AAN - Earnings call 3 2023 | The Aaron's Company, Inc.

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Operator

Good morning, everyone, and thank you for joining us today with The Aaron Company Third Quarter 2023 Earnings Conference Call.

We will be getting underway in a moment or two while we allow a few more participants to connect. [Operator Instructions]. Welcome to The Aaron Company Third Quarter 2023 Results Call. Thank you for your patience all your underway. My name is Ellen, and I'll be your moderator for today's call. Instructions]. [Operator

ahead, like Vice conference Investor President begin. please now host, to Relations pass Mark, Levy, ready. Mark of go to would over the our to I you're whenever Finance and

Mark Levy

you, earnings call. XXXX good third conference everyone. to Welcome Thank our and quarter morning,

Olsen, our for Joining today prepared will the call Steve remarks, Chief Financial Officer, Douglas Lindsay; Executive we me Chief Officer, Kelly questions. Aaron's President, are and Wall. After open

Investor our after of Relations the the market release Yesterday, section posted website earnings investor.aarons.com. we at our on closed,

also that We and provides information about posted XXXX year results quarter additional a slide presentation our full outlook. third

call, today's year. certain including looking make our this related to outlook During may be forward for statements we those

tables earnings posted and measures the CEO, refer Douglas at forward-looking EBITDA, to safe be from have will in identifies to These in that are affect can For harbor the been performance end adjusted supplemental supplemental The earnings, our certain net cause the provision certain actual the our call, our our to refer items, website. detailed to SEC please see the and included of that, forward-looking we on results differ net financial differ over EPS, about a information, filings in will more important With the please cause materially cautionary with harbor results our our debt, non-GAAP found flow and that which companies. of including adjusted presentation, adjusted actual including the and for presentation which I that comparability may provision release and non-GAAP XX, today's December now call from reconciliation may earnings the investor Form notes release safe free XXXX, description Lindsay. materially earnings non-GAAP the investor measures, EBITDA of other our business statements. Also, the statements. On the for risks related release. content statements, these may in the ended to the forward-looking for turn non-GAAP to other cash of with year risks our XX-K

Douglas Lindsay

Thanks, you interest for and Company. Thank the your today for in Mark, Aaron's morning, and joining good everyone. us

Board. we the like I would of to quarter, Wali Before the some wealth Operating and the our September to Falkenstein, XX, and know announced third has Aaron's appointment of and Lease-to-Own. leadership XXXX our a to announced in and new the will Xst. the of announcements. On Russ Board effective at company they we all results Directors, Russ discuss Wali he role, XX, I of Also September Lease-to-Own his great on operations we senior Kris oversee experience, leadership in Leasing. and additions roles. served exciting mention In of appointment of Malkoski Chief to and BrandsMart Officer be October have Kris number of knowledge a will Bacdayan joined

we've BrandsMart opened held April Georgia also excited last XXst. that This store acquired first in the on I'm company to we is a October in of since celebration opening very Augusta, new for our grand new Store we the announce year.

this to exceptional delighted delivering to value Augusta to and are look we We forward customers our the to community BrandsMart experience and bring in service market. the new

lower and both exceeded Now decisioning the we our that third on continued in and turning from the the business, portfolio larger-than-expected cost our to with consolidated internal with a at BrandsMart. business despite and carry. In lease expectations. to quarter the We customer due ongoing delivered to initiatives Aaron's the report benefited results progress pleased optimization I'm enhancements We quarter. of Aaron's internal in that lease earnings challenges revenues earnings we achieved size, results Aaron's we discretionary the demand for big and expectations products these combined above ticket ended primarily the write-offs.

We showroom more also to hub while GenNext adding and stores grow market continuing initiatives expanding and great our progress made program in optimization our including our e-commerce channel.

we As persist. of environment, to expect remain challenging selection. In the XXXX, we experience, best-in-class year and the our customer low flexible this focused payment share this broad demand including look delivering and trends to enter we fourth market on prices quarter growing a product options, through a

will next also We enhance and are customer lease the approval experience the we rates. decisioning details model, to our this minute. believe about initiative excited in about Steve evolution will higher share of more lead a which

ongoing making remain the I'm I and with drive making strategic we're about the growth. we're our transformation investments progress future our encouraged to on plan, and pleased Aaron's multiyear

new Now BrandsMart's channel. in turning e-commerce and growth proposition including value long-term to BrandsMart. markets opportunities into and expanding our confident compelling We growing our strategic remain

Although challenging, remain optimizing is enhanced strategic controls through actions. we cost profitability focused procurement pricing and demand on and

our we marketing growth. this, business doing also to While and the merchandising, in capabilities are for long-term to continuing enhance position technology

Steve BrandsMart. and provide about details to to Now both I'll over turn more the call Aaron's

Stephen Olsen

the merchandise tighten everyone. the points. Aaron's basis The morning, last delivered quarters and good third revenues over X.X% of and to challenges demand. Lease compared fewer the quarter, Douglas, lease X% prior quarter company-operated expectations decisioning we the for to down were in XXX fewer quarter of approximately This as actions year change applications took The year-over-year lease year-over-year. due approximately internal in largely was improvement quarter. our deliveries beginning in an exceeded customer that Thanks, the ongoing business stores to despite is prior

trade see lower-priced we customers pressure all addition, our categories. across to as on items In average ticket to major continue down

agreements than we year This due was of Our lease lower to larger expected fewer with portfolio. the a turning quarter portfolio ended than $XXX.X lease out the prior quarter, but of value the million. X.X%

lease the basis rate metrics. key quarter lease rate points was company-operated for XX The Aaron's our for to XX.X% all moving year-over-year. was renewal renewal Now approximately This down stores.

of prior due a normal basis was XX-plus rate was also primarily the increase XX XX seasonal X.X% the from year-over-year. This Our quarter. trends. of sequential This the of an end at points to third day nonrenewal points improvement basis reflects quarter,

revenues to we an enhancements Write-offs in with model, decision improvements which basis which is pleased points lease of a was write-offs. X.X%, prior are continue lease quarter. our of the year contribute believe percentage to to versus We XXX as improvement our

Now turning initiatives strategic to business. for the Aaron's growth important our

the the year over quarter. of retail the to company-operated store of the of GenNext experience the bringing GenNext sales. strategy total for XX our in-store quarter, deliver these continues GenNext XXX accounted to In through and Our in stores, XX over in since compares performance operating transformation quarter, customer financial stores stores launching At opened prior end lease XX% our revenues to model. and XX% That meaningful the we program. year-to-date stores the just

the cost are in and the savings. XXX progress showrooms In our chain with are new expected have We we addition, now pleased and the hub executing showroom achieving program. in

As we to This stores includes excited opened X showroom continue in X markets. year. our GenNext we strategy, evolve report that now are markets GenNext new this in so to and opening far new stores I'm Aaron's

Now turning to the Aaron's e-commerce channel.

compared digital increased and generated the written the the ticket. decisioning in as aarons.com represents to tighter lower We shopping XX.X% focus quarter. products year believe expanding year over on XX,XXX decrease into quarters average revenues to now with We the leases third X.X% quarter, in compared prior and year-over-year marketing experience strategies, the e-commerce revenue enhancing on continue revenues assortment decreased lease to initiated our X.X% on lease the quarter. Recurring XX.X% and of prior prior from resulted portfolio from online total the improving from aarons.com. In

to payment see in weekly stores continue in growth new on We our and both option, aarons.com.

on year this and As stores in aarons.com QX last of out a reminder, last in option we quarter. rolled

options, and We are excited lease customers provide to new rates believe weekly we share our compelling flexibility will us to market help over our time. enhanced through gain payment our

lease through decision lease are the now will rates we across rolled now approve these to We earlier Customers all and able of experience, and to conversion addition, model. our by just enhancements customers enhancements decisioning out one lease month. customer application, are streamline to this applications. In excited of all approval channels believe model lease about submitting we our shop higher consistent lead improved a

Now turning BrandsMart. to

Georgia. want new excited our store in more extend store We in layout. about Augusta, to image are of opening brand our a the store modern showcases recent I first my This very new who our I in proud this look of members new and we to customers serving worked market. store. to all achieved, this forward I launch what to am of new tirelessly thanks team

Turning to quarter our third performance.

operate challenging demand a we in environment. customer Douglas As continue to mentioned,

TVs As weaker ongoing and a XX% BrandsMart's appliances, comparable result, customer computers. traffic year-over-year. down to of down trade were a sales primarily This major in result customer lower-priced products, and was

the in new product and of marketing digital we with X.X% prior BrandsMart experienced sales e-commerce sales, our overall performance, we total channel. to X.X% to channel our attract product work customers, down from in in e-commerce year invest continue quarter. sales As strategies. Consistent E-commerce represented pressure we

focus of We the profitability continue business. to on optimizing

improved This was compared quarter, points savings by quarter. margin XX approximately a of direct actions. to our For procurement strategic the pricing result third product basis year the and gross prior as

we XXXX, synergies holiday positioning into business for the look into ahead focused transaction growth. achieving the future As on we remain and season and move

Now provide to on I'll turn the further financial performance. details to over call Kelly our

C. Wall

closed, We investor documents found filed detail and these the for refer Please can and Thanks, on Investor additional to Steve. be regarding business compared Form sales our million. at presentation is Aaron's our primarily to EBITDA our these at basis. Consolidated I lease at year-over-year revenue segments, website. release BrandsMart. Consolidated yesterday retail and the prior compared stated documents and Relations business after retail lower outlook lower otherwise, million expected periods be XX-Q decrease Also, market at consolidated revenues to costs partially was year-over-year business. with for the and lower a unless company $XX.X third year-over-year business and will X XXXX $XX.X of for revenues personnel primarily the $XXX.X sales quarter were at financial by performance the on offset and business with $XXX.X comparisons segments. and The fees due This any make write-offs The both Aaron's million, lower decrease lower is to both million. This segments due adjusted the earnings

total million, were demand was managed earnings $X.X $X.XX. cash $XX.X generated flow $XX.X by increase cash was and a This As of on Adjusted $X.X levels a by the non-GAAP proceeds we initiatives transactions This a year-to-date and real to million. environment. executed of revenues, estate to increase cost largely having basis, million. free $X.XX to the quarter. On in free at compared have by $XX.X million by businesses soft million, decrease decrease cash operations share optimization X.X% EBITDA was year is operations of compared provided adjusted reflect was inventory higher an provided cash adjusted our merchandise earnings basis, as flow driven X.X%. On prior both of lower a of driven from percentage per

the of company's return the in stock. million continued capital we dividends $X.X During and common quarter, million paying shareholders, about repurchasing to to $X.X

third million addition, the and of In of debt. $XXX.X cash $XX.X we ended million quarter with

end ended balance EBITDA net Our to $XXX.X debt at net at Xx. leverage million, the the quarter quarter was ratio adjusted and of debt our the

updated outlook. Turning an and revenues total In our full to be update $X.XX for our reflects the earnings billion consolidated will third This our that provided release, quarter between updated the outlook company $X.XX to year expectation XXXX outlook. billion. we

We have reflect to also to product outlook. results incorporate first BrandsMart quarters in at consolidated updated X our prior the the compared to sales and expected year revenues our as lower for XXXX of

and We company. have narrowed non-GAAP of EBITDA adjusted our for consolidated the EPS the for range outlook

EBITDA million $XXX million. adjusted to expect We $XXX and between be

a no lower a longer We we outlook end the non-GAAP reflects of $X.XX. the stores sale and expect $X leaseback also planned The both transaction between EPS for Aaron's group includes be Q&A. we impacted experiencing I by also of finally, the outlook, midpoint And revised year. The the turn expect now that we close lower to to to continued lowered of demand flow leaseback. which by have BrandsMart. adjusted call the operator with are for the that, cash sale over is free the our And timing will at for

Operator

[Operator first is today comes your Instructions] Kyle Kyle, whenever you. ready. from Thank from now ahead Joseph Our line you're question open, Jefferies. the go please

Kyle Joseph

certain product I sense consumer headwinds verticals, the shortest ongoing a showing given electronics at, you're if business. others? see weakness any they either that on it, just in strength to to life, the get sort if in any Trying of are Rev signs starting cycle? of seeing probably want call Just have

Douglas Lindsay

Kyle, Douglas. it's

was that, we our count was were demand. think the and half decisioning Aaron's Of said at other store really about down X.X%. The and I related half business, lower about X.X%, deliveries

both there, seeing a customers, seeing So most I'm while fewer seeing a in the higher has also business, The albeit and Aaron's seeing we're points we're bit well. also really for our your we're team customer in We're have customers television you'll categories, of what Steve this price BrandsMart cycle. We're down rate. which and of there strength talk we're deals periods, with the more our question. second be across conversion demand a applicants, especially choosing looking more demand to done in major cycle. see been, proud the specifically customers convert promotional generally we lower of and your that consistent in us let holiday part really seeing during as that's about but driving seeing categories to and businesses, I'll

Stephen Olsen

Aaron's I'll talk first business. about the

So they some definitely saw some categories. growth in

business So on in furniture mattresses. upholstery and the the ranges a on side, in appliance and flat laundry growth and side, have

definitely some areas. growth So

in side, declining demand surging the continued up against gaming bedroom. then pretty computers last On in and pressure some year TV, and

and by HomeGoods, the categories side, being appliances, security and best-performing which So slight is are TVs pressure and that category, and under most followed the and is on still the video a negative appliances small audio computers. BrandsMart

answer on price TVs and opening And being mid-single-digit to TVs, pressure. audio, be some that in slight really Douglas to really seen seen point. is but your electronics, in security, negatives referenced, consumer as that question area in under in growth improvement the continue So we've only video

price improvement enough not CE, seeing just points but the to offset demand. overall some in So the opening in

Kyle Joseph

shifting Got consumer. an the give of sound, update kind obviously, on of consumer. light you. to demand the just over seems in year-over-year credit. us kind health And update of underlying But there's and of relatively in the they're good that. it factors of that, health then decline on you but a of write-offs, Obviously, underlying an saw but just I a tied number your the terms like to mean, credit, driving

Douglas Lindsay

I points controlling pretty hundred really -- having noted that mean process. we resilient. applicants our Yes. we're the and I we're several we're by basis I that despite the less been approving think has consumer fact year-over-year, mean renewals fewer

down Write-offs nonrenewed basis down points XX-day was XX XXX basis year-over-year. So were points.

by And that. so we're encouraged really

and actual what are both leasing. starting consumer, and we're of seeing income lease of to the credit customer slightly seeing quality better with terms a Aaron's into we're applications, In while see coming signs fewer BrandsMart higher we

encouraging. And so that's

through we As in owning what is we and coming said the the of seeing fall. credit BrandsMart have before, full benefit order

see the Leasing should which mentioned, we've above our our approval lower And think tier beginning rates of BrandsMart lenders through I are time. As XX% this card. label sales from private credit financed quarter, higher we're BrandsMart over us, to benefit

higher necessarily on we a a again, of down seeing in we that's And cycle otherwise, general through us. Aaron's higher pickup the a volume, credit demand, will slight Now believe and we're that but positioning not be tailwind initiatives continue whether seeing a the will business transformation the a application business, is for cost if are income, mix be shift to with increase there consumers. to or an in and competitive that replacement modernization our coupled the benefit trade

Operator

next Our James. comes Bobby from Raymond from Griffin question

Robert Griffin

curious what's Aaron's some think we've side in but in you on hit on I Do that's guess, I Do implied you think the of like declining kind used how making portfolio pressures? you little and here size possibility of the are the guess, of bit now given It less. sequential we think kind a lease for The of see lease in the of what usually where to demand year bottom looks expansion portfolio? progress It's think they kind portfolio? XQ, this in kind for it. XQ XQ, we're declining, me, of still the a first the business, just

C. Wall

it's Kelly. the question. for Thanks Yes, Bobby,

with into on portfolio a the the of corresponding year-over-year. are portfolio that said continued of pressure through lease expecting We're course on to we So demand this year, calls with written lower is I kind we've prior revenue end the the going and that think what size. XXXX

I November seeing year. Again, that about much would QX we're you're about, saw what the Douglas talked December, and talked from able how increase think portfolio. And year lease though, we offset continued. do we've demand do into to sequentially. One we've this we been get. remind we we see the last seen just that had lower we you XXXX, Steve last of then we year-to-date, QX. we and trend about anticipating, want churn portfolio, again we As out right. to an comps expect what of would what bounce go seen the you, been and about that an quarter-to-quarter And overall, But increase though this based and asked be to expect a go as that that with thing less and through has is which and as this, quarters, going upon back we is specifically, to the QX we've both of few in it's Normally, the kind than

improvement we've past. about leases in with payouts often, earlier the what the talked less than We've they've customers helped portfolio. again, write-offs. frequent early been paying So That's their right, seen than also the are the in or less out

so demand churn has written then quarter-to-quarter. better what expected as again, benefit we'd in also in slightly that a been lower performance And portfolio lease And size result, is while lower. is than

to that and as earnings move will year, into at of we do see see start demand Douglas the we'd that from to start some the we point talked impact has lag. which normalize, the The expect where is next about. that trade As down benefiting right, benefit we revenue

has earlier of we bottom that to go and we been as out year. year soft in that demand line expecting in be the -- into line kind as top continued next growth So is the pushing have would

year, we're more starting detail how on you call. gives some So again, to as XXXX both think color some earnings hopefully next on on you and lot provide our next about will to which, insight that a QX

Robert Griffin

that to that's of correct step comments? an sure up type first further one And the helpful. from see take maybe the read half pressure. I'm just It Okay. some Yes. probably sets year-over-year next capturing EVA perspective, it. of that to year your make Is through from for And

C. Wall

correct. That's

Robert Griffin

don't Street captured new on decline I And imply is The decline. models Okay. ] I Yes, It I necessarily yes. question revenue know XQ [ I don't lot. guess this more Because BrandsMart. is had year-to-date store. just we got next that versus -- helpful, are know performance does trends? if on the the implied from year-over-year correctly. I that's a one I have captured, a the lessens guess the

difference? just walk on that just some maybe things? the assumptions is side Or XQ is view So of promotional through BrandsMart. the of there the in the Or guidance kind for revenue implied me

C. Wall

The So Bobby, was store. weekend. right. Augusta the We past this you're grand did open opening

And so well. year. QX there QX we're relative a in Also, -- will are year be last comping last contribution weak of we as over to kind

think so over the And view incorporate year-to-date, seen and trends our positives on weaker the the the addition then are X while demand of comp I does Augusta. of quarter kind we've comping a Yes.

Stephen Olsen

is Steve. Bobby, this

down In driving in real the Kelly invested focus forward. we marketing direct and move plans that BrandsMart. season of have response the perspective, marketing addition, business that to we've really into coming We're And a about both mentioned, a as excited with value think we on the position season. holiday more that this our from have we side promotional offers side digital at low-price holiday proposition, the right

Robert Griffin

full least I reported X guys lastly guess quarters business think, the or me, X for quarters. at I now, you owned And that. appreciate I Okay. have for full

on little it the -- any talked business? just XQ the through now the long-term how a last think potential margin I time BrandsMart of we on do as long-term learnings margin about new what you the think But was the think potential you about call. going bit cycle, Just the about

Douglas Lindsay

who say appliances, right really retailers first, furniture I'd Bobby, sell macroeconomic Yes. environment now is challenging and electronics. the for

really proud most compelling. customer We and team's the are I'm win of markets of the in value So our in the term. significant got synergies feel great to core believe terms and a right potential We've with base growth units. great long compelling proposition Steve performance. We strongly brand's like and over

fixed cost very Our over are structure. X-wall compelling our economics

And so us. really exciting that's for

outlook And revised that or Augusta. we the you know, out over As forecast. term going a through long kind of We are right downturn we any should now, grand EBITDA while as profitability do we beyond. we're open for XXXX in we profitability, give not believe and BrandsMart in putting

Robert Griffin

appreciate holiday best quarter. the I here Okay. the details, luck of in

Operator

comes Ciccarelli question from Securities. next Scot Truist from Our

Unknown Analyst

for quick that or leaseback is on Scot. sale had a on rate due you're Joe just question is Or interest Is for pushing environment? timing reasons? strategic that This changes term any longer the you off to the something I mentioned. in cap

C. Wall

think to the stores overall our sale that over not about as Kelly. Joe, kind assets and as estate probably sales we're shareholders. think the of estate business well or -- return capital is strategy, it think aware, transactions several I it's as within view you're we right, on have our those that last the the business real closed. that with it's Yes, capital as real and mean monetize want work years, I of in completed put we've, allocation to leaseback we We that then to we

are we you're this ending As correct. year,

think it the not been prior right, as quarters transaction. year we've in positive, has as is environment where completed we the the as end I

in as was it just that we be include not earnings. terms more year, of this think and it year's as on to ending to transaction timing prudent it expectations the the in So best to completing our about thought thought relates

Unknown Analyst

sense. makes then shifting That it. bit. Got just little And gears a

as we about XQ. the think ask about XQ play from Just dynamics at the write-offs wanted to seasonal to

If you color could just on give those? any

C. Wall

absolutely. Yes,

in same what perspective. typically, year. the be over quarter you'd of did the last We nice year QX mentioned right, quarter a this We've of write-off end pretty at QX kind would So X.X%. a see from improvement our weakest is

fourth -- periods. Steve seasonal above in is making we of we improvement with we of that an expecting same talked we're have decisioning. And kind just we be below. to might year, or see We of we the about our and dynamics just this as our But into will that think increase not prior impacting Douglas talked the are whether talked kind in applications -- move channel. that might close, quarter that, one it e-com I it's through lease enhancements that's of the

And come of in how portfolio, past kind channel through a about higher profile. the as percentage the talked that the write-off so with customers those tend we've have a of growth e-comm total in that to

see we the would move expect so to as kind next that of of through right, kind and And materialize, we quarter first quarter of into year. the

Unknown Analyst

then it. question. just Got And last one

Just trade you talking about it's in the sort from or trade about you in peer dynamics. funnel above where Can talk in, customers from higher the downs if guys think of from? credit quality And coming customers coming coming LTOs? your they're other

Douglas Lindsay

Yes.

across I on sort tightening. that credit been think expected as with of the everybody we've been said trade before, tightening in peers have this space there's from we've going has

slightly within data we seeing as BrandsMart, higher data we income have and I said, at but have waterfall are higher were do scores. The slightly we don't we only are us, We know BrandsMart. tightening on and the seeing, that, they credit where at before

BrandsMart to that indicate me proxy for occurring. may as So a would that tightening a be retail other

Operator

Bank Instructions] [Operator Jason next of from America. from question Our Haas comes

Jason Haas

do to you the go monthly for consumers for looking And that if you demand So weekly macro looking you've they're that more in payment? see the and seen function that of payment were that consumer improve for under that reverse pressure macro environment, options. is think back payment you that would Does things Is option? stronger signal the that to environment? a the mentioned weekly and

Stephen Olsen

with weekly rates definitely payment taking channel. But of with: Steve. lease major really by more payment gives deliveries. our start across portion it's a categories. on one, needs. and chance biweekly more of think in all us our responding to obviously our basis We the of we're monthly e-commerce weekly off progress now still, depending I'll our saying new a payment our we're give on which and demonstrate Great weekly how and customers seeing option, mix pleased it weekly, overall both Jason, weekly options, them -- customers We're store their question. small the weekly frequencies customers competitive are our making to it's

we're way So happens our needs. to from flexibility another set our to we're We give to up what future. really more their tough a meets as payment see just with it, feedback while pleased good the getting in say it really that customers, customers

Douglas Lindsay

Jason. Yes,

believe is assuming consumer And do to compelling price wants and that to our very offer relative Our goal monthly payments monthly. pay, be points may whether biweekly, it our other frequency are in to whatever customer get or weekly what the weekly, we places.

leaning on price And compelling. think We so opening we're opening weekly points. our points in super are price our

So excited about part growing business. we're and about excited it, the of we're that

Jason Haas

open? talk me BrandsMart. over it were Great. per going to store switching you're Can remind Can will one store plan how then about And just you the year? is just you about about what Is the thinking high? openings when one forward? Or expectations and the next

C. Wall

it's Kelly. Jason,

to expect provided opened to to Augusta year. kind over of not that So Obviously, X stores several next this and next year, store. open X an quarters on X a last X X We've timing we'd exact year. open we've to the the we stated expect that the in update of consistently we'd

assume to it's this not it's point think to be in going at I QX. that safe So

come next in store earlier would so So -- that of -- first for QX, it QX, year QX. be kind earlier, late potentially would into

Operator

further Thank you, Jason. have We currently questions no registered.

like back for Lindsay hand any closing remarks. to would I So Douglas to

Douglas Lindsay

joining distinct today. strategic share, and and thank again will day. We and innovation their investments market grow you our our Thank soon. delivering and to for joined customers today, each members We Thank exceptional we'll us advantages our continued us you, talk both service franchisees enhance our on focus that focus our to on value to ongoing BrandsMart. competitive appreciate for Aaron's our you and who's believe want relentless everyone I and team operator.

Operator

That The you very conference call. your participation. company concludes for Thank much Aaron's

The Aaron's Company, Inc. (AAN) 24 Oct 232023 Q3 Earnings call transcript