Neff Corporation (the “Company”) (NYSE: NEFF) today reported its
financial results for the third quarter ended September 30,
2016.
Graham Hood, Chief Executive Officer of Neff Corporation,
commented, “The third quarter of 2016 was another solid quarter for
Neff’s rental business as we generated record third quarter results
for rental revenues, which increased by 5.8% year-over-year. This
performance reflects our ability to execute our strategy and take
advantage of the ongoing strength in the construction markets we
serve. We expect this strength to continue for the remainder of
2016 and into 2017.”
Third Quarter 2016 Highlights
- Total revenues increased 6.1%
year-over-year to $105.5 million in the third quarter of 2016.
- Rental revenues increased 5.8%
year-over-year to $95.8 million in the third quarter of 2016 from
$90.5 million.
- Time utilization decreased to 69.0%
from 69.2% in the prior year period.
- Rental rates decreased 0.2%
year-over-year in the third quarter of 2016.
- The average original equipment cost
("OEC") of our rental fleet increased by 6.3% to $829.2 million
year over year.
- Net income attributable to Neff
Corporation decreased to $2.9 million or $0.31 per diluted share in
the third quarter of 2016, from $3.2 million or $0.27 per diluted
share in the prior year period.
- Adjusted EPS for the quarter was $0.41
per diluted share versus $0.51 per diluted share in the prior year
period.
- Adjusted EBITDA increased 2.1% to $51.9
million in the third quarter of 2016 from $50.8 million in the
prior year period.
- Adjusted EBITDA margin was 49.2%
compared with 51.1% in the prior year period.
Third Quarter 2016 Financial Results
Revenue
Total revenues increased 6.1% to $105.5 million, up from $99.4
million in the third quarter of 2015. Rental revenues increased
5.8% to $95.8 million, up from $90.5 million in the third quarter
of 2015. Equipment sales increased to $6.3 million from $5.6
million in the third quarter of 2015. Parts and service revenues
remained relatively consistent at $3.4 million in the third quarter
of 2016.
Net Income attributable to Neff Corporation
Net income attributable to Neff Corporation for the quarter was
$2.9 million compared to net income attributable to Neff
Corporation of $3.2 million for the third quarter of 2015.
Adjusted EBITDA
Adjusted EBITDA, a non-US GAAP financial measure that includes
the adjustments noted in the reconciliation below, in the third
quarter of 2016 was $51.9 million compared to $50.8 million in the
third quarter of 2015. Adjusted EBITDA, as a percentage of
revenues, was 49.2% compared to 51.1% in the third quarter of
2015.
Return on Invested Capital ("ROIC")
ROIC was 10.4% for the twelve months ended September 30,
2016, a decrease of 70 basis points from the twelve months ended
September 30, 2015. The Company’s ROIC metric uses after-tax
operating income for the trailing 12 months divided by average
stockholders’ equity (deficit) and debt and deferred taxes, net of
average cash and debt issue costs. To mitigate the volatility
related to fluctuations in the Company’s tax rate from period to
period, a federal statutory tax rate of 35% is used to calculate
after-tax operating income.
Fleet Size
The size of the rental fleet was $830.4 million of OEC as of
September 30, 2016, compared to $780.7 million at
September 30, 2015.
Share Repurchase Program
During the third quarter of 2016, the Company repurchased 0.1
million shares of Class A common stock for $1.0 million under the 2
year share repurchase program authorized in November 2015. Since
the authorization of the share repurchase program, the Company has
purchased 1.6 million shares of Class A common stock for a total
cost of $11.3 million, including commissions.
Nine Months 2016 Highlights
- Total revenues increased 6.1% to $294.7
million from $277.7 million in 2015.
- Rental revenues increased 7.6%, or
$18.9 million, to $268.4 million in 2016 from $249.5 million in the
prior year.
- Time utilization increased to 67.4%
compared to 66.7% in the prior year period.
- Rental rates decreased 0.8% as compared
to the prior year.
- The average OEC of our rental fleet
increased by 7.0% to $808.0 million in the current year
period.
- Net income attributable to Neff
Corporation decreased to $5.3 million or $0.55 per diluted share in
2016, from $11.6 million or $0.96 per diluted share in the prior
year period.
- Adjusted EPS for the nine months was
$0.88 per diluted share versus $0.96 per diluted share in the prior
year period.
- Adjusted EBITDA increased 5.2% to
$143.9 million as compared to $136.8 million in the prior year
period.
- Adjusted EBITDA margin was 48.8%
compared with 49.3% in the same period last year.
2016 Financial Outlook
The Company's 2016 full year outlook is as follows:
- Total revenue is forecast to be in the
range of $390 million to $400 million, compared to prior guidance
of $390 million to $410 million.
- Adjusted EBITDA is forecast to be in a
range of $190 million to $195 million, compared to prior guidance
of $190 million to $200 million.
- Year-over-year rental rate change is
expected to be approximately -1.0% to 0.0%, compared to prior
guidance of approximately -1.0% to 1.0%.
- Time utilization is forecast to be
approximately 68.0%.
- Net capital expenditures are expected
to be in the range of $100 million to $105 million, compared to
prior guidance of $100 million to $110 million.
- Target leverage ratio by end of 2016 is
expected to be approximately 3.50x to 3.75x, compared to prior
guidance of approximately 3.00x to 3.50x.
Conference Call
The Company’s management will hold a conference call to discuss
the third quarter 2016 results tomorrow, October 26, 2016, at
10:00 a.m. (Eastern Daylight Time). To participate in the
conference call, participants should dial +1 877-201-0168
(domestic) or +1 647-788-4901 (international) and enter access code
98879886, a few minutes prior to the start of the call. Those who
wish to listen to the live conference call and view the
accompanying presentation slides should visit the "Investor
Relations" portion of the Neff Corporation website at:
http://investor.neffrental.com.
A telephonic replay will be available from 1:00 p.m. ET on the
day of the conference call through Wednesday, November 9, 2016. To
listen to the archived call, dial +1 855-859-2056 or +1
404-537-3406 and enter conference ID number 98879886. The replay of
the conference call will also be available via webcast on the
Company's website at: http://investor.neffrental.com, where it will be
archived for 12 months after the conference call.
Non-US GAAP Measures and Key Performance Measures
Earnings before interest, taxes, depreciation and amortization
("EBITDA"), Adjusted EBITDA and adjusted earnings per share are
non-US GAAP financial measures as defined under the rules of the
Securities and Exchange Commission ("SEC"). EBITDA represents the
sum of net income, interest expense, provision for income taxes,
depreciation of rental equipment, other depreciation and
amortization and amortization of debt issue costs. Adjusted EBITDA
represents EBITDA further adjusted to give effect to other items
that we do not consider to be indicative of our ongoing operations,
including for the periods presented rental split expense,
equity-based compensation, adjustment to tax receivable agreement
and (gain) loss on interest rate swap. Adjusted earnings per share
("EPS") represents the sum of diluted earnings per share of Class A
common stock, as reported, adjusted for the impact of items that we
believe are not indicative of our ongoing operations, including for
the periods presented (gain) loss on interest rate swap and
non-cash adjustment to tax receivable agreement. The Company
believes that: (i) EBITDA and Adjusted EBITDA and (ii) adjusted EPS
provide useful information about operating performance and
period-over-period growth and is useful to securities analysts,
investors and other interested parties in evaluating our operating
performance compared to that of other companies in the industry.
However, none of these measures should be considered as
alternatives to net income, cash flows from operating activities or
diluted EPS under US GAAP as indicators of operating performance or
liquidity. Because EBITDA, Adjusted EBITDA and adjusted EPS are not
calculated in the same manner by all companies, they may not be
comparable to other similarly titled measures used by other
companies.
OEC and rental rate are two of the key performance measures we
use in evaluating our business and results of operations.
We present OEC, defined as the first cost of acquiring the
equipment, or in the case of used equipment purchases and rental
splits, an estimate of the first cost that would have been paid to
acquire the equipment if it had been purchased new in its year of
manufacture, as the daily average OEC of equipment on rent, divided
by the OEC of all equipment in the rental fleet during the relevant
period.
We define rental rates as the rates charged to our customers on
rental contracts that typically are for daily, weekly or monthly
terms. Rental rates change over time based on a combination of
pricing, the mix of equipment on rent and the mix of rental terms
with customers. Period over period changes in rental rates are
calculated on a weighted average with the weighting based on prior
period revenue mix.
About Neff Corporation
Neff Corporation is a leading regional equipment rental company
in the United States, focused on the fast growing Sunbelt states.
The Company offers a broad array of equipment rental solutions for
its diverse customer base. Neff Corporation’s broad fleet of
equipment includes earthmoving, material handling, aerial and other
rental equipment to meet specific customer needs.
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 facts should be considered
forward-looking statements, including statements regarding our 2016
outlook, including without limitation, statements regarding our
forecasted revenue and Adjusted EBITDA and our expected rental
rates, time utilization and net capital expenditures; expectations
regarding execution of our strategy; expectations regarding
seasonality and expectations regarding the slowdown in oil and gas
exploration and the Company’s ability to offset such slowdown. We
use words such as "could," "may," "should," "will," "expect,"
"believe," "continue," "anticipate," "estimate," "intend,"
"project," "plan," "forecast" and other similar expressions to
identify some but not all forward-looking statements.
Forward-looking statements involve estimates and uncertainties that
could cause actual results to differ materially from those
expressed in the forward-looking statements.
The forward-looking statements contained in this press release
are based on assumptions that we have made in light of our industry
experience and our perceptions of historical trends, current
conditions, current plans, expected future developments and other
important factors we believe are appropriate under the
circumstances. As you read and consider this press release, you
should understand that these statements are not guarantees of
performance or results. They involve risks, uncertainties (many of
which are beyond our control) and assumptions. Although we believe
that these forward-looking statements are based on reasonable
assumptions, you should be aware that many important factors could
affect our actual operating and financial performance and cause our
performance to differ materially from the performance anticipated
in the forward-looking statements. We believe these important
factors include, but are not limited to, the following: the fact
that future economic downturns could have a material adverse impact
on our business; trends in oil and gas prices and the impact on the
level of exploration, development and production activity of
certain of the Company’s customers and the demand for the Company’s
services and products; the fact that the Company’s revenues and
operating results will fluctuate, which could affect the volatility
of the trading of its Class A common stock; the highly
cyclical nature of the equipment rental industry; decreases in
construction or industrial activities and resulting decreases in
the demand for the Company’s equipment or the rental rates or
prices it can charge; competition in the equipment rental industry
which could lead to a decrease in the Company’s market share or in
rental rates and its ability to sell equipment at favorable prices;
Wayzata, the Company's largest shareholder, as a result of its
ownership stake in the Company, may have the ability to exert
substantial influence over actions to be taken or approved by the
Company's Board of Directors or shareholders; the Company’s
substantial indebtedness, its ability to generate cash to meet its
debt service obligations and the restrictions the Company's
indebtedness imposes on the Company's current and future
operations; the Company’s need to obtain additional capital, which
may not be available, to fund the capital outlays required for the
success of its business, including those relating to purchasing
equipment, opening new rental locations, making acquisitions and
refinancing existing indebtedness; significantly higher maintenance
costs in connection with increases in the weighted average age of
the Company’s rental fleet; fluctuations in the price of the
Company's Class A common stock, the Company's ability to complete
share repurchases under the Company's share repurchase program on
favorable terms or at all, dilution of existing shareholders by
future issuances of additional Class A common stock in connection
with any redemption of common units or new issuances of Class A
common stock and any decline in the stock price resulting from
these issuances or any future sale of shares of Class A common
stock by Wayzata pursuant to the effective Form S-3 or otherwise;
environmental and health and safety laws and regulations that may
result in liabilities for the Company; termination of one or more
of the Company’s relationships with any of its equipment
manufacturers; residual value risk of the Company’s rental fleet
upon disposition; the rising cost of new equipment and supplier
constraints; disruptions in the Company’s information technology
and customer relationship management systems; potential
acquisitions and expansions into new markets; payments under our
tax receivable agreement; the Company's dependence on key
personnel, any labor disputes, work stoppages and/or slowdowns; and
increased costs as a result of operating as a public company. These
and other important factors described under the captions "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in the Company's annual report
on Form 10-K for the fiscal year ended December 31, 2015 and
similar disclosures in subsequent 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. Should
one or more of these risks or uncertainties materialize, or should
any of these assumptions prove incorrect, our actual operating and
financial performance may vary in material respects from the
performance projected in these forward-looking statements.
Further, any forward-looking statement speaks only as of the
date on which it is made, and except as required by law, we
undertake no obligation to update any forward-looking statement
contained in this press release to reflect events or circumstances
after the date on which it is made or to reflect the occurrence of
anticipated or unanticipated events or circumstances. New important
factors that could cause our business not to develop as we expect
emerge from time to time, and it is not possible for us to predict
all of them.
TABLE 1
NEFF CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except
per share amounts) For the Three Months Ended
September 30, For the Nine Months Ended September 30,
2016 2015 2016 2015
Revenues Rental revenues $ 95.8 $ 90.5 $ 268.4 $ 249.5 Equipment
sales 6.3 5.6 16.3 18.5 Parts and service 3.4 3.3
10.0 9.7 Total revenues 105.5 99.4
294.7 277.7 Cost of revenues Cost of equipment sold
4.2 3.5 10.2 11.9 Depreciation of rental equipment 21.9 21.6 66.8
62.3 Cost of rental revenues 23.3 21.2 64.9 58.6 Cost of parts and
service 2.1 2.0 5.7 5.5 Total cost of
revenues 51.4 48.2 147.7 138.2 Gross
profit 54.0 51.2 147.1 139.5 Other
operating expenses Selling, general and administrative expenses
24.9 22.9 72.8 67.6 Other depreciation and amortization 2.2
2.7 7.5 7.8 Total other operating expenses
27.1 25.5 80.3 75.4 Income from
operations 26.9 25.7 66.7 64.1 Other
expenses (income) Interest expense 10.6 10.9 31.7 32.2 Adjustment
to tax receivable agreement 1.2 0.4 1.9 (2.5 ) (Gain) loss on
interest rate swap (1.0 ) 4.2 5.4 4.1 Amortization of debt issue
costs 0.4 0.4 1.1 1.1 Total other
expenses (income) 11.2 15.9 40.2 34.9
Income before income taxes 15.8 9.8 26.5 29.2 Provision for income
taxes (2.3 ) (0.3 ) (3.6 ) (1.7 ) Net income 13.4 9.4 22.9 27.5
Less: net income attributable to non-controlling interest 10.6
6.2 17.6 15.9 Net income attributable
to Neff Corporation $ 2.9 $ 3.2 $ 5.3 $ 11.6
Net income attributable to Neff Corporation per share
of Class A common stock outstanding: Basic $ 0.32 $ 0.31
$ 0.56 $ 1.10 Diluted $ 0.31 $ 0.27
$ 0.55 $ 0.96 Weighted average shares of Class
A common stock outstanding: Basic 9.0 10.5 9.5
10.5 Diluted 9.4 12.0 9.6 12.0
TABLE 2
NEFF CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS (in millions)
September 30, 2016 December 31, 2015 ASSETS
Cash and cash equivalents $ 0.8 $ 0.3 Accounts receivable,
net 64.5 70.3 Inventories 1.8 1.8 Rental equipment, net 478.1 457.5
Property and equipment, net 36.2 33.5 Prepaid expenses and other
assets 16.6 14.5 Goodwill 60.6 60.6 Intangible assets, net 14.5
15.3 Total assets $ 673.2 $ 653.7
LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities Accounts payable $ 9.8 $ 18.9 Accrued expenses and
other liabilities 37.5 31.4 Revolving credit facility 260.0 253.6
Second lien loan, net 473.8 477.0 Payable pursuant to tax
receivable agreement 31.0 29.1 Deferred tax liability, net 11.1
9.5 Total liabilities 823.3 819.5
Stockholders' deficit Class A Common Stock 0.1 0.1 Class B
Common Stock 0.2 0.2 Additional paid-in capital (119.2 ) (112.1 )
Retained earnings 22.5 17.2 Total stockholders'
deficit (96.5 ) (94.6 ) Non-controlling interest (53.7 ) (71.2 )
Total stockholders' deficit and non-controlling interest (150.2 )
(165.8 ) Total liabilities and stockholders' deficit and
non-controlling interest $ 673.2 $ 653.7
TABLE 3
NEFF CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)
For the Nine Months For the Nine Months
Ended September 30, 2016
Ended September 30, 2015
Cash Flows from Operating Activities Net income $ 22.9 $
27.5 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation 73.5 69.1 Amortization of debt
issue costs 1.1 1.1 Amortization of intangible assets 0.8 1.0
Amortization of original issue discount 0.2 0.2 Gain on sale of
equipment (6.1 ) (6.7 ) Provision for bad debt 1.7 1.4 Equity-based
compensation 1.5 0.9 Deferred income taxes 3.4 2.1 Adjustment to
tax receivable agreement 1.9 (2.5 ) Unrealized loss on interest
rate swap 4.8 3.9 Changes in operating assets and liabilities:
Accounts receivable 4.1 4.1 Inventories, prepaid expenses and other
assets (1.8 ) 0.1 Accounts payable (1.1 ) (1.3 ) Accrued expenses
and other liabilities 3.9 (1.3 ) Net cash provided by
operating activities 111.0 99.7
Cash Flows from
Investing Activities Purchases of rental equipment (107.5 )
(139.0 ) Proceeds from sale of equipment 16.3 18.5 Purchases of
property and equipment (10.1 ) (11.7 ) Net cash used in investing
activities (101.3 ) (132.2 )
Cash Flows from Financing
Activities Repayments under revolving credit facility (109.5 )
(95.2 ) Borrowings under revolving credit facility 115.9 128.0 Debt
issue costs (1.6 ) — Common stock repurchases (10.4 ) — Second Lien
Loan prepayment (3.3 ) — Distribution to member (0.1 ) — Payment of
costs directly associated with the issuance of Class A common stock
— (0.3 ) Net cash (used in) provided by financing activities
(9.1 ) 32.5 Net increase in cash and cash equivalents 0.6 —
Cash and cash equivalents, beginning of period 0.3 0.2
Cash and cash equivalents, end of period $ 0.8 $ 0.2
TABLE 4
NEFF CORPORATION AND SUBSIDIARIES DILUTED EARNINGS PER
SHARE CALCULATION (in millions, except per share data)
For the Three Months Ended For the Nine
Months Ended September 30, September 30,
2016 2015 2016 2015
Numerator: Net income attributable to Neff Corporation $ 2.9
$ 3.2 $ 5.3 $ 11.6
Denominator:
Weighted average shares of Class A common stock outstanding,
diluted 9.4 12.0 9.6 12.0
Diluted
earnings per share of Class A common stock $ 0.31
$ 0.27 $ 0.55
$ 0.96 Potentially dilutive stock options
representing a total of 0.7 million shares of Class A common stock
for the three and nine months ended September 30, 2016 were
excluded from the computation of diluted weighted average shares
outstanding due to their anti-dilutive effect.
NEFF CORPORATION AND SUBSIDIARIES
ADJUSTED EARNINGS PER SHARE - US GAAP
RECONCILIATION
We define “adjusted earnings per share” as the sum of diluted
earnings per share of Class A common stock, as reported, adjusted
for the impact of the items that we believe are not indicative of
our ongoing operations, including for the periods presented (gain)
loss on interest rate swap and non-cash adjustment to the tax
receivable agreement. Management believes that including adjusted
EPS in this press release is appropriate because securities
analysts, investors and other interested parties use this non-US
GAAP financial measure as an important measure to assess our
operating performance compared to that of other companies in the
industry. However, adjusted EPS is not a measure of financial
performance under US GAAP. Accordingly, adjusted earnings per share
should not be considered an alternative to diluted EPS of Class A
common stock. The table below provides a reconciliation between
diluted EPS of Class A common stock, as reported, and adjusted EPS.
Because adjusted EPS is not calculated in the same manner by all
companies, it may not be comparable to other similarly titled
measures used by other companies.
TABLE 5
For the Three Months Ended For the Nine
Months Ended September 30, September 30,
2016 2015 2016 2015
Diluted earnings per share of Class A common stock, as
reported $ 0.31 $ 0.27 $
0.55 $ 0.96 Adjusted for: (Gain) loss on
interest rate swap(a) (0.03 ) 0.21 0.13 0.21 Adjustment to tax
receivable agreement(b) 0.13 0.03 0.20 (0.21 )
Adjusted earnings per share $ 0.41
$ 0.51 $ 0.88 $
0.96
(a) Represents after tax impact of (gain)
loss on interest rate swap related to adjustments to fair
value.
(b) Represents non-cash adjustment to tax
receivable agreement related to changes in estimates used in the
calculation of the tax receivable agreement.
NEFF CORPORATION AND SUBSIDIARIES
EBITDA AND ADJUSTED EBITDA - US GAAP
RECONCILIATION
(in millions)
EBITDA is defined as net income plus interest expense, provision
for income taxes, depreciation of rental equipment, other
depreciation and amortization and amortization of debt issue costs.
Adjusted EBITDA is defined as EBITDA further adjusted to give
effect to other items that management does not consider to be
indicative of our ongoing operations, including for the periods
presented rental split expense, equity-based compensation,
adjustment to tax receivable agreement and (gain) loss on interest
rate swap. EBITDA and Adjusted EBITDA are not measures of
performance in accordance with US GAAP and should not be considered
as alternatives to net income or operating cash flows determined in
accordance with US GAAP. Additionally, EBITDA and Adjusted EBITDA
are not intended to be measures of cash flow for management's
discretionary use, as they exclude certain cash requirements such
as interest payments, tax payments and debt service requirements.
Management believes that including EBITDA and Adjusted EBITDA in
this press release is appropriate because securities analysts,
investors and other interested parties use these non-US GAAP
financial measures as important measures of assessing our operating
performance across periods on a consistent basis. EBITDA and
Adjusted EBITDA have limitations as analytical tools and should not
be considered in isolation or as a substitute for analysis of our
results as reported under US GAAP. The table below provides a
reconciliation between net income and EBITDA and Adjusted EBITDA.
Because EBITDA and Adjusted EBITDA are not calculated in the same
manner by all companies, they may not be comparable to other
similarly titled measures used by other companies.
TABLE 6
For the Three Months Ended September
30,
For the Nine Months Ended September 30, 2016
2015 2016 2015 (in millions
of dollars) Net income $ 13.4 $
9.4 $ 22.9 $ 27.5 Interest
expense 10.6 10.9 31.7 32.2 Provision for income taxes 2.3 0.3 3.6
1.7 Depreciation of rental equipment 21.9 21.6 66.8 62.3 Other
depreciation and amortization 2.2 2.7 7.5 7.8 Amortization of debt
issue costs 0.4 0.4 1.1 1.1
EBITDA(e) 50.8 45.3 133.7 132.6
Rental split expense(a) 0.5 0.7 1.3 1.8 Equity-based
compensation(b) 0.4 0.2 1.5 0.9 Adjustment to tax receivable
agreement(c) 1.2 0.4 1.9 (2.5 ) (Gain) loss on interest rate
swap(d) (1.0 ) 4.2 5.4 4.1
Adjusted
EBITDA(f) $ 51.9 $ 50.8
$ 143.9 $ 136.8
(a) Represents cash payments made to suppliers of equipment in
connection with rental split expense, which payments are credited
against the purchase price of the applicable equipment if Neff
Holdings elects to purchase that equipment.
(b) Represents non-cash equity-based compensation expense
recorded in the periods presented in accordance with US GAAP.
(c) Represents adjustment to tax receivable agreement related to
changes in estimates used in the calculation of the tax receivable
agreement.
(d) Represents (gain) loss on interest rate swap related to
adjustments to fair value.
(e) Our EBITDA margin was 48.2% and 45.6% for the three months
ended September 30, 2016 and 2015, respectively. Our EBITDA
margin was 45.4% and 47.7% for the nine months ended
September 30, 2016 and 2015, respectively.
(f) Our Adjusted EBITDA margin was 49.2% and 51.1% for the three
months ended September 30, 2016 and 2015, respectively. Our
Adjusted EBITDA margin was 48.8% and 49.3% for the nine months
ended September 30, 2016 and 2015, respectively.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161025006631/en/
Neff CorporationInvestor Relations Contact:Brian Coolidge,
305-513-3350Fax: 305-513-4156InvestorRelations@neffcorp.com
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