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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Neff Corp. (delisted) | NYSE:NEFF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.00 | 0 | 01:00:00 |
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Delaware
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|
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37-1773826
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(State or other jurisdiction of
incorporation or organization)
|
|
|
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(I.R.S. Employer
Identification No.)
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3750 N.W. 87th Avenue, Suite 400
Miami, FL 33178
|
(Address of principal executive offices) (zip code)
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(305) 513-3350
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(Registrant’s telephone number, including area code)
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Large accelerated filer
|
¨
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|
Accelerated filer
|
ý
|
Non-accelerated filer
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¨
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(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
|
ý
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NEFF CORPORATION
TABLE OF CONTENTS
|
|
10-Q Part and Item No.
|
|
Page No.
|
|
|
|
PART I
|
FINANCIAL INFORMATION
|
|
|
||
|
||
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||
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PART II
|
OTHER INFORMATION
|
|
|
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|
|
|
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|
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|
|
|
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March 31, 2017
|
|
December 31, 2016
|
||||
ASSETS
|
|
|
|
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
$
|
783
|
|
|
$
|
900
|
|
Accounts receivable, net of allowance for doubtful accounts of $2,170 in 2017 and $2,481 in 2016
|
59,510
|
|
|
64,943
|
|
||
Inventories
|
1,873
|
|
|
1,867
|
|
||
Rental equipment, net
|
471,219
|
|
|
462,084
|
|
||
Property and equipment, net
|
34,714
|
|
|
35,534
|
|
||
Prepaid expenses and other assets
|
9,887
|
|
|
8,203
|
|
||
Goodwill
|
60,644
|
|
|
60,644
|
|
||
Intangible assets, net
|
14,027
|
|
|
14,246
|
|
||
Total assets
|
$
|
652,657
|
|
|
$
|
648,421
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
|
|
|
|
|||
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|
||||
Liabilities
|
|
|
|
|
|||
Accounts payable
|
$
|
25,031
|
|
|
$
|
15,851
|
|
Accrued expenses and other liabilities
|
35,812
|
|
|
35,074
|
|
||
Revolving credit facility, net of debt issue costs
|
220,337
|
|
|
222,531
|
|
||
Second lien loan, net of debt issue costs and original issue discount
|
457,436
|
|
|
468,860
|
|
||
Payable pursuant to tax receivable agreement
|
29,560
|
|
|
29,505
|
|
||
Deferred tax liability, net
|
9,217
|
|
|
8,325
|
|
||
Total liabilities
|
777,393
|
|
|
780,146
|
|
||
|
|
|
|
||||
Stockholders' deficit
|
|
|
|
|
|||
Class A Common Stock; $.01 par value, 100,000,000 shares authorized, 8,859,662 shares issued and outstanding as of March 31, 2017 and December 31, 2016
|
88
|
|
|
88
|
|
||
Class B Common Stock; $.01 par value, 15,000,000 shares authorized, 14,951,625 shares issued and outstanding as of March 31, 2017 and December 31, 2016
|
150
|
|
|
150
|
|
||
Additional paid-in capital
|
(101,464
|
)
|
|
(102,216
|
)
|
||
Retained earnings
|
24,023
|
|
|
22,770
|
|
||
Total stockholders' deficit
|
(77,203
|
)
|
|
(79,208
|
)
|
||
Non-controlling interest
|
(47,533
|
)
|
|
(52,517
|
)
|
||
Total stockholders' deficit and non-controlling interest
|
(124,736
|
)
|
|
(131,725
|
)
|
||
Total liabilities and stockholders' deficit and non-controlling interest
|
$
|
652,657
|
|
|
$
|
648,421
|
|
|
For the Three Months Ended March 31, 2017
|
|
For the Three Months Ended March 31, 2016
|
||||
Revenues
|
|
|
|
|
|||
Rental revenues
|
$
|
85,498
|
|
|
$
|
81,177
|
|
Equipment sales
|
7,195
|
|
|
5,102
|
|
||
Parts and service
|
3,184
|
|
|
3,305
|
|
||
Total revenues
|
95,877
|
|
|
89,584
|
|
||
Cost of revenues
|
|
|
|
|
|||
Cost of equipment sold
|
4,953
|
|
|
3,111
|
|
||
Depreciation of rental equipment
|
22,150
|
|
|
22,165
|
|
||
Cost of rental revenues
|
22,263
|
|
|
19,933
|
|
||
Cost of parts and service
|
1,797
|
|
|
1,805
|
|
||
Total cost of revenues
|
51,163
|
|
|
47,014
|
|
||
Gross profit
|
44,714
|
|
|
42,570
|
|
||
Other operating expenses
|
|
|
|
|
|||
Selling, general and administrative expenses
|
24,542
|
|
|
24,522
|
|
||
Other depreciation and amortization
|
2,171
|
|
|
2,741
|
|
||
Total other operating expenses
|
26,713
|
|
|
27,263
|
|
||
Income from operations
|
18,001
|
|
|
15,307
|
|
||
Other expenses (income)
|
|
|
|
|
|||
Interest expense
|
11,173
|
|
|
11,044
|
|
||
Adjustment to tax receivable agreement
|
55
|
|
|
414
|
|
||
(Gain) loss on interest rate swap
|
(375
|
)
|
|
4,654
|
|
||
Total other expenses (income)
|
10,853
|
|
|
16,112
|
|
||
Income (loss) before income taxes
|
7,148
|
|
|
(805
|
)
|
||
(Provision for) benefit from income taxes
|
(911
|
)
|
|
385
|
|
||
Net income (loss)
|
6,237
|
|
|
(420
|
)
|
||
Less: net income (loss) attributable to non-controlling interest
|
4,512
|
|
|
(269
|
)
|
||
Net income (loss) attributable to Neff Corporation
|
$
|
1,725
|
|
|
$
|
(151
|
)
|
|
|
|
|
||||
Net income (loss) attributable to Neff Corporation per share of Class A common stock outstanding:
|
|
|
|
|
|||
Basic
|
$
|
0.19
|
|
|
$
|
(0.01
|
)
|
Diluted
|
$
|
0.18
|
|
|
$
|
(0.01
|
)
|
Weighted average shares of Class A common stock outstanding:
|
|
|
|
||||
Basic
|
8,860
|
|
|
10,286
|
|
||
Diluted
|
9,454
|
|
|
10,286
|
|
|
Neff Corporation
|
||||||||||||||||||||||||||||
|
Class A Common Stock
|
|
Class B Common Stock
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Non-controlling interest
|
|
Total stockholders' deficit and non-controlling interest
|
||||||||||||||
BALANCE—December 31, 2016
|
8,860
|
|
|
$
|
88
|
|
|
14,952
|
|
|
$
|
150
|
|
|
$
|
(102,216
|
)
|
|
$
|
22,770
|
|
|
$
|
(52,517
|
)
|
|
$
|
(131,725
|
)
|
Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
752
|
|
|
—
|
|
|
—
|
|
|
752
|
|
||||||
Reallocation based on ending non-controlling interest percentage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(472
|
)
|
|
472
|
|
|
—
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,725
|
|
|
4,512
|
|
|
6,237
|
|
||||||
BALANCE—March 31, 2017
|
8,860
|
|
|
$
|
88
|
|
|
14,952
|
|
|
$
|
150
|
|
|
$
|
(101,464
|
)
|
|
$
|
24,023
|
|
|
$
|
(47,533
|
)
|
|
$
|
(124,736
|
)
|
|
For the Three Months Ended March 31, 2017
|
|
For the Three Months Ended March 31, 2016
|
||||
Cash Flows from Operating Activities
|
|
|
|
|
|||
Net income (loss)
|
$
|
6,237
|
|
|
$
|
(420
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
24,102
|
|
|
24,638
|
|
||
Amortization of debt issue costs
|
526
|
|
|
395
|
|
||
Amortization of intangible assets
|
219
|
|
|
268
|
|
||
Amortization of original issue discount
|
86
|
|
|
72
|
|
||
Gain on sale of equipment
|
(2,242
|
)
|
|
(1,991
|
)
|
||
Provision for bad debt
|
315
|
|
|
596
|
|
||
Equity-based compensation
|
752
|
|
|
768
|
|
||
Deferred income taxes
|
892
|
|
|
(385
|
)
|
||
Adjustment to tax receivable agreement
|
55
|
|
|
414
|
|
||
Unrealized (gain) loss on interest rate swap
|
(590
|
)
|
|
4,605
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
5,118
|
|
|
11,104
|
|
||
Inventories, prepaid expenses and other assets
|
(1,690
|
)
|
|
(1,948
|
)
|
||
Accounts payable
|
(66
|
)
|
|
(1,494
|
)
|
||
Accrued expenses and other liabilities
|
(4,552
|
)
|
|
(3,207
|
)
|
||
Net cash provided by operating activities
|
29,162
|
|
|
33,415
|
|
||
Cash Flows from Investing Activities
|
|
|
|
|
|||
Purchases of rental equipment
|
(21,141
|
)
|
|
(36,065
|
)
|
||
Proceeds from sale of equipment
|
7,195
|
|
|
5,102
|
|
||
Purchases of property and equipment
|
(1,103
|
)
|
|
(5,018
|
)
|
||
Net cash used in investing activities
|
(15,049
|
)
|
|
(35,981
|
)
|
||
Cash Flows from Financing Activities
|
|
|
|
|
|||
Repayments under revolving credit facility
|
(37,394
|
)
|
|
(29,400
|
)
|
||
Borrowings under revolving credit facility
|
34,994
|
|
|
43,900
|
|
||
Debt issue costs
|
—
|
|
|
(1,418
|
)
|
||
Common stock repurchases
|
—
|
|
|
(5,276
|
)
|
||
Second Lien Loan prepayment
|
(11,830
|
)
|
|
(3,349
|
)
|
||
Net cash (used in) provided by financing activities
|
(14,230
|
)
|
|
4,457
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(117
|
)
|
|
1,891
|
|
||
Cash and cash equivalents, beginning of period
|
900
|
|
|
289
|
|
||
Cash and cash equivalents, end of period
|
$
|
783
|
|
|
$
|
2,180
|
|
|
|
|
|
||||
Supplemental Disclosures of Cash Flow Information
|
|
|
|
||||
Cash paid for interest
|
$
|
10,516
|
|
|
$
|
10,951
|
|
Cash paid for interest rate swap settlements
|
215
|
|
|
50
|
|
||
Non-Cash Investing Activities
|
|
|
|
||||
Purchases of rental equipment included in accounts payable and other accrued liabilities at period end
|
$
|
28,884
|
|
|
$
|
31,824
|
|
|
|
For the Three Months Ended March 31, 2016
|
||
Interest expense as previously reported
|
|
$
|
10,649
|
|
Reclassification of amortization of debt issue costs
|
|
395
|
|
|
Current presentation of interest expense
|
|
$
|
11,044
|
|
|
Non-controlling ownership of Common Units in Neff Holdings
|
|
Neff Corporation ownership of Common Units in Neff Holdings
|
|
Total
|
|||
As of March 31, 2017
|
14,951,625
|
|
|
8,859,662
|
|
|
23,811,287
|
|
|
62.8
|
%
|
|
37.2
|
%
|
|
100.0
|
%
|
|
Non-controlling ownership of Common Units in Neff Holdings
|
|
Neff Corporation ownership of Common Units in Neff Holdings
|
|
Total
|
|||
As of December 31, 2016
|
14,951,625
|
|
|
8,859,662
|
|
|
23,811,287
|
|
|
62.8
|
%
|
|
37.2
|
%
|
|
100.0
|
%
|
Balance of non-controlling interest as of December 31, 2016
|
$
|
(52,517
|
)
|
Net income attributable to non-controlling interest
|
4,512
|
|
|
Reallocation based on ending non-controlling interest percentage
|
472
|
|
|
Balance of non-controlling interest as of March 31, 2017
|
$
|
(47,533
|
)
|
|
For the Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Numerator:
|
|
|
|
||||
Net income (loss) attributable to Neff Corporation
|
$
|
1,725
|
|
|
$
|
(151
|
)
|
Denominator for net income (loss) per share of Class A common stock:
|
|
|
|
||||
Weighted average shares of Class A common stock outstanding
|
8,860
|
|
|
10,286
|
|
||
Denominator for diluted net income (loss) per share of Class A common stock:
|
|
|
|
||||
Weighted average shares of Class A common stock outstanding, diluted
|
9,454
|
|
|
10,286
|
|
||
Earnings per share of Class A common stock:
|
|
|
|
||||
Net income (loss) attributable to Neff Corporation per share of Class A common stock, basic
|
$
|
0.19
|
|
|
$
|
(0.01
|
)
|
Net income (loss) attributable to Neff Corporation per share of Class A common stock, diluted
|
$
|
0.18
|
|
|
$
|
(0.01
|
)
|
|
|
|
March 31, 2017
|
||||||||||
|
Average
Useful Life (in years) |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Book Value |
||||||
Indefinite life:
|
|
|
|
|
|
|
|
|
|
|
|||
Trademarks and tradenames
|
N/A
|
|
$
|
10,854
|
|
|
$
|
—
|
|
|
$
|
10,854
|
|
Finite life:
|
|
|
|
|
|
|
|
|
|
|
|||
Customer list
|
12
|
|
13,987
|
|
|
(10,814
|
)
|
|
3,173
|
|
|||
Total intangible assets
|
|
|
$
|
24,841
|
|
|
$
|
(10,814
|
)
|
|
$
|
14,027
|
|
|
|
|
December 31, 2016
|
||||||||||
|
Average
Useful Life (in years) |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Book Value |
||||||
Indefinite life:
|
|
|
|
|
|
|
|
|
|
|
|||
Trademarks and tradenames
|
N/A
|
|
$
|
10,854
|
|
|
$
|
—
|
|
|
$
|
10,854
|
|
Finite life:
|
|
|
|
|
|
|
|
|
|
|
|||
Customer list
|
12
|
|
13,987
|
|
|
(10,595
|
)
|
|
3,392
|
|
|||
Total intangible assets
|
|
|
$
|
24,841
|
|
|
$
|
(10,595
|
)
|
|
$
|
14,246
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Revolving Credit Facility with interest ranging from the lender's prime rate plus up to 1.0% to LIBOR plus up to 2.0%, net of unamortized debt issue costs of $3,663 in 2017 and $3,869 in 2016 (2.61% at March 31, 2017)
|
$
|
220,337
|
|
|
$
|
222,531
|
|
Second Lien Loan with interest of LIBOR plus 6.25%, with 1.0% LIBOR floor, net of unamortized debt issue costs of $4,745 in 2017 and $5,065 in 2016 and unamortized discount of $1,640 in 2017 and $1,726 in 2016 (7.54% at March 31, 2017)
|
457,436
|
|
|
468,860
|
|
||
Total indebtedness
|
$
|
677,773
|
|
|
$
|
691,391
|
|
|
|
Neff Corporation
|
|
Neff Holdings
|
|||||
|
|
RSUs
|
|
Options
|
|
Options
|
|||
Balance as of January 1, 2017
|
|
289
|
|
|
827
|
|
|
758
|
|
Granted
|
|
—
|
|
|
—
|
|
|
—
|
|
Exercised
|
|
—
|
|
|
—
|
|
|
—
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
—
|
|
Balance as of March 31, 2017
|
|
289
|
|
|
827
|
|
|
758
|
|
|
|
|
|
|
|
|
|||
Vested
|
|
—
|
|
|
246
|
|
|
758
|
|
Unvested
|
|
289
|
|
|
581
|
|
|
—
|
|
Total
|
|
289
|
|
|
827
|
|
|
758
|
|
April 8, 2016 to April 9, 2017
|
1.1570
|
%
|
April 10, 2017 to April 8, 2018
|
1.6810
|
%
|
April 9, 2018 to April 7, 2019
|
1.9610
|
%
|
April 8, 2019 to April 8, 2020
|
2.1430
|
%
|
|
|
For the Three Months Ended March 31,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
Gain Recognized in Earnings (a)
|
|
Loss Recognized in Earnings(a)
|
||||
Interest Rate Swap
|
|
$
|
(375
|
)
|
|
$
|
4,654
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
|
Fair Value of
Derivative Liability(b)
|
|
Fair Value of
Derivative Liability(b)
|
||||
Interest Rate Swap (Note 9)
|
|
$
|
1,609
|
|
|
$
|
2,199
|
|
|
(a)
|
Classified in
Other expenses (income)
—
(Gain) loss on interest rate swap
|
(b)
|
Classified in
Liabilities
—
Accrued expenses and other liabilities
|
|
Fair Value Measurements Using:
|
||||||||||
|
Quoted Prices in Active Markets
|
|
Observable Inputs
|
|
Unobservable Inputs
|
||||||
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||
Interest Rate Swap Liability
|
$
|
—
|
|
|
$
|
1,609
|
|
|
$
|
—
|
|
|
Neff Rental LLC
|
|
Neff LLC
|
|
Neff Holdings LLC
|
|
Neff Corporation Stand Alone
|
|
Eliminations
|
|
Neff Corporation
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rental revenues
|
$
|
85,498
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
85,498
|
|
Equipment sales
|
7,195
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,195
|
|
||||||
Parts and service
|
3,184
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,184
|
|
||||||
Total revenues
|
95,877
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
95,877
|
|
||||||
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of equipment sold
|
4,953
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,953
|
|
||||||
Depreciation of rental equipment
|
22,150
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,150
|
|
||||||
Cost of rental revenues
|
22,263
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,263
|
|
||||||
Cost of parts and service
|
1,797
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,797
|
|
||||||
Total cost of revenues
|
51,163
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,163
|
|
||||||
Gross profit
|
44,714
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,714
|
|
||||||
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selling, general and administrative expenses
|
24,542
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,542
|
|
||||||
Other depreciation and amortization
|
2,171
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,171
|
|
||||||
Total other operating expenses
|
26,713
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,713
|
|
||||||
Income from operations
|
18,001
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,001
|
|
||||||
Other expenses (income)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
11,173
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,173
|
|
||||||
Adjustment to tax receivable agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|
55
|
|
||||||
Gain on interest rate swap
|
(375
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(375
|
)
|
||||||
Total other expenses (income)
|
10,798
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|
10,853
|
|
||||||
Income (loss) before income taxes
|
7,203
|
|
|
—
|
|
|
—
|
|
|
(55
|
)
|
|
—
|
|
|
7,148
|
|
||||||
Equity earnings in subsidiaries
|
—
|
|
|
7,184
|
|
|
7,184
|
|
|
2,672
|
|
|
(17,040
|
)
|
|
—
|
|
||||||
Provision for income taxes
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
(892
|
)
|
|
—
|
|
|
(911
|
)
|
||||||
Net income
|
7,184
|
|
|
7,184
|
|
|
7,184
|
|
|
1,725
|
|
|
(17,040
|
)
|
|
6,237
|
|
||||||
Less: net income attributable to non-controlling interest
|
—
|
|
|
—
|
|
|
4,512
|
|
|
—
|
|
|
—
|
|
|
4,512
|
|
||||||
Net income attributable to Neff Corporation
|
$
|
7,184
|
|
|
$
|
7,184
|
|
|
$
|
2,672
|
|
|
$
|
1,725
|
|
|
$
|
(17,040
|
)
|
|
$
|
1,725
|
|
|
Neff Rental LLC
|
|
Neff LLC
|
|
Neff Holdings LLC
|
|
Neff Corporation Stand Alone
|
|
Eliminations
|
|
Neff Corporation
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rental revenues
|
$
|
81,177
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
81,177
|
|
Equipment sales
|
5,102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,102
|
|
||||||
Parts and service
|
3,305
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,305
|
|
||||||
Total revenues
|
89,584
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89,584
|
|
||||||
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of equipment sold
|
3,111
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,111
|
|
||||||
Depreciation of rental equipment
|
22,165
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,165
|
|
||||||
Cost of rental revenues
|
19,933
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,933
|
|
||||||
Cost of parts and service
|
1,805
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,805
|
|
||||||
Total cost of revenues
|
47,014
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47,014
|
|
||||||
Gross profit
|
42,570
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,570
|
|
||||||
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selling, general and administrative expenses
|
24,522
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,522
|
|
||||||
Other depreciation and amortization
|
2,741
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,741
|
|
||||||
Total other operating expenses
|
27,263
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,263
|
|
||||||
Income from operations
|
15,307
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,307
|
|
||||||
Other expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense
|
11,044
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,044
|
|
||||||
Adjustment to tax receivable agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
414
|
|
|
—
|
|
|
414
|
|
||||||
Loss on interest rate swap
|
4,654
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,654
|
|
||||||
Total other expenses
|
15,698
|
|
|
—
|
|
|
—
|
|
|
414
|
|
|
—
|
|
|
16,112
|
|
||||||
Loss before income taxes
|
(391
|
)
|
|
—
|
|
|
—
|
|
|
(414
|
)
|
|
—
|
|
|
(805
|
)
|
||||||
Equity earnings in subsidiaries
|
—
|
|
|
(391
|
)
|
|
(391
|
)
|
|
(122
|
)
|
|
904
|
|
|
—
|
|
||||||
Benefit from income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
385
|
|
|
—
|
|
|
385
|
|
||||||
Net loss
|
(391
|
)
|
|
(391
|
)
|
|
(391
|
)
|
|
(151
|
)
|
|
904
|
|
|
(420
|
)
|
||||||
Less: net loss attributable to non-controlling interest
|
—
|
|
|
—
|
|
|
(269
|
)
|
|
—
|
|
|
—
|
|
|
(269
|
)
|
||||||
Net loss attributable to Neff Corporation
|
$
|
(391
|
)
|
|
$
|
(391
|
)
|
|
$
|
(122
|
)
|
|
$
|
(151
|
)
|
|
$
|
904
|
|
|
$
|
(151
|
)
|
|
Neff Rental LLC
|
|
Neff LLC
|
|
Neff Holdings LLC
|
|
Neff Corporation Stand Alone
|
|
Eliminations
|
|
Neff Corporation
|
||||||||||||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
7,184
|
|
|
$
|
7,184
|
|
|
$
|
7,184
|
|
|
$
|
1,725
|
|
|
$
|
(17,040
|
)
|
|
$
|
6,237
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation
|
24,102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,102
|
|
||||||
Amortization of debt issue costs
|
526
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
526
|
|
||||||
Amortization of intangible assets
|
219
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
219
|
|
||||||
Amortization of original issue discount
|
86
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86
|
|
||||||
Gain on sale of equipment
|
(2,242
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,242
|
)
|
||||||
Provision for bad debt
|
315
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
315
|
|
||||||
Equity-based compensation
|
752
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
752
|
|
||||||
Deferred income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
892
|
|
|
—
|
|
|
892
|
|
||||||
Adjustment to tax receivable agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|
55
|
|
||||||
Unrealized gain on interest rate swap
|
(590
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(590
|
)
|
||||||
Equity earnings in subsidiaries
|
—
|
|
|
(7,184
|
)
|
|
(7,184
|
)
|
|
(2,672
|
)
|
|
17,040
|
|
|
—
|
|
||||||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts receivable
|
5,118
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,118
|
|
||||||
Inventories, prepaid expenses and other assets
|
(1,690
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,690
|
)
|
||||||
Accounts payable
|
(66
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66
|
)
|
||||||
Accrued expenses and other liabilities
|
(4,552
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,552
|
)
|
||||||
Net cash provided by operating activities
|
29,162
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,162
|
|
||||||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchases of rental equipment
|
(21,141
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,141
|
)
|
||||||
Proceeds from sale of equipment
|
7,195
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,195
|
|
||||||
Purchases of property and equipment
|
(1,103
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,103
|
)
|
||||||
Net cash used in investing activities
|
(15,049
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,049
|
)
|
||||||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Repayments under revolving credit facility
|
(37,394
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,394
|
)
|
||||||
Borrowings under revolving credit facility
|
34,994
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,994
|
|
||||||
Second Lien Loan prepayment
|
(11,830
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,830
|
)
|
||||||
Net cash used in financing activities
|
(14,230
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,230
|
)
|
||||||
Net decrease in cash and cash equivalents
|
(117
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(117
|
)
|
||||||
Cash and cash equivalents, beginning of period
|
900
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
900
|
|
||||||
Cash and cash equivalents, end of period
|
$
|
783
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
783
|
|
|
Neff Rental LLC
|
|
Neff LLC
|
|
Neff Holdings LLC
|
|
Neff Corporation Stand Alone
|
|
Eliminations
|
|
Neff Corporation
|
||||||||||||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net loss
|
$
|
(391
|
)
|
|
$
|
(391
|
)
|
|
$
|
(391
|
)
|
|
$
|
(151
|
)
|
|
$
|
904
|
|
|
$
|
(420
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation
|
24,638
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,638
|
|
||||||
Amortization of debt issue costs
|
395
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
395
|
|
||||||
Amortization of intangible assets
|
268
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
268
|
|
||||||
Amortization of original issue discount
|
72
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72
|
|
||||||
Gain on sale of equipment
|
(1,991
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,991
|
)
|
||||||
Provision for bad debt
|
596
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
596
|
|
||||||
Equity-based compensation
|
768
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
768
|
|
||||||
Deferred income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
(385
|
)
|
|
—
|
|
|
(385
|
)
|
||||||
Adjustment to tax receivable agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
414
|
|
|
—
|
|
|
414
|
|
||||||
Unrealized loss on interest rate swap
|
4,605
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,605
|
|
||||||
Equity earnings in subsidiaries
|
—
|
|
|
391
|
|
|
391
|
|
|
122
|
|
|
(904
|
)
|
|
—
|
|
||||||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts receivable
|
11,104
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,104
|
|
||||||
Inventories, prepaid expenses and other assets
|
(1,948
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,948
|
)
|
||||||
Accounts payable
|
(1,494
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,494
|
)
|
||||||
Accrued expenses and other liabilities
|
(3,207
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,207
|
)
|
||||||
Net cash provided by operating activities
|
33,415
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,415
|
|
||||||
Cash Flows from Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Purchases of rental equipment
|
(36,065
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,065
|
)
|
||||||
Proceeds from sale of equipment
|
5,102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,102
|
|
||||||
Purchases of property and equipment
|
(5,018
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,018
|
)
|
||||||
Net cash used in investing activities
|
(35,981
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35,981
|
)
|
||||||
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Repayments under revolving credit facility
|
(29,400
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,400
|
)
|
||||||
Borrowings under revolving credit facility
|
43,900
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,900
|
|
||||||
Debt issue costs
|
(1,418
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,418
|
)
|
||||||
Common stock repurchases
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,276
|
)
|
|
—
|
|
|
(5,276
|
)
|
||||||
Common unit sales/repurchases
|
(5,276
|
)
|
|
—
|
|
|
—
|
|
|
5,276
|
|
|
—
|
|
|
—
|
|
||||||
Second Lien Loan prepayment
|
(3,349
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,349
|
)
|
||||||
Intercompany
|
2
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||||
Net cash provided by (used in) financing activities
|
4,459
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
4,457
|
|
||||||
Net increase (decrease) in cash and cash equivalents
|
1,893
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
1,891
|
|
||||||
Cash and cash equivalents, beginning of period
|
287
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
289
|
|
||||||
Cash and cash equivalents, end of period
|
$
|
2,180
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,180
|
|
Item 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
Rental revenues
—this consists of rental revenues and related revenues such as the fees we charge for the pickup and delivery of equipment, damage waivers and other surcharges.
|
•
|
Equipment sales
—this consists primarily of revenues from the sale of our used rental equipment and also includes sales of ancillary new equipment to our customers.
|
•
|
Parts and service
—this includes revenues from customers for fuel and the repair of damaged rental equipment as well as from the sale of complementary parts, supplies and merchandise to our customers in conjunction with our equipment rental business.
|
•
|
the seasonality of rental activity by our customers, with lower activity levels during the winter;
|
•
|
the cyclicality of the construction industry;
|
•
|
the number of our significant competitors and the competitive supply of rental equipment;
|
•
|
general economic conditions; and
|
•
|
the price of oil and other commodities and other general economic trends impacting the industries in which our customers and end users operate.
|
•
|
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;
|
•
|
they do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
|
•
|
they do not reflect changes in, or cash requirements for, our working capital needs;
|
•
|
they do not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments on our significant amount of indebtedness; and
|
•
|
they do not reflect the impact of earnings or charges resulting from matters we do not consider to be indicative of our ongoing operations but may nonetheless have a material impact on our results of operations.
|
|
|
For the Three Months Ended March 31,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
|
||||||
Net income (loss)
|
|
$
|
6,237
|
|
|
$
|
(420
|
)
|
Interest expense
|
|
11,173
|
|
|
11,044
|
|
||
Provision for (benefit from) income taxes
|
|
911
|
|
|
(385
|
)
|
||
Depreciation of rental equipment
|
|
22,150
|
|
|
22,165
|
|
||
Other depreciation and amortization
|
|
2,171
|
|
|
2,741
|
|
||
EBITDA
|
|
42,642
|
|
|
35,145
|
|
||
Rental split expense
(a)
|
|
558
|
|
|
447
|
|
||
Equity-based compensation
(b)
|
|
752
|
|
|
768
|
|
||
Adjustment to tax receivable agreement(c)
|
|
55
|
|
|
414
|
|
||
(Gain) loss on interest rate swap(d)
|
|
(375
|
)
|
|
4,654
|
|
||
Adjusted EBITDA
|
|
$
|
43,632
|
|
|
$
|
41,428
|
|
|
(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 the Company elects to purchase that equipment. See "—Results of Operations" for a discussion of rental split expense.
|
(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.
|
•
|
Provision For (Benefit From) Income Tax
—We are a taxpayer subject to income taxes at rates generally applicable to C corporations, and therefore our results of operations are affected by the amount of accruals for tax benefits or payments that Neff Holdings (as a partnership for U.S. federal income tax purposes) historically has not reflected in its results of operations. Our combined statutory federal and state income tax rate for all periods presented in this Form 10-Q is approximately 39.0%.
|
•
|
Potential Tax Benefit Due to Special Allocations in connection with the IPO and Future Step-up In Basis
—As a result of the Organizational Transactions and pursuant to U.S. Treasury regulations governing the purchase of an equity interest in a partnership (including a limited liability company such as Neff Holdings that is taxed as a partnership) at a time when the assets of the partnership have a fair market value in excess of the tax basis, our purchase of Neff Holdings' Common Units directly from Neff Holdings with a portion of the proceeds from the IPO resulted in certain special allocations of Neff Holdings' items of loss or deduction to us over time that are in excess of our pro rata share of such items of loss or deduction pursuant to Section 704(c) of the Internal Revenue Code. The principles of Section 704(c) may also serve to allocate items of income or gain to Wayzata as a result of subsequent dispositions of assets to take into account the difference between the fair market value and basis difference at the time of the Organizational Transactions. We may obtain an increase in our share of the tax basis of the assets of Neff Holdings in the future, when each Prior LLC Owner receives shares of our Class A common stock or cash at our election in connection with an exercise of such Prior LLC Owner's right to have Common Units in Neff Holdings held by such Prior LLC Owner redeemed by Neff Holdings or, at the election of Neff Corporation, exchanged (which we intend to treat as our direct purchase of Common Units from such Prior LLC Owner for U.S. federal income and other applicable tax purposes, regardless of whether such Common Units are surrendered by a Prior LLC Owner to Neff Holdings for redemption or sold to us upon the exercise of our election to acquire such Common Units directly). The special allocations and step-up in tax basis described above may result in a reduction in the amount of taxes that we are required to pay relative to the amount of taxes payable by other members of Neff Holdings who are similarly situated but who do not receive a similar step-up in basis or special allocations.
|
•
|
Tax Receivable Agreement
—Under the Tax Receivable Agreement with our Prior LLC Owners, we are obligated to pay to our Prior LLC Owners 85.0% of the amount of tax benefits, if any, that we actually realize (or in some circumstances are deemed to realize) as a result of the step-up in basis and special allocations discussed above. We account for the effects of these increases in tax basis and associated payments under the Tax Receivable Agreement arising from future redemptions or exchanges as follows:
|
•
|
we will record a change in the deferred tax accounts for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the redemption or exchange;
|
•
|
to the extent we estimate that we will not realize the full benefit of a resulting deferred tax asset, based on an analysis that will consider, among other things, our expectation of future earnings, we will reduce the deferred tax asset with a valuation allowance; and
|
•
|
we will record 85.0% of the estimated realizable tax benefit as an increase to the liability associated with the future payments due under the Tax Receivable Agreement and the remaining 15.0% of the estimated realizable tax benefit as an increase to additional paid-in capital.
|
•
|
OEC
—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.
|
•
|
Rental rates
—we define rental rates as the rates charged to our customers on rental contracts that typically are for a daily, weekly or monthly term. 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.
|
•
|
Time utilization
—we define time utilization as the daily average OEC of equipment on rent, divided by the OEC of all equipment in the rental fleet during the relevant period.
|
•
|
Total Revenues
:
|
•
|
Rental Revenues:
relates primarily to revenues received from customers under leases for our rental equipment and includes related revenues such as the fees we charge for the pickup and delivery of equipment, damage waivers and other surcharges.
|
•
|
Equipment Sales:
relates primarily to revenues received from third parties upon the sale of used equipment from our rental fleet, which generally increases in the winter months when customer activity and time utilization are comparatively lower. To a much lesser extent, this line item also includes revenues received upon the sale to customers of ancillary new equipment.
|
•
|
Parts and Service:
relates primarily to revenues received from sales of complementary parts, supplies and merchandise in conjunction with our equipment rental business, as well as from services provided to repair rental equipment damaged by customers, which is billable to our customers, and fuel costs charged to customers.
|
•
|
Cost of Equipment Sold:
relates primarily to the net book value of our used rental fleet that is sold in the ordinary course of our active fleet management. To a much lesser extent, this line item also includes the net book value of ancillary new equipment that is sold.
|
•
|
Depreciation of Rental Equipment:
relates to the depreciation of the cost of equipment in our rental fleet and is generally calculated on a straight-line basis over the estimated service life of the asset (generally two to eight years with a 10% to 20% residual value).
|
•
|
Cost of Rental Revenues:
relates primarily to the delivery and retrieval of rental equipment (including fuel), maintenance and repairs to our rental equipment fleet (including parts), and labor costs and related payroll expenses (such as insurance, benefits and overtime) for drivers and mechanics. This line item also includes the portion of
|
•
|
Cost of Parts and Service:
relates primarily to costs attributable to the sale of parts and fuel directly to customers and service provided for the maintenance and repair of our equipment damaged by customers, which is billable to our customers.
|
•
|
Selling, General and Administrative Expenses:
relates primarily to general selling, general overhead and administrative costs such as branch management and sales, accounting, finance, legal and marketing expenses. This line item also includes payments under leases for our headquarters and branch locations, expenses associated with software licenses, property taxes payable on our rental equipment and payroll, sales commission, bonus and benefits expenses allocable to executive, regional and branch management. This line item also includes provisions for bad debt expense and any ordinary course litigation expense.
|
•
|
Other Depreciation and Amortization:
relates primarily to depreciation of non-rental property, plant and equipment, such as trucks and trailers used to transport rental equipment as well as office equipment and amortization of intangibles such as customer lists.
|
•
|
Interest Expense:
relates primarily to interest expense incurred in connection with our long-term debt facilities and the amortization of the related original issue discount, in each case for the periods in which those debt obligations were outstanding.
|
|
Three Months Ended March 31,
|
|||||||||
|
2017
|
|
2016
|
|
% Change
|
|||||
|
(in thousands of dollars)
|
|||||||||
Revenues
|
|
|
|
|
|
|
|
|
||
Rental revenues
|
$
|
85,498
|
|
|
$
|
81,177
|
|
|
5.3
|
|
Equipment sales
|
7,195
|
|
|
5,102
|
|
|
41.0
|
|
||
Parts and service
|
3,184
|
|
|
3,305
|
|
|
(3.7
|
)
|
||
Total revenues
|
95,877
|
|
|
89,584
|
|
|
7.0
|
|
||
Cost of revenues
|
|
|
|
|
|
|
||||
Cost of equipment sold
|
4,953
|
|
|
3,111
|
|
|
59.2
|
|
||
Depreciation of rental equipment
|
22,150
|
|
|
22,165
|
|
|
(0.1
|
)
|
||
Cost of rental revenues
|
22,263
|
|
|
19,933
|
|
|
11.7
|
|
||
Cost of parts and service
|
1,797
|
|
|
1,805
|
|
|
(0.4
|
)
|
||
Total cost of revenues
|
51,163
|
|
|
47,014
|
|
|
8.8
|
|
||
Gross profit
|
44,714
|
|
|
42,570
|
|
|
5.0
|
|
||
Other operating expenses
|
|
|
|
|
|
|
||||
Selling, general and administrative expenses
|
24,542
|
|
|
24,522
|
|
|
0.1
|
|
||
Other depreciation and amortization
|
2,171
|
|
|
2,741
|
|
|
(20.8
|
)
|
||
Total other operating expenses
|
26,713
|
|
|
27,263
|
|
|
(2.0
|
)
|
||
Income from operations
|
18,001
|
|
|
15,307
|
|
|
17.6
|
|
||
Other expenses (income)
|
|
|
|
|
|
|
||||
Interest expense
|
11,173
|
|
|
11,044
|
|
|
1.2
|
|
||
Adjustment to tax receivable agreement
|
55
|
|
|
414
|
|
|
(86.7
|
)
|
||
(Gain) loss on interest rate swap
|
(375
|
)
|
|
4,654
|
|
|
nm
|
|
||
Total other expenses (income)
|
10,853
|
|
|
16,112
|
|
|
(32.6
|
)
|
||
Income (loss) before income taxes
|
7,148
|
|
|
(805
|
)
|
|
nm
|
|
||
(Provision for) benefit from income taxes
|
(911
|
)
|
|
385
|
|
|
nm
|
|
||
Net income (loss)
|
6,237
|
|
|
(420
|
)
|
|
nm
|
|
||
Less: net income (loss) attributable to non-controlling interest
|
4,512
|
|
|
(269
|
)
|
|
nm
|
|
||
Net income (loss) attributable to Neff Corporation
|
$
|
1,725
|
|
|
$
|
(151
|
)
|
|
nm
|
|
|
|
|
|
|
Exhibit Number
|
|
Exhibit Description
|
|
Filed/
Furnished
Herewith
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
|
|
*
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
|
|
*
|
32.1
|
|
Section 1350 Certification of Chief Executive Officer
|
|
**
|
32.2
|
|
Section 1350 Certification of Chief Financial Officer
|
|
**
|
101.INS
|
|
XBRL Instance Document
|
|
*
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
*
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
*
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
*
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
*
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
*
|
|
*
|
Filed herewith.
|
**
|
Furnished herewith.
|
|
|
NEFF CORPORATION
|
||
Date:
|
April 26, 2017
|
By:
|
|
|
|
|
|
|
Graham Hood
Chief Executive Officer and Director (Principal Executive Officer)
|
Date:
|
April 26, 2017
|
By:
|
|
|
|
|
|
|
Mark Irion
Chief Financial Officer |
1 Year NEFF CORP Chart |
1 Month NEFF CORP Chart |
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