The Aaron's Company, Inc. Reports Fourth Quarter & Full Year 2022 Financial Results, Announces 2023 Outlook, and Updates Multi-Year Strategic Plan
ATLANTA, March 1, 2023 /PRNewswire/ -- The Aaron's Company, Inc. (NYSE: AAN) today released its fourth quarter and full year 2022 financial results. Complete financial results are available at investor.aarons.com. Highlights of those results, the 2023 outlook, and the updated multi-year strategic plan are included below and in the attached supplement.
Fourth Quarter 2022 Consolidated Results:
- Revenues were $589.6 million, an increase of 32.5%, benefiting from the BrandsMart acquisition
- Net loss was $5.9 million, a decrease of 135.9%; Non-GAAP net earnings1 were $2.8 million
- Adjusted EBITDA1 was $27.7 million, a decrease of 33.0%
- Diluted loss per share was $0.19; Non-GAAP Diluted EPS1 was $0.09
Full Year 2022 Consolidated Results:
- Revenues were $2.25 billion, an increase of 21.9%, benefiting from the BrandsMart acquisition
- Net loss was $5.3 million, a decrease of 104.8%; Non-GAAP net earnings1 were $64.8 million
- Adjusted EBITDA1 was $165.8 million, a decrease of 29.2%
- Diluted loss per share was $0.17; Non-GAAP Diluted EPS1 was $2.07
Full Year 2023 Consolidated Outlook:
- Revenues of $2.20 billion to $2.30 billion
- Adjusted EBITDA (excluding stock-based compensation)1,2 of $140.0 million to $160.0 million
- Non-GAAP Diluted EPS1 of $0.70 to $1.10
Multi-Year Strategic Plan:
- Information regarding the Company's updated multi-year strategic plan is available in the Q4 earnings presentation posted on the Company's investor relations website
The Company will host an earnings conference call tomorrow, March 2, 2023, at 8:30 a.m. ET. Chief Executive Officer Douglas A. Lindsay will host the call along with President Steve Olsen and Chief Financial Officer C. Kelly Wall. A live audio webcast of the conference call and presentation slides may be accessed at investor.aarons.com and the hosting website at https://events.q4inc.com/attendee/576928281. A transcript of the webcast will also be available at investor.aarons.com.
About The Aaron's Company, Inc.
Headquartered in Atlanta, The Aaron's Company, Inc. (NYSE: AAN) is a leading, technology-enabled, omnichannel provider of lease-to-own and retail purchase solutions of appliances, electronics, furniture, and other home goods across its brands: Aaron's, BrandsMart U.S.A., BrandsMart Leasing, and Woodhaven. Aaron's offers a direct-to-consumer lease-to-own solution through its approximately 1,275 Company-operated and franchised stores in 47 states and Canada, as well as its e-commerce platform. BrandsMart U.S.A. is one of the leading appliance retailers in the country with ten retail stores in Florida and Georgia, as well as its e-commerce platform. BrandsMart Leasing offers lease-to-own solutions to customers of BrandsMart U.S.A. Woodhaven is the Company's furniture manufacturing division. For more information, visit investor.aarons.com, aarons.com, and brandsmartusa.com.
1. | Item is a Non-GAAP financial measure. Refer to the "Use of Non-GAAP Financial Information" and supporting reconciliation tables in the attached supplement. |
2. | In 2022 and prior periods, adjusted EBITDA included stock-based compensation expense. Starting in 2023, adjusted EBITDA will exclude stock-based compensation expense. For comparability, adjusted EBITDA in 2022, excluding stock-based compensation expense, was $177.1 million. |
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SOURCE The Aaron's Company, Inc.
