2024 Q2 Form 10-Q Financial Statement

#000131856824000079 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $191.2M $189.3M
YoY Change -8.4% -5.55%
Cost Of Revenue $38.88M $36.21M
YoY Change -11.08% -9.08%
Gross Profit $152.3M $153.1M
YoY Change -7.69% -4.68%
Gross Profit Margin 79.66% 80.88%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $19.99M $19.31M
YoY Change 20.13% 19.97%
% of Gross Profit 13.12% 12.61%
Depreciation & Amortization $19.70M $20.00M
YoY Change 1.03% 5.55%
% of Gross Profit 12.93% 13.06%
Operating Expenses $19.99M $19.31M
YoY Change 20.13% 19.97%
Operating Profit $30.06M $24.75M
YoY Change -43.57% -52.44%
Interest Expense -$18.64M -$18.80M
YoY Change -7.44% 4.62%
% of Operating Profit -62.0% -75.95%
Other Income/Expense, Net -$18.64M -$18.80M
YoY Change -7.44% 4.62%
Pretax Income $11.42M $5.952M
YoY Change -65.52% -82.53%
Income Tax $2.251M $1.398M
% Of Pretax Income 19.7% 23.49%
Net Earnings $9.173M $4.554M
YoY Change -66.52% -83.77%
Net Earnings / Revenue 4.8% 2.41%
Basic Earnings Per Share $0.11 $0.05
Diluted Earnings Per Share $0.11 $0.05
COMMON SHARES
Basic Shares Outstanding 84.08M shares 83.78M shares
Diluted Shares Outstanding 87.13M shares 87.29M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $229.4M $268.6M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $81.45M $78.58M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $875.7M $921.2M
YoY Change 65.58% 52.19%
LONG-TERM ASSETS
Property, Plant & Equipment $173.2M $160.7M
YoY Change 29.73% 21.51%
Goodwill $737.5M $737.1M
YoY Change -0.38% 2.7%
Intangibles $224.7M $229.4M
YoY Change -12.01% -1.76%
Long-Term Investments
YoY Change
Other Assets $37.60M $39.68M
YoY Change 49.1% 52.8%
Total Long-Term Assets $1.209B $1.201B
YoY Change 2.14% 5.55%
TOTAL ASSETS
Total Short-Term Assets $875.7M $921.2M
Total Long-Term Assets $1.209B $1.201B
Total Assets $2.084B $2.123B
YoY Change 21.73% 21.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $3.000M $1.500M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $833.8M $881.2M
YoY Change 77.95% 82.47%
LONG-TERM LIABILITIES
Long-Term Debt $966.7M $967.6M
YoY Change -0.36% -0.36%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.005B $1.010B
YoY Change 0.35% 0.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $833.8M $881.2M
Total Long-Term Liabilities $1.005B $1.010B
Total Liabilities $1.839B $1.891B
YoY Change 25.08% 27.08%
SHAREHOLDERS EQUITY
Retained Earnings $76.46M $67.29M
YoY Change 123.59% 889.49%
Common Stock $567.9M $563.5M
YoY Change 4.24% 4.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $245.6M $231.3M
YoY Change
Total Liabilities & Shareholders Equity $2.084B $2.123B
YoY Change 21.73% 21.74%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $9.173M $4.554M
YoY Change -66.52% -83.77%
Depreciation, Depletion And Amortization $19.70M $20.00M
YoY Change 1.03% 5.55%
Cash From Operating Activities $10.81M $55.13M
YoY Change -83.24% 73.86%
INVESTING ACTIVITIES
Capital Expenditures $50.14M $42.74M
YoY Change 65.95% 43.34%
Acquisitions
YoY Change
Other Investing Activities $36.00K $68.00K
YoY Change -100.06% 1.49%
Cash From Investing Activities -$50.10M -$42.68M
YoY Change -43.91% 43.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.699M -$9.951M
YoY Change -103.02% 767.57%
NET CHANGE
Cash From Operating Activities 10.81M $55.13M
Cash From Investing Activities -50.10M -$42.68M
Cash From Financing Activities 1.699M -$9.951M
Net Change In Cash -37.59M $1.539M
YoY Change -53.62% 140.47%
FREE CASH FLOW
Cash From Operating Activities $10.81M $55.13M
Capital Expenditures $50.14M $42.74M
Free Cash Flow -$39.33M $12.38M
YoY Change -214.74% 556.17%

Facts In Submission

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274045000 usd
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CY2023Q1 us-gaap Stockholders Equity
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CY2024Q1 us-gaap Nature Of Operations
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BUSINESS<div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Everi Holdings Inc. (“Everi Holdings,” or “Everi”) is a holding company, the assets of which are the issued and outstanding shares of capital stock of each of Everi Payments Inc. (“Everi FinTech” or “FinTech”) and Everi Games Holding Inc., which owns all of the issued and outstanding shares of capital stock of Everi Games Inc. (“Everi Games” or “Games”). Unless otherwise indicated, the terms the “Company,” “we,” “us,” and “our” refer to Everi Holdings together with its consolidated subsidiaries.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Everi develops and offers products and services that provide gaming entertainment, improve our customers’ patron engagement, and help our casino customers operate their businesses more efficiently. We develop and supply entertaining game content, gaming machines and gaming systems and services for land-based and iGaming operators. Everi is a provider of financial technology solutions that power casino floors, provide operational efficiencies, and help fulfill regulatory requirements. The Company also develops and supplies player loyalty tools and mobile-first applications that enhance patron engagement for our customers and venues in the casino, sports, entertainment and hospitality industries. In addition, the Company provides bingo solutions through its consoles, electronic gaming tablets and related systems.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Everi reports its financial performance, and organizes and manages its operations, across the following two business segments: (i) Games and (ii) Financial Technology Solutions (“FinTech”).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Everi Games provides gaming operators with gaming technology and entertainment products and services, including: (i) gaming machines, primarily comprising Class II, Class III and Historic Horse Racing (“HHR”) slot machines placed under participation and fixed-fee lease arrangements or sold to casino customers; (ii) providing and maintaining the central determinant systems for the video lottery terminals (“VLTs”) installed in the State of New York and similar technology in certain tribal jurisdictions; (iii) business-to-business (“B2B”) digital online gaming activities; and (iv) bingo solutions through consoles, integrated electronic gaming tablets and related systems.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Everi FinTech provides gaming operators with financial technology products and services, including: (i) financial access and related services supporting digital, cashless and physical cash options across mobile, assisted and self-service channels; (ii) loyalty and marketing software and tools, regulatory and compliance (“RegTech”) software solutions, other information-related products and services, and hardware maintenance services; and (iii) associated casino patron self-service hardware that utilizes our financial access, software and other services. We also develop and offer mobile-first applications aimed at enhancing patron engagement for customers in the casino, sports, entertainment, and hospitality industries. Our solutions are secured using an end-to-end security suite to protect against cyber-related attacks, allowing us to maintain appropriate levels of security. These solutions include: access to cash and cashless funding at gaming facilities via Automated Teller Machine (“ATM”) debit withdrawals, credit card financial access transactions, and point of sale (“POS”) debit card purchases at casino cages, kiosk and mobile POS devices; accounts for the CashClub Wallet, check warranty services, self-service loyalty and fully integrated kiosk maintenance services; self-service loyalty tools and promotion management software; compliance, audit, and data software; casino credit data and reporting services; marketing and promotional offering subscription-based services; and other ancillary offerings.</span></div>
CY2024Q1 us-gaap Number Of Operating Segments
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<div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Reclassification of Balances</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Certain amounts in the accompanying Financial Statements have been reclassified to be consistent with the current year presentation. These reclassifications had no effect on net income for the prior periods.</span></div>
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2024Q1 us-gaap Depreciation
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CY2024Q1 us-gaap Debt Instrument Carrying Amount
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