidance of 6% to 7% [3]. - BrandsMart comparable sales decreased by 9.4%, but showed a sequential improvement of 460 basis points [3]. - A quarterly cash dividend of $0.125 per share was announced, to be paid on July 3, 2024 [3]. Full Year 2024 Outlook - The company projects revenues between $2.055 billion and $2.155 billion for the full year [4]. - Adjusted EBITDA is expected to be between $105.0 million and $125.0 million [4]. - Non-GAAP diluted EPS is forecasted to range from $0.00 to $0.25 [4].