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SVP, Communications and Corporate Development
AFFINION GROUP HOLDINGS, INC. ANNOUNCES RESULTS FOR THE FIRST QUARTER
ENDED MARCH 31, 2018
REAFFIRMS FULL YEAR OUTLOOK FOR 2018
STAMFORD, Conn., April 26, 2018 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 March 31, 2018 (the first quarter or quarter).
|☐||Net revenues were $238.5 million in the first quarter of 2018.|
|☐||Income from operations was $42.4 million in the first quarter.|
|☐||Adjusted EBITDA (as defined in Note (e) of Table 6) was $61.7 million in the first quarter.|
2018 is off to a very strong start as we continued our trend of revenue growth in our core businesses, led by double digit increases in our Global Loyalty segment and high single digit growth in our Global Customer Engagement segment in the first quarter, said Todd Siegel, the Companys Chief Executive Officer. We believe we have a solid foundation for sustained long-term success with our leading capabilities in loyalty and customer engagement solutions, and we continue to add compelling new functionality and pursue exciting new partnerships. Further, the market trends we have seen during the first few months of the year support our 2018 outlook; accordingly, we continue to expect growth in our core businesses in 2018, as compared to 2017 results.
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 Table 6 for a complete description of Adjusted EBITDA and the related reconciliations to GAAP measures.
First Quarter Net Revenues
Notes: As of January 1, 2018, the Company has adopted the new Revenue Recognition Standard (ASC 606) using the modified retrospective transition method. For more details regarding ASC 606 and its impact on the Companys financial results, see the Companys quarterly report on Form 10-Q for the quarter ended March 31, 2018.
|☐||Net revenues for the first quarter of 2018 decreased 1.1%, from $241.1 million in the first quarter of 2017 to $238.5 million. The decrease in overall net revenues was primarily due to the expected revenue declines in our non-core Legacy Membership and Package segment and lower revenues in our Insurance segment, partially offset by higher Global Loyalty and Global Customer Engagement revenues.|
|¡||Under the prior revenue recognition guidance, net revenues for the first quarter would have increased 1.7%, from $241.1 million in the first quarter of 2017 to $245.3 million.|
|☐||Net revenues for the three core business segments (Global Loyalty, Global Customer Engagement and Insurance Solutions) for the first quarter of 2018 increased 3.1%, from $202.9 million in the first quarter of 2017 to $209.1 million.|
The following information was filed by Affinion Group Holdings, Inc. (AFGR) on Thursday, April 26, 2018 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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