Aarons Credit Rating – See the “Basis of Presentation” section below for information on consolidated and consolidated financial results for the periods discussed in this press release.
Aaron’s, Inc. (NYSE: AAN), a leading technology-based omnichannel rental and acquisition provider, today announced financial results for the second quarter ended June 30, 2021.
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Douglas Lindsay, CEO of The Aaron, said: “We are pleased to announce another strong quarterly earnings results, a significant return on equity and an increase in earnings. Revenue and our revenue vision for 2021 “.
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“Strong demand for our products, continued resilience to customer payments and continued implementation of our strategic initiatives have led to a larger rental portfolio that generates higher revenue, double-digit revenue growth and strong cash flow. Our continued investment in customer-focused decisions, the development of technology, platforms for digital payments and services, and in-store and online shopping experiences deliver positive and collaborative results, boosting productivity and increasing profits. .
Operating Results – Second Quarter 2021 For the second quarter of 2021, total revenue was $ 467.5 million, compared to $ 431.0 million for the second quarter of 2020, an increase of 8.5%. The increase in revenue was mainly due to the increase in the size and quality of our rental portfolio and strong customer payment activity during the quarter, partially offset by the planned net reduction of 42 stores. Operated by the company during the 15 months ending on June 30th. , 2021. E-commerce revenue increased 15.8% year-on-year and represented 14.0% of rental income, up from 12.8% in the previous quarter.
On the same store basis, rental and retail revenue increased 11.2% in the second quarter compared to the previous quarter. The same store revenue growth was mainly driven by higher rent portfolio size at the beginning of the quarter, second quarter portfolio growth and strong customer payment activity.
Net income for the second quarter of 2021 was $ 33.0 million, compared to $ 22.4 million in the previous year. Net income for Q2 2021 included $ 1.8 million in pre-tax restructuring fees and $ 1.2 million in pre-tax split fees. Net income for the second quarter of 2020 included $ 7.0 million of pre-tax restructuring fees.
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The EBITDA correction for the company was $ 65.3 million for the second quarter of 2021, compared to $ 56.2 million for the same period in 2020, up $ 9.1 million, or 16.3%. As a percentage of revenue, the revised EBITDA was 14.0% in the second quarter of 2021, compared to 13.0% in the same period of 2020, an improvement of 100 basis points. The revised EBITDA margin adjustment was mainly due to the items described above in relation to the increase in revenue and the decrease of 80 basis points in the deduction of rental goods, partly due to the increase in public company expenses. And higher return to normal operating costs. Level compared to the second quarter of 2020. Periods that include store closures, layoffs, reduction of marketing activities, reduction of franchise fees and other short-term activities related to the COVID-19 pandemic.
Earnings per share for the second quarter of 2021 were $ 0.95, compared to $ 0.66 per share for the same period last year. On a non-GAAP basis, dissolved earnings per share were $ 1.05 in the second quarter of 2021, compared to non-GAAP earnings per share of $ 0.83 for the same quarter in 2020. Up $ 0.22, or 26.5%.
During the second quarter, the company repurchased 1,166,010 shares of Aaron common stock for a total purchase price including a brokerage commission of approximately $ 38.6 million. For the year from July 23, 2021, the Company repurchased 1,839,313 shares of Aaron common stock for a total purchase price, including approximately $ 57.4 million in brokerage fees. As of July 23, 2021, the company has approximately $ 92.6 million remaining under its $ 150 million share purchase program.
During the quarter, the board of directors announced a quarterly cash dividend of $ 0.10 per share, which was due on July 6, 2021.
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As of June 30, 2021, the Company has a net cash balance of $ 48.0 million of available liabilities and available cash, totaling $ 281.5 million, including availability under the Company’s existing revolving credit instruments.
Franchise Performance Franchisee revenue totaled $ 82.5 million for the three months ended June 30, 2021, a decrease of 20.9% compared to the three months ended June 30. 2020, mainly due to the decline of franchise positions. Revenue from the same store for the franchise increased 1.9% for the three months ended June 30, 2021 compared to the same quarter in 2020. Revenue and Customers Franchise is not the revenue of the company and the customer.
Vision for 2021 The company has revised its outlook for 2021 as a whole. For the full year 2021, we have increased our expected total revenue to between $ 1.775 billion and $ 1.8 billion. We also increased our expected EBITDA revision from $ 215 million to $ 225 million.
For the updated 2021 full-year forecast, we have assumed that the effective tax rate for 2021 is approximately 26%, depreciating between $ 70 million and $ 75 million, and the average number of lightweight shares is approximately 34 million. These prospects do not imply a significant decline in the current retail environment, the state of the US economy, or the global supply chain compared to current conditions.
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2 See the section “Reconciliation of current forecasts to 2021”. And “Reconciliation of previous forecasts to 2021”. Accompanying this press release.
The basis for the presentation of the financial statements and related results discussed here for the period prior to and up to the date of separation and distribution on 30 November 2020 is prepared on an independent basis, including And from the consolidated financial statements. And accounting records of PROG Holdings, Inc. The financial statements for the period after 1 December 2020 and up to 30 June 2021 are the joint financial statements of the Company and its subsidiaries, each of which is wholly owned and based on its financial position. And the results of the company’s operations as an independent company.
The consolidated financial statements, prepared up to 30 November 2020, include all revenues and expenditures that are the sole proprietorship of the Company and the expenditure allocation by PROG Holdings, Inc. Related to the functions and activities of some companies. These costs include management of financial operations, treasury, taxes, legal audits, information technology, human resources and risk management functions, and the associated benefit values ​​associated with those functions, including share-based compensation. These costs are allocated to the Company on a direct or indirect basis, with specific identifiable benefits, while residual expenses are allocated primarily on a pro rata basis using a measure of revenue, number of heads, or other relevant measures. More.
Conference Call and Webcast The company will hold a conference call to discuss its quarterly results on July 27, 2021 at 8:30 am. The public is invited to listen to the conference call via a live broadcast available through the company’s Investor Relations website. aarons.com. Online broadcasts will be archived for playback in one place.
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About The Aaron’s Company Inc. Based in Atlanta, The Aaron’s Company, Inc. (NYSE: AAN) is a leading omnichannel provider of technology-enabled rental and purchase solutions. Aaron’s is involved in the sale and rental of proprietary and exclusive retailers of furniture, appliances, electronics and accessories through stores operated by approximately 1,300 companies in 47 states and Canada, as well as its Aarons e-commerce platform. com. For more information, visit investor.aarons.com and Aarons.com.
Looking Forward Statement The statement in this press release about our business that is not historically true is a “forward-looking statement” that deals with risks and uncertainties. Which can cause the actual results to be very different from what is in the forward-looking statements. Statement. Such forward-looking statements can generally be identified by the use of forward-looking terms such as “still”, “believe”, “anticipate”, “expect”, “assume”, “assume” and similar vocabulary. These risks and uncertainties include (i) the ongoing impact of the COVID-19 pandemic due to recent changes or efficiencies and vaccination rates and related measures taken by government or regulatory authorities to combat the disease; Against epidemics, including whether additional government incentives or unemployment benefits will be provided, as well as the nature, amount and timing of any payments or benefits; (ii) the ability to recognize opportunities; Of operations, strategies, and shareholder values ​​anticipated by splitting and turning Aaron’s business into What’s The Aaron’s Company, Inc. Unable to achieve on time or at all; (iii) the failure of that rotation to qualify for the expected tax treatment. (iv) Changes in the implementation and interpretation of existing laws and regulations and the adoption of new laws and regulations that could seriously affect our business. (v) Proceedings and investigations on laws and regulations, including laws and regulations on consumer protection, customer privacy, third-party and staff fraud, and information security. (vi) Risks associated with the failure of our strategic and strategic priorities, including e-commerce and our relocation and real estate initiatives, or cost more than expected. (vii) Risks related to the challenges facing our business, including the distribution of our electronics and our high value-added operating model.
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