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Contact: | Aaron’s, Inc. | SCR Partners |
Michael P. Dickerson | Jeff Black | |
Vice President, Investor Relations | 615.760.3679 | |
678.402.3950 | JBlack@scr-ir.com | |
Mike.Dickerson@Aarons.com |
• | Record Third Quarter Consolidated Revenues of $953.1 Million, Up 14%; |
• | Record Third Quarter Diluted EPS $0.62; Non-GAAP Diluted EPS $0.69, Up 60% |
• | Progressive Leasing Revenues Up 27%; EBITDA Up 32% |
• | Aaron's Business Same Store Revenue Flat To Prior Year |
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Aaron's Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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The Tax Act, among other things, i lowered the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018 ii provided for 100% expense deduction of certain qualified depreciable assets, including lease merchandise inventory, purchased after September 27, 2017 but would be phased down starting in 2023 and iii failed to extend the manufacturing deduction that expired in 2017 under the terms of previous tax law.
The Tax Act, among other things, i lowered the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018 ii provided for 100% expense deduction of certain qualified depreciable assets, including lease merchandise inventory, purchased after September 27, 2017 but would be phased down starting in 2023 and iii failed to extend the manufacturing deduction that expired in 2017 under the terms of previous tax law.
The Tax Act, which was enacted in December 2017, provides for 100% expense deduction of certain qualified depreciable assets, including lease merchandise inventory, purchased by the Company after September 27, 2017 but would be phased down starting in 2023.
We believe the traditional store-based lease-to-own industry has been negatively impacted in recent periods by: i increased competition from a wide range of competitors, including national, regional and local operators of lease-to-own stores virtual lease-to-own companies traditional and e-commerce retailers and, indirectly, from various types of consumer finance companies that enable our customers to shop at traditional or online retailers ii the challenges faced by many traditional brick-and-mortar retailers, with respect to a decrease in the number of consumers visiting those stores, especially younger consumers iii the continuing economic challenges facing many traditional lease-to-own customers and iv commoditization of pricing in consumer electronics.
Interest expense decreased to $3.7 million in 2018 from $4.7 million in 2017 due primarily to a lower outstanding debt balance during the three months ended September 30, 2018.
Interest expense decreased to $11.9...Read more
Occupancy costs increased primarily due...Read more
Occupancy costs increased primarily due...Read more
We believe the Progressive Leasing...Read more
Other operating expenses increased due...Read more
Same store revenues were flat...Read more
The decrease in non-retail sales...Read more
As of September 30, 2018,...Read more
Operating expenses include personnel costs,...Read more
The Company intends to use...Read more
At its November 2017 meeting,...Read more
Shipping and handling expense increased...Read more
Shipping and handling expense increased...Read more
Income tax expense decreased to...Read more
We estimate the tax deferral...Read more
In response to these changing...Read more
Progressive Leasing segment revenues increased...Read more
Progressive Leasing segment revenues increased...Read more
These risks and uncertainties include...Read more
In each case, adjusted EBITDA...Read more
As a percentage of total...Read more
As a percentage of total...Read more
The Company, through its DAMI...Read more
Progressive Leasings earnings before income...Read more
Income tax expense decreased to...Read more
Debt decreased $71.5 million due...Read more
Our revolving credit and term...Read more
Progressive Leasing reported revenues of...Read more
The increase in personnel costs...Read more
Retail cost of sales as...Read more
The provision for lease merchandise...Read more
The provision for lease merchandise...Read more
$9.8 million increase in financing...Read more
Aarons Business segment revenues increased...Read more
The provision for lease merchandise...Read more
The increase in net cash...Read more
The provision for lease merchandise...Read more
Additionally, the senior lender notified...Read more
DAMI segment revenues increased due...Read more
DAMI segment revenues increased due...Read more
Progressive Leasings revenue growth is...Read more
Non-retail cost of sales as...Read more
Retail cost of sales as...Read more
Non-retail cost of sales as...Read more
These unfunded commitments arise in...Read more
The provision for lease merchandise...Read more
The provision for lease merchandise...Read more
We also have taken steps...Read more
Restructuring activity for the three...Read more
This increase was offset by...Read more
Adjusting for growth, the first...Read more
Other non-operating expense income, net...Read more
The decrease in the effective...Read more
decrease in the effective tax...Read more
Lease revenues and fees increased...Read more
During the nine months ended...Read more
As of September 30, 2018,...Read more
Progressive Leasings depreciation of lease...Read more
The charges are primarily comprised...Read more
Improve Aarons store profitability...Read more
During the second quarter of...Read more
However, due to franchisee borrowing...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Aaron's Inc provided additional information to their SEC Filing as exhibits
CIK: 706688
Form Type: 10-Q Quarterly Report
Accession Number: 0000706688-18-000137
Submitted to the SEC: Thu Oct 25 2018 12:25:18 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Equipment Rental And Leasing