Aaron's, Inc. (NYSE:AAN) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 08:30 am ET


Aaron's, Inc. (NYSE:AAN) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning. My name is Andrea, and I will be your conference coordinator. At this time, I would like to welcome everyone to the Aaron's, Inc. Second Quarter 2020 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. I will now turn the call over to Mr. Michael Dickerson, Vice President of Corporate Communications and Investor Relations for Aaron's, Inc. You may begin your conference.

Michael P. Dickerson

Thank you, and good morning, everyone. Welcome to the Aaron's Inc. Second Quarter 2020 Earnings Conference Call. Joining me this morning are John Robinson, Aaron's, Inc. President and Chief Executive Officer; Ryan Woodley, Chief Executive Officer of Progressive Leasing; Douglas Lindsay, President of the Aaron's Business; Steven Michaels, Chief Financial Officer and President of Strategic operations; and Kelly Wall, Aaron's Incoming Interim Chief Financial Officer.

Many of you have already seen a copy of our earnings release and our press release announcing the expected separation of Progressive and the Aaron's business into two independent publicly traded companies and certain management changes. Both of those press releases were issued this morning and are available on our Investor Relations website at investors.aarons.com.

During this call, certain statements we make will be forward-looking. I want to call your attention to our safe harbor provision for forward-looking statements that can be found at the end of our earnings release. Safe harbor provision identifies risks that may cause actual results to differ materially from the content of our forward-looking statements. Also, please see our Form 10-K for the year ended December 31, 2019, and our Form 10-Q for the quarter of March 31, 2020, for a description of the risks related to our business that may cause actual results to differ materially from our forward-looking statements. Listeners are cautioned not to place undue emphasis on forward-looking statements, and we undertake no obligation to update any such statements.

On today's call, we will be referring to certain non-GAAP financial measures, including EBITDA and adjusted EBITDA, non-GAAP net earnings and non-GAAP EPS, which have been adjusted for certain items which may affect the comparability of our performance with other companies. These non-GAAP measures are detailed in the reconciliation tables included with our earnings release. The Company believes that these non-GAAP financial measures provide meaningful insight into the Company's operational performance and cash flows and provides these measures to help investors facilitate comparisons of operating results with prior periods and to assist them in understanding the Company's ongoing operational performance.

With that, I will now turn the call over to John Robbins.Thanks, Mike, and thank you all for joining us today. Let me begin by expressing my gratitude to the many outstanding team members throughout Progressive, the Aaron's Business, Woodhaven and Vive, whose commitment, perseverance and dedication has been extraordinary during this difficult period. Despite the continuing havoc caused by the COVID-19 pandemic, our businesses performed well over the past few months, resulting in strong second quarter financial