The Aaron's Company Reports Full Year and Fourth Quarter Revenues and Earnings; Initiates Outlook for 2021
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The Aaron's Company Reports Full Year and Fourth Quarter Revenues and Earnings; Initiates Outlook for 2021

Full Year 2020 Highlights

  • Full Year 2020 Revenues of $1.735 Billion
  • Diluted EPS of ($7.85); Non-GAAP Diluted EPS of $3.02, Up 43.8%
  • Adjusted EBITDA of $208.9 Million, Up 26.4%
  • Same Store Revenues Up 1.8%; E-commerce Lease Revenues Up 41%

Fourth Quarter 2020 Highlights

  • Fourth Quarter Revenues of $430 Million
  • Diluted EPS of $0.08; Non-GAAP Diluted EPS $0.79, Up 11.3%
  • Adjusted EBITDA of $53.7 Million, Up 4.8%
  • Same Store Revenues Up 3.4%; E-commerce Lease Revenues Up 39%

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, Feb. 23, 2021 // PRNewswire // - The Aaron's Company, Inc. (NYSE: AAN), a leading technology-enabled omnichannel provider of lease-purchase solutions, today announced financial results for the full year and fourth quarter ended December 31, 2020.

"We are pleased to announce another quarter of solid financial results to conclude a strong year for Aaron's," said Douglas Lindsay, Chief Executive Officer of The Aaron's Company. "I am proud of the dedication of our team members who continue to provide exceptional customer service during the ongoing COVID-19 pandemic. We believe our investments in customer servicing platforms, decisioning technologies, new store formats and fast-growing e-commerce channel are delivering positive momentum in financial performance and lease portfolio growth. We remain focused on executing our key strategic priorities: simplifying and digitizing the customer experience; aligning our store footprint to the customer opportunity; and promoting the Aaron's value proposition of low payments, high approval rates, and best-in-class service."

Results of Operations - Full Year 2020

For the full year 2020, consolidated revenues were $1.735 billion, a decline of 2.8% compared to the full year 2019. This decline is the result of a reduction of 253 company-operated stores in 2019 and 2020, partially offset by a 1.8% increase in same store revenues for the full year 2020.

Adjusted EBITDA for the full year 2020 was $208.9 million, an increase of $43.6 million or 26.4% compared to the full year of 2019. As a percentage of revenues, adjusted EBITDA margin was 12.0% compared to 9.3% in 2019, an increase of 270 basis points. The increase in adjusted EBITDA is primarily due to an improvement in customer payment activity, fewer lease merchandise returns and efficiencies in store operations. Write-offs were 4.2% of lease revenues in 2020, a 200 basis point improvement over 2019.

Non-GAAP EPS for the full year 2020 was $3.02, an increase of 43.8% compared to the $2.10 reported for the full year 2019.

The Company generated $355.8 million in cash from operations during the twelve months ended December 31, 2020 and ended the year with $76.1 million in cash. Total available liquidity was $311.4 million and total debt was less than $1 million as of December 31, 2020.

Results of Operations - Fourth Quarter 2020

For the fourth quarter of 2020, consolidated revenues were $430.2 million compared with $435.0 million for the fourth quarter of 2019, a decrease of 1.1%. The decrease in consolidated revenues was primarily due to the net reduction of 75 company-operated stores during 2020, partially offset by strength in customer payment activity. On a same store revenue basis, revenues increased 3.4% in the fourth quarter compared to the prior year quarter, the sixth quarter of positive same store revenue growth in the last eight quarters, and the third consecutive quarter in a row.

Adjusted EBITDA for the Company was $53.7 million for the fourth quarter of 2020, compared with $51.2 million for the same period in 2019, an increase of $2.5 million, or 4.8%. As a percentage of revenues, adjusted EBITDA was 12.5% in the fourth quarter of 2020 compared with 11.8% for the same period in 2019, an improvement of 70 basis points. The improvement in adjusted EBITDA margin was primarily due to a 300 basis point reduction in write-offs to 4.3% of lease revenues, partially offset by the impact of one-time benefits related primarily to real estate sale and leaseback transactions and other miscellaneous items in the fourth quarter of 2019. Before the impact of these one-time items in the fourth quarter of 2019, adjusted EBITDA margin in the fourth quarter of 2020 would have improved 250 basis points.

Net earnings for the fourth quarter of 2020 were $2.9 million compared to net earnings of $20.5 million in the prior year period. Net earnings in the fourth quarter of 2020 included $12.1 million in pre-tax spin-related retirement charges, $9.2 million in pre-tax restructuring charges and $7.0 million in pre-tax spin-related separation charges. Net earnings in the fourth quarter of 2019 included $2.5 million in pre-tax restructuring charges.

Diluted earnings per share for the fourth quarter of 2020 were $0.08 compared with diluted earnings per share of $0.61 in the year ago period. On a non-GAAP basis, diluted earnings per share were $0.79 in the fourth quarter of 2020 compared with non-GAAP diluted earnings per share of $0.71 for the same quarter in 2019, an increase of $0.08 or 11.3%.

Franchise Performance

Franchisee revenues totaled $405.1 million for the full year of 2020, a decrease of 6.4% from the full year of 2019 primarily due to a reduction in franchise locations. Franchisee revenues totaled $97.1 million for the fourth quarter of 2020, a decrease of 4.1% from the fourth quarter of 2019 primarily due to a reduction in franchise locations. Same-store revenues for franchised stores increased 6.1% for the fourth quarter of 2020 compared with the same quarter in 2019.  Revenues and customers of franchisees are not revenues and customers of the Company.

2021 Outlook

For the full-year 2021, we expect consolidated revenues between $1.65 billion and $1.70 billion, and adjusted EBITDA of between $155 million and $170 million. In addition, we have assumed an effective tax rate for 2021 of approximately 25%, depreciation and amortization of between $70 million and $75 million, and a diluted weighted average share count of approximately 35 million shares. This outlook assumes no significant deterioration in the current retail environment or in the state of the U.S. economy as compared to its current condition, a gradual improvement in global supply chain conditions, and no incremental government stimulus or supplemental unemployment benefits in response to the COVID-19 pandemic.

 

2021 Outlook

(In thousands, except per share amounts)

Low

High

Total Revenues

$

1,650,000

 

$

1,700,000

 

Adjusted EBITDA

155,000

 

170,000

 

Capital Expenditures

80,000

 

90,000

 

Free Cash Flow

80,000

 

90,000

 

Annual Same-Store Revenues

0%

 

2%

 

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 period from December 1, 2020 through December 31, 2020 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 Tuesday, February 23, 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.

Consolidated and Combined Statements of Earnings

(In thousands, except per share amounts)

 
   

(Unaudited) 

 Three Months Ended

(Unaudited) 

 Twelve Months Ended

 

December 31,

December 31,

   

2020

2019

2020

2019

REVENUES:

         

Lease and Retail Revenues

 

$

386,906

 

$

388,357

 

$

1,577,809

 

$

1,608,832

 

Non-Retail Sales

 

32,942

 

38,760

 

127,652

 

140,950

 

Franchise Royalties and Fees

 

10,324

 

7,835

 

29,458

 

34,695

 
   

430,172

 

434,952

 

1,734,919

 

1,784,477

 

COST OF REVENUES:

         

Cost of Lease and Retail Revenues

 

128,574

 

133,592

 

540,583

 

559,232

 

Non-Retail Cost of Sales

 

28,788

 

30,172

 

110,794

 

113,229

 
   

157,362

 

163,764

 

651,377

 

672,461

 

GROSS PROFIT

 

272,810

 

271,188

 

1,083,542

 

1,112,016

 

OPERATING EXPENSES:

         

Personnel Expenses

 

124,670

 

121,003

 

476,575

 

499,993

 

Other Operating Expenses, Net

 

96,686

 

89,839

 

419,108

 

426,774

 

Provision for Lease Merchandise Write-Offs

 

16,164

 

27,834

 

63,642

 

97,903

 

Restructuring Expenses, Net

 

9,226

 

2,455

 

42,544

 

39,990

 

Impairment of Goodwill

 

 

 

446,893

 

 

Retirement Charges

 

12,060

 

 

12,634

 

 

Separation Costs

 

7,024

 

 

8,184

 

 
   

265,830

 

241,131

 

1,469,580

 

1,064,660

 

OPERATING PROFIT (LOSS)

 

6,980

 

30,057

 

(386,038)

 

47,356

 

Interest Expense

 

(1,381)

 

(3,720)

 

(10,006)

 

(16,967)

 

Loss on Debt Extinguishment

 

(4,079)

 

 

(4,079)

 

 

Other Non-Operating Income, Net

 

1,422

 

1,046

 

2,309

 

3,881

 

EARNINGS (LOSS) BEFORE INCOME TAX
EXPENSE (BENEFIT)

 

2,942

 

27,383

 

(397,814)

 

34,270

 

INCOME TAX EXPENSE (BENEFIT)

 

67

 

6,861

 

(131,902)

 

6,171

 

NET EARNINGS (LOSS)

 

$

2,875

 

$

20,522

 

$

(265,912)

 

$

28,099

 
           

EARNINGS (LOSS) PER SHARE

 

$

0.08

 

$

0.61

 

$

(7.85)

 

$

0.83

 

EARNINGS (LOSS) PER SHARE ASSUMING
DILUTION

 

$

0.08

 

$

0.61

 

$

(7.85)

 

$

0.83

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

33,981

 

33,842

 

33,877

 

33,842

 

WEIGHTED AVERAGE SHARES OUTSTANDING
ASSUMING DILUTION

 

34,901

 

33,842

 

33,877

 

33,842

 

 

THE AARON'S  COMPANY, INC.

CONSOLIDATED AND COMBINED BALANCE SHEETS

(In thousands) 

 
 

(Unaudited)

   
 

December 31,

 

2020

 

2019

 

(In Thousands)

ASSETS:

     

Cash and Cash Equivalents

$

76,123

   

$

48,773

 

Accounts Receivable (net of allowances of $7,613 in 2020 and $10,720 in 2019)

33,990

   

37,079

 

Lease Merchandise (net of accumulated depreciation and allowances of $458,405
in 2020 and $467,769 in 2019)

697,235

   

781,598

 

Property, Plant and Equipment, Net

200,370

   

207,301

 

Operating Lease Right-of-Use Assets

238,085

   

305,257

 

Goodwill

7,569

   

447,781

 

Other Intangibles, Net

9,097

   

14,234

 

Income Tax Receivable

1,093

   

5,927

 

Prepaid Expenses and Other Assets

89,895

   

92,381

 

Total Assets

$

1,353,457

   

$

1,940,331

 

LIABILITIES & SHAREHOLDERS' EQUITY:

     

Accounts Payable and Accrued Expenses

$

230,848

   

$

220,596

 

Deferred Income Taxes Payable

62,601

   

157,425

 

Customer Deposits and Advance Payments

68,894

   

47,692

 

Operating Lease Liabilities

278,958

   

335,807

 

Debt

831

   

341,030

 

Total Liabilities

642,132

   

1,102,550

 
       

Shareholders' Equity:

     

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

17,550

   

 

Additional Paid-in Capital

708,668

   

 

Retained Earnings

1,881

   

 

Former Parent Invested Capital

   

837,800

 

Accumulated Other Comprehensive Loss

(797)

   

(19)

 
 

727,302

   

837,781

 

Less: Treasury Shares at Cost

     

894,660 Shares at December 31, 2020

(15,977)

   

 

Total Liabilities & Shareholders' Equity

$

1,353,457

   

$

1,940,331

 

 

 THE AARON'S COMPANY, INC.

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS

 

(Unaudited)

Year Ended December 31,

(In Thousands)

2020

 

2019

OPERATING ACTIVITIES:

     

Net (Loss) Earnings

$

(265,912)

   

$

28,099

 

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

     

Depreciation of Lease Merchandise

503,593

   

528,382

 

Other Depreciation and Amortization

67,667

   

73,582

 

Accounts Receivable Provision

30,753

   

46,721

 

Stock-Based Compensation

24,442

   

13,486

 

Deferred Income Taxes

(119,193)

   

18,226

 

Impairment of Assets

477,854

   

30,344

 

Non-Cash Lease Expense

95,864

   

110,615

 

Other Changes, Net

10,056

   

(3,917)

 

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

     

Additions to Lease Merchandise

(619,397)

   

(734,641)

 

Book Value of Lease Merchandise Sold or Disposed

203,761

   

236,627

 

Accounts Receivable

(27,914)

   

(39,881)

 

Prepaid Expenses and Other Assets

(4,303)

   

(18,151)

 

Income Tax Receivable

4,834

   

6,610

 

Operating Lease Right-of-Use Assets and Liabilities

(110,295)

   

(120,287)

 

Accounts Payable and Accrued Expenses

63,261

   

9,435

 

Customer Deposits and Advance Payments

20,698

   

727

 

Cash Provided by Operating Activities

355,769

   

185,977

 

INVESTING ACTIVITIES:

     

Proceeds from Investments

   

1,212

 

Purchases of Property, Plant & Equipment

(69,037)

   

(79,932)

 

Proceeds from Property, Plant, and Equipment

8,430

   

14,005

 

Acquisitions of Businesses and Customer Agreements, Net of Cash Acquired

(14,793)

   

(14,285)

 

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

359

   

2,813

 

Cash Used in Investing Activities

(75,041)

   

(76,187)

 

FINANCING ACTIVITIES:

     

(Repayments) Borrowings on Revolving Facility, Net

   

(16,000)

 

Proceeds from Debt

5,625

   

 

Repayments on Debt and Related Fees

(347,960)

   

(68,531)

 

Shares Withheld for Tax Payments

(5,227)

   

 

Debt Issuance Costs

(3,193)

   

(40)

 

Other Transfers From Former Parent

97,344

   

11,428

 

Cash (Used in) Provided by Financing Activities

(253,411)

   

(73,143)

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

33

   

120

 

Increase (Decrease) in Cash and Cash Equivalents

27,350

   

36,767

 

Cash and Cash Equivalents at Beginning of Year

48,773

   

12,006

 

Cash and Cash Equivalents at End of Year

$

76,123

   

$

48,773

 

Net Cash Paid (Received) During the Year:

     

Interest

$

10,418

   

$

16,460

 

Income Taxes

$

(64,013)

   

$

(4,554)

 

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 2020 exclude certain charges including amortization expense resulting from franchisee acquisitions, restructuring charges, early termination charges incurred to terminate a sales and marketing agreement, goodwill impairment charges, retirement charges associated with the retirement of the former Chief Executive Officer of Aaron's Holdings Company, Inc. and other Company executive-level employees, separation costs associated with the separation and distribution transaction that resulted in our spin-off into a separate publicly-traded company, loss on extinguishment of debt, and an income tax benefit resulting from the revaluation of a net operating loss carryback. Non-GAAP net earnings and non-GAAP diluted earnings per share for 2019 exclude certain Aaron's charges including amortization expense resulting from franchisee acquisitions, acquisition transaction and transition costs related to franchisee acquisitions and restructuring charges. 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 Net Earnings and Earnings Per Share Assuming Dilution to non-GAAP Net Earnings and 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.

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 and the Company's GAAP revenues and earnings before income taxes, 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 and adjusted EBITDA 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 Net Earnings (Loss) and Earnings (Loss) Per Share Assuming Dilution to      

Non-GAAP Net Earnings and Earnings Per Share Assuming Dilution

(In thousands, except per share)

 
 

(Unaudited) 

 Three Months Ended

 

(Unaudited) 

 Twelve Months Ended

 

December 31,

 

December 31,

 

2020

2019

 

2020

2019

Earnings (Loss) Before Income Taxes

$

2,942

 

$

27,383

   

$

(397,814)

 

$

34,270

   

Add: Franchisee-Related Intangible Amortization Expense

1,488

 

1,911

   

5,971

 

11,983

 

Add: Restructuring Expenses, net

9,226

 

2,455

   

42,544

 

39,990

 

Add: Acquisition Transaction and Transition Costs

 

100

   

 

475

 

Add: Sales and Marketing Early Contract Termination Fees

 

   

14,663

 

 

Add: Separation Costs

7,024

 

   

8,184

 

 

Add: Impairment of Goodwill

 

   

446,893

 

 

Add: Retirement Charges

12,060

 

   

12,634

 

 

Add: Loss on Debt Extinguishment

4,079

 

   

4,079

 

 

Non-GAAP Earnings Before Income Taxes

36,819

 

31,849

   

137,154

 

86,718

 
           

Less: NOL Carryback Revaluation

 

   

(35,540)

 

 

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

9,229

 

7,980

 

$

69,813

 

$

15,615

   

Non-GAAP Net Earnings

$

27,590

 

$

23,869

   

$

102,881

 

$

71,103

   
           

Earnings (Loss) Per Share Assuming Dilution(1)

$

0.08

 

$

0.61

   

$

(7.85)

 

$

0.83

   

Add: Franchisee-Related Intangible Amortization Expense

0.04

 

0.06

   

0.18

 

0.35

 

Add: Restructuring Expenses, net

0.26

 

0.07

   

1.25

 

1.18

 

Add: Acquisition Transaction and Transition Costs

 

   

 

0.01

 

Add: Sales and Marketing Early Contract Termination Fees

 

   

0.43

 

 

Add: Separation Costs

0.20

 

   

0.24

 

 

Add: Impairment of Goodwill

 

   

13.10

 

 

Add: Retirement Charges

0.35

 

   

0.37

 

 

Add: Loss on Debt Extinguishment

0.12

 

   

0.12

 

 

Non-GAAP Earnings (Loss) Per Share Before Income Taxes
Assuming Dilution(1)

$

1.05

 

$

0.74

   

$

7.84

 

$

2.37

   
           

Less: NOL Carryback Revaluation

 

   

(1.04)

 

 

Tax Effect of non-GAAP adjustments

$

(0.24)

 

$

(0.03)

   

$

(3.83)

 

$

(0.27)

   

Non-GAAP Earnings Per Share Assuming Dilution(1)(2)

$

0.79

 

$

0.71

   

$

3.02

 

$

2.10

   
           

Weighted Average Shares Outstanding Assuming Dilution

34,901

 

33,842

   

34,107

 

33,842

 
   

(1)

For the twelve months ended December 31, 2020, the GAAP Weighted Average Shares Outstanding Assuming Dilution was 33,877
and the Non-GAAP Weighted Average Shares Outstanding Assuming Dilution was 34,107.

(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

 

Twelve Months Ended

 

December 31,
2020

 

December 31,
2019

 

December 31,
2020

 

December 31,
2019

Net Earnings (Loss)

$

2,875

   

$

20,522

   

$

(265,912)

   

$

28,099

 

Income Taxes

67

   

6,861

   

(131,902)

   

6,171

 

Earnings (Loss) Before Income Taxes

$

2,942

   

$

27,383

   

$

(397,814)

   

$

34,270

 

Interest Expense

1,381

   

3,720

   

10,006

   

16,967

 

Depreciation

15,293

   

15,354

   

60,878

   

60,288

 

Amortization

1,674

   

2,194

   

6,788

   

13,294

 

EBITDA

$

21,290

   

$

48,651

   

$

(320,142)

   

$

124,819

 

Sales and Marketing Early Contract Termination

   

   

14,663

   

 

Separation Costs

7,024

   

   

8,184

   

 

Restructuring Expenses, net

9,226

   

2,455

   

42,544

   

39,990

 

Acquisition Transaction and Transition Costs

   

100

   

   

475

 

Goodwill Impairment

   

   

446,893

   

 

Retirement Charges

12,060

   

   

12,634

   

 

Loss on Debt Extinguishment

4,079

   

   

4,079

   

 

Adjusted EBITDA

$

53,679

   

$

51,206

   

$

208,855

   

$

165,284

 

 

Reconciliation of 2021 Outlook for EBITDA

(In thousands)

 
 

Fiscal Year 2021 Ranges

 

Consolidated Total

Estimated Net Earnings

$61,000 - $68,000

Taxes

  20,000  -  23,000

Projected Earnings Before Taxes

   81,000  -  91,000

Interest Expense

1,000

Separation Costs

3,000

Depreciation and Amortization

   70,000  -  75,000

Projected Adjusted EBITDA

$155,000 - $170,000

SOURCE The Aaron's Company Inc.

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