ATLANTA, Feb. 26, 2024 /PRNewswire/ — The Aaron’s Company, Inc. (NYSE:AAN) today released its fourth quarter and full year 2023 financial results. Highlights of those results and the 2024 outlook are included below, in the attached supplement, and at investor.aarons.com.
Fourth Quarter 2023 Consolidated Results1:
Revenues were $529.5 million, a decrease of 10.2%
Adjusted EBITDA2,3 was $22.4 million, a decrease of 25.2%
Loss per share was $0.41; Non-GAAP loss per share2 was $0.26
Write-offs were 6.5% in the Aaron’s Business, an improvement of 60 basis points
Full Year 2023 Consolidated Results1:
Revenues were $2.14 billion, a decrease of 4.9%
Adjusted EBITDA2,3 was $136.0 million, a decrease of 23.2%
EPS was $0.09; Non-GAAP EPS2 was $0.81
Write-offs were 5.8% in the Aaron’s Business, an improvement of 60 basis points
Adjusted free cash flow was $102.3 million, an increase of 10.5%
Net debt lowered by $79.8 million, a reduction of 37.2%
Key Business Highlights1:
Aaron’s Business recurring revenue written decreased 4.2% in Q4 due to lower average ticket, partially offset by 1.4% growth in lease merchandise deliveries
Aaron’s Business e-commerce recurring revenue written increased 60.0% in Q4 driven by new omnichannel customer acquisition program
Aaron’s Business lease portfolio size decreased 7.0% in 2023 but …
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