Posts Tagged ‘Earnings news’

MarketAxess Sets Platform Record for Trading in Latin American Bonds of $110.5 Billion for Nine Months Ending September 30th

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CaribPR Wire, NEW YORK, Nov. 14, 2017 : MarketAxess Holdings Inc. (Nasdaq:MKTX), the operator of a leading electronic trading platform for fixed income securities, and the provider of market data and post-trade services for the global fixed income markets, today announced that trading in Latin American corporate and sovereign bonds set a record of $110.5 billion in the nine months ending September 30th, up  36% compared with the year-earlier period.

Trading in Latin American debt denominated in local currency was up 27% to a record $30 billion year-to-date through the third quarter. MarketAxess currently supports trading in the currencies of Brazil, Mexico, Argentina, Colombia, Peru, Chile, and Uruguay. In addition, trading in hard currency debt was up 40% to $80 billion in the same period. Growth on the MarketAxess platform came despite relatively flat Emerging Market trading volumes overall, with estimated market volume growth of 6% year-to-date based on FINRA TRACE and Trax® volumes reported in US dollars.

On a global basis, more than 840 institutional investors have traded Latin American debt on the MarketAxess platform. Contributing to the activity in the region has been a significant increase of 64% in trading volume by Latin America-based clients on MarketAxess.

“While it’s been a challenging year for fixed income in many regions, we continue to see impressive growth in electronic trading volumes among our clients in Latin America,” said Kevin McPherson, Global Head of Sales, MarketAxess. “Our investor and dealer clients in the region are actively accessing the full range of products on the MarketAxess platform.”

“More and more institutional investors are seeing the value of a centrally located global fixed income marketplace for local and global market participants,” added Sandy White, Global EM Product Manager, MarketAxess. “Our growth and expansion in Latin America is part of our global strategy to provide the most comprehensive coverage of hard and local currency emerging market debt.”

MarketAxess offers global 24-hour electronic trading for debt denominated in hard and local currency across three major EM regions – Latin America, Europe and Asia. Last year, the company expanded its Latin America team with senior leadership hires in Miami and São Paulo.

About MarketAxess
MarketAxess operates a leading electronic trading platform that enables fixed-income market participants to efficiently trade corporate bonds and other types of fixed-income instruments using MarketAxess’ patented trading technology.  Over 1,300 institutional investor and broker-dealer firms are active users of the MarketAxess trading platform, accessing global liquidity in U.S. high-grade corporate bonds, emerging markets and high-yield bonds, European bonds, U.S. agency bonds, municipal bonds, credit default swaps and other fixed-income securities. MarketAxess also offers a number of trading-related products and services, including: market data to assist clients with trading decisions; connectivity solutions that facilitate straight-through processing; technology services to optimize trading environments; and execution services for exchange-traded fund managers and other clients.  Through its Trax® division, MarketAxess also offers a range of pre- and post-trade services, including trade matching, regulatory transaction reporting and market and reference data, across a range of fixed-income products.  Trax is the trading name of Xtrakter Ltd., a MarketAxess group company.

MarketAxess maintains its headquarters in New York and has offices in London, Boston, Chicago, Los Angeles, Miami, Salt Lake City, San Francisco, São Paulo, Hong Kong and Singapore. For more information, please visit www.marketaxess.com.

MarketAxess establece el récord de la plataforma de negociar con bonos latinoamericanos de $110.5 mil millones por nueve meses hasta el 30 de septiembre

CaribPR Wire, NUEVA YORK, Nov. 15, 2017: MarketAxess Holdings Inc. (Nasdaq:MKTX), el operador de una plataforma de negociación electrónica líder para valores de renta fija y el proveedor de datos de mercado y servicios posteriores a la negociación para los mercados de renta fija globales, anunció hoy que la negociación de bonos corporativos y soberanos latinoamericanos había alcanzado un récord de $110.5 mil millones en los nueve meses que finalizaron el 30 de septiembre, un 36% más en comparación con el mismo periodo del año anterior.

La negociación de deuda latinoamericana denominada en moneda local aumentó un 27% alcanzando así un récord de $30 mil millones hasta la fecha durante el tercer trimestre. Actualmente, MarketAxess admite la negociación en las monedas de Brasil, México, Argentina, Colombia, Perú, Chile y Uruguay. Además, la negociación de deuda en moneda fuerte aumentó un 40% llegando a $80 mil millones en el mismo período. El crecimiento en la plataforma MarketAxess se produjo a pesar de los volúmenes de negociación de mercados emergentes relativamente poco activos en general, con un crecimiento estimado del volumen del mercado del 6% hasta la fecha, basado en los volúmenes de FINRA TRACE y Trax® registrados en dólares estadounidenses.

A nivel mundial, más de 840 inversores institucionales han negociado deuda latinoamericana en la plataforma MarketAxess. La contribución a la actividad de la región ha supuesto un aumento significativo del 64% en el volumen de negociación de los clientes con sede en América Latina en MarketAxess.

“Si bien ha sido un año desafiante para la renta fija en muchas regiones, seguimos observando un crecimiento impresionante en los volúmenes de negociación electrónica entre nuestros clientes de América Latina”, comentó Kevin McPherson, Jefe de Ventas Globales de MarketAxess. “Nuestros clientes inversores y distribuidores de la región están accediendo activamente a la gama completa de productos en la plataforma MarketAxess”.

“Cada vez más inversores institucionales perciben el valor de un mercado de renta fija global de ubicación céntrica para los participantes del mercado local y mundial”, agregó Sandy White, Gerente Global de Productos EM, MarketAxess. “Nuestro crecimiento y nuestra expansión en América Latina forma parte de nuestra estrategia global de proporcionar la cobertura más completa de la deuda de los mercados emergentes en moneda fuerte y en moneda local”.

MarketAxess ofrece operaciones de negociación electrónicas globales durante las 24 horas para la deuda denominada en moneda fuerte y local en tres regiones importantes de ME: América Latina, Europa y Asia. El año pasado, la compañía amplió su equipo de América latina con altos cargos directivos en Miami y São Paulo.

Acerca de MarketAxess
MarketAxess opera una plataforma de negociación electrónica líder que permite a los participantes del mercado de renta fija intercambiar de manera eficiente bonos corporativos y otros tipos de instrumentos de renta fija utilizando la tecnología de negociación patentada de MarketAxess. Más de 1.300 empresas de corredores de bolsa e inversores institucionales son usuarios activos de la plataforma de negociación MarketAxess, accediendo a liquidez global en bonos corporativos de alta calidad estadounidenses, mercados emergentes y bonos de alto rendimiento, bonos europeos, bonos de agencias estadounidenses, bonos municipales, swaps de incumplimiento crediticio y otros valores de renta fija. Asimismo, MarketAxess ofrece una serie de productos y servicios relacionados con la negociación, entre los que se encuentran: datos de mercado para ayudar a los clientes con las decisiones de negociación; soluciones de conectividad que facilitan el procesamiento directo; servicios tecnológicos para optimizar los entornos comerciales; y servicios de ejecución para gestores de fondos negociados en bolsa y otros clientes. A través de su división Trax®, MarketAxess también ofrece una gama de servicios previos y posteriores a la negociación, incluida la correspondencia comercial, los informes reglamentarios de transacciones y los datos de mercado y de referencia, en una gama de productos de renta fija. Trax es el nombre comercial de Xtrakter Ltd., una compañía del grupo MarketAxess.

MarketAxess tiene su sede en Nueva York y tiene oficinas en Londres, Boston, Chicago, Los Ángeles, Miami, Salt Lake City, San Francisco, São Paulo, Hong Kong y Singapur. Para obtener más información, visite www.marketaxess.com.

Contacto de departamento de prensa:
Mary Sedarat
MarketAxess Holdings Inc.
+1-212-813-6226

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Cable & Wireless Reports Preliminary Q3 2017 Results

Return to RGU Growth with 20,000 Adds; Rebased Revenue Growth1 +1%

165,000 New Build / Upgrades YTD & Hurricane Recovery Underway

CaribPR Wire, MIAMI, Nov. 02, 2017: Cable & Wireless Communications Limited (”C&W”) is a leading telecommunications operator in its consumer markets, which are predominantly located in the Caribbean and Latin America, providing entertainment, information and communication services to 3.5 million mobile, 0.4 million television, 0.6 million internet and 0.6 million fixed-line telephony subscribers2. In addition, C&W delivers B2B services and provides wholesale services over its sub-sea and terrestrial networks that connect over 40 markets across the region.

Liberty Global’s Acquisition of C&W

On May 16, 2016, a subsidiary of Liberty Global acquired C&W (the “Liberty Global Transaction”). Revenue and subscriber statistics have been presented herein using Liberty Global’s definitions for all periods presented unless otherwise noted. Further adjustments to these metrics are possible as the integration process continues. Significant policy adjustments have been considered in our calculation of rebased growth rates for revenue. For additional information on Liberty Global’s definition of rebased growth rates, see footnote 5. In addition, effective for the 2016 fiscal year, C&W changed its fiscal year end from March 31 to December 31 to conform with Liberty Global.

Operating highlights:

  • RGU3 additions of 20,000 in Q3 took YTD additions to 15,000•  Broadband4 RGU additions of 10,000 in Q3, compared to a decline in Q2

    •  Network upgrades and improved product offering led to gains of 4,000 and 6,000 in Panama and Jamaica, respectively

    •  23,000 next-generation WiFi “Connect Boxes” across our broadband subscriber base at the end of Q3 2017; significantly enhancing the quality of the in-home broadband experience

    •  Video decline of 4,000 RGUs in Q3, in-line with Q2 losses

    •  New bundles were introduced in Trinidad; however, the underlying headwinds from over-the-top services continued, resulting in video attrition of 3,000. In Panama, our cable video gains were offset by DTH losses

    •  Fixed voice additions of 14,000 in Q3, compared to a 9,000 decline in Q2

    •  Bundles driving demand in Jamaica, Trinidad and Panama

  • Mobile subscribers5 declined by 43,000 in Q3•  Subscribers in Panama fell by 22,000 as we repositioned our offers to focus on higher ARPU customers. New competition in the Bahamas continued to impact our business and drove a 19,000 reduction in mobile subscribers
  • New build and upgrade initiatives delivered approximately 85,000 premises in Q3, bringing the YTD total to approximately 165,000 new or upgraded homes

Update on Impacts of Hurricanes Irma and Maria:

  • In September 2017, Hurricanes Irma and Maria impacted a number of our markets in the Caribbean
  • Portions of C&W’s mobile and fixed networks were significantly damaged as a result of the hurricanes, most notably in the British Virgin Islands and Dominica. In addition, impacted markets are dealing with extensive damage to homes, businesses and essential infrastructure. In these collective areas, our mobile services are largely restored, however significant portions of the fixed networks are not currently operational
  • We are committed to helping people across the Caribbean region recover and rebuild. To that end we launched the Cable & Wireless Charitable Foundation which will distribute funds to assist victims of the hurricanes. We have also provided credits to mobile customers in impacted C&W markets
  • We currently estimate that more than $50 million of property and equipment additions would be required to restore 100% of the damaged networks in the impacted C&W markets, and that the effects of the hurricanes will negatively impact C&W’s revenue and Adjusted Segment EBITDA  by between $15 million and $25 million during Q4 2017. Although these negative impacts will decline as the networks are restored and customers are reconnected, we expect that the adverse impacts of the hurricanes on CWC’s revenue and Adjusted Segment EBITDA may continue throughout 2018 and beyond. These estimates are preliminary and are subject to change
  • We are part of an integrated group property and business interruption insurance program covering all impacted markets up to a limit of $75 million per occurrence, which is generally subject to approximately $15 million per occurrence of self-insurance•  This policy is subject to the normal terms and conditions applicable to this type of insurance. We expect that the insurance recovery will only cover a portion of the incurred losses of each of our impacted businesses
  • We have not recognized any potential insurance proceeds related to the hurricane losses, and we do not currently expect to receive any significant reimbursements in 2017

Footnotes

  1. For purposes of calculating rebased growth rates on a comparable basis, we have adjusted the historical revenue for the three months ended September 30, 2016 to (i) reflect the impacts of the alignment to Liberty Global’s accounting policies, (ii) include the pre-acquisition revenue of entities we acquired during the current period for the three months ended September 30, 2016 to the same extent that the revenue of such entities are included in our results for the three months ended September 30, 2017 and (iii) reflect the translation of our rebased amounts for the three months ended September 30, 2016 at the applicable average foreign currency exchange rates that were used to translate our results for the three months ended September 30, 2017. The adjustments reflected in our rebased amounts have not been prepared with a view towards complying with Article 11 of Regulation S-X. In addition, the rebased growth rates are not necessarily indicative of the rebased revenue that would have occurred if Liberty Global’s acquisition of C&W had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue that will occur in the future. The rebased revenue growth percentage has been presented as a basis for assessing growth rates on a comparable basis, and is not presented as a measure of our pro forma financial performance.
  2. During September 2017, Hurricanes Irma and Maria caused significant damage to our operations in certain geographies within C&W, including the British Virgin Islands and Dominica, and to a lesser extent Turks & Caicos, the Bahamas, Anguilla, Antigua and other smaller markets, resulting in disruptions to our telecommunications services within these islands. The subscriber counts for British Virgin Islands, Dominica, Anguilla and Turks & Caicos reflect the pre-hurricane subscriber counts as of August 31, 2017 as we are still in the process of assessing the impacts of the hurricanes on our networks and subscriber counts in these markets. As of October 25, 2017, we estimate that we have not yet been able to restore services to the majority of our aggregate fixed-line customers and RGUs in the British Virgin Islands, Dominica, Anguilla and Turks & Caicos. While mobile services have been largely restored in these markets, we are still in the process of repairing our mobile network infrastructure.
  3. RGU is separately a Basic Video Subscriber, Enhanced Video Subscriber, DTH Subscriber, Internet Subscriber or Telephony Subscriber (each as defined and described below). A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in our Austrian market subscribed to our enhanced video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. Total RGUs is the sum of Basic Video, Enhanced Video, DTH, Internet and Telephony Subscribers. RGUs generally are counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled cable, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our September 30, 2017 RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.
  4. Internet Subscriber is a home, residential multiple dwelling unit or commercial unit that receives internet services over our networks, or that we service through a partner network (defined below). Our Internet Subscribers do not include customers that receive services from dial-up connections.
  5. Our mobile subscriber count represents the number of active subscriber identification module (“SIM”) cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country.

About C&W Communications

C&W is a full service communications and entertainment provider that delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.

C&W also operates a state-of-the-art submarine fiber network – the most extensive in the region.

Learn more at www.cwc.com, or follow C&W on LinkedIn, Facebook or Twitter.

About Liberty Global

Liberty Global is the world’s largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect our over 24 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 10 million access points.

Liberty Global’s businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) (NASDAQ:LILAK) (OTC Link:LILAB) which consists of our operations in Latin America and the Caribbean.

The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 40 markets.

For more information, please visit www.libertyglobal.com.

Cable & Wireless reporta los resultados preliminares del tercer trimestre de 2017

La compañía retomó el aumento de las unidades generadoras de ingresos (RGUs) con 20.000 adiciones; incremento del ingreso con rebase de +1%

165.000 nuevas construcciones/actualizaciones desde el comienzo del año hasta la fecha & tareas de recuperación en proceso debido a los daños ocasionados por los huracanes

CaribPR Wire, MIAMI, Nov. 02, 2017: Cable & Wireless Communications Limited (”CWC”) es la compañía operadora de servicios de telecomunicaciones líder en sus mercados al consumidor, en su mayoría ubicados en América Latina y el Caribe. La compañía le brinda servicios de comunicación, información y entretenimiento a 3,5 millones de suscriptores de servicios móviles, 0,4 millones de suscriptores de servicios de televisión, 0,6 millones de suscriptores de servicios de Internet y 0,6 millones de suscriptores de servicios de telefonía fija3. Además, C&W brinda servicios de B2B y servicios mayoristas a través de sus redes terrestres y submarinas que conectan más de 40 mercados en la región.

Adquisición de C&W por parte de Liberty Global

El 16 de mayo de 2016, una subsidiaria de Liberty Global adquirió CWC (la “Transacción Liberty Global”). Se han presentado el ingreso, el índice ajustado UIDA4 (Utilidades antes de Intereses, Impuestos, Depreciación y Amortización) y las estadísticas de suscriptores utilizando las definiciones de Liberty Global para todos los períodos presentados a menos que se haya indicado lo contrario. A medida que el proceso de integración continúa, es probable que se realicen ajustes. En nuestro cálculo de índices de crecimiento rebasados en pos del índice ajustado UIDA y el ingreso, se han considerado significativos ajustes a las políticas. Para conocer más información sobre la definición de Liberty Global del índice ajustado UIDA y los índices de crecimiento rebasados, vea las notas 4 y 5 respectivamente al pie de página. En la sección Resultados financieros, conciliación del índice ajustado UIDA & adiciones de activos intangibles, equipos y bienes6, se incluye una conciliación de la ganancia neta (pérdida) con respecto al índice ajustado UIDA. Además, con vigencia en el año fiscal 2016, C&W modificó la finalización de su año fiscal del 31 de marzo al 31 de diciembre a fin de adaptarse a Liberty Global.

Cuestiones operativas a destacar:

  • Debido a las 20.000 nuevas unidades generadoras de ingresos (RGU3) en el tercer trimestre, el incremento de adiciones desde el comienzo del año a la fecha alcanza los 15.000

    •  La adición de 10.000 unidades generadoras de ingresos (RGU) de banda ancha4 en el tercer trimestre se compara con una disminución en el segundo trimestre

    •   Las actualizaciones de red y la oferta de productos mejorada resultó en un incremento de 4.000 y 6.000 en Panamá y Jamaica, respectivamente

    •   23.000 “Connect Boxes” con WiFi de próxima generación en nuestra base de suscriptores de servicios de banda ancha a finales del tercer trimestre, lo que fortaleció significativamente la calidad de la experiencia de banda ancha en el hogar

    •   La disminución de 4.000 unidades generadoras de ingresos (RGU) de video en el tercer trimestre se mantiene en línea con las pérdidas del segundo trimestre

    •   Se presentaron nuevos paquetes en Trinidad. Sin embargo, los vientos en contra subyacentes de los servicios de mayor categoría continuaron, por lo que hubo una disminución de video de 3.000. En Panamá, nuestros incrementos en video por cable fueron contrarrestados por pérdidas de DTH

    •   La adición de 14.000 unidades generadoras de ingresos (RGU) de voz fija en el tercer trimestre se compara con una disminución de 9.000 en el segundo trimestre

    •   Los paquetes generan demanda en Jamaica, Trinidad y Panamá

  • La cantidad de suscriptores de servicios móviles9 disminuyó 43.000 en el tercer trimestre

    •   La cantidad de suscriptores en Panamá se redujo en 22.000 a medida que reposicionamos nuestras ofertas a fin de enfocarnos en los clientes con un mayor ingreso promedio por usuario (ARPU). La nueva competencia en Bahamas continuó impactando en nuestro negocio y ocasionó una reducción de 19.000 suscriptores móviles

  • Las nuevas construcciones y las iniciativas de actualización resultaron en aproximadamente 85.000 nuevos sitios en el tercer trimestre, lo que generó un total desde el comienzo del año hasta la fecha de 165.000 nuevos sitios

Actualización del impacto de los Huracanes Irma y María:

  • En septiembre de 2017, los Huracanes Irma y María impactaron varios de nuestros mercados en el Caribe
  • Como resultado de estos Huracanes, partes de las redes fijas y móviles de C&W sufrieron daños significativos, con mayor notoriedad en las Islas Vírgenes Británicas y Domínica. Además, los mercados afectados sufrieron grandes daños a hogares, negocios e infraestructura esencial. En estas áreas colectivas, ya reestablecimos la mayoría de los servicios móviles aunque grandes partes de las redes fijas todavía no están en operación
  • Estamos comprometidos a ayudar a los habitantes de la región del Caribe a realizar tareas de recuperación y reconstrucción. Con esta finalidad, lanzamos la Fundación de Caridad de Cable & Wireless, que distribuirá fondos para asistir a las víctimas de los Huracanes. Además, les otorgamos crédito a nuestros clientes de servicios móviles en los mercados de C&W impactados
  • Calculamos que se necesitarán más de $50 millones en bienes y equipamiento para reestablecer el 100% de las redes dañadas en los mercados de C&W impactados. El efecto de los Huracanes tendrá un impacto negativo en el índice ajustado UIDA (Utilidades antes de Intereses, Impuestos, Depreciación y Amortización) y el ingreso de C&W de entre $15 y $25 millones en el cuarto trimestre del 2017. Aunque este impacto negativo se reducirá a medida que se reestablezcan las redes y los clientes recuperen la conexión, el impacto adverso de los Huracanes en el índice ajustado UIDA (Utilidades antes de Intereses, Impuestos, Depreciación y Amortización) y el ingreso de C&W podría continuar en todo el 2018 y más. Estos cálculos son preliminares y están sujetos a modificaciones
  • Somos parte de un programa integrado de seguro de propiedad comercial y de interrupción de negocios que cubre todos los mercados afectados hasta un límite de $75 millones por incidentes, que generalmente está sujeto a aproximadamente $15 millones por incidentes de autoseguro
    • Esta política está sujeta a los términos y condiciones normales aplicables a este tipo de seguro. Esperamos que la recuperación del seguro solo cubra una parte de las pérdidas incurridas de cada uno de nuestros negocios impactados
  • No hemos reconocido ningún posible producto de seguro relacionado con las pérdidas por huracanes, y actualmente no esperamos recibir reembolsos significativos en 2017

Notas al pie de página

  1. A fin de calcular los índices de crecimiento con rebase sobre una base de comparación para el grupo prestatario C&W, hemos ajustado el ingreso histórico y el índice ajustado UIDA para el período de tres y nueve meses finalizado el 30 de septiembre de 2016 para (i) reflejar el impacto del alineamiento con las políticas de contaduría de Liberty Global, (ii) incluir el ingreso de pre-adquisición y el flujo de caja operativo (OCF) del segmento de las entidades perfiladas, para el período de tres y nueve meses finalizado el 30 de septiembre de 2016 al mismo punto que dicho ingreso y dicho segmento, como se define a continuación, estén incluidos en los resultados de nuestros períodos de tres y nueve meses finalizados el 30 de septiembre de 2017 y (iii) reflejar la transición de nuestras cantidades con rebase para el período de tres y nueve meses finalizados el 30 de septiembre de 2016 a los índices de intercambio de moneda extranjera promedio aplicables utilizados para traducir los resultados de C&W en los períodos de tres y nueve meses finalizados el 30 de septiembre de 2017. Los ajustes reflejados en nuestras cantidades con rebase no han sido preparados a fin de cumplir con el Artículo 11 de la Regulación S-X. Además, los índices de crecimiento con rebase no necesariamente indican el ingreso con rebase que hubiese tenido lugar en caso de que la adquisición de C&W hubiese ocurrido en la fecha asumida con propósitos de calcular nuestras cantidades con rebase o el ingreso que tendrá lugar en el futuro. Se han presentado los porcentajes de crecimiento con rebase como base para evaluar los índices comparables con base comparable, y éstos no se presentan como medida de nuestro rendimiento financiero pro forma.
  2. Durante septiembre de 2017, los Huracanes Irma y María ocasionaron daños significativos en nuestras operaciones en ciertos lugares geográficos en los que opera C&W, incluidas las Islas Vírgenes Británicas y Domínica. Aunque en menor medida, también se produjeron daños en las islas Turcas y Caicos, las Bahamas, Anguila, Antigua y otros mercados más pequeños, lo que resultó en interrupciones a nuestros servicios de telecomunicaciones en estas islas. Los conteos de suscriptores de las Islas Vírgenes Británicas, Domínica, Anguila y las islas Turcas y Caicos reflejan el conteo de suscriptores antes de los Huracanes al 31 de agosto de 2017, ya que todavía estamos evaluando el impacto de estos fenómenos en nuestras redes y los conteos de suscriptores en los mercados mencionados. Al 25 de octubre de 2017, calculamos que no hemos logrado reestablecer los servicios de la mayoría de nuestros clientes de línea fija agregada y las unidades de generación de ingresos (RGU) en las Islas Vírgenes Británicas, Domínica, Anguila y las islas Turcas y Caicos. Aunque logramos reestablecer la gran mayoría de los servicios móviles en estos mercados, todavía estamos reparando nuestra infraestructura de red móvil.
  3. La unidad generadora de ingreso (RGU) es, en forma separada, un suscriptor de servicios de video básico, suscriptor de servicios de video mejorado, suscriptor de DTH, suscriptor de servicios de Internet o suscriptor de servicios de telefonía (cada uno definido como se describe más abajo). Un hogar, una unidad de inmueble en un lugar de residencias múltiples o una unidad comercial pueden contener una o más unidad generadora de ingresos (RGU). Por ejemplo, si un cliente residencial en nuestro mercado austríaco se suscribió a nuestro servicio de video mejorado, nuestro servicio de telefonía de línea fija y nuestro servicio de Internet de banda ancha, este cliente constituye tres unidades generadoras de ingresos (RGUs). La cantidad total de RGUs es la suma de los suscriptores de servicios de video básico, video mejorado, DTH, Internet y telefonía. Las RGUs se cuentan en base a una única instalación, de forma que una misma instalación no cuenta como más de una RGU por un mismo servicio. Por otro lado, si una persona recibe uno de nuestros servicios en dos instalaciones (por ejemplo, un hogar de residencia y un hogar vacacional), esa persona contará como dos RGUs para dicho servicio. Cada servicio de telefonía, Internet o cable en paquete cuenta como una RGU separada, independientemente de la naturaleza de cualquier promoción o descuento por paquete que pudiera aplicar. Los suscriptores que no paguen, cuentan como suscriptores durante el período de servicio promocional sin cargo que se les ha brindado. Es posible que algunos de estos suscriptores elijan prescindir del servicio luego del período de servicio sin cargo. Los servicios que se ofrecen sin cargo a largo plazo (por ejemplo, suscriptores de categoría VIP o los servicios gratis a los empleados) generalmente no cuentan como RGU. No incluimos suscripciones a servicios móviles en nuestro conteo de RGUs reportado de forma externa. En este sentido, nuestros conteos de RGUs al 30 de septiembre de 2017 excluyen nuestros suscriptores de servicios móviles prepagos y pospagos, reportados por separado.
  4. Un suscriptor de servicios de Internet es un hogar, una unidad de inmueble en un lugar de residencias múltiples o una unidad comercial que recibe servicios de Internet que brindamos a través de nuestras redes o redes de una compañía asociada (como se define a continuación). En nuestros suscriptores de servicios de Internet, no se incluyen clientes que reciben servicios de conexiones dial-up.
  5. Nuestro conteo de suscriptores móviles representa la cantidad de tarjetas de módulos de identificación de suscriptores (SIM) en servicio, no los servicios brindados. Por ejemplo, si un suscriptor móvil cuenta con un plan de voz y datos en su smartphone, esto equivaldría a un suscriptor de servicios móviles. Alternativamente, un suscriptor que cuenta con un plan de voz y datos en un dispositivo móvil y un plan de datos en una laptop (a través de un dongle), se contaría como dos suscriptores de servicios móviles. Los clientes que no pagan una tarifa mensual recurrente se excluyen de nuestros conteos de suscriptores de servicios de telefonía móvil luego de períodos de inactividad desde los 30 a los 90 días con base a los estándares de la industria en cada país.

Acerca de C&W Communications

C&W es un proveedor de servicios completos de comunicaciones y entretenimientos que brinda servicios móviles, de telefonía, de banda ancha y de video líderes en el mercado a consumidores de 18 países. A través de su división de negocios, C&W brinda servicios nacionales e internacionales de gestión de redes, hosting de centros de datos y soluciones de servicios de TI personalizadas mediante tecnología en la nube para servir a gobiernos y negocios.

C&W también opera una red de fibra submarina de última generación –la más extensa en la región–.

Lea más información en www.cwc.com o siga a C&W en LinkedIn, Facebook o Twitter.

Acerca de Liberty Global
Liberty Global es la compañía internacional de servicios de banda ancha y TV más grande del mundo, con operaciones en más de 30 países en Europa, América Latina y el Caribe. Liberty Global invierte en la infraestructura que le permite a sus clientes aprovechar al máximo la revolución digital. La escala y el compromiso por la innovación de Liberty Global le permite desarrollar productos líderes en el mercado a través de redes de próxima generación que conectan a sus 25 millones de clientes, quienes se suscriben a 51 millones de servicios de telefonía, Internet de banda ancha y televisión. Liberty Global también sirve a más de 10 millones de suscriptores móviles y brinda servicios de WiFi en siete millones de puntos de acceso.

Los negocios de Liberty Global comprenden dos empresas accionistas: el Grupo Liberty Global (NASDAQ: LBTYA, LBTYB y LBTYK) para sus operaciones en Europa y el Grupo LiLAC (NASDAQ: LILA y LILAK, OTC Link: LILAB) para sus operaciones en América Latina y el Caribe.

El Grupo Liberty Global opera en 12 países en Europa bajo las marcas al consumidor Virgin Media, Ziggo, Unitymedia, Telenet y UPC. El Grupo LiLAC opera en más de 20 países en América Latina y el Caribe bajo las marcas al consumidor VTR, Flow, Liberty, Más Móvil y BTC. Además, el Grupo LiLAC opera una red de fibra submarina en la región en más de 30 mercados.

Para más información, por favor visite www.libertyglobal.com.

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James River Group Holdings Reports First Quarter 2016 Net Income and Net Operating Income of $12.8 Million or $0.43 Per Diluted Share

7.5% Growth in Net Operating Earnings Per Share Over the First Quarter of 2015 (34.4% Growth in Earnings Per Share)

8.4% Growth in E&S Segment and 37.1% Growth in Specialty Admitted Segment Gross Written Premiums Over the First Quarter of 2015

5.2% Increase in Tangible Equity Per Common Share During First Quarter of 2016

Declares $0.20 Per Share Quarterly Dividend

CaribPR Wire, PEMBROKE, Bermuda, May 04, 2016: James River Group Holdings, Ltd. (NASDAQ:JRVR) today announced its financial results for the quarter ended March 31, 2016.

Highlights for the quarter include:

  • Gross written premiums of $133.1 million, as follows:
Three Months Ended March 31,
(in thousands) 2016 2015 Change
Excess and Surplus Lines $ 82,108 $ 75,718 8.4 %
Specialty Admitted Insurance 28,687 20,926 37.1 %
Casualty Reinsurance 22,276 34,614 (35.6 )%
$ 133,071 $ 131,258 1.4 %
  • Fully diluted operating earnings per share of $0.43 compared to $0.40 in the first quarter of 2015;
  • Fully diluted earnings per share of $0.43 compared to $0.32 in the first quarter of 2015;
  • Net operating income of $12.8 million compared to $11.7 million in the first quarter of 2015;
  • Net income of $12.8 million compared to $9.4 million in the first quarter of 2015;
  • Net written premiums of $106.9 million, down 1.6% from first quarter of 2015;
  • A combined ratio of 95.9% compared to 97.5% in the first quarter of 2015;
  • A loss ratio of 62.8% compared to 63.7% in the first quarter of 2015;
  • A reduction in our expense ratio of 0.6 points from 33.8% in the first quarter of 2015 to 33.2%; and
  • A 5.2% increase in tangible equity per common share from $15.88 as of December 31, 2015 to $16.71 as of March 31, 2016.

J. Adam Abram, Chairman and Chief Executive Officer, said, “We are pleased to have a solid start to the year, and we remain on track to achieve our guidance of a 12.0% or better operating return on average tangible equity and a combined ratio of between 92% and 95% for 2016.  Our Excess and Surplus Lines segment, which is our largest and most profitable segment, continued to achieve growth in its premium and saw increases in exposure adjusted rates.  Additionally, our Specialty Admitted and Casualty Reinsurance segments had profitable underwriting results and lower combined ratios than a year ago.”

“Our tangible equity grew by 5.4% during the first quarter of 2016 from $459.7 million at December 31, 2015 to $484.4 million at March 31, 2016. This growth in tangible equity reflects $12.8 million of net income and a $15.6 million increase in other comprehensive income offset by the payment of $5.8 million of dividends.”

“The growth rate in our E&S Segment was 8.4% for the quarter. We bound more policies in the first quarter of 2016 than in the first quarter of the prior year, but with smaller average premiums per account.  Our strategy allowed us to increase rates by nine tenths of one percent for the quarter in this segment. We are very satisfied with that outcome.”

“We also found opportunities for profitable growth in our Specialty Admitted Segment, where our gross written premiums grew 37.1% for the quarter.  Our fee business in this segment continues to grow, and the expense ratio continues to decline as both earned premiums and fees increase.”

“Our Casualty Reinsurance Segment was affected by premium adjustments for prior year contracts. These adjustments reduced premiums by $10.0 million in the first quarter; while in the prior year, these adjustments increased premiums by $7.3 million.  For both periods, these adjustments had a negligible impact on our underwriting profits.”

“In keeping with our Board’s emphasis on capital management and efficiency, the Directors voted to declare a dividend of $0.20 per share to be paid on June 30, 2016.”

Results for the quarter ended March 31, 2016 include favorable reserve development on prior accident years of $4.7 million. In the prior year, this favorable reserve development was $2.5 million.  On an after-tax basis, favorable reserve development for the quarter is $4.2 million ($2.0 million in the prior year). The pre-tax development by segment was as follows:

Three Months Ended March 31,
2016 2015 Change
(in thousands)

Excess and Surplus Lines

$ 4,393 $ 4,936 $ (543 )
Specialty Admitted Insurance 311 7 304
Casualty Reinsurance (37 ) (2,454 ) 2,417
$ 4,667 $ 2,489 $ 2,178

Net investment income for the first quarter of 2016 was $11.3 million. This amount compares to $12.0 million for the same period in 2015. The primary cause for the decline in net investment income was a reduction in income from our investments in renewable energy from $2.5 million to $682,000 for the quarters ended March 31, 2015 and 2016, respectively. Absent this item, our net investment income increased by $1.1 million (11.1%) over the first quarter of the prior year to $10.6 million (from $9.5 million) principally due to a reallocation of over $140 million of our portfolio from short-term investments to longer duration fixed maturity securities from March 31, 2015 to March 31, 2016. This increase in net investment income was also due to a 3.4% increase in our average cash and invested assets in the first quarter of 2016 compared to the first quarter of 2015. Our annualized gross investment yield on average cash and invested assets for the quarter ended March 31, 2016 was 3.6%, and the average duration of our portfolio was 3.6 years.

During the first quarter of 2016, we also recognized $547,000 in net realized investment gains. These realized investment gains included $842,000 of realized investment gains related to sale of fixed maturities, partially offset by $352,000 in impairment losses primarily related to our investment exposure in certain oil and gas loans in the energy sector. At March 31, 2016 the total oil and gas exposure in this bank loan portfolio was in seven loans with a carrying value of $15.8 million and a market value of $11.9 million.

Dividend

The Company also announced that its Board of Directors declared a cash dividend of $0.20 per common share on May 3, 2016. This dividend is payable on Thursday, June 30, 2016 to all shareholders of record at the close of business on Monday, June 13, 2016.

Conference Call

James River Group Holdings will hold a conference call to discuss this press release tomorrow, May 5, 2016, at 9:00 a.m. Eastern time. Investors may access the conference call by dialing (877) 930-8055 Conference ID#:79290889 or via the internet by going to www.jrgh.net and clicking on the “Investor Relations” link. Please visit the website at least 15 minutes early to register, download and install any necessary audio software. A replay will be available shortly after the call and through the end of business on June 4, 2016 at the number and website referenced above.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, intend, project, plan, estimate or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.  Although it is not possible to identify all of these risks and factors, they include, among others, the following: losses exceeding reserves; loss of key members of our management or employees; adverse economic factors; a decline in our financial strength; loss of a group of brokers or agents that generate significant portions of our business; loss of a significant customer; losses in our investment portfolio; additional government or market regulation; failure of any loss limitation or the effect on our business of emerging claims and coverage issues; loss settlements made by ceding companies and fronting carriers; the Company or its non-United States based subsidiaries becoming subject to United States taxation and other risks described in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Non-GAAP Financial Measures

In presenting James River Group Holding’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including underwriting profit, net operating income and tangible equity are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies founded by members of our management team. The Company operates in three specialty property-casualty insurance and reinsurance segments: Excess and Surplus Lines, Specialty Admitted Insurance and Casualty Reinsurance. The Company tends to focus on accounts associated with small or medium-sized businesses in each of its segments. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) with a “positive outlook” by A.M. Best Company.

Visit James River Group Holdings, Ltd. on the web at www.jrgh.net.

James River Group Holdings, Ltd. and Subsidiaries
Condensed Consolidated Balance Sheet Data
(Unaudited)
March 31,
2016
December 31,
2015
($ in thousands, except for share amounts)
ASSETS
Invested assets:
Fixed maturity securities, available-for-sale $ 927,698 $ 899,660
Fixed maturity securities, trading 5,057 5,046
Equity securities, available-for-sale 78,186 74,111
Bank loan participations, held-for-investment 185,818 191,700
Short-term investments 19,799 19,270
Other invested assets 54,038 54,504
Total investments 1,270,596 1,244,291
Cash and cash equivalents 92,125 106,406
Accrued investment income 8,447 8,068
Premiums receivable and agents’ balances 201,279 176,685
Reinsurance recoverable on unpaid losses 141,739 131,788
Reinsurance recoverable on paid losses 4,304 11,298
Deferred policy acquisition costs 55,143 60,754
Goodwill and intangible assets 221,210 221,359
Other assets 107,234 94,848
Total assets $ 2,102,077 $ 2,055,497
LIABILITIES AND SHAREHOLDERS’ EQUITY
Reserve for losses and loss adjustment expenses $ 814,327 $ 785,322
Unearned premiums 294,798 301,104
Senior debt 88,300 88,300
Junior subordinated debt 104,055 104,055
Accrued expenses 25,618 29,476
Other liabilities 69,409 66,202
Total liabilities 1,396,507 1,374,459
Total shareholders’ equity 705,570 681,038
Total liabilities and shareholders’ equity $ 2,102,077 $ 2,055,497
Tangible equity $ 484,360 $ 459,679
Tangible equity per common share outstanding $ 16.71 $ 15.88
Total shareholders’ equity per common share outstanding $ 24.34 $ 23.53
Common shares outstanding 28,993,859 28,941,547
Debt to total capitalization ratio 21.4 % 22.0 %
James River Group Holdings, Ltd. and Subsidiaries
Condensed Consolidated Income Statement Data
(Unaudited)
Three Months Ended
March 31,
2016 2015
($ in thousands, except for share data)
REVENUES
Gross written premiums $ 133,071 $ 131,258
Net written premiums $ 106,901 $ 108,659
Net earned premiums $ 117,130 $ 117,011
Net investment income 11,272 11,986
Net realized investment gains (losses) 547 (2,806 )
Other income 2,380 276
Total revenues 131,329 126,467
EXPENSES
Losses and loss adjustment expenses 73,506 74,484
Other operating expenses 41,179 39,797
Other expenses (12 ) 69
Interest expense 2,174 1,704
Amortization of intangible assets 149 149
Total expenses 116,996 116,203
Income before taxes 14,333 10,264
Income tax expense 1,496 887
NET INCOME $ 12,837 $ 9,377
NET OPERATING INCOME $ 12,838 $ 11,691
EARNINGS PER SHARE
Basic $ 0.44 $ 0.33
Diluted $ 0.43 $ 0.32
NET OPERATING INCOME PER SHARE
Basic $ 0.44 $ 0.41
Diluted $ 0.43 $ 0.40
Weighted-average common shares outstanding:
Basic 28,953,008 28,540,350
Diluted 29,742,252 29,098,309
Cash dividends declared per common share $ 0.20 $ 0.16
Ratios:
Loss ratio 62.8 % 63.7 %
Expense ratio 33.2 % 33.8 %
Combined ratio 95.9 % 97.5 %
Accident year loss ratio 66.7 % 65.8 %

James River Group Holdings, Ltd. and Subsidiaries
Segment Results
EXCESS AND SURPLUS LINES
Three Months Ended March 31,
2016 2015 % Change
($ in thousands)
Gross written premiums $ 82,108 $ 75,718 8.4 %
Net written premiums $ 71,535 $ 62,296 14.8 %
Net earned premiums $ 65,505 $ 59,400 10.3 %
Losses and loss adjustment expenses (40,663 ) (35,842 ) 13.5 %
Underwriting expenses (15,638 ) (16,115 ) (3.0 )%
Underwriting profit (a), (b) $ 9,204 $ 7,443 23.7 %
Ratios:
Loss ratio 62.1 % 60.3 % -
Expense ratio 23.9 % 27.1 % -
Combined ratio 85.9 % 87.5 % -
Accident year loss ratio 68.8 % 68.6 % -
(a) See “Reconciliation of Non-GAAP Measures.”
(b) Underwriting results include fee income of $2.3 million and $220,000 for the three months ended March 31, 2016 and 2015, respectively. These amounts are included in “Other income” in our Condensed Consolidated Income Statements.

SPECIALTY ADMITTED INSURANCE

Three Months Ended March 31,
2016 2015 % Change
($ in thousands)
Gross written premiums $ 28,687 $ 20,926 37.1 %
Net written premiums $ 13,046 $ 11,474 13.7 %
Net earned premiums $ 11,405 $ 9,555 19.4 %
Losses and loss adjustment expenses (6,600 ) (5,796 ) 13.9 %
Underwriting expenses (4,330 ) (3,914 ) 10.6 %
Underwriting profit (loss) (a), (b) $ 475 $ (155 ) -
Ratios:
Loss ratio 57.9 % 60.7 % -
Expense ratio 38.0 % 41.0 % -
Combined ratio 95.8 % 101.6 % -
Accident year loss ratio 60.6 % 60.7 % -
(a) See “Reconciliation of Non-GAAP Measures.”
(b) Underwriting results include fee income of $397,000 and $303,000 for the three months ended March 31, 2016 and 2015, respectively. These amounts are included in “Other operating expenses” in our Condensed Consolidated Income Statements.

CASUALTY REINSURANCE

Three Months Ended March 31,
2016 2015 % Change
($ in thousands)
Gross written premiums $ 22,276 $ 34,614 (35.6 )%
Net written premiums $ 22,320 $ 34,889 (36.0 )%
Net earned premiums $ 40,220 $ 48,056 (16.3 )%
Losses and loss adjustment expenses (26,243 ) (32,846 ) (20.1 )%
Underwriting expenses (13,643 ) (15,169 ) (10.1 )%
Underwriting profit (a) $ 334 $ 41 714.6 %
Ratios:
Loss ratio 65.2 % 68.3 % -
Expense ratio 33.9 % 31.6 % -
Combined ratio 99.2 % 99.9 % -
Accident year loss ratio 65.2 % 63.2 % -
(a) See “Reconciliation of Non-GAAP Measures.”

RECONCILIATION OF NON-GAAP MEASURES

Underwriting Profit (Loss)

The following table reconciles the underwriting profit (loss) by individual operating segment and of the whole Company to consolidated income before taxes. We believe that these measures are useful to investors in evaluating the performance of our Company and its operating segments because our objective is to consistently earn underwriting profits.  We evaluate the performance of our operating segments and allocate resources based primarily on underwriting profit (loss) of operating segments.  Our definition of underwriting profit (loss) of operating segments and underwriting profit (loss) may not be comparable to that of other companies.

Three Months Ended
March 31,
2016 2015
(in thousands)
Underwriting profit (loss) of the operating segments:
Excess and Surplus Lines $ 9,204 $ 7,443
Specialty Admitted Insurance 475 (155 )
Casualty Reinsurance 334 41
Total underwriting profit of operating segments 10,013 7,329
Other operating expenses of the Corporate and Other segment (5,252 ) (4,379 )
Underwriting profit (a) 4,761 2,950
Net investment income 11,272 11,986
Net realized investment gains (losses) 547 (2,806 )
Other income and expenses 76 (13 )
Interest expense (2,174 ) (1,704 )
Amortization of intangible assets (149 ) (149 )
Consolidated income before taxes $ 14,333 $ 10,264
(a) Included in underwriting results for the three months ended March 31, 2016 and 2015 is fee income of $­2.7 million and $523,000, respectively.

Net Operating Income

We define net operating income as net income excluding net realized investment gains and losses, as well as non-operating expenses including those that relate to due diligence costs for various merger and acquisition activities, professional fees related to the filing of a registration statement for the sale of our securities, and severance costs associated with terminated employees. We use net operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance.  Net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of net operating income may not be comparable to that of other companies.

Our income before taxes and net income for the three months ended March 31, 2016 and 2015, respectively, reconciles to our net operating income as follows:

Three Months Ended
March 31,
2016 2015
Income
Before
Taxes
Net
Income
Income
Before
Taxes
Net
Income
(in thousands)
Income as reported $ 14,333 $ 12,837 $ 10,264 $ 9,377
Net realized investment (gains) losses (547 ) (307 ) 2,806 2,162
Other expenses (12 ) (8 ) 69 45
Interest expense on leased building the Company is deemed to own for accounting purposes 486 316 165 107
Net operating income $ 14,260 $ 12,838 $ 13,304 $ 11,691

Tangible Equity

We define tangible equity as the sum of shareholders’ equity less goodwill and intangible assets (net of amortization).  Our definition of tangible equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP.  We use tangible equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.  The following table reconciles shareholders’ equity to tangible equity for both March 31, 2016 and December 31, 2015.

March 31, December 31,
2016 2015
(in thousands)
Shareholders’ equity $ 705,570 $ 681,038
Less: Goodwill and intangible assets 221,210 221,359
Tangible equity $ 484,360 $ 459,679

For more information contact:

Robert Myron
President and Chief Operating Officer
1-441-278-4583
InvestorRelations@jrgh.net

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