Camping World Holdings, Inc. (NYSE:CWH) (“Camping World,”
“Company,” “we,” “us” or “our”) today reported results for the
third quarter ended September 30, 2016.
Third Quarter 2016
Summary
- Total revenue increased 4.6% to $1.01
billion;
- Gross profit increased 8.8% to $282.1
million and gross margin increased 110 basis points to 28.0%;
- Income from operations increased 14.4%
to $87.0 million and operating margin increased 74 basis points to
8.6%;
- Net income increased 17.7% to $67.7
million and net income as a percentage of revenue increased 75
basis points to 6.7%.
- Pro forma earnings per unit(1)
increased 17.7% to $0.94; and
- Adjusted EBITDA(2) increased 16.1% to
$89.5 million and Adjusted EBITDA(2) margin increased 88 basis
points to 8.9%.
(1) For a discussion of pro forma earnings
per unit see “Pro Forma Earnings Per Unit” below.
(2) Adjusted EBITDA and Adjusted EBITDA
margin are non-GAAP measures. For reconciliations of Adjusted
EBITDA to GAAP net income, see “Non-GAAP Financial Measures”
below.
Marcus Lemonis, Chairman and Chief Executive Officer, stated,
“We are very pleased with our third quarter results and the
underlying trends across our business. We believe we have built a
unique business that is capable of delivering sustainable long-term
earnings and cash flow growth through a diversified operating model
that offers a comprehensive portfolio of RV-related services,
protection plans, products and resources across a growing base of
proprietary customers. We believe we are the only provider of a
full suite of RV-related services and products and are operating
the largest national network of RV-centric retail locations in the
United States. As a result, we believe we are well positioned to
benefit from continued growth in the installed base of RV owners
that is being partially driven by higher levels of first-time
buyers and new younger consumers, as well as the aging of the baby
boomer demographic. Continued expansion of our business to include
younger consumers is benefiting our overall margins and
flow-through to our bottom line. We believe our third quarter
results, where net income increased 17.7% on a 4.6% increase in
revenue over last year’s third quarter results, demonstrate the
strength in our underlying model and the positive trends in our
business.”
Presentation
This press release presents historical results, for the periods
presented, of CWGS Enterprises, LLC, the predecessor of Camping
World Holdings, Inc. for financial reporting purposes. The
financial results of Camping World Holdings, Inc. have not been
included in this press release as it is a newly incorporated entity
and had not engaged in any business or other activities during the
periods presented. Accordingly, these historical results do not
purport to reflect what the results of operations of Camping World
Holdings, Inc. would have been had the Company’s initial public
offering (“IPO”) and related transactions occurred prior to such
periods. For example, these historical results do not reflect the
attribution of net income to non-controlling interests or the
provision for corporate income taxes on the income attributable to
Camping World Holdings, Inc. that Camping World Holdings, Inc.
expects to recognize in future periods. Unless otherwise indicated,
all financial comparisons in this press release compare our
financial results from the 2016 third quarter to our financial
results from the 2015 third quarter.
Third Quarter 2016
Results
Units and Average Selling Prices
New vehicle units sold increased 22.0% to 14,333 units and the
average selling price of a new vehicle decreased 4.5% to $38,040.
Used vehicle units sold decreased 24.4% to 7,986 units and the
average selling price of a used vehicle increased 1.0% to $22,767.
A trend toward a higher mix of lower-priced towable units and
first-time vehicle buyers continued to positively impact new unit
sales, negatively impact used unit sales, decrease average selling
prices of new vehicles, and positively impact finance and insurance
revenue and penetration rates.
Revenue
Total revenue increased 4.6% to $1.01 billion from $962.0
million in last year’s third quarter. Consumer Services and Plans
revenue increased 11.1% to $45.4 million and Retail revenue
increased 4.3% to $960.5 million. The increase in Consumer Services
and Plans revenue was primarily attributable to increased marketing
fee revenue from the Company’s vehicle insurance and credit card
programs. In the Retail segment, new vehicle revenue increased
16.5% to $545.2 million, used vehicle revenue decreased 23.6% to
$181.8 million, parts, services and other revenue increased 5.6% to
$166.1 million and finance and insurance revenue increased 16.7% to
$67.4 million. Finance and insurance, net revenue as a percentage
of total new and used vehicle revenue increased to 9.3% from 8.2%
in last year’s third quarter.
Same store sales for the base of 107 retail locations that were
open both at the end of the corresponding period and at the
beginning of the preceding fiscal year increased 5.8% to $831.2
million for the three months ended September 30, 2016. The increase
in same store sales was primarily driven by a 13.5% increase in new
vehicle same store sales, a 14.9% increase in finance and insurance
same store sales, and a 4.7% increase in parts, services and other
same store sales, partially offset by a 13.6% decrease in used
vehicle same store sales.
The Company operated a total of 120 retail locations as of
September 30, 2016 compared to 117 retail locations at September
30, 2015.
Gross Profit
Total gross profit increased 8.8% to $282.1 million, or 28.0% of
total revenue, from $259.2 million, or 26.9% of total revenue, in
last year’s third quarter. On a segment basis, Consumer Services
and Plans gross profit increased 18.6% to $25.5 million, or 56.1%
of segment revenue, from $21.5 million, or 52.6% of segment
revenue, and Retail gross profit increased 8.0% to $256.6 million,
or 26.7% of segment revenue, from $237.7 million, or 25.8% of
segment revenue, in last year’s third quarter. The majority of the
353 basis point improvement in Consumer Services and Plans gross
margin was driven by an increase in roadside assistance file size,
and reduced program costs, and an increase within our vehicle
insurance programs. The 91 basis point increase in Retail gross
margin was primarily driven by an increase in the finance and
insurance revenue as a percentage of vehicle sales increased to
9.3% from 8.2% in last year’s third quarter.
Operating Expenses
Operating expenses increased 6.6% to $195.1 million from $183.1
million in last year’s third quarter. Selling, general and
administrative (“SG&A”) expenses increased 7.0% to $188.9
million from $176.5 million in last year’s third quarter. The
increase in SG&A expenses was driven by a $6.6 million increase
in wage-related expenses, primarily related to increased vehicle
unit sales and five additional retail locations opened through
September 30, 2016 and one scheduled retail opening in the fourth
quarter of 2016, $4.9 million of additional lease expense primarily
attributable to right to use leases that were derecognized in the
fourth quarter of 2015, and a $0.9 million increase in store and
corporate overhead expenses. As a percentage of total gross profit,
SG&A expenses declined 114 basis points to 66.9% compared to
last year’s third quarter. Depreciation and amortization expense
decreased 2.6% to $6.2 million.
Floor Plan Interest & Other Interest Expenses
Floor plan interest expense increased 43.4% to $4.3 million from
$3.0 million in last year’s third quarter. The increase was
primarily attributable to higher inventory from the five new
dealerships added in 2016 and locations expecting higher unit
sales, as well as a 41 basis point increase in the average floor
plan borrowing rate. Other interest expense decreased 11.8% to
$12.7 million from $14.4 million in last year’s third quarter. The
decrease was primarily attributable to a $2.7 million decrease in
interest expense attributable to a decrease in right to use
liabilities, partially offset by a $1.1 million increase from
incremental borrowings under our term loan facility to acquire
retail locations and a 50 basis point increase in the borrowing
margin under our term loan facility on December 17, 2015.
Net Income and Pro Forma Earnings Per Unit
Net income increased 17.7% to $67.7 million from $57.5 million
and pro forma earnings per diluted unit increased 17.7% to $0.94
from $0.80 in last year’s third quarter.
Select Balance Sheet and Cash Flow
Items
The Company's working capital and cash balance at September 30,
2016 were $197.2 million and $115.1 million, respectively, compared
to $195.1 million and $92.0 million, respectively, at December 31,
2015. At the end of the third quarter 2016, the Company had no
borrowings under its $20 million revolving credit facility, $828.2
million of term loans outstanding under the senior secured credit
facilities (the “Senior Secured Credit Facilities”) of CWGS Group,
LLC, a wholly owned subsidiary of CWGS Enterprises, LLC (“CWGS,
LLC”), and $532.5 million of floor plan notes payable outstanding
under a floor plan financing facility. RV inventory at the end of
the third quarter of fiscal 2016 decreased 7.0% to $808.1 million
compared to $868.9 million at the end of fiscal 2015.
Subsequent Events
On October 13, 2016, the Company completed its IPO of 11,363,636
shares of Class A common stock at a public offering price of $22.00
per share and received $233.4 million in proceeds, net of
underwriting discounts and commissions. The Company used the net
proceeds to purchase 11,363,636 newly-issued common units from
CWGS, LLC at a price per unit equal to the initial public offering
price per share of Class A common stock in the IPO less
underwriting discounts and commissions. In addition, on November 4,
2016, the underwriters exercised their option, in part, to purchase
an additional 508,564 shares of Class A common stock. On November
9, 2016, the Company closed on the purchase of the additional
508,564 shares of Class A common stock and received $10.4 million
in additional proceeds, net of underwriting discounts and
commissions, which the Company used to purchase 508,564
newly-issued common units from CWGS, LLC at a price per unit equal
to the initial public offering price per share of Class A common
stock in the IPO less underwriting discounts and commissions. CWGS,
LLC used the proceeds it received to repay $200.4 million of term
loans under the Senior Secured Credit Facilities and will use the
remainder for general corporate purposes, including the potential
acquisition of dealerships.
On November 8, 2016, CWGS Group, LLC and CWGS, LLC (as parent
guarantor) entered into a new $680.0 million senior secured credit
facility with Goldman Sachs Bank USA, as administrative agent, and
the other lenders party thereto (the ‘‘New Senior Secured Credit
Facilities’’) and used the proceeds to extinguish the existing
Senior Secured Credit Facilities. The New Senior Secured Credit
Facilities consist of a seven-year $645.0 million new term loan
facility (the “New Term Loan Facility”) and a five-year $35.0
million new revolving credit facility (the “New Revolving Credit
Facility”). The New Term Loan Facility bears interest at LIBOR plus
3.75% with a 0.75% floor, and outstanding balances under the New
Revolving Credit Facility currently bear interest at LIBOR plus
3.50%. The New Term Loan Facility includes mandatory amortization
at 1% per annum in equal quarterly installments. This
refinance reduced the interest rate under the New Senior Secured
Credit Facilities by 1.0% compared to our existing Senior Secured
Credit Facilities, reduced the LIBOR floor by 0.25%, and reduced
the mandatory amortization by 4.6% per annum.
Conference Call
Information
A conference call to discuss the fiscal 2016 third quarter
financial results is scheduled for today, November 10, 2016, at
4:30 p.m. Eastern Time. Investors and analysts can participate on
the conference call by dialing 877-419-6594 or 1-719-325-4755 and
using conference ID #8381649. Interested parties can also listen to
a live webcast or replay of the conference call by logging on to
the Investor Relations section on the Company’s website at
http://investor.campingworld.com/. The replay of the conference
call webcast will be available at the investor relations Web
site.
About Camping World
Camping World Holdings, Inc., is the only provider of a comprehensive portfolio of
services, protection plans, products and resources for recreational
vehicle (“RV”) enthusiasts. Through its two iconic brands, Camping
World and Good Sam, the company offers new and used RVs for sale,
vehicle service and maintenance along with more than 10,000
products and services through our retail locations and membership
clubs. Good Sam branded offerings provide the industry’s broadest
and deepest range of services, protection plans, products and
resources while the Camping World brand operates the largest
national network of RV-centric retail locations in the United
States through 120 retail locations in 36 states and an e-commerce
platform. With both brands founded in 1966, product and service
offerings are based on 50 years of experience and customer feedback
from RV enthusiasts.
Forward Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including, without limitation,
statements regarding our ability to generate sustainable long-term
earnings and increase cash flow growth; overall trends in our
business and market; expectations and trends regarding consumer
behavior and growth; and our comparative advantages and our plans
and ability to expand consumer base. These forward-looking
statements are based on management’s current expectations.
These statements are neither promises nor guarantees, but
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to, the
following: the availability of financing to us and our customers;
fuel shortages, or high prices for fuel; the well-being, as well as
the continued popularity and reputation for quality, of our
manufacturers; general economic conditions in our markets, and
ongoing economic and financial uncertainties; our ability to
attract and retain customers; competition in the market for
services, protection plans, products and resources targeting the RV
lifestyle or RV enthusiast; our expansion into new, unfamiliar
markets presents as well as delays in opening or acquiring new
retail locations; unforeseen expenses, difficulties, and delays
frequently encountered in connection with expansion through
acquisitions; our failure to maintain the strength and value of our
brands; our ability to successfully order and manage our inventory
to reflect consumer demand in a volatile market and anticipate
changing consumer preferences and buying trends; fluctuations in
our same store sales and whether they will be a meaningful
indicator of future performance; the cyclical and seasonal nature
of our business; our ability to operate and expand our business and
to respond to changing business and economic conditions, which
depends on the availability of adequate capital; the restrictive
covenants in our New Senior Secured Credit Facilities and our
floorplan financial facility; our reliance on two fulfillment and
distribution centers for our retail, e-commerce and catalog
businesses; natural disasters, whether or not caused by climate
change, unusual weather condition, epidemic outbreaks, terrorist
acts and political events; our dependence on our relationships with
third party providers of services, protection plans, products and
resources and a disruption of these relationships or of these
providers’ operations; whether third party lending institutions and
insurance companies will continue to provide financing for RV
purchases; our inability to retain senior executives and attract
and retain other qualified employees; our ability to meet our labor
needs; our inability to maintain the leases for our retail
locations or locate alternative sites for our stores in our target
markets and on terms that are acceptable to us; our business being
subject to numerous federal, state and local regulations;
regulations applicable to the sale of extended service contracts;
our dealerships’ susceptibility to termination, non-renewal or
renegotiation of dealer agreements if state dealer laws are
repealed or weakened; our failure to comply with certain
environmental regulations; climate change legislation or
regulations restricting emission of ‘‘greenhouse gases;’’ a failure
in our e-commerce operations, security breaches and cybersecurity
risks; our inability to enforce our intellectual property rights
and accusations of our infringement on the intellectual property
rights of third parties; our inability to maintain or upgrade our
information technology systems or our inability to convert to
alternate systems in an efficient and timely manner; disruptions to
our information technology systems or breaches of our network
security; Marcus Lemonis, through his beneficial ownership of our
shares directly or indirectly held by ML Acquisition Company, LLC
and ML RV Group, LLC, will have substantial control over us and may
approve or disapprove substantially all transactions and other
matters requiring approval by our stockholders, including, but not
limited to, the election of directors; the exemptions from certain
corporate governance requirements that we will qualify for, and
intend to rely on, due to the fact that we are a ‘‘controlled
company’’ within the meaning of the New York Stock Exchange, or
NYSE, listing requirements; and whether we are able to realize any
tax benefits that may arise from our organizational structure and
any redemptions or exchanges of CWGS Enterprises, LLC common units
for cash or stock, including in connection with our initial public
offering.
These and other important factors discussed under the caption
“Risk Factors” in our final prospectus filed with the Securities
and Exchange Commission, or SEC, on October 11, 2016 relating to
our Registration Statement on Form S-1, and our other reports filed
with the SEC could cause actual results to differ materially from
those indicated by the forward-looking statements made in this
press release. Any such forward-looking statements represent
management’s estimates as of the date of this press release. While
we may elect to update such forward-looking statements at some
point in the future, we disclaim any obligation to do so, even if
subsequent events cause our views to change. These forward-looking
statements should not be relied upon as representing our views as
of any date subsequent to the date of this press release.
Results of Operations for the Third Quarter of Fiscal
2016
CWGS Enterprises, LLC
and Subsidiaries Condensed Consolidated Statements of
Operations (unaudited) (In thousands except per unit
amounts) Three Months Ended Nine Months
Ended September 30, September 30,
2016 2015 2016
2015 Revenue: Consumer Services
and Plans $ 45,442 $ 40,902 $ 135,868 $ 127,747 Retail New vehicles
545,231 468,084 1,533,463 1,314,742 Used vehicles 181,820 238,018
577,994 646,138 Parts, services and other 166,076 157,214 464,959
430,841 Finance and insurance, net 67,418
57,748 187,810 157,385 Subtotal
960,545 921,064 2,764,226 2,549,106 Total revenue 1,005,987
961,966 2,900,094 2,676,853 Costs applicable to revenue
(exclusive of depreciation and amortization shown separately
below): Consumer Services and Plans 19,953 19,404 59,071 60,196
Retail New vehicles 474,944 405,448 1,325,917 1,135,074 Used
vehicles 140,516 192,119 461,750 522,115 Parts, services and other
88,473 85,825 244,734
230,045 Subtotal 703,933 683,392 2,032,401 1,887,234
Total costs applicable to revenue 723,886 702,796 2,091,472
1,947,430 Operating expenses: Selling, general, and
administrative 188,858 176,466 544,954 492,345 Depreciation and
amortization 6,219 6,387 18,144 17,785 Loss (gain) on sale of
assets 21 241 (227 ) (424
) Total operating expenses 195,098 183,094
562,871 509,706 Income
from operations 87,003 76,076 245,751 219,717 Other income
(expense): Floor plan interest expense (4,322 ) (3,013 ) (14,851 )
(9,394 ) Other interest expense, net (12,715 ) (14,414 ) (38,040 )
(40,776 ) Other income (expense), net - 1
(2 ) 1 (17,037 ) (17,426
) (52,893 ) (50,169 ) Income before income
taxes 69,966 58,650 192,858 169,548 Income tax expense (2,288 )
(1,145 ) (4,638 ) (3,353 ) Net income $
67,678 $ 57,505 $ 188,220 $ 166,195
Pro forma earnings per unit: Basic $ 0.94 $ 0.80 $ 2.62 $
2.31 Diluted $ 0.94 $ 0.80 $ 2.62 $ 2.31 Pro forma weighted average
units outstanding: Basic 71,899,630 71,899,630 71,899,630
71,899,630 Diluted 71,899,630 71,899,630 71,899,630 71,899,630
CWGS ENTERPRISES, LLC AND
SUBSIDIARIES Condensed Consolidated Balance Sheets
(unaudited) (In thousands except per unit amounts)
September 30, 2016 December 31,
2015 Assets Cash and cash equivalents $ 115,066 $
92,025 Contracts in transit 50,343 21,892 Accounts receivable, less
allowance for doubtful accounts of $5,917 and $5,119 in 2016 and
2015, respectively 64,271 56,356 Inventories, net 808,089 868,939
Prepaid expenses and other assets 25,630 18,861 Deferred tax asset
168 123 Total current assets 1,063,567 1,058,196 Property
and equipment, net 130,647 149,725 Deferred tax asset 2,977 6,111
Intangibles assets, net 3,721 1,652 Goodwill 148,726 112,940 Other
assets 17,870 15,394 Total assets $ 1,367,508 $ 1,344,018
Liabilities and members' deficit Current liabilities:
Accounts payable $ 91,749 $ 56,789 Accrued liabilities 96,315
77,552 Deferred revenues and gains 74,695 63,616 Current portion of
capital lease obligations 1,329 771 Current portion of long-term
debt 46,922 52,089 Notes payable – floor plan 532,453 598,420 Other
current liabilities 22,873 13,861 Total current liabilities 866,336
863,098 Capital lease obligations 1,089 751 Right to use
liabilities 10,379 30,599 Long-term debt, net of current portion
769,423 673,304 Deferred revenues and gains 54,019 52,151 Other
long-term liabilities 20,549 13,062 Total liabilities 1,721,795
1,632,965 Commitments and contingencies - -
Membership units, 153,796 authorized and 153,796 units issued, and
155,559 units authorized and 155,559 units issued as of September
30, 2016 and December 31, 2015, respectively - - Members' deficit
(354,287) (288,947) Total liabilities and members'
deficit $ 1,367,508 $ 1,344,018
Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA are not measures recognized under
generally accepted accounting principles (“GAAP”). EBITDA and
Adjusted EBITDA are metrics management uses to evaluate the
financial performance of our business. Analysts, investors and
other interested parties which evaluate companies in our industry,
also frequently use EBITDA and Adjusted EBITDA. We use EBITDA and
Adjusted EBITDA to supplement GAAP measures of performance as
measurements of operating performance to assist us in comparing the
operating performance of our business on a consistent basis, and
remove the impact of items not directly resulting from our core
operations; for planning purposes, including the preparation of our
internal annual operating budget and financial projections; to
evaluate the performance and effectiveness of our operational
strategies; and to evaluate our capacity to fund capital
expenditures and expand our business.
EBITDA increased 11.9% to $88.9 million, or 8.8% of total
revenue, and Adjusted EBITDA increased 16.1% to $89.5 million, or
8.9% of total revenue, in the third quarter of 2016 compared to
$79.5 million, or 8.3% of total revenue, and $77.1 million, or 8.0%
of total revenue, respectively, in last year’s third quarter. We
define EBITDA as net income plus interest expense (other than floor
plan interest expense), provision for income taxes, depreciation
and amortization. We define Adjusted EBITDA as net income plus
interest expense (other than floor plan interest expense),
provision for income taxes, depreciation and amortization, loss
(gain) on debt repayment, loss (gain) on sale of assets and
disposition of stores, monitoring fees, an adjustment to rent on
right to use assets and other unusual or one-time items.
EBITDA and Adjusted EBITDA are not GAAP measures of our
financial performance and should not be considered as an
alternative to net income as a measure of financial performance, or
any other performance measure derived in accordance with GAAP.
EBITDA and Adjusted EBITDA should not be construed as an inference
that our future results will be unaffected by unusual or
non-recurring items. Additionally, EBITDA and Adjusted EBITDA are
not intended to be a measure of discretionary cash to invest in the
growth of our business, as they do not reflect tax payments, debt
service requirements, capital expenditures and certain other cash
costs that may recur in the future, including, among other things,
cash requirements for working capital needs and cash costs to
replace assets being depreciated and amortized. Management
compensates for these limitations by relying on our GAAP results in
addition to using EBITDA and Adjusted EBITDA supplementally. Our
measure of EBITDA and Adjusted EBITDA are not necessarily
comparable to similarly titled captions of other companies due to
different methods of calculation.
The following is a reconciliation of net income to Adjusted
EBITDA:
Three
Months Ended Nine Months Ended September 30,
September 30, ($ in thousands)
2016 2015
2016 2015 Net Income $ 67,678 $ 57,505 $
188,220 $ 166,195 Other interest expense, net 12,715 14,414 38,040
40,776 Income tax expense 2,288 1,145 4,638 3,353 Depreciation and
amortization 6,219 6,387 18,144 17,785
EBITDA 88,900 79,451 249,042 228,109 Adjustments:
Loss (gain) on sale of assets and disposition of stores (a) 21 5
(225) 151 Monitoring fee (b) 625 625 1,875 1,875 Adjustment to rent
on right to use assets (c) – (2,935) –
(7,598)
Adjusted EBITDA $ 89,546 $ 77,146 $ 250,692 $
222,537
_________________________________________________
(a) Represents an adjustment to eliminate the gains and losses
on sales of various assets and aggregate non-recurring losses from
two non-performing locations that were sold in 2015.
(b) Represents monitoring fees paid pursuant to a monitoring
agreement to Crestview and Stephen Adams. We terminated the
monitoring agreement upon the consummation of the IPO.
(c) Represents an adjustment to rent expense for the periods
presented for certain right to use assets that were derecognized in
the fourth quarter of 2015 due to lease modifications that resulted
in the leases meeting the requirements to be reported as operating
leases. The adjustments represent additional rent expense that
would have been incurred for the periods presented had the leases
previously been classified as operating leases.
Pro Forma Earnings Per
Unit
On October 6, 2016, the limited liability company agreement of
CWGS, LLC was amended and restated to, among other things, (i)
provide for a new single class of common membership interests in
CWGS, LLC, and (ii) exchange all of the existing membership
interests of certain then existing members of CWGS, LLC into
71,899,630 common units of CWGS, LLC, and (iii) appoint Camping
World Holdings, Inc. as the sole managing member of CWGS, LLC upon
its acquisition of common units in connection with the IPO. For the
purposes of calculating pro forma earnings per unit, we have
adjusted the number of outstanding membership units retroactively
for all periods presented to give effect to the above-mentioned
amendment and resulting recapitalization.
Pro forma basic earnings per unit is computed by dividing net
income by the pro forma weighted-average number of units
outstanding during the period. Pro forma diluted earnings per unit
is computed by dividing net income by the pro forma
weighted-average number of units outstanding adjusted to give
effect to potentially dilutive securities. There were no
potentially dilutive securities at September 30, 2016.
The following table sets forth a reconciliation of the
numerators and denominators used to compute pro forma basic and
diluted earnings per unit for the three and nine months ended
September 30, 2016 and 2015.
Three months ended
Nine months ended
September 30,
September 30,
(in thousands, except per unit amounts)
2016
2015
2016
2015
Numerator: Net Income $ 67,678 $ 57,505 $ 188,220 $ 166,195
Denominator: Pro forma weighted average units outstanding - basic
71,899,630 71,899,630 71,899,630 71,899,630 Pro Forma Weighted
average units outstanding - diluted 71,899,630 71,899,630
71,899,630 71,899,630 Pro forma earnings per unit - basic $
0.94 $ 0.80 $ 2.62 $ 2.31 Pro forma earnings per unit - diluted $
0.94 $ 0.80 $ 2.62 $ 2.31
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161110005447/en/
ICRInvestor Relations:John Rouleau / Rachel Schacter,
203-682-8200John.Rouleau@ICRinc.com /
Rachel.Schacter@ICRinc.comorMedia:Jessica Liddell,
203-682-8208Jessica.Liddell@ICRinc.com
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