Neff Corporation Announces Third Quarter 2016 Results

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/

Source: Business Wire
(October 25, 2016 - 4:15 PM EDT)

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