The Aaron's Company Reports Second Quarter Revenues and Earnings
Company Added
Company Removed
Apply to Request List

The Aaron's Company Reports Second Quarter Revenues and Earnings

Second Quarter Financial Highlights

  • Total Revenues of $467.5 Million, an 8.5% Increase
  • Same Store Revenues Increased 11.2%; E-commerce Revenues Increased 15.8%
  • Net Income of $33.0 Million, a 47.4% Increase; Adjusted EBITDA of $65.3 Million, a 16.3% Increase
  • Diluted EPS of $0.95, a 43.9% Increase; Non-GAAP Diluted EPS of $1.05, a 26.5% Increase
  • Returned $42.0 Million to Shareholders Through Share Repurchases And Dividends

Refer to the "Basis of Presentation" section below for information regarding the consolidated and combined financial results for the periods discussed in this release.

ATLANTA, July 27, 2021 // PRNewswire // - The Aaron's Company, Inc. (NYSE: AAN), a technology-enabled, omnichannel provider of lease-to-own and purchase solutions, today announced financial results for the second quarter ended June 30, 2021.

"We are pleased to announce another quarter of strong operating results, a significant return of capital to shareholders, and an increase in our revenue and earnings outlook for the full year 2021," said Douglas Lindsay, Chief Executive Officer of The Aaron's Company.

"Robust demand for our products, continued strength in customer payments, and ongoing execution of our strategic initiatives have led to a larger lease portfolio generating higher revenues, double-digit earnings growth and strong free cash flow. Our continued investments in customer-focused decisioning technology, digital payment and servicing platforms, and both in-store and online shopping experiences are yielding positive results and are collectively driving greater productivity and margin expansion."

Results of Operations - Second Quarter 2021

For the second quarter of 2021, total revenues were $467.5 million compared with $431.0 million for the second quarter of 2020, an increase of 8.5%. The increase in revenues was primarily due to the improving size and quality of our lease portfolio and strong customer payment activity during the quarter, partially offset by the planned net reduction of 42 company-operated stores during the 15-month period ended June 30, 2021. E-commerce revenues were up 15.8% compared to the prior year quarter and represented 14.0% of lease revenues compared to 12.8% in the prior year quarter.

On a same store basis, lease and retail revenues increased 11.2% in the second quarter compared to the prior year quarter. Same store revenue growth was primarily driven by a larger same store lease portfolio size to begin the quarter, growth in the portfolio during the second quarter, and strong customer payment activity.

Net earnings for the second quarter of 2021 were $33.0 million compared to $22.4 million in the prior year period. Net earnings in the second quarter of 2021 included $1.8 million in pre-tax restructuring charges and $1.2 million in pre-tax spin-related separation charges. Net earnings in the second quarter of 2020 included $7.0 million in pre-tax restructuring charges.

Adjusted EBITDA for the Company was $65.3 million for the second quarter of 2021, compared with $56.2 million for the same period in 2020, an increase of $9.1 million, or 16.3%. As a percentage of revenues, Adjusted EBITDA was 14.0% in the second quarter of 2021 compared with 13.0% for the same period in 2020, an improvement of 100 basis points. The improvement in Adjusted EBITDA margin was primarily due to the items described above related to the revenue increase and an 80 basis point reduction in lease merchandise write-offs, partially offset by incremental public company costs and a return to more normalized levels of operating expenses compared to the second quarter of 2020, a period that included store shutdowns, employment furloughs, curtailment of marketing activities, franchisee royalty abatement, and other short-term actions related to the COVID-19 pandemic.

Diluted earnings per share for the second quarter of 2021 were $0.95 compared with diluted earnings per share of $0.66 in the year ago same period. On a non-GAAP basis, diluted earnings per share were $1.05 in the second quarter of 2021 compared with non-GAAP diluted earnings per share of $0.83 for the same quarter in 2020, an increase of $0.22 or 26.5%.

During the second quarter, the Company repurchased 1,166,010 shares of Aaron's common stock for a total purchase price, including brokerage commissions, of approximately $38.6 million. For the year-to-date period through July 23, 2021, the company repurchased 1,839,313 shares of Aaron's common stock for a total purchase price, including brokerage commissions, of approximately $57.4 million. As of July 23, 2021, the Company had approximately $92.6 million remaining under its $150 million share repurchase program.

During the quarter, the Company's board of directors declared a quarterly cash dividend of $0.10 per share which was paid on July 6, 2021.

As of June 30, 2021, the company had a cash balance of $48.0 million, no debt, and total available liquidity of $281.5 million including availability under the Company's existing revolving credit facility.

Franchise Performance

Franchisee revenues totaled $82.5 million for the three months ended June 30, 2021, a decrease of 20.9% from the three months ended June 30, 2020 primarily due to a reduction in franchise locations. Same store revenues for franchised stores increased 1.9% for the three months ended June 30, 2021 compared with the same quarter in 2020. Revenues and customers of franchisees are not revenues and customers of the Company.

2021 Outlook

The Company has revised its full year 2021 outlook. For the full year 2021, we increased our expected total revenues to between $1.775 billion and $1.800 billion.  We also increased our expected Adjusted EBITDA to between $215 million and $225 million.

For the full year 2021 updated outlook, we have assumed an effective tax rate for 2021 of approximately 26%, depreciation and amortization of between $70 million and $75 million, and a diluted weighted average share count of approximately 34 million shares. This outlook assumes no significant deterioration in the current retail environment, state of the U.S. economy, or global supply chain, as compared to its current condition.

 

Current Outlook1

Previous Outlook1

 

July 27, 2021

April 27, 2021

(In thousands)

Low

High

Low

High

Total Revenues

$

1,775,000

 

$

1,800,000

 

$

1,725,000

 

$

1,775,000

 

Adjusted EBITDA2

215,000

 

225,000

 

190,000

 

205,000

 

Capital Expenditures

90,000

 

100,000

 

80,000

 

90,000

 

Free Cash Flow2

90,000

 

100,000

 

90,000

 

100,000

 

Annual Same Store Revenues

6.0%

 

8.0%

 

4.0%

 

6.0%

 
 

1 See the "Use of Non-GAAP Financial Information" section accompanying this press release.

2 See the "Reconciliation of 2021 Current Outlook" and "Reconciliation of 2021 Previous Outlook" sections accompanying this press release.

Basis of Presentation

The financial statements and related results discussed herein for periods prior to and through the date of the separation and distribution, November 30, 2020, were prepared on a combined standalone basis and were derived from the consolidated financial statements and accounting records of PROG Holdings, Inc. The financial statements for the periods subsequent to December 1, 2020 and through June 30, 2021 are consolidated financial statements of the Company and its subsidiaries, each of which is wholly-owned, and is based on the financial position and results of operations of the Company as a standalone company.

The combined financial statements prepared through November 30, 2020 include all revenues and costs directly attributable to the Company and an allocation of expenses from PROG Holdings, Inc. related to certain corporate functions and actions. These costs include executive management, finance, treasury, tax, audit, legal, information technology, human resources and risk management functions and the related benefit cost associated with such functions, including stock-based compensation. These expenses have been allocated to the Company based on direct usage or benefit where specifically identifiable, with the remaining expenses allocated primarily on a pro rata basis using an applicable measure of revenues, headcount or other relevant measures.

Conference Call and Webcast

The Company will hold a conference call to discuss its quarterly results on July 27, 2021, at 8:30 a.m. Eastern Time. The public is invited to listen to the conference call by webcast accessible through the Company's investor relations website. The webcast will be archived for playback at that same site.

THE AARON'S COMPANY, INC.

Condensed Consolidated and Combined Statements of Earnings

(In thousands, except per share amounts)

 
   

(Unaudited) 

 Three Months Ended

(Unaudited) 

 Six Months Ended

 

June 30,

June 30,

   

2021

2020

2021

2020

REVENUES:

         

Lease and Retail Revenues

 

$

428,498

 

$

394,257

 

$

872,585

 

$

793,167

Non-Retail Sales

 

32,455

 

33,044

 

62,404

 

59,890

Franchise Royalties and Fees

 

6,542

 

3,654

 

13,560

 

10,729

   

467,495

 

430,955

 

948,549

 

863,786

COST OF REVENUES:

         

Cost of Lease and Retail Revenues

 

143,206

 

137,718

 

294,701

 

279,721

Non-Retail Cost of Sales

 

29,609

 

29,316

 

56,100

 

52,897

   

172,815

 

167,034

 

350,801

 

332,618

GROSS PROFIT

 

294,680

 

263,921

 

597,748

 

531,168

OPERATING EXPENSES:

         

Personnel Expenses

 

121,426

 

118,395

 

246,289

 

234,141

Other Operating Expenses, Net

 

114,046

 

93,993

 

222,412

 

217,058

Provision for Lease Merchandise Write-Offs

 

12,117

 

14,213

 

25,534

 

38,173

Restructuring Expenses, Net

 

1,794

 

6,991

 

5,235

 

29,277

Impairment of Goodwill

 

 

 

 

446,893

Separation Costs

 

1,246

 

 

5,636

 

   

250,629

 

233,592

 

505,106

 

965,542

OPERATING PROFIT (LOSS)

 

44,051

 

30,329

 

92,642

 

(434,374)

Interest Expense

 

(451)

 

(2,853)

 

(795)

 

(6,652)

Other Non-Operating Income, Net

 

744

 

1,948

 

1,146

 

189

EARNINGS (LOSS) BEFORE INCOME TAX EXPENSE
(BENEFIT)

 

44,344

 

29,424

 

92,993

 

(440,837)

INCOME TAX EXPENSE (BENEFIT)

 

11,369

 

7,050

 

23,695

 

(139,437)

NET EARNINGS (LOSS)

 

$

32,975

 

$

22,374

 

$

69,298

 

$

(301,400)

           

EARNINGS (LOSS) PER SHARE

 

$

0.98

 

$

0.66

 

$

2.04

 

$

(8.91)

EARNINGS (LOSS) PER SHARE ASSUMING DILUTION

 

$

0.95

 

$

0.66

 

$

1.99

 

$

(8.91)

WEIGHTED AVERAGE SHARES OUTSTANDING

 

33,812

 

33,842

 

34,036

 

33,842

WEIGHTED AVERAGE SHARES OUTSTANDING
ASSUMING DILUTION

 

34,561

 

33,842

 

34,739

 

33,842

 

THE AARON'S  COMPANY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands) 

 
 

(Unaudited)

   
 

June 30, 2021

 

December 31, 2020

ASSETS:

     

Cash and Cash Equivalents

$

47,979

   

$

76,123

 

Accounts Receivable (net of allowances of $5,667 at June 30, 2021 and $7,613 at
December 31, 2020)

26,569

   

33,990

 

Lease Merchandise (net of accumulated depreciation and allowances of $445,867
at June 30, 2021 and $458,405 at December 31, 2020)

737,305

   

697,235

 

Property, Plant and Equipment, Net

209,876

   

200,370

 

Operating Lease Right-of-Use Assets

236,507

   

238,085

 

Goodwill

8,482

   

7,569

 

Other Intangibles, Net

5,844

   

9,097

 

Income Tax Receivable

1,800

   

1,093

 

Prepaid Expenses and Other Assets

89,179

   

89,895

 

Total Assets

$

1,363,541

   

$

1,353,457

 

LIABILITIES & SHAREHOLDERS' EQUITY:

     

Accounts Payable and Accrued Expenses

$

230,279

   

$

230,848

 

Deferred Income Taxes Payable

79,275

   

62,601

 

Customer Deposits and Advance Payments

58,180

   

68,894

 

Operating Lease Liabilities

262,292

   

278,958

 

Debt

   

831

 

Total Liabilities

630,026

   

642,132

 
       

Shareholders' Equity:

     

Common Stock, Par Value $0.50 Per Share: Authorized: 112,500,000 Shares at
June 30, 2021 and December 31, 2020; Shares Issued: 35,520,456 at June 30, 2021
and 35,099,571 at December 31, 2020

17,760

   

17,550

 

Additional Paid-in Capital

715,513

   

708,668

 

Retained Earnings

64,320

   

1,881

 

Accumulated Other Comprehensive Loss

(450)

   

(797)

 
 

797,143

   

727,302

 

Less: Treasury Shares at Cost

     

 2,426,788 Shares at June 30, 2021 and 894,660 at December 31, 2020

(63,628)

   

(15,977)

 

Total Liabilities & Shareholders' Equity

$

1,363,541

   

$

1,353,457

 

 

THE AARON'S COMPANY, INC.

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS

 

(Unaudited)

Six Months Ended

June 30,

(In Thousands)

2021

 

2020

OPERATING ACTIVITIES:

     

Net Earnings (Loss)

$

69,298

   

$

(301,400)

 

Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating
Activities:

     

Depreciation of Lease Merchandise

269,600

   

260,308

 

Other Depreciation and Amortization

34,547

   

34,235

 

Accounts Receivable Provision

10,879

   

14,957

 

Stock-Based Compensation

6,882

   

5,370

 

Deferred Income Taxes

16,674

   

(80,206)

 

Impairment of Assets

2,810

   

468,634

 

Non-Cash Lease Expense

45,802

   

48,394

 

Other Changes, Net

(2,437)

   

1,790

 

Changes in Operating Assets and Liabilities, Net of Effects of Acquisitions and
Dispositions:

     

Additions to Lease Merchandise

(408,440)

   

(193,677)

 

Book Value of Lease Merchandise Sold or Disposed

98,712

   

104,370

 

Accounts Receivable

(3,554)

   

(6,754)

 

Prepaid Expenses and Other Assets

(3,228)

   

3,012

 

Income Tax Receivable

(707)

   

(76,175)

 

Operating Lease Right-of-Use Assets and Liabilities

(63,169)

   

(51,051)

 

Accounts Payable and Accrued Expenses

(2,748)

   

(19,950)

 

Customer Deposits and Advance Payments

(10,766)

   

2,583

 

Cash Provided by Operating Activities

60,155

   

214,440

 

INVESTING ACTIVITIES:

     

Insurance Proceeds relating to Property, Plant and Equipment

363

   

 

Proceeds from Investments

1,974

   

 

Purchases of Property, Plant & Equipment

(45,826)

   

(30,059)

 

Proceeds from Dispositions of Property, Plant, and Equipment

7,977

   

2,208

 

Acquisitions of Businesses and Customer Agreements, Net of Cash Acquired

(1,734)

   

(1,210)

 

Proceeds from Dispositions of Businesses and Customer Agreements, Net of Cash
Disposed

   

358

 

Cash Used in Investing Activities

(37,246)

   

(28,703)

 

FINANCING ACTIVITIES:

     

Proceeds from Debt

   

5,625

 

Repayments on Debt

(753)

   

(60,748)

 

Dividends Paid

(6,770)

   

 

Acquisition of Treasury Stock

(42,626)

   

 

Issuance of Stock Under Stock Option Plans

1,790

   

 

Shares Withheld for Tax Payments

(2,729)

   

 

Net Transfers From Former Parent

   

126,265

 

Debt Issuance Costs

   

(1,020)

 

Cash (Used in) Provided by Financing Activities

(51,088)

   

70,122

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

35

   

(79)

 

(Decrease) Increase in Cash and Cash Equivalents

(28,144)

   

255,780

 

Cash and Cash Equivalents at Beginning of Year

76,123

   

48,773

 

Cash and Cash Equivalents at End of Year

$

47,979

   

$

304,553

 

Use of Non-GAAP Financial Information:
Non-GAAP net earnings, non-GAAP diluted earnings per share, EBITDA and adjusted EBITDA are supplemental measures of our performance that are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP").  Non-GAAP net earnings and non-GAAP diluted earnings per share for 2021 exclude certain charges including amortization expense resulting from franchisee acquisitions, restructuring charges, and separation costs associated with the separation and distribution transaction that resulted in our spin-off into a separate publicly-traded company. Non-GAAP net earnings and non-GAAP diluted earnings per share for 2020 exclude certain charges including amortization expense resulting from franchisee acquisitions, early termination charges incurred to terminate a sales and marketing agreement, goodwill impairment charges, restructuring charges, and an income tax benefit resulting from the revaluation of a net operating loss carryback. The amounts for these pre-tax non-GAAP adjustments, which are tax-effected using estimated tax rates which are commensurate with non-GAAP pre-tax earnings, can be found in the Reconciliation of Earnings (Loss) Before Income Taxes and Earnings (Loss) Per Share Assuming Dilution to Non-GAAP Net Earnings and Non-GAAP Earnings Per Share Assuming Dilution table in this press release.

The EBITDA and adjusted EBITDA figures presented in this press release are calculated as the Company's earnings before interest expense, depreciation on property, plant and equipment, amortization of intangible assets and income taxes.  Adjusted EBITDA also excludes the other adjustments described in the calculation of non-GAAP net earnings above. The amounts for these pre-tax non-GAAP adjustments can be found in the Quarterly EBITDA tables in this press release.

Management believes that non-GAAP net earnings, non-GAAP diluted earnings per share, EBITDA and Adjusted EBITDA provide relevant and useful information, and are widely used by analysts, investors and competitors in our industry as well as by our management in assessing both consolidated and business unit performance.

Non-GAAP net earnings and non-GAAP diluted earnings per share provide management and investors with an understanding of the results from the primary operations of our business by excluding the effects of certain items that generally arose from larger, one-time transactions that are not reflective of the ordinary earnings activity of our operations or transactions that have variability and volatility of the amount.  This measure may be useful to an investor in evaluating the underlying operating performance of our business.

EBITDA and adjusted EBITDA also provide management and investors with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes.  These measures may be useful to an investor in evaluating our operating performance and liquidity because the measures:

  • Are widely used by investors to measure a company's operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors.
  • Are a financial measurement that is used by rating agencies, lenders and other parties to evaluate our creditworthiness.
  • Are used by our management for various purposes, including as a measure of performance of our operating entities and as a basis for strategic planning and forecasting.

The Free Cash Flow figures presented in this press release are calculated as the Company's cash flows provided by operating activities less capital expenditures. Management believes that Free Cash Flow is an important measure of liquidity provides relevant and useful information, and are widely used by analysts, investors and competitors in our industry as well as by our management in assessing liquidity.

Non-GAAP financial measures, however, should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP, such as the Company's GAAP basis net earnings and diluted earnings per share, the Company's GAAP revenues and earnings before income taxes and GAAP cash from operating activities, which are also presented in the press release.  Further, we caution investors that amounts presented in accordance with our definitions of non-GAAP net earnings, non-GAAP diluted earnings per share, EBITDA, adjusted EBITDA and Free Cash Flow may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner.

Reconciliation of Earnings (Loss) Before Income Taxes and Earnings (Loss) Per Share Assuming Dilution
to Non-GAAP Net Earnings and Non-GAAP Earnings Per Share Assuming Dilution

(In thousands, except per share)

 
 

(Unaudited) 

 Three Months Ended

 

(Unaudited) 

 Six Months Ended

 

June 30,

 

June 30,

 

2021

2020

 

2021

2020

Earnings (Loss) Before Income Taxes

$

44,344

 

$

29,424

   

$

92,993

 

$

(440,837)

 

Add: Franchisee-Related Intangible Amortization
Expense

1,428

 

1,438

   

2,935

 

3,018

 

Add: Restructuring Expenses, net

1,794

 

6,991

   

5,235

 

29,277

 

Add: Sales and Marketing Early Contract Termination
Fees

 

   

 

14,663

 

Add: Separation Costs

1,246

 

   

5,636

 

 

Add: Impairment of Goodwill

 

   

 

446,893

 

Non-GAAP Earnings Before Income Taxes

48,812

 

37,853

   

106,799

 

53,014

 
           

Income taxes, calculated using a non-GAAP Effective Tax
Rate

12,515

 

9,910

   

$

27,213

 

$

14,860

 

Non-GAAP Net Earnings

$

36,297

 

$

27,943

   

$

79,586

 

$

38,154

 
           

NOL Carryback Revaluation(1)

 

   

 

(34,191)

 
           

Earnings (Loss) Per Share Assuming Dilution

$

0.95

 

$

0.66

   

$

1.99

 

$

(8.91)

 

Add: Franchisee-Related Intangible Amortization
Expense

0.04

 

0.04

   

0.08

 

0.09

 

Add: Restructuring Expenses, net

0.05

 

0.21

   

0.15

 

0.87

 

Add: Sales and Marketing Early Contract Termination
Fees

 

   

 

0.43

 

Add: Separation Costs

0.04

 

   

0.16

 

 

Add: Impairment of Goodwill

 

   

 

13.21

 

Less: NOL Carryback Revaluation(1)

 

   

 

(1.01)

 

Tax Effect of Non-GAAP adjustments

$

(0.03)

 

$

(0.08)

   

$

(0.10)

 

$

(3.55)

 

Non-GAAP Earnings Per Share Assuming Dilution(2)

$

1.05

 

$

0.83

   

$

2.29

 

$

1.13

 
           

Weighted Average Shares Outstanding Assuming Dilution

34,561

 

33,842

   

34,739

 

33,842

 
   

(1)

This Non-GAAP adjustment directly impacted income tax benefit during the six months ended June 30, 2020. While the inclusion of this adjustment is not necessary to reconcile from Non-GAAP earnings before income taxes to Non-GAAP net earnings in the above table, it is necessary to reconcile from losses per share assuming dilution (based on GAAP net earnings) to Non-GAAP earnings per share assuming dilution for the six months ended June 30, 2020. 

(2)

In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding.

 

The Aaron's Company, Inc.

Non-GAAP Financial Information

Quarterly and Year-To Date EBITDA

(In thousands)

 
 

(Unaudited)

 

(Unaudited)

 

Three Months Ended

 

Six Months Ended

 

June 30, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

Net Earnings (Loss)

$

32,975

   

$

22,374

   

$

69,298

   

$

(301,400)

 

Income Taxes

11,369

   

7,050

   

23,695

   

(139,437)

 

Earnings (Loss) Before Income Taxes

$

44,344

   

$

29,424

   

$

92,993

   

$

(440,837)

 

Interest Expense

451

   

2,853

   

795

   

6,652

 

Depreciation

15,881

   

15,272

   

31,264

   

30,761

 

Amortization

1,599

   

1,632

   

3,283

   

3,474

 

EBITDA

$

62,275

   

$

49,181

   

$

128,335

   

$

(399,950)

 

Sales and Marketing Early Contract
Termination Fees

   

   

   

14,663

 

Separation Costs

1,246

   

   

5,636

   

 

Restructuring Expenses, net

1,794

   

6,991

   

5,235

   

29,277

 

Impairment of Goodwill

   

   

   

446,893

 

Adjusted EBITDA

$

65,315

   

$

56,172

   

$

139,206

   

$

90,883

 

 

Reconciliation of 2021 Current Outlook for Adjusted EBITDA

(In thousands)

 
 

Fiscal Year 2021 Ranges

 

Consolidated Total

Estimated Net Earnings

$100,000 - $104,000

Income Taxes

35,000  -  36,000

Projected Earnings Before Income Taxes

135,000  -  140,000

Interest Expense

1,000

Depreciation and Amortization

70,000  -  75,000

Projected EBITDA

$206,000 - $216,000

Projected Other Adjustments, Net1

9,000

Projected Adjusted EBITDA

$215,000 - $225,000

 

1 Projected Other Adjustments include non-GAAP charges related to restructuring charges and separation costs associated with the separation and distribution transaction that resulted in our spin-off into a separate publicly-traded company.

 

Reconciliation of 2021 Current Outlook for Free Cash Flow

(In thousands)

 
 

Fiscal Year 2021 Ranges

 

Consolidated Total

Cash Provided by Operating Activities

$180,000 - $200,000

Capital Expenditures

90,000  -  100,000

Free Cash Flow

$90,000 - $100,000

 

Reconciliation of 2021 Previous Outlook for Adjusted EBITDA

(In thousands)

 
 

Fiscal Year 2021 Ranges

 

Consolidated Total

Estimated Net Earnings

$82,500 - $90,000

Income Taxes

  27,500  -  30,000

Projected Earnings Before Income Taxes

   110,000  -  120,000

Interest Expense

1,000

Depreciation and Amortization

   70,000  -  75,000

Projected EBITDA

$181,000 - $196,000

Projected Other Adjustments, Net1

9,000

Projected Adjusted EBITDA

$190,000 - $205,000

 

1 Projected Other Adjustments include non-GAAP charges related to restructuring charges and separation costs associated with the separation and distribution transaction that resulted in our spin-off into a separate publicly-traded company.

 

Reconciliation of 2021 Previous Outlook for Free Cash Flow

(In thousands)

 
 

Fiscal Year 2021 Ranges

 

Consolidated Total

Cash Provided by Operating Activities

$170,000 - $190,000

Capital Expenditures

 80,000  -  90,000

Free Cash Flow

$90,000 - $100,000

SOURCE The Aaron's Company Inc.

###

Comments:

comments powered by Disqus
Share This Page

Subscribe to our Newsletters