ATLANTA, Feb. 20, 2020 /PRNewswire/ -- Aaron's, Inc.
(NYSE: AAN), a leading omnichannel provider of lease-purchase
solutions, today announced financial results for the three months
ended December 31, 2019.
"Aaron's finished the year on a positive note with record annual
revenues, adjusted EBITDA and non-GAAP EPS. Progressive's invoice
growth accelerated significantly in the fourth quarter, up 34.4%
compared to the prior year. In addition, collections
performance at the Aaron's Business improved significantly during
the quarter, contributing to positive same-store revenues and
strong adjusted EBITDA," said John
Robinson, Chief Executive Officer.
"Finally, I'm pleased to report that Progressive has reached an
agreement in principle with the staff of the FTC regarding the
Civil Investigative Demand Progressive received in July 2018.
Under the proposed agreement, which requires final approval by
FTC Commissioners and the U.S. District Court for the Northern
District of Georgia, Progressive
will make a payment of $175 million
and enhance certain compliance-related activities, including
monitoring, disclosure and reporting requirements. We have
agreed to settle this matter to avoid the distraction and
uncertainty caused by protracted litigation and allow Progressive
to remain focused on providing competitive, flexible and affordable
purchase options to credit-challenged consumers," Mr. Robinson
concluded.
Consolidated Results
For the fourth quarter of 2019, consolidated revenues were
$1.0 billion compared with
$993.2 million for the fourth quarter
of 2018. Calculated on a basis consistent with the 2019 adoption of
ASC 842 related to lease accounting, revenues increased
$77.5 million, or 8.4%, compared to
the prior year period. The increase in consolidated revenues
was primarily due to increases in revenues at Progressive and the
revenue contribution from franchised locations acquired by the
Aaron's Business in 2018, partially offset by the closure of
Aaron's stores during 2019.
The Company reported a net loss for the fourth quarter of 2019
of $107.1 million compared to net
earnings of $61.7 million in the
prior year period. The net loss in the fourth quarter of 2019
included $179 million of charges
related to the Progressive FTC settlement and $2.5 million in pre-tax restructuring
charges. Adjusted EBITDA for the Company was $125.2 million for the fourth quarter of 2019,
compared with $112.7 million for the
same period in 2018, an increase of $12.5
million, or 11.1%. As a percentage of revenues,
adjusted EBITDA was 12.5% in the fourth quarter of 2019 compared
with 12.2% for the same period in 2018 when calculated on a basis
consistent with the 2019 adoption of ASC 842. Adjusted EBITDA in
the fourth quarter of 2019 includes $5.6
million of gains in the Aaron's Business related to real
estate sales.
Diluted losses per share for the fourth quarter of 2019 were
$1.60 compared with diluted earnings
per share of $0.89 in the year ago
period. On a non-GAAP basis, diluted earnings per share were
$1.15 in the fourth quarter of 2019
compared with $1.02 for the same
quarter in 2018, an increase of $0.13
or 12.7%.
The Company generated $317.2
million in cash from operations during the twelve months
ended December 31, 2019 and ended the fourth quarter with
$57.8 million in cash, compared with
a cash balance of $15.3 million at
the end of 2018. During the fourth quarter, the Company repurchased
513,900 shares of its common stock for $29.8
million at an average purchase price of $58.05 per share.
Progressive Leasing Segment Results
Progressive Leasing reported record revenues in the fourth
quarter of 2019 of $559.5 million
compared to reported revenues of $524.4
million in the fourth quarter of 2018. Calculated on a basis
consistent with the 2019 adoption of ASC 842, revenues increased
$102.2 million or 22.3%. Fourth
quarter invoice volume increased 34.4% compared to the prior year
quarter, driven by a 23.3% increase in invoice volume per active
door and a 9.0% increase in active doors to approximately 22,000.
The increase in active door count was primarily due to the addition
of new national retail partner locations in the fourth quarter,
partially offset by a reduction in locations in our mattress and
mobile phone verticals in previous quarters. Progressive Leasing
had 1,072,000 customers at December 31, 2019, a 22.4% increase
from December 31, 2018.
Losses before income taxes for the fourth quarter of 2019 were
$111.6 million, as a result of a
$179 million pre-tax charge related
to the tentative settlement of the FTC matter. Adjusted EBITDA for
the fourth quarter of 2019 was $77.1
million compared with EBITDA of $65.5
million for the same period of 2018, an increase of
17.6%. This increase was due primarily to strong revenue
growth, partially offset by slightly higher than expected
onboarding costs for national retailers and a year over year
increase in write-offs.
As a percentage of revenues, adjusted EBITDA was 13.8% for the
fourth quarter of 2019, a decrease of 50 basis points compared to
the fourth quarter of 2018, calculated on a basis consistent with
the 2019 adoption of ASC 842.
The provision for lease merchandise write-offs was 6.6% of
revenues in the fourth quarter of 2019 compared with 5.8% in the
same period of 2018, calculated on a basis consistent with the 2019
adoption of ASC 842, and well within our annual target range of 6%
to 8% of revenues. The increase in write-offs was a result of
accelerating invoice growth in the quarter which drove an increase
in the impairment reserve on leased assets.
The Aaron's Business Segment Results
For the fourth quarter of 2019, total revenues for the Aaron's
Business decreased 5.4% to $435.0
million from $459.7 million in
the fourth quarter of 2018. The decrease was primarily due to the
net reduction of 145 stores during 2019, the expected attrition of
revenue from prior year store mergers and lower collections,
partially offset by the positive contributions from 152 franchised
locations acquired throughout 2018. Same-store revenues were up
0.4% in the fourth quarter of 2019, an improvement of 95 basis
points from the fourth quarter of 2018. Contributing to the fourth
quarter increase in same store revenues was the favorable impact of
improved sequential collections as well at the continuing increase
in e-commerce recurring revenues written, which was up 35.3% in the
fourth quarter. For the full year, same store revenues were flat,
an improvement of 143 basis points from 2018. Customer count on a
same-store basis was down 4.8% during the fourth quarter of 2019
compared to the same period in 2018. Company-operated Aaron's
stores had 946,000 customers at December 31,
2019, an 8.9% decrease from December
31, 2018.
Lease revenue and fees for the three months ended
December 31, 2019 decreased 1.2% compared with the same period
in 2018. Non-retail sales, which primarily consist of
merchandise sales to the Company's franchisees, decreased 30.8% for
the fourth quarter of 2019 compared with the same period of the
prior year. The decline is attributable primarily to the
franchisee acquisitions completed in 2018.
Earnings before income taxes for the fourth quarter of 2019 were
$28.1 million, and adjusted EBITDA
was $49.3 million, an increase of
$1.7 million or 3.6% compared to the
same period in 2018. The increase in adjusted EBITDA was due
primarily to a recovery in collections performance, expense
management, and gains from real estate sales.
The provision for lease merchandise write-offs was 7.3% of
revenues in the fourth quarter of 2019, compared with 5.1% for the
same period last year. Contributing to the increase in
write-offs was the reduction in collection performance in the third
quarter that resulted from the implementation of our new sales
program, store closure activity during the first half of 2019, and
an increasing mix of e-commerce as a percent of revenue.
At December 31, 2019, the Aaron's Business had 1,167
Company-operated stores and 335 franchised stores.
Significant Components of Revenue and Franchise
Performance
Consolidated lease revenues and fees for the three months ended
December 31, 2019 increased 11.6% over the same period of the
prior year, calculated on a basis consistent with the 2019 adoption
of ASC 842. Franchise royalties and fees decreased 22.1% in
the fourth quarter of 2019 compared with the same period a year
ago, primarily as a result of the lower number of franchised
stores. Franchise revenues totaled $101.2 million for the three months ended
December 31, 2019, a decrease of 13.5% from the same period
for the prior year. For franchised stores, same-store
revenues decreased 1.2% and same-store customer counts declined
4.9% for the fourth quarter of 2019 compared with the same quarter
in 2018. Franchised stores had 239,000 customers at the end
of the fourth quarter of 2019. Revenues and customers of
franchisees are not revenues and customers of the Aaron's Business
or the Company.
2020 Outlook
|
|
2020
Outlook
|
(In thousands,
except per share amounts)
|
|
Low
|
High
|
Aaron's Inc. - Total
Revenues
|
|
$
|
4,150,000
|
|
$
|
4,300,000
|
|
Aaron's Inc. -
EBITDA
|
|
430,000
|
|
458,000
|
|
Aaron's Inc. -
Diluted EPS
|
|
3.50
|
|
3.70
|
|
Aaron's Inc. -
Diluted Non-GAAP EPS
|
|
3.80
|
|
4.00
|
|
Aaron's Inc. -
Capital Expenditures
|
|
90,000
|
|
100,000
|
|
|
|
|
|
Progressive - Total
Revenues
|
|
2,540,000
|
|
2,635,000
|
|
Progressive -
EBITDA
|
|
310,000
|
|
325,000
|
|
|
|
|
|
Aaron's Business -
Total Revenues
|
|
1,575,000
|
|
1,625,000
|
|
Aaron's Business -
EBITDA
|
|
125,000
|
|
135,000
|
|
Aaron's Business -
Annual Same-Store Revenues
|
|
-4.0%
|
|
-2.0%
|
|
|
|
|
|
Vive - Total
Revenues
|
|
35,000
|
|
40,000
|
|
Vive -
EBITDA
|
|
(5,000)
|
|
(2,000)
|
|
Conference Call and Webcast
The Company will hold a conference call to discuss its quarterly
results on Thursday, February 20,
2020, at 8:30 a.m. Eastern
Time. The public is invited to listen to the
conference call by webcast accessible through the Investor
Relations section of the Company's website, aarons.com. The
webcast will be archived for playback at that same site.
About Aaron's, Inc.
Headquartered in Atlanta,
Aaron's, Inc. (NYSE: AAN), is a leading omnichannel provider of
lease-purchase solutions. Progressive Leasing provides
lease-purchase solutions through approximately 22,000 retail and
e-commerce partner locations in 46 states and the District of Columbia. The Aaron's Business
engages in the sales and lease ownership and specialty retailing of
furniture, home appliances, consumer electronics and accessories
through its approximately 1,500 Company-operated and franchised
stores in 47 states, Puerto
Rico and Canada, as well as
its e-commerce platform, Aarons.com. Vive Financial ("Vive",
formerly Dent-A-Med, Inc.), provides a variety of second-look
credit products that are originated through federally-insured
banks. For more information, visit investor.aarons.com,
Aarons.com, ProgLeasing.com, and ViveCard.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 "will," "outlook,"
"believe," "expect," "continue," "guidance," "expectations," and
"trends" and similar terminology. These risks and
uncertainties include factors such as the effects on our business
and reputation resulting from our announcement of Progressive's
proposed agreement in principle with the Staff of the FTC,
including the risk of losing existing retail partners
or being unable to establish new partnerships with additional
retailers, and of any follow-on regulatory and/or civil litigation
arising therefrom; other types of legal and regulatory proceedings
and investigations, including those related to customer privacy,
third party and employee fraud; information security, customer
demand, the risks associated with our business transformation
strategy for our Aaron's Business not being successful, including
our e-commerce and real estate repositioning and optimization
initiatives (including the risk that the costs associated with
these initiatives exceeds our expectations); risks associated with
the challenges faced by our Aaron's Business, including the
commoditization of consumer electronics and the high fixed-cost
operating model of the Aaron's Business; risks related to M&A
activities, including the risk that the financial performance from
such activities, such as our acquisitions of Aaron's Business
franchisees, may not meet our expectations; increases in lease
merchandise write-offs for our Aaron's Business; increases in lease
merchandise write-offs and the provision for returns and
uncollectible renewal payments associated with Progressive
Leasing's growth; 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,
2019. Statements in this press release that are
"forward-looking" include without limitation statements about the
proposed agreement and principle we have reached with the staff of
the FTC and our 2020 Outlook. 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.
Aaron's, Inc. and
Subsidiaries
|
Consolidated
Statements of Earnings
|
(In thousands,
except per share amounts)
|
|
|
|
(Unaudited)
Three Months Ended
|
(Unaudited)
Twelve Months Ended
|
|
|
December
31,
|
December
31,
|
|
|
2019
|
2018
|
2019
|
2018
|
Revenues:
|
|
|
|
|
|
Lease Revenues and
Fees
|
|
$
|
939,993
|
|
$
|
909,542
|
|
$
|
3,698,491
|
|
$
|
3,506,418
|
|
Retail
Sales
|
|
7,913
|
|
8,543
|
|
38,474
|
|
31,271
|
|
Non-Retail
Sales
|
|
38,760
|
|
56,003
|
|
140,950
|
|
207,262
|
|
Franchise Royalties
and Fees
|
|
7,533
|
|
9,675
|
|
33,432
|
|
44,815
|
|
Interest and Fees on
Loans Receivable
|
|
9,103
|
|
9,060
|
|
35,046
|
|
37,318
|
|
Other
|
|
302
|
|
361
|
|
1,263
|
|
1,839
|
|
Total
|
|
1,003,604
|
|
993,184
|
|
3,947,656
|
|
3,828,923
|
|
|
|
|
|
|
|
Costs and
Expenses:
|
|
|
|
|
|
Depreciation of Lease
Merchandise
|
|
507,471
|
|
437,889
|
|
1,972,358
|
|
1,727,904
|
|
Retail Cost of
Sales
|
|
3,999
|
|
5,124
|
|
24,024
|
|
19,819
|
|
Non-Retail Cost of
Sales
|
|
30,172
|
|
43,878
|
|
113,229
|
|
174,180
|
|
Operating
Expenses
|
|
370,793
|
|
419,252
|
|
1,524,849
|
|
1,618,423
|
|
Restructuring
Expenses, Net
|
|
2,455
|
|
544
|
|
39,990
|
|
1,105
|
|
Legal and Regulatory
Expense
|
|
179,261
|
|
—
|
|
179,261
|
|
—
|
|
Other Operating
Income, Net
|
|
(7,217)
|
|
(1,830)
|
|
(11,929)
|
|
(2,116)
|
|
Total
|
|
1,086,934
|
|
904,857
|
|
3,841,782
|
|
3,539,315
|
|
|
|
|
|
|
|
Operating (Loss)
Profit
|
|
(83,330)
|
|
88,327
|
|
105,874
|
|
289,608
|
|
Interest
Income
|
|
385
|
|
80
|
|
1,790
|
|
454
|
|
Interest
Expense
|
|
(3,720)
|
|
(4,572)
|
|
(16,967)
|
|
(16,440)
|
|
Impairment of
Investment
|
|
—
|
|
—
|
|
—
|
|
(20,098)
|
|
Other Non-Operating
Income (Expense), Net
|
|
661
|
|
(1,778)
|
|
2,091
|
|
(1,320)
|
|
(Losses) Earnings
Before Income Tax Expense
|
|
(86,004)
|
|
82,057
|
|
92,788
|
|
252,204
|
|
|
|
|
|
|
|
Income Tax
Expense
|
|
21,053
|
|
20,314
|
|
61,316
|
|
55,994
|
|
Net (Losses)
Earnings
|
|
$
|
(107,057)
|
|
$
|
61,743
|
|
$
|
31,472
|
|
$
|
196,210
|
|
|
|
|
|
|
|
(Losses) Earnings Per
Share
|
|
$
|
(1.60)
|
|
$
|
0.91
|
|
$
|
0.47
|
|
$
|
2.84
|
|
(Losses) Earnings Per
Share Assuming Dilution
|
|
$
|
(1.60)
|
|
$
|
0.89
|
|
$
|
0.46
|
|
$
|
2.78
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
66,908
|
|
67,959
|
|
67,322
|
|
69,128
|
|
Weighted Average
Shares Outstanding Assuming Dilution
|
|
66,908
|
|
69,408
|
|
68,631
|
|
70,597
|
|
Aaron's, Inc. and
Subsidiaries
|
Consolidated
Balance Sheets
|
(In
thousands)
|
|
|
|
(Unaudited)
|
|
|
|
December 31,
2019
|
|
December 31,
2018
|
|
ASSETS:
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
$
|
57,755
|
|
|
$
|
15,278
|
|
|
Accounts Receivable
(net of allowances of $76,293 in 2019
and $62,704 in 2018)
|
|
104,159
|
|
|
98,159
|
|
|
Lease Merchandise
(net of accumulated depreciation and
allowances of $896,056 in 2019 and $816,928 in 2018)
|
|
1,433,417
|
|
|
1,318,470
|
|
|
Loans Receivable (net
of allowances and unamortized fees of
$21,134 in 2019 and $19,941 in 2018)
|
|
75,253
|
|
|
76,153
|
|
|
Property, Plant and
Equipment, Net
|
|
237,666
|
|
|
229,492
|
|
|
Operating Lease
Right-of-Use Assets
|
|
329,211
|
|
|
—
|
|
|
Goodwill
|
|
736,582
|
|
|
733,170
|
|
|
Other Intangibles,
Net
|
|
190,796
|
|
|
228,600
|
|
|
Income Tax
Receivable
|
|
18,690
|
|
|
29,148
|
|
|
Prepaid Expenses and
Other Assets
|
|
114,271
|
|
|
98,222
|
|
|
Total
Assets
|
|
$
|
3,297,800
|
|
|
$
|
2,826,692
|
|
|
LIABILITIES & SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Accounts Payable and
Accrued Expenses
|
|
$
|
272,816
|
|
|
$
|
293,153
|
|
|
Accrued Regulatory
Expense
|
|
175,000
|
|
|
—
|
|
|
Deferred Income Taxes
Payable
|
|
310,395
|
|
|
267,500
|
|
|
Customer Deposits and
Advance Payments
|
|
91,914
|
|
|
80,579
|
|
|
Operating Lease
Liabilities
|
|
369,386
|
|
|
—
|
|
|
Debt
|
|
341,030
|
|
|
424,752
|
|
|
Total
Liabilities
|
|
1,560,541
|
|
|
1,065,984
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
Common Stock, Par
Value $0.50 Per Share: Authorized:
225,000,000 Shares at December 31, 2019 and 2018; Shares
Issued: 90,752,123 at December 31, 2019 and 2018
|
|
45,376
|
|
|
45,376
|
|
|
Additional Paid-in
Capital
|
|
290,229
|
|
|
278,922
|
|
|
Retained
Earnings
|
|
2,029,613
|
|
|
2,005,344
|
|
|
Accumulated Other
Comprehensive Loss
|
|
(19)
|
|
|
(1,087)
|
|
|
Less: Treasury Shares
at Cost
|
|
|
|
|
|
Common Stock:
24,034,053 Shares at December 31, 2019 and
23,567,979 at December 31, 2018
|
|
(627,940)
|
|
|
(567,847)
|
|
|
Total Shareholders'
Equity
|
|
1,737,259
|
|
|
1,760,708
|
|
|
Total Liabilities and
Shareholders' Equity
|
|
$
|
3,297,800
|
|
|
$
|
2,826,692
|
|
|
Aaron's, Inc. and
Subsidiaries
|
Consolidated
Statements of Cash Flows
|
|
(Unaudited)
|
Twelve Months
Ended
December 31,
|
(In
Thousands)
|
2019
|
|
2018
|
OPERATING
ACTIVITIES:
|
|
|
|
Net
Earnings
|
$
|
31,472
|
|
|
$
|
196,210
|
|
Adjustments to
Reconcile Net Earnings to Net Cash Provided by Operating
Activities:
|
|
|
|
Depreciation of Lease
Merchandise
|
1,972,358
|
|
|
1,727,904
|
|
Other Depreciation
and Amortization
|
105,061
|
|
|
94,150
|
|
Accounts Receivable
Provision
|
322,963
|
|
|
268,088
|
|
Provision for Credit
Losses on Loans Receivable
|
21,667
|
|
|
21,063
|
|
Stock-Based
Compensation
|
26,548
|
|
|
28,182
|
|
Deferred Income
Taxes
|
49,967
|
|
|
48,359
|
|
Impairment of
Assets
|
30,344
|
|
|
20,098
|
|
Non-Cash Lease
Expense
|
114,934
|
|
|
—
|
|
Other Changes,
Net
|
(9,886)
|
|
|
(2,198)
|
|
Changes in Operating
Assets and Liabilities, Net of Effects of Acquisitions and
Dispositions:
|
|
|
|
Additions to Lease
Merchandise
|
(2,484,755)
|
|
|
(2,234,646)
|
|
Book Value of Lease
Merchandise Sold or Disposed
|
401,960
|
|
|
398,748
|
|
Accounts
Receivable
|
(331,636)
|
|
|
(270,888)
|
|
Prepaid Expenses and
Other Assets
|
(25,860)
|
|
|
5,903
|
|
Income Tax
Receivable
|
10,458
|
|
|
70,875
|
|
Operating Lease
Right-of-Use Assets and Liabilities
|
(124,384)
|
|
|
—
|
|
Accounts Payable and
Accrued Expenses
|
20,183
|
|
|
(20,367)
|
|
Accrued Regulatory
Expense
|
175,000
|
|
|
—
|
|
Customer Deposits and
Advance Payments
|
10,791
|
|
|
5,017
|
|
Cash Provided by
Operating Activities
|
317,185
|
|
|
356,498
|
|
INVESTING
ACTIVITIES:
|
|
|
|
Investments in Loans
Receivable
|
(70,313)
|
|
|
(64,914)
|
|
Proceeds from Loans
Receivable
|
53,170
|
|
|
57,328
|
|
Proceeds from
Investments
|
1,212
|
|
|
3,066
|
|
Outflows on Purchases
of Property, Plant & Equipment
|
(92,963)
|
|
|
(78,845)
|
|
Proceeds from
Property, Plant, and Equipment
|
14,090
|
|
|
9,191
|
|
Outflows on
Acquisitions of Businesses and Customer Agreements, Net of Cash
Acquired
|
(14,285)
|
|
|
(189,901)
|
|
Proceeds from
Dispositions of Businesses and Customer Agreements, Net of Cash
Disposed
|
2,813
|
|
|
942
|
|
Cash Used in
Investing Activities
|
(106,276)
|
|
|
(263,133)
|
|
FINANCING
ACTIVITIES:
|
|
|
|
(Repayments)
Borrowings on Revolving Facility, Net
|
(16,000)
|
|
|
16,000
|
|
Proceeds from
Debt
|
—
|
|
|
137,500
|
|
Repayments on
Debt
|
(68,531)
|
|
|
(97,583)
|
|
Acquisition of
Treasury Stock
|
(69,255)
|
|
|
(168,735)
|
|
Dividends
Paid
|
(9,437)
|
|
|
(6,243)
|
|
Issuance of Stock
Under Stock Option Plans
|
7,749
|
|
|
7,975
|
|
Shares Withheld for
Tax Payments
|
(13,038)
|
|
|
(17,347)
|
|
Debt Issuance
Costs
|
(40)
|
|
|
(535)
|
|
Cash Used in
Financing Activities
|
(168,552)
|
|
|
(128,968)
|
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH AND CASH
EQUIVALENTS
|
120
|
|
|
(156)
|
|
Increase (Decrease)
in Cash and Cash Equivalents
|
42,477
|
|
|
(35,759)
|
|
Cash and Cash
Equivalents at Beginning of Year
|
15,278
|
|
|
51,037
|
|
Cash and Cash
Equivalents at End of Year
|
$
|
57,755
|
|
|
$
|
15,278
|
|
Aaron's, Inc. and
Subsidiaries
|
Quarterly Revenues
by Segment
|
(In
thousands)
|
|
|
(Unaudited)
|
|
Three Months
Ended
|
|
December 31,
2019
|
|
Progressive
Leasing1
|
Aaron's
Business
|
Vive
|
Consolidated
Total
|
Lease Revenues and
Fees
|
$
|
559,549
|
|
$
|
380,444
|
|
$
|
—
|
|
$
|
939,993
|
|
Retail
Sales
|
—
|
|
7,913
|
|
—
|
|
7,913
|
|
Non-Retail
Sales
|
—
|
|
38,760
|
|
—
|
|
38,760
|
|
Franchise Royalties
and Fees
|
—
|
|
7,533
|
|
—
|
|
7,533
|
|
Interest and Fees on
Loans Receivable
|
—
|
|
—
|
|
9,103
|
|
9,103
|
|
Other
|
—
|
|
302
|
|
—
|
|
302
|
|
Total
Revenues
|
$
|
559,549
|
|
$
|
434,952
|
|
$
|
9,103
|
|
$
|
1,003,604
|
|
|
1
|
For the three months
ended December 31, 2019, Progressive Leasing incurred bad debt
expense of $81,037 which was recorded as a reduction to Lease
Revenues and Fees as a result of the Company's adoption of ASC 842,
Leases.
|
|
(Unaudited)
|
|
Three Months
Ended
|
|
December 31,
2018
|
|
Progressive
Leasing
|
Aaron's
Business
|
Vive
|
Consolidated
Total
|
Lease Revenues and
Fees
|
$
|
524,391
|
|
$
|
385,151
|
|
$
|
—
|
|
$
|
909,542
|
|
Retail
Sales
|
—
|
|
8,543
|
|
—
|
|
8,543
|
|
Non-Retail
Sales
|
—
|
|
56,003
|
|
—
|
|
56,003
|
|
Franchise Royalties
and Fees
|
—
|
|
9,675
|
|
—
|
|
9,675
|
|
Interest and Fees on
Loans Receivable
|
—
|
|
—
|
|
9,060
|
|
9,060
|
|
Other
|
—
|
|
361
|
|
—
|
|
361
|
|
Total
Revenues
|
$
|
524,391
|
|
$
|
459,733
|
|
$
|
9,060
|
|
$
|
993,184
|
|
Progressive Bad Debt
Expense
|
67,040
|
|
—
|
|
—
|
|
67,040
|
|
Total Revenues, net
of Progressive
Bad Debt Expense1
|
$
|
457,351
|
|
$
|
459,733
|
|
$
|
9,060
|
|
$
|
926,144
|
|
|
1
|
See the "Use of
Non-GAAP Financial Information" section accompanying this press
release.
|
Aaron's, Inc. and
Subsidiaries
|
Twelve Months
Revenues by Segment
|
(In
thousands)
|
|
|
(Unaudited)
|
|
Twelve Months
Ended
|
|
December 31,
2019
|
|
Progressive
Leasing1
|
Aaron's
Business
|
Vive
|
Consolidated
Total
|
Lease Revenues and
Fees
|
$
|
2,128,133
|
|
$
|
1,570,358
|
|
$
|
—
|
|
$
|
3,698,491
|
|
Retail
Sales
|
—
|
|
38,474
|
|
—
|
|
38,474
|
|
Non-Retail
Sales
|
—
|
|
140,950
|
|
—
|
|
140,950
|
|
Franchise Royalties
and Fees
|
—
|
|
33,432
|
|
—
|
|
33,432
|
|
Interest and Fees on
Loans Receivable
|
—
|
|
—
|
|
35,046
|
|
35,046
|
|
Other
|
—
|
|
1,263
|
|
—
|
|
1,263
|
|
Total
Revenues
|
$
|
2,128,133
|
|
$
|
1,784,477
|
|
$
|
35,046
|
|
$
|
3,947,656
|
|
|
1
|
For the twelve months
ended December 31, 2019, Progressive Leasing incurred bad debt
expense of $274,905 which was recorded as a reduction to Lease
Revenues and Fees as a result of the Company's adoption of ASC 842,
Leases.
|
|
(Unaudited)
|
|
Twelve Months
Ended
|
|
December 31,
2018
|
|
Progressive
Leasing
|
Aaron's
Business
|
Vive
|
Consolidated
Total
|
Lease Revenues and
Fees
|
$
|
1,998,981
|
|
$
|
1,507,437
|
|
$
|
—
|
|
$
|
3,506,418
|
|
Retail
Sales
|
—
|
|
31,271
|
|
—
|
|
31,271
|
|
Non-Retail
Sales
|
—
|
|
207,262
|
|
—
|
|
207,262
|
|
Franchise Royalties
and Fees
|
—
|
|
44,815
|
|
—
|
|
44,815
|
|
Interest and Fees on
Loans Receivable
|
—
|
|
—
|
|
37,318
|
|
37,318
|
|
Other
|
—
|
|
1,839
|
|
—
|
|
1,839
|
|
Total
Revenues
|
$
|
1,998,981
|
|
$
|
1,792,624
|
|
$
|
37,318
|
|
$
|
3,828,923
|
|
Progressive Bad Debt
Expense
|
227,813
|
|
—
|
|
—
|
|
227,813
|
|
Total Revenues, net
of Progressive
Bad Debt Expense1
|
$
|
1,771,168
|
|
$
|
1,792,624
|
|
$
|
37,318
|
|
$
|
3,601,110
|
|
|
1
|
See the "Use of
Non-GAAP Financial Information" section accompanying this press
release.
|
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 2019 exclude Progressive
Leasing-related intangible amortization expense, amortization
expense resulting from franchisee acquisitions, restructuring
charges, the regulatory charge related to Progressive Leasing's
tentative settlement of the FTC matter, legal expenses incurred
related to the FTC matter and acquisition transaction and
transition costs. Non-GAAP net earnings and non-GAAP diluted
earnings per share for 2018 exclude Progressive Leasing-related
intangible amortization expense, amortization expense resulting
from franchisee acquisitions, acquisition transaction and
transition costs related to franchisee acquisitions, restructuring
charges, gain on the sale of a building, tax expense as an indirect
result of the Tax Act and charges related to the full impairment of
the Company's PerfectHome Investment and the related expenses
incurred. The amounts for these after-tax non-GAAP adjustments 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 and
Twelve Months Segment 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 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.
This press release also discloses non-GAAP revenues for periods
prior to January 1, 2019 as if the
lessor accounting impacts of ASC 842 were in effect during the
twelve months ended months ended December 31, 2018. "Total
Revenues, net of Progressive Bad Debt Expense" and the related
percentages for the comparable prior year periods are a
supplemental measure of our performance that are not calculated in
accordance with GAAP in place during 2018. These non-GAAP measures
assume that Progressive bad debt expense is recorded as a reduction
to lease revenues and fees instead of within operating expenses in
2018. Please see Note 1 to the consolidated financial statements
and the "Results of Operations" section of our Form 10-K for the
year ended December 31, 2019 for a more comprehensive
disclosure of bad debt expense and the impact of the adoption of
ASC 842 related to accounting for leases for the prospective
periods beginning with the first quarter of 2019.
Management believes these non-GAAP measures for 2018 provide
relevant and useful information for users of our financial
statements, as they provide comparability with the financial
results we are reporting beginning in 2019 when ASC 842 became
effective and we began reporting Progressive's bad debt expense as
a reduction to lease revenues and fees. We believe these non-GAAP
measures provide management and investors the ability to better
understand the results from the primary operations of our business
in 2019 compared with 2018 by classifying Progressive's bad debt
expense consistently between the periods.
The Company also discusses a non-GAAP measure for the Aaron's
Business Recurring Revenue Written into the portfolio. Recurring
Revenue Written is the expected recurring monthly lease payments
from lease agreements originated in a given period. Recurring
Revenue Written is not lease revenue as it does not adjust for
certain items such as uncollectible payments, charge offs, and/or
lease non-renewals.
Finally, this press release presents pre-tax, pre-provision loss
for Vive, which is also a supplemental measure not calculated in
accordance with GAAP. Management believes this measure is
useful because it gives management and investors an additional,
supplemental metric to assess Vive's underlying operational
performance for the period. Management uses this measure as one of
its bases for strategic planning and forecasting for Vive.
Our use of pre-provision, pre-tax loss may not be comparable to
similar measures disclosed by other companies, because not all
companies and analysts calculate these measures in the same
manner.
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 GAAP
revenues and earnings before income taxes of the Company's
segments, 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, Total revenues net of
Progressive's bad debt expense and the related percentages for the
comparable prior year period, and pre-tax, pre-provision loss 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 and Earnings 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,
|
|
2019
|
2018
|
|
2019
|
2018
|
Net (Losses)
Earnings
|
$
|
(107,057)
|
|
$
|
61,743
|
|
|
$
|
31,472
|
|
$
|
196,210
|
|
Add Progressive
Leasing-Related Intangible Amortization Expense
(1)(2)
|
4,139
|
|
4,194
|
|
|
16,718
|
|
16,824
|
|
Add
Franchisee-Related Intangible Amortization
Expense(3)(4)
|
1,459
|
|
2,607
|
|
|
9,239
|
|
6,778
|
|
Add Restructuring
Expense, net (5)(6)
|
1,874
|
|
421
|
|
|
30,833
|
|
857
|
|
Add Acquisition
Transaction and Transition Costs(7)(8)
|
76
|
|
653
|
|
|
567
|
|
1,156
|
|
Add FTC Legal
Expenses(9)
|
3,253
|
|
—
|
|
|
3,285
|
|
—
|
|
Add FTC Tentative
Settlement
|
175,000
|
|
—
|
|
|
175,000
|
|
—
|
|
Less Impairment of
Investment and Related Expenses(10)
|
—
|
|
—
|
|
|
—
|
|
16,779
|
|
Less Tax Act
Adjustments
|
—
|
|
1,744
|
|
|
—
|
|
(529)
|
|
Less Gain on Sale of
Building(11)
|
—
|
|
(600)
|
|
|
—
|
|
(601)
|
|
Non-GAAP Net
Earnings
|
$
|
78,744
|
|
$
|
70,762
|
|
|
$
|
267,114
|
|
$
|
237,474
|
|
|
|
|
|
|
|
(Losses) Earnings Per
Share Assuming Dilution
|
$
|
(1.60)
|
|
$
|
0.89
|
|
|
$
|
0.46
|
|
$
|
2.78
|
|
Add Progressive
Leasing-Related Intangible Amortization Expense
(1)(2)
|
0.06
|
|
0.06
|
|
|
0.24
|
|
0.24
|
|
Add
Franchisee-Related Intangible Amortization
Expense(3)(4)
|
0.02
|
|
0.04
|
|
|
0.13
|
|
0.10
|
|
Add Restructuring
Expense, net(5)(6)
|
0.03
|
|
0.01
|
|
|
0.45
|
|
0.01
|
|
Add Acquisition
Transaction and Transition Costs(7)(8)
|
—
|
|
0.01
|
|
|
0.01
|
|
0.02
|
|
Add FTC Legal
Expenses(9)
|
0.05
|
|
—
|
|
|
0.05
|
|
—
|
|
Add FTC Tentative
Settlement
|
2.56
|
|
—
|
|
|
2.55
|
|
—
|
|
Less Impairment of
Investment and Related Expenses(10)
|
—
|
|
—
|
|
|
—
|
|
0.24
|
|
Less Tax Act
Adjustments
|
—
|
|
0.03
|
|
|
—
|
|
(0.01)
|
|
Less Gain on Sale of
Building(11)
|
—
|
|
(0.01)
|
|
|
—
|
|
(0.01)
|
|
Non-GAAP Earnings Per
Share Assuming Dilution(12)
|
$
|
1.15
|
|
$
|
1.02
|
|
|
$
|
3.89
|
|
$
|
3.36
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding Assuming Dilution
|
68,308
|
|
69,408
|
|
|
68,631
|
|
70,597
|
|
|
(1)
|
Net of taxes of
$1,282 and $4,965 for the three and twelve months ended
December 31, 2019 calculated using the estimated tax rates of
23.66% and 22.90% for the respective periods.
|
(2)
|
Net of taxes of
$1,227 and $4,859 for the three and twelve months ended
December 31, 2018 calculated using the estimated tax rates of
22.63% and 22.41% for the respective periods.
|
(3)
|
Net of taxes of $452
and $2,744 for the three and twelve months ended December 31,
2019 calculated using the estimated tax rates of 23.66% and 22.90%
for the respective periods.
|
(4)
|
Net of taxes of $763
and $1,958 for the three and twelve months ended December 31,
2018 calculated using the estimated tax rates of 22.63% and 22.41%
for the respective periods.
|
(5)
|
Net of taxes of $581
and $9,157 for the three and twelve months ended December 31,
2019 calculated using the estimated tax rates of 23.66% and 22.90%
for the respective periods.
|
(6)
|
Net of taxes of $123
and $248 for the three and twelve months ended December 31,
2018 calculated using the estimated tax rates of 22.63% and 22.41%
for the respective periods.
|
(7)
|
Net of taxes of $24
and $168 for the three and twelve months ended December 31,
2019 calculated using the estimated tax rates of 23.66% and 22.90%
for the respective periods.
|
(8)
|
Net of taxes of $191
and $334 for the three and twelve months ended December 31,
2018 calculated using the estimated tax rates of 22.63% and 22.41%
for the respective periods.
|
(9)
|
Net of taxes of
$1,008 and $976 for the three and twelve months ended
December 31, 2019 calculated using the estimated tax rates of
23.66% and 22.90% for the respective periods.
|
(10)
|
Net of taxes of
$4,846 for the twelve months ended December 31, 2018
calculated using the estimated tax rate of 22.41% for the
period.
|
(11)
|
Net of taxes of $175
and $174 for the three and twelve months ended December 31,
2018 calculated using the estimated tax rates of 22.63% and 22.41%
for the respective periods.
|
(12)
|
In some cases, the
sum of individual EPS amounts may not equal total non-GAAP EPS
calculations due to rounding.
|
Vive Pre-tax,
Pre-provision Loss
|
(In
thousands)
|
|
|
(Unaudited)
Three Months Ended
|
(Unaudited)
Twelve Months Ended
|
|
December
31,
|
December
31,
|
|
2019
|
2018
|
2019
|
2018
|
Loss Before Income
Taxes
|
$
|
(2,521)
|
|
$
|
(831)
|
|
$
|
(9,654)
|
|
$
|
(7,494)
|
|
Adjustment to
Increase (Decrease) Allowance for Loan Losses
During Period
|
857
|
|
(168)
|
|
1,941
|
|
1,516
|
|
Pre-tax,
Pre-provision Loss
|
$
|
(1,664)
|
|
$
|
(999)
|
|
$
|
(7,713)
|
|
$
|
(5,978)
|
|
Aaron's, Inc. and
Subsidiaries
|
Non-GAAP Financial
Information
|
Quarterly Segment
EBITDA
|
(In
thousands)
|
|
|
(Unaudited)
|
|
Three Months
Ended
|
|
December 31,
2019
|
|
Progressive
Leasing
|
Aaron's
Business
|
Vive
|
Consolidated
Total
|
Net Loss
|
|
|
|
$
|
(107,057)
|
|
Income
Taxes1
|
|
|
|
21,053
|
|
(Loss) Earnings
Before Income Taxes
|
$
|
(111,556)
|
|
$
|
28,073
|
|
$
|
(2,521)
|
|
(86,004)
|
|
Interest
Expense
|
1,698
|
|
1,095
|
|
927
|
|
3,720
|
|
Depreciation
|
2,288
|
|
15,385
|
|
209
|
|
17,882
|
|
Amortization
|
5,421
|
|
2,194
|
|
145
|
|
7,760
|
|
EBITDA
|
$
|
(102,149)
|
|
$
|
46,747
|
|
$
|
(1,240)
|
|
$
|
(56,642)
|
|
Restructuring
Expenses
|
—
|
|
2,455
|
|
—
|
|
2,455
|
|
Acquisition
Transaction and Transition Costs
|
—
|
|
100
|
|
—
|
|
100
|
|
Legal and Regulatory
Expenses
|
179,261
|
|
—
|
|
—
|
|
179,261
|
|
Adjusted
EBITDA
|
$
|
77,112
|
|
$
|
49,302
|
|
$
|
(1,240)
|
|
$
|
125,174
|
|
|
|
(Unaudited)
|
|
Three Months
Ended
|
|
December 31,
2018
|
|
Progressive
Leasing
|
Aaron's
Business
|
Vive
|
Consolidated
Total
|
Net
Earnings
|
|
|
|
$
|
61,743
|
|
Income
Taxes1
|
|
|
|
20,314
|
|
Earnings (Loss)
Before Income Taxes
|
$
|
54,622
|
|
$
|
28,266
|
|
$
|
(831)
|
|
82,057
|
|
Interest
Expense
|
3,745
|
|
49
|
|
778
|
|
4,572
|
|
Depreciation
|
1,758
|
|
14,230
|
|
192
|
|
16,180
|
|
Amortization
|
5,421
|
|
3,674
|
|
145
|
|
9,240
|
|
EBITDA
|
$
|
65,546
|
|
$
|
46,219
|
|
$
|
284
|
|
$
|
112,049
|
|
Restructuring
Expenses
|
—
|
|
544
|
|
—
|
|
544
|
|
Acquisition
Transaction and Transition Costs
|
—
|
|
844
|
|
—
|
|
844
|
|
Gain on Sale of
Building
|
—
|
|
—
|
|
(775)
|
|
(775)
|
|
Adjusted
EBITDA
|
$
|
65,546
|
|
$
|
47,607
|
|
$
|
(491)
|
|
$
|
112,662
|
|
|
(1)
|
Taxes are calculated
on a consolidated basis and are not identifiable by Company
segments.
|
Aaron's, Inc. and
Subsidiaries
|
Non-GAAP Financial
Information
|
Twelve Months
Segment EBITDA
|
(In
thousands)
|
|
|
(Unaudited)
|
|
Twelve Months
Ended
|
|
December 31,
2019
|
|
Progressive
Leasing
|
Aaron's
Business
|
Vive
|
Consolidated
Total
|
Net
Earnings
|
|
|
|
$
|
31,472
|
|
Income
Taxes1
|
|
|
|
61,316
|
|
Earnings (Loss)
Before Income Taxes
|
$
|
55,711
|
|
$
|
46,731
|
|
$
|
(9,654)
|
|
92,788
|
|
Interest
Expense
|
8,572
|
|
4,868
|
|
3,527
|
|
16,967
|
|
Depreciation
|
8,284
|
|
60,415
|
|
805
|
|
69,504
|
|
Amortization
|
21,683
|
|
13,294
|
|
580
|
|
35,557
|
|
EBITDA
|
$
|
94,250
|
|
$
|
125,308
|
|
$
|
(4,742)
|
|
$
|
214,816
|
|
Restructuring
Expenses
|
—
|
|
39,990
|
|
—
|
|
39,990
|
|
Acquisition
Transaction and Transition Costs
|
—
|
|
735
|
|
—
|
|
735
|
|
Legal and Regulatory
Expenses
|
179,261
|
|
—
|
|
—
|
|
179,261
|
|
Adjusted
EBITDA
|
$
|
273,511
|
|
$
|
166,033
|
|
$
|
(4,742)
|
|
$
|
434,802
|
|
|
|
|
|
|
|
(Unaudited)
|
|
Twelve Months
Ended
|
|
December 31,
2018
|
|
Progressive
Leasing
|
Aaron's
Business
|
Vive
|
Consolidated
Total
|
Net
Earnings
|
|
|
|
$
|
196,210
|
|
Income
Taxes1
|
|
|
|
55,994
|
|
Earnings (Loss)
Before Income Taxes
|
$
|
175,015
|
|
$
|
84,683
|
|
$
|
(7,494)
|
|
252,204
|
|
Interest
Expense
|
16,288
|
|
(2,944)
|
|
3,096
|
|
16,440
|
|
Depreciation
|
6,291
|
|
54,022
|
|
852
|
|
61,165
|
|
Amortization
|
21,683
|
|
10,722
|
|
580
|
|
32,985
|
|
EBITDA
|
$
|
219,277
|
|
$
|
146,483
|
|
$
|
(2,966)
|
|
$
|
362,794
|
|
Restructuring
Expenses (Reversals), Net
|
—
|
|
1,115
|
|
(10)
|
|
1,105
|
|
Impairment of
Investment and Related Expenses
|
—
|
|
21,625
|
|
—
|
|
21,625
|
|
Acquisition
Transaction and Transition Costs
|
—
|
|
1,490
|
|
—
|
|
1,490
|
|
Gain on Sale of
Building
|
—
|
|
—
|
|
(775)
|
|
(775)
|
|
Adjusted
EBITDA
|
$
|
219,277
|
|
$
|
170,713
|
|
$
|
(3,751)
|
|
$
|
386,239
|
|
|
(1)
|
Taxes are calculated
on a consolidated basis and are not identifiable by Company
segments.
|
Reconciliation of
2020 Outlook for EBITDA
|
(In
thousands)
|
|
|
Fiscal Year 2020
Ranges
|
|
Progressive
Leasing
|
Aaron's
Business
|
Vive
|
Consolidated
Total
|
Estimated Net
Earnings
|
|
|
|
$233,500 -
$255,000
|
Taxes1
|
|
|
|
74,000 -
80,500
|
Projected Earnings
Before Taxes
|
$260,500 -
$275,500
|
$58,000 -
$68,000
|
$(11,000) -
$(8,000)
|
307,500 -
335,500
|
Interest
Expense
|
17,000
|
(6,000)
|
4,000
|
15,000
|
Depreciation
|
10,500
|
68,000
|
1,000
|
79,500
|
Amortization
|
22,000
|
5,000
|
1,000
|
28,000
|
Projected
EBITDA
|
310,000 -
325,000
|
125,000 -
135,000
|
(5,000) -
(2,000)
|
430,000-
458,000
|
|
(1)
|
Taxes are calculated
on a consolidated basis and are not identifiable by Company
segments.
|
Reconciliation of
2020 Outlook for Earnings Per Share
|
Assuming Dilution
to Non-GAAP Earnings Per Share Assuming Dilution
|
|
|
Fiscal Year 2020
Range
|
|
Low
|
High
|
Projected Earnings
Per Share Assuming Dilution
|
$
|
3.50
|
|
$
|
3.70
|
|
Add Projected
Intangible Amortization Expense1
|
0.30
|
|
0.30
|
|
Projected Non-GAAP
Earnings Per Share Assuming Dilution
|
$
|
3.80
|
|
$
|
4.00
|
|
|
(1)
|
Includes projected
amortization expense related to the acquisition of Progressive
Leasing and the franchisee acquisitions.
|
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SOURCE Aaron's, Inc.