The Aaron's Company Reports Third Quarter Revenues and Earnings
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The Aaron's Company Reports Third Quarter Revenues and Earnings

Raises Revenue and Earnings Outlook for 2021

ATLANTA, Oct. 26, 2021 // PRNewswire // -

Third Quarter Financial Highlights

  • Total Revenues of $452.2 Million, a 2.5% Increase
  • Same Store Revenues Increased 4.6%; E-commerce Revenues Increased 13.3%
  • Net Income of $24.3 Million; Adjusted EBITDA of $53.6 Million
  • Diluted EPS of $0.73; Non-GAAP Diluted EPS of $0.83
  • Returned $37.5 Million to Shareholders Through Share Repurchases

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

The Aaron's Company, Inc. (NYSE: AAN), a leading, technology-enabled, omnichannel provider of lease-to-own and purchase solutions, today announced financial results for the third quarter ended September 30, 2021.

"I am pleased to announce that Aaron's third quarter results exceeded our expectations as we continue to track ahead of our long-term strategic plan. In the nearly one-year since our spin transaction, we have strengthened Aaron's leadership position in the direct-to-consumer lease-to-own market. Through continued investments in our fast-growing e-commerce channel, predictive lease decisioning engine and high-performing GenNext stores, we are delivering a better customer experience, greater productivity and long-term growth in our business.

"With strong third quarter results, we are again raising our revenue and earnings outlook for the full year 2021. I am encouraged by the continued year-over-year growth in our lease portfolio and the robust inventory position we have built as we enter the peak demand season," said Douglas Lindsay, Chief Executive Officer of The Aaron's Company.

Results of Operations - Third Quarter 2021

For the third quarter of 2021, total revenues were $452.2 million compared with $441.0 million for the third quarter of 2020, an increase of 2.5%. The increase in revenues was primarily due to the increasing size and quality of our lease portfolio, partially offset by lower customer payment activity during the quarter and the reduction of 79 franchised stores during the 15-month period ended September 30, 2021. E-commerce revenues were up 13.3% compared to the prior year quarter and represented 14.3% of lease revenues compared to 13.1% in the prior year quarter.

On a same store basis, lease and retail revenues increased 4.6% in the third 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, partially offset by lower customer payment activity as compared to the prior year.

Net earnings for the third quarter of 2021 were $24.3 million compared to $32.6 million in the prior year period. Net earnings in the third quarter of 2021 included $2.9 million in pre-tax restructuring charges and $0.4 million in pre-tax spin-related separation charges. Net earnings in the third quarter of 2020 included $4.0 million in pre-tax restructuring charges and $1.7 million in pre-tax spin-related separation and retirement charges.

Adjusted EBITDA for the Company was $53.6 million for the third quarter of 2021, compared with $64.3 million for the same period in 2020, a decrease of $10.7 million, or 16.6%. As a percentage of revenues, Adjusted EBITDA margin was 11.9% in the third quarter of 2021 compared with 14.6% for the same period in 2020. The decline in Adjusted EBITDA and Adjusted EBITDA margin was primarily due to the expected increase in lease merchandise write-offs and lower customer payment activity compared to the stimulus-aided levels in the third quarter of last year.

Diluted earnings per share for the third quarter of 2021 were $0.73 compared with diluted earnings per share of $0.96 in the year ago same period. On a non-GAAP basis, diluted earnings per share were $0.83 in the third quarter of 2021 compared with non-GAAP diluted earnings per share of $1.10 for the same quarter in 2020.

During the third quarter, the Company repurchased 1,333,264 shares of Aaron's common stock for a total purchase price of approximately $37.5 million. For the year-to-date period through October 22, 2021, the Company repurchased 3,034,097 shares of Aaron's common stock for a total purchase price of approximately $90.4 million. As of October 22, 2021, the Company had approximately $59.6 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 October 5, 2021.

As of September 30, 2021, the company had no debt and total available liquidity of $247.5 million, which includes $14.8 million of cash and $232.7 million of availability under the Company's existing revolving credit facility.

Franchise Performance

Franchisee revenues totaled $79.8 million for the three months ended September 30, 2021, a decrease of 21.2% from the three months ended September 30, 2020 primarily due to a reduction in franchise locations. Same store revenues for franchised stores increased 2.1% for the three months ended September 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 $1.820 billion and $1.830 billion. We also increased our expected Adjusted EBITDA to between $225 million and $230 million.

For the full year 2021 updated outlook, we have assumed an effective tax rate for 2021 of approximately 26%, depreciation and amortization of approximately $70 million, and a diluted weighted average share count of approximately 34 million shares. We have lowered our 2021 annual free cash flow outlook to between $30 million and $40 million primarily as a result of incremental lease merchandise purchased during the third quarter. 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

 

October 26, 2021

July 27, 2021

(In thousands)

Low

High

Low

High

Total Revenues

$

1,820,000

 

$

1,830,000

 

$

1,775,000

 

$

1,800,000

 

Adjusted EBITDA2

225,000

 

230,000

 

215,000

 

225,000

 

Capital Expenditures

90,000

 

100,000

 

90,000

 

100,000

 

Free Cash Flow2

30,000

 

40,000

 

90,000

 

100,000

 

Annual Same Store Revenues

7.5%

 

8.5%

 

6.0%

 

8.0%

 
 

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.

The benefits to our customers from government stimulus programs declined in the third quarter, and as expected, resulted in lower customer payment activity as compared to the prior year. Over the next three to four quarters, we expect customer payment activity to remain above pre-pandemic levels but below that experienced in the 2021 year-to-date period.

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 September 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 October 26, 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) 

Nine Months Ended

 

September 30,

September 30,

   

2021

2020

2021

2020

REVENUES:

         

Lease and Retail Revenues

 

$

413,666

 

$

397,736

 

$

1,286,251

 

$

1,190,903

 

Non-Retail Sales

 

32,159

 

34,820

 

94,563

 

94,710

 

Franchise Royalties and Other Revenues

 

6,328

 

8,405

 

19,888

 

19,134

 
   

452,153

 

440,961

 

1,400,702

 

1,304,747

 

COST OF REVENUES:

         

Cost of Lease and Retail Revenues

 

138,448

 

132,288

 

433,149

 

412,009

 

Non-Retail Cost of Sales

 

29,063

 

29,109

 

85,163

 

82,006

 
   

167,511

 

161,397

 

518,312

 

494,015

 

GROSS PROFIT

 

284,642

 

279,564

 

882,390

 

810,732

 

OPERATING EXPENSES:

         

Personnel Expenses

 

122,901

 

117,764

 

369,190

 

351,905

 

Other Operating Expenses, Net

 

105,428

 

105,364

 

327,840

 

322,422

 

Provision for Lease Merchandise Write-Offs

 

19,799

 

9,305

 

45,333

 

47,478

 

Restructuring Expenses, Net

 

2,899

 

4,041

 

8,134

 

33,318

 

Impairment of Goodwill

 

 

 

 

446,893

 

Retirement Charges

 

 

574

 

 

574

 

Separation Costs

 

397

 

1,160

 

6,033

 

1,160

 
   

251,424

 

238,208

 

756,530

 

1,203,750

 

OPERATING PROFIT (LOSS)

 

33,218

 

41,356

 

125,860

 

(393,018)

 

Interest Expense

 

(322)

 

(1,973)

 

(1,117)

 

(8,625)

 

Other Non-Operating (Expense) Income, Net

 

(88)

 

698

 

1,058

 

887

 

EARNINGS (LOSS) BEFORE INCOME TAX EXPENSE
(BENEFIT)

 

32,808

 

40,081

 

125,801

 

(400,756)

 

INCOME TAX EXPENSE (BENEFIT)

 

8,460

 

7,468

 

32,155

 

(131,969)

 

NET EARNINGS (LOSS)

 

$

24,348

 

$

32,613

 

$

93,646

 

$

(268,787)

 
           

EARNINGS (LOSS) PER SHARE

 

$

0.75

 

$

0.96

 

$

2.79

 

$

(7.94)

 

EARNINGS (LOSS) PER SHARE ASSUMING
DILUTION

 

$

0.73

 

$

0.96

 

$

2.74

 

$

(7.94)

 

WEIGHTED AVERAGE SHARES OUTSTANDING

 

32,485

 

33,842

 

33,513

 

33,842

 

WEIGHTED AVERAGE SHARES OUTSTANDING
ASSUMING DILUTION

 

33,188

 

33,842

 

34,216

 

33,842

 

 

THE AARON'S  COMPANY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands) 

 
 

(Unaudited)

   
 

September 30, 2021

 

December 31, 2020

ASSETS:

     

Cash and Cash Equivalents

$

14,846

   

$

76,123

 

Accounts Receivable (net of allowances of $6,343 at September 30, 2021 and
$7,613 at December 31, 2020)

30,316

   

33,990

 

Lease Merchandise (net of accumulated depreciation and allowances of
$446,806 at September 30, 2021 and $458,405 at December 31, 2020)

775,012

   

697,235

 

Property, Plant and Equipment, Net

214,375

   

200,370

 

Operating Lease Right-of-Use Assets

257,496

   

238,085

 

Goodwill

13,162

   

7,569

 

Other Intangibles, Net

5,681

   

9,097

 

Income Tax Receivable

3,620

   

1,093

 

Prepaid Expenses and Other Assets

101,904

   

89,895

 

Total Assets

$

1,416,412

   

$

1,353,457

 

LIABILITIES & SHAREHOLDERS' EQUITY:

     

Accounts Payable and Accrued Expenses

$

259,204

   

$

230,848

 

Deferred Income Taxes Payable

88,567

   

62,601

 

Customer Deposits and Advance Payments

55,361

   

68,894

 

Operating Lease Liabilities

291,750

   

278,958

 

Debt

   

831

 

Total Liabilities

694,882

   

642,132

 
       

Shareholders' Equity:

     

Common Stock, Par Value $0.50 Per Share: Authorized: 112,500,000 Shares at
September 30, 2021 and December 31, 2020; Shares Issued: 35,525,922 at
September 30, 2021 and 35,099,571 at December 31, 2020

17,763

   

17,550

 

Additional Paid-in Capital

720,194

   

708,668

 

Retained Earnings

85,421

   

1,881

 

Accumulated Other Comprehensive Loss

(704)

   

(797)

 
 

822,674

   

727,302

 

Less: Treasury Shares at Cost

     

 3,760,052 Shares at September 30, 2021 and 894,660 at December 31, 2020

(101,144)

   

(15,977)

 

Total Shareholders' Equity

721,530

   

711,325

 

Total Liabilities & Shareholders' Equity

$

1,416,412

   

$

1,353,457

 

 

THE AARON'S COMPANY, INC.

CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS

 

(Unaudited)

Nine Months Ended

September 30,

(In Thousands)

2021

 

2020

OPERATING ACTIVITIES:

     

Net Earnings (Loss)

$

93,646

   

$

(268,787)

 

Adjustments to Reconcile Net Earnings (Loss) to Net Cash Provided by
Operating Activities:

     

Depreciation of Lease Merchandise

397,701

   

382,956

 

Other Depreciation and Amortization

51,729

   

50,699

 

Provision for Lease Merchandise Write-Offs

45,333

   

47,478

 

Accounts Receivable Provision

18,840

   

22,089

 

Stock-Based Compensation

9,863

   

9,324

 

Deferred Income Taxes

25,966

   

(83,278)

 

Impairment of Assets

3,937

   

469,783

 

Non-Cash Lease Expense

69,205

   

72,231

 

Other Changes, Net

(3,851)

   

1,398

 

Changes in Operating Assets and Liabilities:

     

Lease Merchandise

(519,139)

   

(309,745)

 

Accounts Receivable

(15,511)

   

(17,409)

 

Prepaid Expenses and Other Assets

(15,151)

   

5,552

 

Income Tax Receivable

(2,527)

   

636

 

Operating Lease Right-of-Use Assets and Liabilities

(78,641)

   

(81,240)

 

Accounts Payable and Accrued Expenses

22,917

   

33,745

 

Customer Deposits and Advance Payments

(13,923)

   

1,806

 

Cash Provided by Operating Activities

90,394

   

337,238

 

INVESTING ACTIVITIES:

     

Insurance Proceeds relating to Property, Plant and Equipment

373

   

 

Proceeds from Investments

1,974

   

 

Purchases of Property, Plant & Equipment

(67,456)

   

(45,704)

 

Proceeds from Dispositions of Property, Plant, and Equipment

10,330

   

3,815

 

Acquisitions of Businesses and Customer Agreements, Net of Cash Acquired

(6,934)

   

(2,875)

 

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

158

   

358

 

Cash Used in Investing Activities

(61,555)

   

(44,406)

 

FINANCING ACTIVITIES:

     

Proceeds from Debt

   

5,625

 

Repayments on Debt

(740)

   

(61,515)

 

Dividends Paid

(6,770)

   

 

Acquisition of Treasury Stock

(81,740)

   

 

Issuance of Stock Under Stock Option Plans

1,876

   

 

Shares Withheld for Tax Payments

(2,729)

   

 

Net Transfers From Former Parent

   

148,189

 

Debt Issuance Costs

   

(1,020)

 

Cash (Used in) Provided by Financing Activities

(90,103)

   

91,279

 

Effect of Exchange Rate Changes on Cash and Cash Equivalents

(13)

   

(22)

 

(Decrease) Increase in Cash and Cash Equivalents

(61,277)

   

384,089

 

Cash and Cash Equivalents at Beginning of Period

76,123

   

48,773

 

Cash and Cash Equivalents at End of Period

$

14,846

   

$

432,862

 

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, separation and retirement costs associated with the separation and distribution transaction that resulted in our spin-off into a separate publicly-traded company, 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. Adjusted EBITDA margin is defined as EBITDA as a percentage of revenue. 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) 

Nine Months Ended

 

September 30,

 

September 30,

 

2021

2020

 

2021

2020

Earnings (Loss) Before Income Taxes

$

32,808

 

$

40,081

   

$

125,801

 

$

(400,756)

 

Add: Franchisee-Related Intangible Amortization Expense

1,035

 

1,465

   

3,970

 

4,484

 

Add: Restructuring Expenses, net

2,899

 

4,041

   

8,134

 

33,318

 

Add: Sales and Marketing Early Contract Termination Fees

 

   

 

14,663

 

Add: Separation Costs

397

 

1,160

   

6,033

 

1,160

 

Add: Impairment of Goodwill

 

   

 

446,893

 

Add: Retirement Charges

 

574

   

 

574

 

Non-GAAP Earnings Before Income Taxes

37,139

 

47,321

   

143,938

 

100,336

 
           

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

9,577

 

10,184

 

$

36,791

 

$

25,044

 

Non-GAAP Net Earnings

$

27,562

 

$

37,137

   

$

107,147

 

$

75,292

 
           

NOL Carryback Revaluation(1)

 

   

 

(34,191)

 
           

Earnings (Loss) Per Share Assuming Dilution

$

0.73

 

$

0.96

   

$

2.74

 

$

(7.94)

 

Add: Franchisee-Related Intangible Amortization Expense

0.03

 

0.04

   

0.12

 

0.13

 

Add: Restructuring Expenses, net

0.09

 

0.12

   

0.24

 

0.98

 

Add: Sales and Marketing Early Contract Termination Fees

 

   

 

0.43

 

Add: Separation Costs

0.01

 

0.03

   

0.18

 

0.03

 

Add: Impairment of Goodwill

 

   

 

13.21

 

Add: Retirement Charges

 

0.02

   

 

0.02

 

Less: NOL Carryback Revaluation(1)

 

   

 

(1.01)

 

Tax Effect of Non-GAAP adjustments

$

(0.03)

 

$

(0.08)

   

$

(0.14)

 

$

(3.63)

 

Non-GAAP Earnings Per Share Assuming Dilution(2)

$

0.83

 

$

1.10

   

$

3.13

 

$

2.22

 
           

Weighted Average Shares Outstanding Assuming Dilution

33,188

 

33,842

   

34,216

 

33,842

 
   

(1)

This Non-GAAP adjustment directly impacted income tax benefit during the nine months ended September 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 nine months ended September 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

 

Nine Months Ended

 

September 30,
2021

 

September 30,
2020

 

September 30,
2021

 

September 30,
2020

Net Earnings (Loss)

$

24,348

   

$

32,613

   

$

93,646

   

$

(268,787)

 

Income Taxes

8,460

   

7,468

   

32,155

   

(131,969)

 

Earnings (Loss) Before Income Taxes

$

32,808

   

$

40,081

   

$

125,801

   

$

(400,756)

 

Interest Expense

322

   

1,973

   

1,117

   

8,625

 

Depreciation

15,980

   

14,823

   

47,244

   

45,585

 

Amortization

1,202

   

1,640

   

4,485

   

5,114

 

EBITDA

$

50,312

   

$

58,517

   

$

178,647

   

$

(341,432)

 

Sales and Marketing Early Contract
Termination Fees

   

   

   

14,663

 

Separation Costs

397

   

1,160

   

6,033

   

1,160

 

Restructuring Expenses, net

2,899

   

4,041

   

8,134

   

33,318

 

Impairment of Goodwill

   

   

   

446,893

 

Retirement Charges

   

574

   

   

574

 

Adjusted EBITDA

$

53,608

   

$

64,292

   

$

192,814

   

$

155,176

 

 

Reconciliation of 2021 Current Outlook for Adjusted EBITDA

(In thousands)

 
 

Fiscal Year 2021 Ranges

 

Consolidated Total

Estimated Net Earnings

$104,000 - $107,000

Income Taxes

36,000  -  38,000

Projected Earnings Before Income Taxes

140,000  -  145,000

Interest Expense

1,000

Depreciation and Amortization

70,000

Projected EBITDA

$211,000 - $216,000

Projected Other Adjustments, Net1

14,000

Projected Adjusted EBITDA

$225,000 - $230,000

 

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

$120,000 - $140,000

Capital Expenditures

90,000  -  100,000

Free Cash Flow

$30,000 - $40,000

 

Reconciliation of 2021 Previous 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 Previous 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

SOURCE The Aaron's Company Inc.

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