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SVP, Communications and Corporate Development
AFFINION GROUP HOLDINGS, INC. ANNOUNCES RESULTS FOR THE THIRD QUARTER
ENDED SEPTEMBER 30, 2016
REAFFIRMS FULL YEAR GUIDANCE FOR 2016
STAMFORD, Conn., October 27, 2016 Affinion Group Holdings, Inc. (Affinion Holdings or the Company), a global leader in loyalty and customer engagement, announced today the financial results for the three month period ended September 30, 2016 (the third quarter or quarter) for itself and selected financial information for its wholly-owned subsidiary, Affinion Group, Inc. (Affinion).
We are pleased with our performance in the third quarter, as our three core businesses loyalty, customer engagement and insurance reported nearly 13% Adjusted EBITDA growth year over year, said Todd Siegel, the Companys Chief Executive Officer. We continue to make progress on our key initiatives for 2016, including significant new partnerships in our two growth areas, Global Loyalty and Global Customer Engagement.
Based on encouraging trends and recent business developments, we continue to believe that the Company is well-positioned for sustainable long-term success, Mr. Siegel continued. For 2016, our financial targets remain on track and accordingly, we reaffirm our Adjusted EBITDA guidance of $230 million to $245 million assuming 2015 year-end foreign exchange rates.
Notes: Adjusted EBITDA as referred to above excludes any pro forma impact of acquisitions and other actions. See Table 5 for a presentation of Adjusted EBITDA by segment. See Tables 6 and 7 for a complete description of Adjusted EBITDA and the related reconciliations to GAAP measures.
Third Quarter Net Revenues
|||Net revenues for the third quarter of 2016 decreased 18.3%, from $291.3 million in the third quarter of 2015 to $238.1 million. The decrease in overall net revenues was primarily due to expected revenue declines in our non-core Legacy Membership and Package segment, as well as lower Global Customer Engagement revenue, partially offset by higher Global Loyalty and Insurance Solutions revenue.|
|||Net revenues for the three core business segments (Global Loyalty, Global Customer Engagement and Insurance Solutions) for the third quarter of 2016 decreased 4.4%, from $203.7 million in the third quarter of 2015 to $194.7 million. On a currency consistent basis, net revenues for the three core business segments were $199.4 million in the third quarter of 2016.|
|||Net revenues for the Legacy Membership and Package segment decreased 50.4%, from $87.9 million in the third quarter of 2015 to $43.6 million.|
Third Quarter Operating Results
|||Adjusted EBITDA (as defined in Note (f) of Table 6) was $62.8 million as compared to $75.5 million for the third quarter of 2015, a decrease of 16.8%.|
The following information was filed by Affinion Group, Inc. on Thursday, October 27, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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