$EVRI
Everi Holdings Inc.

2018 Q1 Form 10-Q Financial Statement

#000156459018012364 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $111.0M $237.5M
YoY Change -53.27% 15.44%
Cost Of Revenue $20.88M $153.2M
YoY Change -86.37% 16.86%
Gross Profit $90.12M $84.30M
YoY Change 6.9% 12.85%
Gross Profit Margin 81.19% 35.49%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $4.311M $4.543M
YoY Change -5.11% -15.87%
% of Gross Profit 4.78% 5.39%
Depreciation & Amortization $12.83M $28.16M
YoY Change -54.45% -20.69%
% of Gross Profit 14.23% 33.4%
Operating Expenses $4.311M $4.543M
YoY Change -5.11% -93.59%
Operating Profit $24.49M $22.60M
YoY Change 8.35% 497.17%
Interest Expense $20.31M -$25.10M
YoY Change -180.9% 0.4%
% of Operating Profit 82.92% -111.05%
Other Income/Expense, Net $20.31M -$25.06M
YoY Change -181.04%
Pretax Income $4.184M -$2.454M
YoY Change -270.5% -88.42%
Income Tax -$425.0K $1.100M
% Of Pretax Income -10.16%
Net Earnings $4.609M -$3.508M
YoY Change -231.39% -73.33%
Net Earnings / Revenue 4.15% -1.48%
Basic Earnings Per Share $0.07 -$0.05
Diluted Earnings Per Share $0.06 -$0.05
COMMON SHARES
Basic Shares Outstanding 68.69M shares 66.09M shares
Diluted Shares Outstanding 73.29M shares 66.09M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $132.6M $127.9M
YoY Change 3.67% 28.8%
Cash & Equivalents $132.6M $128.4M
Short-Term Investments
Other Short-Term Assets $3.522M $21.60M
YoY Change -83.69% 7.46%
Inventory $24.71M $22.40M
Prepaid Expenses $9.326M
Receivables $209.6M $90.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $387.4M $262.1M
YoY Change 47.81% 15.46%
LONG-TERM ASSETS
Property, Plant & Equipment $118.0M $97.30M
YoY Change 21.31% -9.49%
Goodwill $640.6M
YoY Change
Intangibles $315.4M
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.748M $7.600M
YoY Change -11.21% -24.0%
Total Long-Term Assets $1.087B $1.058B
YoY Change 2.73% -17.88%
TOTAL ASSETS
Total Short-Term Assets $387.4M $262.1M
Total Long-Term Assets $1.087B $1.058B
Total Assets $1.475B $1.321B
YoY Change 11.68% -12.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $72.55M $194.5M
YoY Change -62.7% 6.75%
Accrued Expenses $23.30M $31.20M
YoY Change -25.32% 17.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.200M $10.00M
YoY Change -18.0% 0.0%
Total Short-Term Liabilities $389.3M $258.0M
YoY Change 50.89% 8.04%
LONG-TERM LIABILITIES
Long-Term Debt $1.158B $1.111B
YoY Change 4.27% -1.59%
Other Long-Term Liabilities $14.00M $2.900M
YoY Change 382.76% -19.44%
Total Long-Term Liabilities $1.210B $1.114B
YoY Change 8.64% -1.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $389.3M $258.0M
Total Long-Term Liabilities $1.210B $1.114B
Total Liabilities $1.599B $1.430B
YoY Change 11.84% 2.84%
SHAREHOLDERS EQUITY
Retained Earnings -$237.2M
YoY Change
Common Stock $288.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$124.7M -$109.6M
YoY Change
Total Liabilities & Shareholders Equity $1.475B $1.321B
YoY Change 11.68% -12.89%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $4.609M -$3.508M
YoY Change -231.39% -73.33%
Depreciation, Depletion And Amortization $12.83M $28.16M
YoY Change -54.45% -20.69%
Cash From Operating Activities $32.75M $31.41M
YoY Change 4.27% 27.16%
INVESTING ACTIVITIES
Capital Expenditures -$26.30M -$17.20M
YoY Change 52.91% -27.12%
Acquisitions $0.00
YoY Change
Other Investing Activities -$4.600M -$3.000M
YoY Change 53.33% 233.33%
Cash From Investing Activities -$30.91M -$20.23M
YoY Change 52.81% -17.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $38.00K $7.000K
YoY Change 442.86%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.000M -2.502M
YoY Change -179.94% -16.6%
NET CHANGE
Cash From Operating Activities $32.75M 31.41M
Cash From Investing Activities -$30.91M -20.23M
Cash From Financing Activities $2.000M -2.502M
Net Change In Cash $3.988M 8.986M
YoY Change -55.62% -409.86%
FREE CASH FLOW
Cash From Operating Activities $32.75M $31.41M
Capital Expenditures -$26.30M -$17.20M
Free Cash Flow $59.05M $48.61M
YoY Change 21.48% 0.64%

Facts In Submission

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CY2018Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:5.05%;white-space:nowrap"> <p style="margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">BUSINESS </p></td></tr></table></div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Everi Holdings Inc. (&#8220;Everi Holdings,&#8221; &#8220;Holdings&#8221; or &#8220;Everi&#8221;) is a holding company, the assets of which are the issued and outstanding shares of capital stock of each of Everi Games Holding Inc. (&#8220;Everi Games Holding&#8221;), which owns all of the issued and outstanding shares of capital stock of Everi Games Inc. (&#8220;Everi Games&#8221; or &#8220;Games&#8221;) and Everi Payments Inc. (&#8220;Everi Payments&#8221; or &#8220;Payments&#8221;). Unless otherwise indicated, the terms the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to Holdings together with its consolidated subsidiaries. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Everi is a leading supplier of technology solutions for the casino gaming industry.&#160;We provide casino operators with a diverse portfolio of products including innovative gaming machines that power the casino floor, and casino operational and management systems that include comprehensive end-to-end payments solutions, critical intelligence offerings, and gaming operations efficiency technology. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Everi Games provides a number of products and services for casinos, including (a) gaming machines comprised primarily of Class II and Class III slot machines placed under participation or fixed fee lease arrangements or sold to casino customers, including the award-winning TournEvent&#174;; and (b) system software, licenses, ancillary equipment and maintenance to its casino customers. Everi Games also develops and manages the central determinant system for the video lottery terminals installed in the State of New York. </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Everi Payments provides its casino customers cash access and related products and services including: (a) access to cash at gaming facilities via Automated Teller Machine (&#8220;ATM&#8221;) cash withdrawals, credit card cash access transactions, point of sale (&#8220;POS&#8221;) debit card transactions and check verification and warranty services; (b) equipment that provides cash access and efficiency related services; (c) products and services that improve credit decision making, automate cashier operations and enhance patron marketing activities for gaming establishments; (d) compliance, audit and data solutions; and (e) online payment processing solutions for gaming operators in states that offer intrastate, internet-based gaming and lottery activities.</p></div>
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Reclassification of Prior Year Balances </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications were made to the prior-period Financial Statements to conform to the current period presentation, except for the adoption impact of the application of ASC 606 utilizing the modified retrospective transition method. </p></div>
CY2018Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
800000
CY2017Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
900000
CY2017Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
500000
CY2016Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
300000
CY2018Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
100000
CY2017Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
100000
CY2017Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
100000
CY2016Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
100000
CY2018Q1 us-gaap Cost Of Goods Sold Excluding Depreciation Depletion And Amortization
CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization
86510000
CY2018Q1 evri Settlement Liabilities Site Funded Automated Teller Machines
SettlementLiabilitiesSiteFundedAutomatedTellerMachines
166200000
CY2017Q4 evri Settlement Liabilities Site Funded Automated Teller Machines
SettlementLiabilitiesSiteFundedAutomatedTellerMachines
210800000
CY2018Q1 evri Cash Supplied To At Ms
CashSuppliedToATMs
5000000
CY2018Q1 us-gaap Other Receivables
OtherReceivables
1665000
CY2017Q4 us-gaap Other Receivables
OtherReceivables
1570000
CY2018Q1 us-gaap Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
62679000
CY2017Q4 us-gaap Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
50420000
CY2018Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
16420000
CY2017Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
18782000
CY2018Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
2855000
CY2017Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
985000
CY2018Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5434000
CY2017Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
4200000
CY2018Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1406000
CY2017Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1327000
CY2018Q1 us-gaap Deposits Assets Current
DepositsAssetsCurrent
7656000
CY2017Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
9003000
CY2018Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
9326000
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
6426000
CY2018Q1 us-gaap Other Assets Current
OtherAssetsCurrent
3522000
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
5241000
CY2018Q1 evri Prepaid Expense And Deposits Non Current
PrepaidExpenseAndDepositsNonCurrent
5032000
CY2017Q4 evri Prepaid Expense And Deposits Non Current
PrepaidExpenseAndDepositsNonCurrent
4103000
CY2018Q1 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
801000
CY2017Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
849000
CY2018Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
915000
CY2017Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
2657000
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
268670000
CY2018Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
150639000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
251740000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
138221000
CY2018Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2017Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2018Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2017Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2018Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
625512000
CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
310093000
CY2018Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
315419000
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
617616000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
293305000
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
324311000
CY2017Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
17300000
CY2018Q1 evri Payment Of Placement Fees And Placement Fee Agreements
PaymentOfPlacementFeesAndPlacementFeeAgreements
5600000
CY2017Q1 evri Payment Of Placement Fees And Placement Fee Agreements
PaymentOfPlacementFeesAndPlacementFeeAgreements
3000000
CY2018Q1 evri Imputed Interest In Placement Fees
ImputedInterestInPlacementFees
1000000
CY2018Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
72545000
CY2018Q1 evri Placement Fees
PlacementFees
22691000
CY2018Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
7810000
CY2017Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
10450000
CY2018Q1 evri Processing And Related Expenses Current
ProcessingAndRelatedExpensesCurrent
6960000
CY2017Q4 evri Processing And Related Expenses Current
ProcessingAndRelatedExpensesCurrent
8932000
CY2018Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6802000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
14178000
CY2017Q4 evri Placement Fees Outstanding Amount
PlacementFeesOutstandingAmount
39100000
CY2018Q1 evri Placement Fees Noncurrent
PlacementFeesNoncurrent
11200000
CY2017Q4 evri Placement Fees Noncurrent
PlacementFeesNoncurrent
16800000
CY2017Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1190900000
CY2017Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
23057000
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
1167843000
CY2017Q2 evri Write Off Of Debt Issuance Costs And Debt Discounts Upon Extinguishment Of Debt
WriteOffOfDebtIssuanceCostsAndDebtDiscountsUponExtinguishmentOfDebt
14600000
CY2017Q2 evri Debt Instrument Prepayment Penalty
DebtInstrumentPrepaymentPenalty
0
CY2018Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-14600000
CY2018Q1 evri Common Stock Number Of Votes Per Share
CommonStockNumberOfVotesPerShare
1
CY2018Q1 evri Common Stock Sinking Fund Provisions
CommonStockSinkingFundProvisions
0
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4599000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7000000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15700000
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.102
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.430
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2018Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1300000
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
900000

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