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SVP, Communications and Corporate Development
AFFINION GROUP HOLDINGS, INC. ANNOUNCES RESULTS FOR THE FOURTH QUARTER
AND YEAR ENDED DECEMBER 31, 2016
ACHIEVES RESULTS IN LINE WITH FULL YEAR 2016 GUIDANCE
STAMFORD, Conn., March 31, 2017 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- and twelve-month periods ended December 31, 2016 (the fourth quarter or quarter and full year, respectively) for itself and selected financial information for its wholly-owned subsidiary, Affinion Group, Inc. (Affinion).
|☐||Net revenues were $232.4 million in the fourth quarter of 2016 and $969.4 million for the full year.|
|☐||Income from operations was $27.6 million in the fourth quarter and $133.0 million for the full year.|
|☐||Adjusted EBITDA (as defined in Note (e) of Table 6) was $55.7 million in the fourth quarter and $235.0 million for the full year.|
As anticipated, 2016 was a transitional year for the Company, as strong growth in our three core businesses loyalty, customer engagement and insurance - was offset by the expected decline in our Legacy Membership and Package segment, said Todd Siegel, the Companys Chief Executive Officer. In addition, during 2016 we have successfully executed against our key initiatives, including the transition to a new global organizational structure, as well as generating significant wins and securing key renewals in Global Loyalty and Global Customer Engagement, all of which should provide for a solid foundation for the long-term success of the Company in 2017 and beyond.
For 2017, we anticipate meaningful earnings growth in our core businesses of Global Loyalty, Global Customer Engagement and Insurance, which we believe will be driven by double-digit growth in Global Loyalty, continued Siegel. Accordingly, we expect the overall business to return to growth in 2017 on a currency consistent basis.
Notes: The Company does not provide reconciliations of guidance for Adjusted EBITDA to Income from operations, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include business optimization, restructuring and stock compensation costs, foreign exchange rate changes, as well as other non-cash and unusual items and other adjustments as defined under the Companys debt agreements, that are difficult to predict in advance in order to include in a GAAP estimate.
Notes: Adjusted EBITDA as referred to above excludes any pro forma impact of acquisitions and other actions. See Table 5 for a complete description of Adjusted EBITDA by segment and the related reconciliations to GAAP measures. See Tables 6 and 7 for a complete description of Adjusted EBITDA and the related reconciliations to GAAP measures.
The following information was filed by Affinion Group Holdings, Inc. (AFGR) on Friday, March 31, 2017 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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