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

ATLANTA, Feb. 23, 2021 /PRNewswire/ --  

Aaron's logo. (PRNewsFoto/Aaron's, Inc.) (PRNewsFoto/AARON'S, INC.)

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.

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, investor.aarons.com. The webcast will be archived for playback at that same site.

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-purchase solutions.  The Aaron's Company engages in the sales and lease ownership and specialty retailing of furniture, appliances, consumer electronics and accessories through its approximately 1,300 Company-operated and franchised stores in 47 states and Canada, as well as its e-commerce platform, Aarons.com. For more information, visit investor.aarons.com and Aarons.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements.  Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "remain," "believe," "outlook," "expect," "assume," "assumed," and similar terminology.  These risks and uncertainties include factors such as (i) the impact of the COVID-19 pandemic and related measures taken by governmental or regulatory authorities to combat the pandemic, and whether additional government stimulus payments or supplemental unemployment benefits will be approved, and the nature, amount and timing of any such payments or benefits, including the impact of the pandemic and such measures on: (a) demand for the lease-to-own products offered by us, (b) our customers, including their ability and willingness to satisfy their obligations under their lease agreements, (c) our suppliers' ability to provide us with the merchandise we need to obtain from them, (d) our employees and labor needs, including our ability to adequately staff our operations, (e) our financial and operational performance, and (f) our liquidity; (ii)  the possibility that the operational, strategic and shareholder value creation opportunities expected from the separation and spin-off of the Aaron's Business into what is now The Aaron's Company, Inc. may not be achieved in a timely manner, or at all; (iii) the failure of that separation to qualify for the expected tax treatment; (iv) changes in the enforcement and interpretation of existing laws and regulations and the adoption of new laws and regulations that may unfavorably impact our businesses; (v) legal and regulatory proceedings and investigations, including those related to consumer protection laws and regulations, customer privacy, third party and employee fraud and information security; (vi) the risks associated with our  strategy and strategic priorities  not being successful, including our e-commerce and real estate repositioning and optimization initiatives or being more costly than anticipated; (vii) risks associated with the challenges faced by our business, including the commoditization of consumer electronics and our  high fixed-cost operating model; (viii) increased competition from traditional and virtual lease-to-own competitors, as well as from traditional and online retailers and other competitors; (ix) financial challenges faced by our franchisees, which we believe may be exacerbated by the COVID-19 pandemic and related governmental or regulatory measures to combat the pandemic; (x) increases in lease merchandise write-offs, especially in light of the COVID-19 pandemic and its adverse economic impacts; and the other risks and uncertainties discussed under "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Statements in this press release that are "forward-looking" include without limitation statements about:  (i) the execution of our key strategic priorities; (ii) the growth and other benefits we expect from executing those priorities; (iii) our 2021 financial performance outlook; and (iv) the impact on our 2021 financial performance of additional rounds of government stimulus payments.  You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances after the date of this press release.

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

 

 

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SOURCE The Aaron's Company, Inc.

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