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The Aaron's Company, Inc. (NYSE: AAN) is a premier specialty retailer and omnichannel provider of lease-to-own and retail purchase solutions. Headquartered in Atlanta, Aaron's operates approximately 1,220 company-operated and franchised stores across 47 states in the U.S. and Canada, along with a robust e-commerce platform. Founded in 1955 and publicly traded since 1982, Aaron's serves moderate-income consumers by offering affordable payment plans and quality merchandise, including furniture, electronics, appliances, and accessories.
Aaron's operates through two main business segments: Aaron's Business and BrandsMart. Aaron's Business provides a direct-to-consumer lease-to-own solution through its extensive network of stores and online channels. The recent GenNext store initiative is transforming the in-store customer experience with larger showrooms, updated layouts, and enhanced technology-enabled shopping and checkout processes. As of 2024, Aaron's has opened 249 GenNext stores.
In April 2022, Aaron's acquired BrandsMart U.S.A., one of the leading appliance and electronics retailers with 11 stores in Florida and Georgia. This acquisition enhances Aaron's market presence and offers customers a wide assortment of products at competitive prices. Additionally, BrandsMart Leasing provides lease-to-own options to BrandsMart U.S.A. customers, further expanding Aaron's reach.
Aaron's financial performance demonstrates its resilience and strategic growth. In 2023, Aaron's reported a revenue of $2.14 billion, despite facing market challenges. The Company continues to optimize its cost structure and improve its lease decision-making processes. Aaron's is committed to returning capital to shareholders, evidenced by its regular quarterly cash dividends.
With a dedicated leadership team, Aaron's is poised for continued growth and innovation. The Company also emphasizes community involvement, supporting initiatives like the Boys and Girls Clubs of Greater Augusta.
For more information about Aaron's, visit investor.aarons.com, aarons.com, and brandsmartusa.com.
The Aaron's Company (NYSE: AAN) has announced the completion of its acquisition by IQVentures Holdings for $10.10 per share in cash, representing an enterprise value of approximately $504 million. The acquisition, initially announced on June 17, 2024, and approved by Aaron's shareholders on September 25, 2024, will result in the delisting of Aaron's common stock from the NYSE.
Douglas Lindsay, CEO of Aaron's, expressed enthusiasm about the merger, stating it would enhance their ability to accelerate their omni-channel strategy and improve operational efficiency. J.P. Morgan Securities and Jones Day served as financial advisor and legal counsel to Aaron's, respectively, while Stephens Inc. and King & Spalding LLP advised IQVentures.
The Aaron's Company, Inc. (NYSE: AAN) and IQVentures Holdings, have announced the expected completion of their previously announced acquisition later today. The acquisition, initially revealed on June 17, 2024, received shareholder approval on September 25, 2024. Upon finalizing the transaction, The Aaron's Company's common stock will cease trading and be delisted from the NYSE.
J.P. Morgan Securities is acting as the exclusive financial advisor to The Aaron's Company, with Jones Day serving as legal counsel. For IQVentures, Stephens Inc. is the exclusive financial advisor, and King & Spalding LLP is providing legal counsel.
The Aaron's Company, Inc. (NYSE: AAN) reported its Q2 2024 financial results, revealing mixed performance. Revenues reached $503.1 million, but the company faced a net loss of $11.9 million. The adjusted EBITDA was $24.5 million, with a loss per share of $0.39 and a non-GAAP loss per share of $0.07.
Key highlights include a definitive agreement to be acquired by IQVentures Holdings, for $10.10 per share. Aaron's Business saw a 6.1% increase in recurring revenue written, driven by 11.1% growth in lease merchandise deliveries. E-commerce recurring revenue written surged by 79.4%. However, BrandsMart comparable sales decreased by 7.3%. The company announced a quarterly cash dividend of $0.125 per share, payable on October 3, 2024.
The Aaron's Company (NYSE: AAN), a leading provider of lease-to-own and retail purchase solutions, has announced a regular quarterly cash dividend of $0.125 per share. The dividend is payable on October 3, 2024, to shareholders of record as of the close of business on September 13, 2024. This announcement demonstrates the company's commitment to returning value to shareholders and maintaining a consistent dividend policy.
The Aaron's Company (NYSE: AAN) has announced the grand opening of a new BrandsMart U.S.A. store in Kennesaw, Georgia, on July 20th. This 35,000-square-foot store is the fourth Georgia location and the second new BrandsMart store to open since Aaron's acquired BrandsMart in 2022. Located near Kennesaw State University, the store will employ approximately 80 new team members and feature a refreshed brand image and streamlined layout.
BrandsMart U.S.A. now has 12 stores across Georgia and Florida. As part of its community engagement, BrandsMart is donating 50 new laptop computers to KSU's CARE Services program, supporting students experiencing homelessness or food insecurity. The grand opening will begin with a ribbon-cutting ceremony at 9:40 a.m., followed by the store opening at 10:00 a.m.
The Aaron's Company, Inc. (NYSE: AAN), a leading provider of lease-to-own and retail purchase solutions, has announced it will release its second quarter 2024 results after market close on Monday, August 5, 2024. This announcement comes in the wake of a significant development: on June 17, 2024, the Company disclosed that it has entered into a definitive agreement to be acquired by IQVentures Holdings, .
Due to this pending acquisition, Aaron's will not be hosting an earnings conference call to discuss the quarter's results. Instead, the financial results will be furnished with the SEC on a Form 8-K and will be made available on the Company's investor relations website at investor.aarons.com.
The Aaron's Company announced a definitive agreement to be acquired by IQVentures Holdings for $10.10 per share in cash, valuing the company at approximately $504 million. This price represents a 34.0% premium over Aaron's closing share price on June 14, 2024, and a 35.6% premium over the 90-day volume-weighted average share price.
The transaction, approved by Aaron's Board of Directors, is expected to close by year-end, pending shareholder and regulatory approval. Post-acquisition, Aaron's will become a privately held company, delisting from NYSE, but continue operating under its existing brand and maintaining its headquarters in Atlanta, GA.
The Aaron's Company (NYSE: AAN) will participate in the TD Cowen Financial Services & Fintech Summit on June 6, 2024, at 3:05 p.m. Eastern Time. Chief Financial Officer C. Kelly Wall and Vice President of Finance & Investor Relations Marc Levee will represent the company in a fireside chat. A live webcast of the event will be available and archived on Aaron's investor relations website.
The Aaron's Company, Inc. (NYSE: AAN) will webcast its 2024 Annual Meeting of Shareholders on May 15, 2024, in Atlanta, Georgia. Investors can access the webcast on the Investor Relations page of the company's website. The webcast is for listening purposes only, not for participation.
The Aaron's Company, Inc. reported its first quarter 2024 financial results, with revenues of $511.5 million and adjusted EBITDA of $22.7 million. The company reaffirmed its full year 2024 revenue and adjusted EBITDA outlook, while raising its non-GAAP EPS outlook. Key business highlights include growth in Aaron's Business and e-commerce recurring revenue, as well as improvements in the lease portfolio size. The company also announced a quarterly cash dividend of $0.125 per share.
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