Artificial Intelligence
Everi Reports 2021 Third Quarter Results
Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Company”), a premier provider of land-based and digital casino gaming content and products, financial technology and player loyalty solutions, today announced third quarter results for the period ended September 30, 2021.
Third Quarter 2021 Financial Highlights and Updated Full Year Outlook
As the third quarter 2020 financial results were significantly impacted by the COVID-19 pandemic, Everi believes a more meaningful comparison for its 2021 third quarter results and an indication of its growth is to the 2019 third quarter results, for which revenues and Adjusted EBITDA were higher than in the 2020 third quarter. Financial results for the 2021, 2020 and 2019 third quarter periods are presented in the Consolidated, Games and Financial Technology Solutions comparative results tables below.
- Revenues rose 25% to $168.3 million, compared to $134.6 million in the 2019 third quarter.
- Operating income more than doubled to a record $55.1 million compared to $27.3 million in the 2019 third quarter. Net income, inclusive of $34.4 million in pre-tax costs for the extinguishment of debt associated with the Company’s refinancing of its outstanding debt in the quarter, decreased to $6.7 million, or $0.07 per diluted share, compared to $9.3 million, or $0.12 per diluted share, in the 2019 third quarter.
- Adjusted EBITDA, a non-GAAP financial measure, increased 40% to $90.6 million, compared to $64.7 million in the 2019 third quarter.
- Free Cash Flow, a non-GAAP financial measure, increasedmore than fivefold to a quarterly record of $56.3 million, compared to $11.1 million in the 2019 third quarter.
- Company now expects full year revenue of $645 million to $653 million, net income of $98 million to $100 million, Adjusted EBITDA of $342 million to $346 million and Free Cash Flow of $155 million to $160 million.
Michael Rumbolz, Chief Executive Officer of Everi, said, “The growth in our third quarter revenue, operating earnings and Free Cash Flow demonstrate the substantial ongoing momentum in our financial performance. We expect that further growth across both our Games and FinTech segments will continue for the remainder of this year and into 2022 and beyond. We expect to continue to benefit from the expansion of our installed base of leased gaming units, growth in ship share, same-store increases in financial access transactions, and the ongoing organic growth of our loyalty and regulatory compliance solutions. We believe the ongoing strength across both businesses and our deep pipeline of new offerings will drive consistent earnings and revenue growth as well as the continued generation of significant Free Cash Flow.
“The favorable customer reaction to our newest products at G2E® last month bolsters our confidence in our near- and long-term outlook. For our Games segment, the scale of our newest content continues to increase with well-received new themes introduced across the spectrum of premium video, premium mechanical, standard video, standard mechanical, and wide-area progressive (“WAP”) machines. New premium games such as Cashnado™ and Smokin’ Hot Stuff Wicked Wheel Fire and Ice® further demonstrated to customers our commitment to offer both new themes and support of our popular hit franchises, while our unique for-sale Cha Ching™ and Moneyline™ games for the high-performing Empire Flex® portrait cabinet highlight the creativity and innovation of our game design teams. Everi’s development teams continue to create products that raise the level of gaming entertainment and thereby offer an attractive return on the investments our customers make in our gaming products.
“Our portfolio of integrated FinTech products and services is more comprehensive and provides more value to casino operators than ever before and our newest offerings were similarly met with very favorable response at G2E. Our omni-channel, digital Cashclub Wallet® was a highlight of the show, including our demonstration of its seamless integration with our mobile-player loyalty offering. New products, such as MetersXpress™ and PitXpress™, which extends our Digital Neighborhood to the casino pit, provide key process efficiencies. With the strength and depth of our newest products and core offerings, Everi is favorably positioned to execute on our significant opportunities to gain market share and deliver consistent future growth across our Games and FinTech businesses.”
Consolidated Full Quarter Comparative Results (unaudited)
|
As of and for the Three Months Ended September 30, |
|||||||||||
|
2021 |
2020 |
2019 |
|||||||||
|
(in millions, except per share amounts) |
|||||||||||
|
Consolidated revenue |
$ |
168.3 |
$ |
112.1 |
$ |
134.6 |
|||||
|
Operating income |
$ |
55.1 |
$ |
19.7 |
$ |
27.3 |
|||||
|
Net income (loss) |
$ |
6.7 |
$ |
(0.9) |
$ |
9.3 |
|||||
|
Net earnings (loss) per diluted share |
$ |
0.07 |
$ |
(0.01) |
$ |
0.12 |
|||||
|
Diluted shares outstanding (1) |
101.4 |
85.6 |
79.1 |
||||||||
|
Adjusted EBITDA (2) |
$ |
90.6 |
$ |
59.8 |
$ |
64.7 |
|||||
|
Free Cash Flow (2) |
$ |
56.3 |
$ |
22.8 |
$ |
11.1 |
|||||
|
Principal amount of outstanding debt (3) |
$ |
1,000.0 |
$ |
1,145.6 |
$ |
1,157.0 |
|||||
|
Cash and cash equivalents |
$ |
215.6 |
$ |
235.4 |
$ |
275.7 |
|||||
|
Net Cash Position (4) |
$ |
88.6 |
$ |
128.3 |
$ |
33.3 |
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|
(1) |
In December 2019, the Company completed a public offering of 11.5 million shares of common stock. Weighted average basic shares outstanding were 90.3 million, 85.6 million, and 72.3 million shares for the three months ended September 30, 2021, 2020, and 2019, respectively. |
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(2) |
For a reconciliation of net income (loss) to Adjusted EBITDA and Free Cash Flow, see the Unaudited Reconciliation of Selected Financial GAAP to Non-GAAP Measures provided at the end of this release. |
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(3) |
In the third quarter of 2021, the Company reduced its total outstanding debt to $1.0 billion through the successful issuance of $400 million of 5.000% senior unsecured notes due 2029 and $600 million of senior secured term loan, along with a $125 million revolving credit facility that is currently undrawn. In completing the transactions on August 3, 2021, the Company used cash on hand to pay the transaction fees and expenses and reduce the total debt outstanding by $144.6 million. |
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(4) |
For a reconciliation of Net Cash Position to Cash and Cash Equivalents, see the Unaudited Reconciliation of Cash and Cash Equivalents to Net Cash Position and Net Cash Available at the end of this release. |
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Third Quarter 2021 Results Overview
Results for the three-month period ended September 30, 2021 continued to reflect the impact of the COVID-19 pandemic, albeit to a lesser extent than recent quarterly periods. Third quarter 2020 results reflect a significant impact of COVID-19, while 2019 results were unimpacted by the pandemic.
Randy Taylor, Everi’s Chief Operating Officer, said, “Our strong quarterly financial results are directly correlated to the continued successful execution of our strategic growth initiatives, leading to consistent new demand for our products. A key driver of our operating momentum is the continued growth of our high-margin, recurring revenue streams, which increased to more than $131 million, a quarterly record. This strength translates to improved cash flow, which provides additional capital we can allocate towards return-focused investments in product innovation to drive sustainable growth, as well as the flexibility to pursue and successfully integrate and scale accretive bolt-on acquisitions.
“Growth in our FinTech business continues to reflect improvements in financial access services, loyalty and RegTech software solutions from new and existing customers, as well as double-digit growth in same-store financial access transactions and dollars processed. In addition, we are achieving consistent progress with the rollout of our cashless digital wallet offering, which is now deployed across four jurisdictions at 15 casinos that have more than 32,000 gaming machines. This progress demonstrates our ability to offer industry-leading, integrated solutions that help our customers operate more efficiently and maximize funds delivered to their casino floors while providing their guests with a seamless experience.
“Our Games segment continues to benefit from placements of our higher-earning premium units, which grew to a record 7,351 units in the quarter, representing 45% of the total installed base. Third quarter sales of 1,176 electronic gaming machines reflect our growing ship share of replacement units, which we believe now approximate double-digit quarterly ship share. The strength of our for-sale games is also evidenced by the quarterly sequential growth in replacement sales achieved throughout 2021, compared to pre-pandemic periods. As the replacement cycle of electronic gaming machines returns to pre-pandemic levels, we expect the investments we have made in our Games business have positioned us to make consistent progress towards our new target of 15% ship share over the next several years.
“The operating performance of our two segments, together with a continued focus on costs, led to a record level of recurring revenue, operating income and Free Cash Flow generation of $56.3 million.”
Games Segment Full Quarter Comparative Results (unaudited)
|
Three Months Ended September 30, |
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|
2021 |
2020 |
2019 |
|||||||||
|
(in millions, except unit amounts and prices) |
|||||||||||
|
Games revenues |
|||||||||||
|
Gaming operations |
$ |
71.6 |
$ |
47.0 |
$ |
48.5 |
|||||
|
Gaming equipment and systems |
24.2 |
10.2 |
19.6 |
||||||||
|
Gaming other |
— |
— |
1.2 |
||||||||
|
Games total revenues |
$ |
95.8 |
$ |
57.2 |
$ |
69.3 |
|||||
|
Operating income (loss) |
$ |
30.2 |
$ |
(0.4) |
$ |
3.1 |
|||||
|
Adjusted EBITDA (1) |
$ |
57.7 |
$ |
32.9 |
$ |
34.6 |
|||||
|
Capital expenditures |
$ |
19.3 |
$ |
17.3 |
$ |
30.3 |
|||||
|
Gaming operations information: |
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|
Units installed at period end: |
|||||||||||
|
Class II |
9,525 |
9,115 |
9,188 |
||||||||
|
Class III |
6,896 |
6,141 |
5,084 |
||||||||
|
Total installed base at period end (2) |
16,421 |
15,256 |
14,272 |
||||||||
|
Premium units (2) |
7,351 |
6,141 |
4,395 |
||||||||
|
Average units installed during period (2) |
16,232 |
15,081 |
13,979 |
||||||||
|
Daily win per unit (“DWPU”) (3) |
$ |
42.74 |
$ |
32.81 |
$ |
33.95 |
|||||
|
Unit sales information: |
|||||||||||
|
Units sold |
1,176 |
492 |
1,040 |
||||||||
|
Average sales price (“ASP”) |
$ |
18,014 |
$ |
18,209 |
$ |
17,983 |
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|
(1) |
For a reconciliation of net income (loss) to Adjusted EBITDA, see the Unaudited Reconciliation of Selected Financial GAAP to Non-GAAP measures provided at the end of this release. |
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|
(2) |
The ending and average installed base for all three periods includes all units, whether or not casinos were open and whether or not the games were active. |
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|
(3) |
Daily win per unit reflects the total of all units installed at casinos, inclusive of closed casinos and inactive units, where such units would have recorded no revenue and excludes the impact of the direct costs associated with the Company’s wide-area progressive jackpot expense. |
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2021 Third Quarter Games Segment Highlights
Games segment revenues increased to a quarterly record $95.8 million compared to $57.2 million and $69.3 million in the third quarter of 2020 and 2019, respectively, primarily reflecting growth in the installed base and in Daily Win per Unit (“DWPU”) in gaming operations, as well as increased shipments of gaming machines.
Operating income increased to $30.2 million, compared to an operating loss of $0.4 million a year ago and operating income of $3.1 million in the third quarter 2019. The increase in operating income over the prior-year periods reflects the benefit of higher revenues, a revenue mix that includes a greater contribution from the higher-margin gaming operations business and lower amortization expense. Adjusted EBITDA increased to a quarterly record $57.7 million, from $32.9 million and $34.6 million in the third quarter of 2020 and 2019, respectively.
Gaming operations revenue grew to a quarterly record $71.6 million, compared to $47.0 million and $48.5 million in the third quarter of 2020 and 2019, respectively.
- Driven by the strength of higher-performing premium games, DWPU increased to $42.74 in the third quarter of 2021, compared to $32.81 and $33.95 in the third quarter of 2020 and 2019, respectively.
- The installed base as of September 30, 2021 was a record 16,421 units, an increase of 8%, or 1,165 units, compared to September 30, 2020. The installed base increased by 170 units on a quarterly sequential basis despite the previously announced convert-to-sale of 238 standard units in the 2021 third quarter.
- In the third quarter, the Company extended terms of its placement fee arrangement with a significant multi-property tribal casino operator that secures 4,557 games, or 28% of the Company’s current total installed base, until mid-2027 for an additional fee of $28.9 million to be paid in the 2021 fourth quarter.
- The premium portion of the installed base increased by 20%, or 1,210 units, year over year and by 390 units on a quarterly sequential basis to a record 7,351 units. This was the 13th consecutive quarterly sequential increase in premium units. Growth was in part driven by initial placements of Cashnado™ units along with incremental placements of the strong-performing The Vault™ game theme, as well as the Company’s industry-leading premium mechanical reel games. The installed base of Wide-area Progressive (“WAP”) gaming machines, a subcategory of premium units, grew by 182 units year over year and 101 units on a quarterly sequential basis to 1,183 machines as of September 30, 2021, due in part to the launch of the Monsterverse™ game on the Empire DCX® cabinet and the installation of WAP units into commercial casinos in Nevada and New Jersey.
- Digital revenue rose 90% to $3.8 million compared to $2.0 million a year ago and more than triple the amount two years ago. Digital revenue growth reflects increased B2B revenue from the expanded base of iGaming operator sites featuring Everi’s games – including new customer sites in New Jersey, Pennsylvania, and Michigan that went live during the quarter – along with a growing library of available slot content. Subsequent to quarter-end, Everi Digital went live in Ontario and Connecticut. The B2B revenue increase more than offset a decline in B2C revenue as the Company has de-emphasized its B2C social gaming operations, which it now expects will be fully closed by the end of 2021.
- Revenues from the New York Lottery systems business increased to $6.4 million compared to $1.1 million and $4.8 million in the third quarter of 2020 and 2019, respectively.
Gaming equipment and systems revenues generated from the sale of gaming units and other related parts and equipment totaled $24.2 million in the third quarter of 2021, compared to $10.2 million and $19.6 million in the third quarter of 2020 and 2019, respectively.
- The Company sold 1,176 new units at an average selling price (“ASP”) of $18,014in the 2021 third quarter. This is an increase compared with 492 units at an ASP of $18,209 in the 2020 third quarter and 1,040 units at an ASP of $17,983 in the 2019 third quarter. Units sold and ASP do not include the 238 pre-owned convert-to-sale gaming machines at a customer location noted above.
Financial Technology Solutions Segment Full Quarter Comparative Results (unaudited)*
|
Three Months Ended September 30, |
|||||||||||
|
2021 |
2020 |
2019 |
|||||||||
|
(in millions, unless otherwise noted) |
|||||||||||
|
FinTech revenues |
|||||||||||
|
Financial access services |
$ |
46.4 |
$ |
34.0 |
$ |
43.1 |
|||||
|
Software and other |
17.0 |
14.6 |
12.0 |
||||||||
|
Hardware |
9.0 |
6.2 |
10.2 |
||||||||
|
FinTech total revenues |
$ |
72.4 |
$ |
54.9 |
$ |
65.3 |
|||||
|
Operating income |
$ |
24.9 |
$ |
20.2 |
$ |
24.2 |
|||||
|
Adjusted EBITDA (1) |
$ |
32.9 |
$ |
26.8 |
$ |
30.1 |
|||||
|
Capital expenditures |
$ |
4.8 |
$ |
5.0 |
$ |
5.7 |
|||||
|
Value of financial access transactions: |
|||||||||||
|
Funds advanced |
$ |
2,352.7 |
$ |
1,767.6 |
$ |
1,909.0 |
|||||
|
Funds dispensed |
7,164.0 |
4,906.4 |
5,402.2 |
||||||||
|
Check warranty |
393.2 |
262.6 |
361.6 |
||||||||
|
Total value processed |
$ |
9,909.9 |
$ |
6,936.6 |
$ |
7,672.8 |
|||||
|
Number of financial access transactions: |
|||||||||||
|
Funds advanced |
3.3 |
2.6 |
3.0 |
||||||||
|
Funds dispensed |
28.6 |
21.1 |
25.0 |
||||||||
|
Check warranty |
0.9 |
0.7 |
0.9 |
||||||||
|
Total transactions completed |
32.8 |
24.4 |
28.9 |
||||||||
|
* |
Rounding may cause variances. |
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|
(1) |
For a reconciliation of net income (loss) to Adjusted EBITDA, see the Unaudited Reconciliation of Selected Financial GAAP to Non-GAAP Measures provided at the end of this release. |
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2021 Third Quarter Financial Technology Solutions Segment Highlights
FinTech revenues for the 2021 third quarter increased to a record $72.4 million compared to $54.9 million and $65.3 million in the third quarter of 2020 and 2019, respectively. The growth over both years primarily reflects an increase in revenues from financial access services and software and other.
Operating income rose to $24.9 million compared to $20.2 million and $24.2 million in the third quarter of 2020 and 2019, respectively. The increase primarily reflects the benefit of higher revenues partially offset by an increase in research and development expense driven by an acceleration of new product development efforts, including new and enhanced loyalty products, the Company’s CashClub Wallet® digital technology solution and new RegTech offerings. Adjusted EBITDA was $32.9 million compared to $26.8 million and $30.1 million in the third quarter of 2020 and 2019, respectively.
- Financial access services revenues, which include cashless and cash-dispensing debit and credit card transactions and check services, increased on a quarterly sequential basis to $46.4 million from $44.8 million in the second quarter 2021, reflecting continued strength in casino activity; and were up 8% from the third quarter of 2019. Transactional activity on a same-store basis increased in the third quarter 2021 by a mid-teens percentage rate over the pre-COVID third quarter of 2019.
- Software and other revenues, which include loyalty and RegTech software, product subscriptions, kiosk maintenance services, and other revenue, rose to a record $17.0 million, of which approximately 77% were of a recurring nature. This compares to total revenue of $14.6 million in the third quarter 2020, of which 76% were of a recurring nature, and $12.0 million in the third quarter 2019, of which 73% were of a recurring nature.
- Hardware sales revenues were $9.0 million, inclusive of significant shipments of self-service kiosks and other loyalty and financial access equipment for new casino openings and major expansions, in the third quarter 2021, compared to $6.2 million and $10.2 million in the third quarter of 2020 and 2019, respectively.
Balance Sheet and Liquidity
- During the 2021 third quarter, the Company completed a refinancing that reduced total debt by $144.6 million to $1.0 billion, decreased annual cash interest costs and extended maturities.
- As of September 30, 2021, the Company had cash and cash equivalents of $215.6 million and a Net Cash Position of $88.6 million.
- Early in the 2021 fourth quarter, the Company paid $28.9 million in a single lump sum to extend the term of its placement fee agreement with a significant customer.
Outlook
Everi today raised its previous guidance for full year 2021 results. The Company now expects net income of $98 million to $100 million, Adjusted EBITDA of $342 million to $346 million, and Free Cash Flow of $155 million to $160 million (inclusive of the $28.9 million fourth quarter placement fee noted above). The factors considered in Everi’s 2021 outlook include:
- Continued year-over-year growth in gaming operations revenues. Reflecting the recent increase in installed base and the additional growth anticipated in the later part of the fourth quarter, the Company expects the 2021 year-end installed base will approach or slightly exceed 17,000 units, inclusive of ongoing growth in premium unit placements. While reflecting usual fourth quarter influences, recent record-high DWPU is anticipated to remain above $40.00.
- Capital expenditures and placement fees collectively are expected to be $132 million to $134 million.
- Although not factored into its guidance, the Company is currently evaluating a potential significant change to income taxes related to the possible reversal of some portion of the Company’s deferred tax asset valuation allowances during the 2021 fourth quarter. To the extent this materializes, a significant non-cash income tax benefit may be realized, which would likely result in a substantial full year income tax benefit and increased net income for the Company while not affecting cash taxes paid or Free Cash Flow.
- The Company’s 2021 outlook does not contemplate any additional meaningful impact from a macroeconomic or pandemic-related setback; it does reflect, however, the likelihood of receding government stimulus benefits and an increase in pressure on consumer discretionary spending.
A summary and reconciliation of the financial targets are included in a supplemental table at the end of this release.
Investor Conference Call and Webcast
The Company will host an investor conference call to discuss its 2021 third quarter results at 11:00 a.m. ET (8:00 a.m. PT) today. The conference call may be accessed live by phone by dialing (201) 689-8471. A replay of the call will be available beginning at 3:00 p.m. ET today and may be accessed by dialing +1 (412) 317-6671; the PIN number is 13724406. A replay will be available until November 10, 2021. The call also will be webcast live and archived on www.everi.com (select “Investors” followed by “Events & Contact”).
Non-GAAP Financial Information
In order to enhance investor understanding of the underlying trends in our business, our cash balance, and cash available for our operating needs, and to provide for better comparability between periods in different years, we are providing in this press release Adjusted EBITDA, Free Cash Flow, Net Cash Position and Net Cash Available, which are not measures of our financial performance or position under United States Generally Accepted Accounting Principles (“GAAP”). Accordingly, Adjusted EBITDA, and Free Cash Flow should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. These measures should be read in conjunction with our net earnings, operating income, and cash flow data prepared in accordance with GAAP. With respect to Net Cash Position and Net Cash Available, these measures should be read in conjunction with cash and cash equivalents prepared in accordance with GAAP.
We define Adjusted EBITDA as earnings (loss) before interest, taxes, depreciation and amortization, loss on extinguishment of debt, non-cash stock compensation expense, accretion of contract rights, write-downs of inventory, property and equipment and intangible assets, employee severance costs and other related expenses, litigation settlement received net of legal costs, foreign exchange loss, asset acquisition expense, non-recurring professional fees, and one-time charges. We present Adjusted EBITDA, as we use this measure to manage our business and consider this measure to be supplemental to our operating performance. We also make certain compensation decisions based, in part, on our operating performance, as measured by Adjusted EBITDA; and our current credit facility and existing senior unsecured notes require us to comply with a consolidated secured leverage ratio that includes performance metrics substantially similar to Adjusted EBITDA.
We define Free Cash Flow as Adjusted EBITDA less cash paid for interest, cash paid for capital expenditures, cash paid for placement fees, and cash paid for taxes net of refunds. We present Free Cash Flow as a measure of performance and believe it provides investors with another indicator of our operating performance. It should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures.
A reconciliation of the Company’s net income (loss) per GAAP to Adjusted EBITDA and Free Cash Flow is included in the Unaudited Reconciliation of Selected Financial GAAP to Non-GAAP Measures provided at the end of this release. Additionally, a reconciliation of each segment’s operating income to EBITDA and Adjusted EBITDA is also included. On a segment level, operating income per GAAP, rather than net earnings per GAAP, is reconciled to EBITDA and Adjusted EBITDA as the Company does not report net earnings by segment. Management believes that this presentation is meaningful to investors in evaluating the performance of the Company’s segments.
We define (i) Net Cash Position as cash and cash equivalents plus settlement receivables less settlement liabilities and (ii) Net Cash Available as Net Cash Position plus undrawn amounts available under our revolving credit facility. We present Net Cash Position because our cash position, as measured by cash and cash equivalents, depends upon changes in settlement receivables and the timing of payments related to settlement liabilities. As such, our cash and cash equivalents can change substantially based upon the timing of our receipt of payments for settlement receivables and payments we make to customers for our settlement liabilities. We present Net Cash Available as management monitors this amount in connection with its forecasting of cash flows and future cash requirements.
A reconciliation of the Company’s cash and cash equivalents per GAAP to Net Cash Position and Net Cash Available is included in the Unaudited Reconciliation of Cash and Cash Equivalents to Net Cash Position and Net Cash Available provided at the end of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements address our expected future business and financial performance, and often contain words such as “goal,” “target,” “indication,” “future,” “assume,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “project,” “may,” “should,” “will,” “can,” “aim to,” “designed to,” “will provide,” or “favorably positioned” or similar expressions to identify forward-looking statements. Examples of forward-looking statements include, among others, statements regarding our ability to execute on key initiatives and deliver ongoing operating and financial improvements including guidance related to 2021 financial and operational metrics; regain or maintain revenue, earnings and Free Cash Flow momentum; sustain our overall growth; drive growth of the gaming operations installed base and DWPU; continue expanding the portions of the gaming floor the Company’s games address; successfully perform obligations required by acquisition agreements; and create incremental value for our shareholders, as well as statements regarding our expectations for the industry environment and the adoption of our products and technologies.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are often difficult to predict and many of which are beyond our control. Our actual results and financial condition may differ materially from those indicated in forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, without limitation, the impact of the ongoing COVID-19 global pandemic on our business, operations and financial condition, our history of net losses and our ability to generate profits in the future; our debt leverage and the related covenants that restrict our operations; our ability to generate sufficient cash to service all of our indebtedness and fund working capital and capital expenditures; our ability to withstand unanticipated impacts of a pandemic outbreak of uncertain duration; our ability to withstand the loss of revenue during the closure of our customers’ facilities; our ability to maintain our current customers; our ability to compete in the gaming industry; our ability to execute on mergers, acquisitions and/or strategic alliances, including the timing and closing of acquisitions and our ability to integrate and operate such acquisitions consistent with our forecasts; our ability to access the capital markets to raise funds; expectations regarding our existing and future installed base and daily win per day; expectations regarding development and placement fee arrangements; inaccuracies in underlying operating assumptions; expectations regarding customers’ and gaming patrons’ preferences and demands for future services and product offerings; the overall growth of the gaming industry, if any; our ability to replace revenue associated with terminated customer contracts; margin degradation from contract renewals; technological obsolescence; our ability to comply with the Europay, MasterCard and Visa global standard for cards equipped with security chip technology; our ability to introduce new and enhanced products and services, including third-party licensed content; our ability to prevent, mitigate or timely recover from cybersecurity breaches, attacks and compromises; the level of our capital expenditures and product development; anticipated sales performance; employee turnover; national and international economic conditions; global supply chain disruption; changes in global market, business and regulatory conditions arising as a result of the COVID-19 global pandemic; changes in gaming regulatory, card association and statutory requirements; regulatory and licensing difficulties that we may face; competitive pressures in the gaming and financial technology sectors; the impact of changes to tax laws; uncertainty of litigation outcomes; interest rate fluctuations; unanticipated expenses or capital needs and those other risks and uncertainties discussed in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 15, 2021. Given these risks and uncertainties, there can be no assurance that the forward-looking information contained in this press release will in fact transpire or prove to be accurate. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which are based only on information currently available to us and speak only as of the date hereof.
This press release should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020, and with the information included in our other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods.
About Everi
Everi’s mission is to lead the gaming industry through the power of people, imagination and technology. With a focus on player engagement and helping casino customers operate more efficiently, the Company develops entertaining game content and gaming machines, gaming systems, and services for land-based and iGaming operators. The Company is also a preeminent and comprehensive provider of trusted financial technology solutions that power the casino floor while improving operational efficiencies and fulfilling regulatory compliance requirements, including products and services that facilitate convenient and secure cash and cashless financial transactions, self-service player loyalty tools and applications, and regulatory and intelligence software. For more information, please visit www.everi.com, which is updated regularly with financial and other information about the Company.
Investor Relations Contacts:
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Everi Holdings Inc. |
JCIR |
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William Pfund |
Richard Land, James Leahy |
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SVP, Investor Relations |
212-835-8500 or [email protected] |
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702-676-9513 or [email protected] |
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Join Everi on Social Media |
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Twitter: https://twitter.com/everi_inc |
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LinkedIn: https://www.linkedin.com/company/everi |
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Facebook: https://www.facebook.com/EveriHoldingsInc/ |
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Instagram: https://www.instagram.com/everi_inc |
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EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (In thousands, except earnings (loss) per share amounts) |
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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2021 |
2020 |
2021 |
2020 |
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Revenues |
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Games revenues |
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Gaming operations |
$ |
71,580 |
$ |
46,968 |
202,941 |
106,513 |
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Gaming equipment and systems |
24,220 |
10,229 |
68,298 |
28,795 |
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Gaming other |
33 |
44 |
82 |
76 |
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Games total revenues |
95,833 |
57,241 |
271,321 |
135,384 |
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FinTech revenues |
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Financial access services |
46,421 |
33,979 |
129,973 |
80,986 |
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Software and other |
17,024 |
14,630 |
49,874 |
31,748 |
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Hardware |
9,024 |
6,248 |
28,829 |
16,004 |
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FinTech total revenues |
72,469 |
54,857 |
208,676 |
128,738 |
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Total revenues |
168,302 |
112,098 |
479,997 |
264,122 |
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Costs and expenses |
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Games cost of revenues(1) |
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Gaming operations |
5,675 |
4,245 |
15,776 |
10,471 |
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Gaming equipment and systems |
13,503 |
5,730 |
39,058 |
16,625 |
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Gaming other |
— |
— |
— |
456 |
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Games total cost of revenues |
19,178 |
9,975 |
54,834 |
27,552 |
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FinTech cost of revenues(1) |
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Financial access services |
1,830 |
1,161 |
4,863 |
5,227 |
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Software and other |
1,063 |
859 |
3,196 |
2,057 |
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Hardware |
5,380 |
3,548 |
17,078 |
9,452 |
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FinTech total cost of revenues |
8,273 |
5,568 |
25,137 |
16,736 |
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Operating expenses |
47,121 |
34,927 |
133,320 |
115,428 |
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Research and development |
9,598 |
7,034 |
26,799 |
20,958 |
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Depreciation |
14,463 |
16,163 |
46,571 |
48,700 |
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Amortization |
14,596 |
18,693 |
43,680 |
57,312 |
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Total costs and expenses |
113,229 |
92,360 |
330,341 |
286,686 |
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Operating income (loss) |
55,073 |
19,738 |
149,656 |
(22,564) |
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Other expenses |
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Interest expense, net of interest income |
14,257 |
18,905 |
50,488 |
56,226 |
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Loss on extinguishment of debt |
34,389 |
— |
34,389 |
7,457 |
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Total other expenses |
48,646 |
18,905 |
84,877 |
63,683 |
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Income (loss) before income tax |
6,427 |
833 |
64,779 |
(86,247) |
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Income tax (benefit) provision |
(319) |
1,711 |
1,285 |
(3,434) |
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Net income (loss) |
6,746 |
(878) |
63,494 |
(82,813) |
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Foreign currency translation |
(442) |
359 |
(335) |
(1,295) |
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Comprehensive income (loss) |
$ |
6,304 |
$ |
(519) |
$ |
63,159 |
$ |
(84,108) |
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(1) Exclusive of depreciation and amortization. |
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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2021 |
2020 |
2021 |
2020 |
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Earnings (loss) per share |
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Basic |
$ |
0.07 |
$ |
(0.01) |
$ |
0.72 |
$ |
(0.97) |
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Diluted |
$ |
0.07 |
$ |
(0.01) |
$ |
0.64 |
$ |
(0.97) |
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Weighted average common shares |
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Basic |
90,322 |
85,556 |
88,688 |
85,102 |
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Diluted |
101,359 |
85,556 |
99,581 |
85,102 |
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EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value amounts) |
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At September 30, |
At December 31, |
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2021 |
2020 |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
$ |
215,551 |
$ |
251,706 |
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Settlement receivables |
50,596 |
60,652 |
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Trade and other receivables, net of allowances for credit losses of $4,788 and $3,689 at September 30, 2021 and December 31, 2020, respectively |
95,200 |
74,191 |
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Inventory |
31,690 |
27,742 |
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Prepaid expenses and other current assets |
25,218 |
17,348 |
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Total current assets |
418,255 |
431,639 |
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Non-current assets |
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Property and equipment, net |
114,943 |
112,323 |
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Goodwill |
681,975 |
681,974 |
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Other intangible assets, net |
216,621 |
214,627 |
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Other receivables |
14,068 |
14,620 |
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Other assets |
20,181 |
21,996 |
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Total non-current assets |
1,047,788 |
1,045,540 |
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Total assets |
$ |
1,466,043 |
$ |
1,477,179 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
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Current liabilities |
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Settlement liabilities |
$ |
177,582 |
$ |
173,211 |
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Accounts payable and accrued expenses |
199,254 |
145,029 |
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Current portion of long-term debt |
6,000 |
1,250 |
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Total current liabilities |
382,836 |
319,490 |
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Non-current liabilities |
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Long-term debt, less current portion |
976,407 |
1,128,003 |
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Deferred tax liability, net |
19,782 |
19,956 |
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Other accrued expenses and liabilities |
14,250 |
17,628 |
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Total non-current liabilities |
1,010,439 |
1,165,587 |
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Total liabilities |
1,393,275 |
1,485,077 |
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Commitments and contingencies |
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Stockholders’ equity (deficit) |
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Convertible preferred stock, $0.001 par value, 50,000 shares authorized and no shares outstanding at September 30, 2021 and December 31, 2020, respectively |
— |
— |
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Common stock, $0.001 par value, 500,000 shares authorized and 116,357 and 90,692 shares issued and outstanding at September 30, 2021, respectively, and 111,872 and 86,683 shares issued and outstanding at December 31, 2020, respectively |
116 |
112 |
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Additional paid-in capital |
493,022 |
466,614 |
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Accumulated deficit |
(231,126) |
(294,620) |
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Accumulated other comprehensive loss |
(1,526) |
(1,191) |
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Treasury stock, at cost, 25,664 and 25,190 shares at September 30, 2021 and December 31, 2020, respectively |
(187,718) |
(178,813) |
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Total stockholders’ equity (deficit) |
72,768 |
(7,898) |
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Total liabilities and stockholders’ equity (deficit) |
$ |
1,466,043 |
$ |
1,477,179 |
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EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) |
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Nine Months Ended September 30, |
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2021 |
2020 |
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Cash flows from operating activities |
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Net income (loss) |
$ |
63,494 |
$ |
(82,813) |
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Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: |
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Depreciation |
46,571 |
48,700 |
|||||
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Amortization |
43,680 |
57,312 |
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Non-cash lease expense |
3,400 |
3,615 |
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Amortization of financing costs and discounts |
3,234 |
3,111 |
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Loss on sale or disposal of assets |
1,616 |
111 |
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Accretion of contract rights |
6,966 |
5,345 |
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Provision for credit losses |
5,499 |
6,925 |
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Deferred income taxes |
(174) |
(3,788) |
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Reserve for inventory obsolescence |
1,610 |
1,810 |
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Write-down of assets |
— |
11,281 |
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Loss on extinguishment of debt |
34,389 |
7,457 |
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Stock-based compensation |
12,404 |
10,108 |
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Other non-cash items |
— |
456 |
|||||
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Changes in operating assets and liabilities: |
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Settlement receivables |
10,056 |
36,922 |
|||||
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Trade and other receivables |
(25,522) |
6,682 |
|||||
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Inventory |
(5,569) |
(10,614) |
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Prepaid expenses and other assets |
(8,068) |
(4,952) |
|||||
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Settlement liabilities |
4,371 |
(93,622) |
|||||
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Accounts payable and accrued expenses |
45,543 |
(5,814) |
|||||
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Net cash provided by (used in) operating activities |
243,500 |
(1,768) |
|||||
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Cash flows from investing activities |
|||||||
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Capital expenditures |
(73,288) |
(52,428) |
|||||
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Acquisitions, net of cash acquired |
(15,000) |
(15,000) |
|||||
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Proceeds from sale of property and equipment |
215 |
141 |
|||||
|
Placement fee agreements |
— |
(3,021) |
|||||
|
Net cash used in investing activities |
(88,073) |
(70,308) |
|||||
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Cash flows from financing activities |
|||||||
|
Proceeds from new term loan |
600,000 |
— |
|||||
|
Repayments of prior term loan |
(735,500) |
(13,500) |
|||||
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Proceeds from prior incremental term loan |
— |
125,000 |
|||||
|
Repayment of prior incremental term loan |
(124,375) |
(313) |
|||||
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Proceeds from prior revolver |
— |
35,000 |
|||||
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Repayments of prior revolver |
— |
(35,000) |
|||||
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Proceeds from 2021 unsecured notes |
400,000 |
— |
|||||
|
Repayments of 2017 unsecured notes |
(285,381) |
(89,619) |
|||||
|
Fees associated with debt transactions – new debt |
(19,797) |
— |
|||||
|
Fees associated with debt transactions – prior debt |
(20,828) |
(11,128) |
|||||
|
Proceeds from exercise of stock options |
14,012 |
3,509 |
|||||
|
Treasury stock |
(8,909) |
(1,097) |
|||||
|
Payment of acquisition contingent consideration |
(9,875) |
— |
|||||
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Net cash (used in) provided by financing activities |
(190,653) |
12,852 |
|||||
|
Effect of exchange rates on cash and cash equivalents |
(237) |
(1,370) |
|||||
|
Cash, cash equivalents and restricted cash |
|||||||
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Net decrease for the period |
(35,463) |
(60,594) |
|||||
|
Balance, beginning of the period |
252,349 |
296,610 |
|||||
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Balance, end of the period |
$ |
216,886 |
$ |
236,016 |
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EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF CASH AND CASH EQUIVALENTS TO NET CASH POSITION AND NET CASH AVAILABLE (In thousands) |
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At September 30, |
At December 31, |
At September 30, |
A September 30, |
||||||||||||
|
2021 |
2020 |
2020 |
2019 |
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Cash available |
|||||||||||||||
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Cash and cash equivalents (1) |
$ |
215,551 |
$ |
251,706 |
$ |
235,407 |
$ |
275,706 |
|||||||
|
Settlement receivables |
50,596 |
60,652 |
33,126 |
56,035 |
|||||||||||
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Settlement liabilities |
(177,582) |
(173,211) |
(140,229) |
(298,490) |
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Net Cash Position |
88,565 |
139,147 |
128,304 |
33,251 |
|||||||||||
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Undrawn revolving credit facility |
125,000 |
35,000 |
35,000 |
35,000 |
|||||||||||
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Net Cash Available |
$ |
213,565 |
$ |
174,147 |
$ |
163,304 |
$ |
68,251 |
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(1) |
Cash and cash equivalents does not include $1.3 million, $0.6 million, $0.6 million, and $8.4 million of restricted cash at September 30, 2021 December 31, 2020, September 30, 2020, and September 30, 2019, respectively. |
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EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF SELECTED FINANCIAL GAAP TO NON-GAAP MEASURES (In thousands) |
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Three Months Ended September 30, 2021 |
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|
Games |
FinTech |
Total |
|||||||||
|
Net income |
$ |
6,746 |
|||||||||
|
Income tax benefit |
(319) |
||||||||||
|
Loss on extinguishment of debt |
34,389 |
||||||||||
|
Interest expense, net of interest income |
14,257 |
||||||||||
|
Operating income |
$ |
30,199 |
$ |
24,874 |
$ |
55,073 |
|||||
|
Plus: depreciation and amortization |
23,300 |
5,759 |
29,059 |
||||||||
|
EBITDA |
$ |
53,499 |
$ |
30,633 |
$ |
84,132 |
|||||
|
Non-cash stock compensation expense |
1,904 |
2,048 |
3,952 |
||||||||
|
Accretion of contract rights |
2,330 |
— |
2,330 |
||||||||
|
Non-recurring professional fees and other |
— |
184 |
$ |
184 |
|||||||
|
Adjusted EBITDA |
$ |
57,733 |
$ |
32,865 |
$ |
90,598 |
|||||
|
Cash paid for interest |
(9,858) |
||||||||||
|
Cash paid for capital expenditures |
(24,054) |
||||||||||
|
Cash paid for income taxes, net |
(409) |
||||||||||
|
Free Cash Flow |
$ |
56,277 |
|||||||||
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EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF SELECTED FINANCIAL GAAP TO NON-GAAP MEASURES (In thousands) |
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|
Three Months Ended September 30, 2020 |
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|
Games |
FinTech |
Total |
|||||||||
|
Net loss |
$ |
(878) |
|||||||||
|
Income tax provision |
1,711 |
||||||||||
|
Interest expense, net of interest income |
18,905 |
||||||||||
|
Operating (loss) income |
$ |
(430) |
$ |
20,167 |
$ |
19,738 |
|||||
|
Plus: depreciation and amortization |
29,615 |
5,242 |
34,857 |
||||||||
|
EBITDA |
$ |
29,185 |
$ |
25,409 |
$ |
54,595 |
|||||
|
Non-cash stock compensation expense |
1,549 |
1,436 |
2,985 |
||||||||
|
Accretion of contract rights |
2,175 |
— |
2,175 |
||||||||
|
Adjusted EBITDA |
$ |
32,909 |
$ |
26,845 |
$ |
59,755 |
|||||
|
Cash paid for interest |
(12,375) |
||||||||||
|
Cash paid for capital expenditures |
(22,294) |
||||||||||
|
Cash paid for placement fees |
(2,146) |
||||||||||
|
Cash paid for income taxes, net |
(133) |
||||||||||
|
Free Cash Flow |
$ |
22,807 |
|||||||||
|
EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF SELECTED FINANCIAL GAAP TO NON-GAAP MEASURES (In thousands) |
|||||||||||
|
Three Months Ended September 30, 2019 |
|||||||||||
|
Games |
FinTech |
Total |
|||||||||
|
Net income |
$ |
9,315 |
|||||||||
|
Income tax benefit |
(1,319) |
||||||||||
|
Interest expense, net of interest income |
19,297 |
||||||||||
|
Operating income |
$ |
3,073 |
$ |
24,220 |
$ |
27,293 |
|||||
|
Plus: depreciation and amortization |
28,678 |
4,493 |
33,171 |
||||||||
|
EBITDA |
$ |
31,751 |
$ |
28,713 |
$ |
60,464 |
|||||
|
Non-cash stock compensation expense |
602 |
1,379 |
1,981 |
||||||||
|
Accretion of contract rights |
2,221 |
— |
2,221 |
||||||||
|
Adjusted EBITDA |
$ |
34,574 |
$ |
30,092 |
$ |
64,666 |
|||||
|
Cash paid for interest |
(12,528) |
||||||||||
|
Cash paid for capital expenditures |
(35,959) |
||||||||||
|
Cash paid for placement fees |
(5,454) |
||||||||||
|
Cash refunded for income taxes, net |
362 |
||||||||||
|
Free Cash Flow |
$ |
11,087 |
|||||||||
|
EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF SELECTED FINANCIAL GAAP TO NON-GAAP MEASURES (In thousands) |
|||||||||||
|
Nine Months Ended September 30, 2021 |
|||||||||||
|
Games |
FinTech |
Total |
|||||||||
|
Net income |
$ |
63,494 |
|||||||||
|
Income tax provision |
1,285 |
||||||||||
|
Loss on extinguishment of debt |
34,389 |
||||||||||
|
Interest expense, net of interest income |
50,488 |
||||||||||
|
Operating income |
$ |
76,064 |
$ |
73,592 |
$ |
149,656 |
|||||
|
Plus: depreciation and amortization |
73,586 |
16,665 |
90,251 |
||||||||
|
EBITDA |
$ |
149,650 |
$ |
90,257 |
$ |
239,907 |
|||||
|
Non-cash stock compensation expense |
6,075 |
6,329 |
12,404 |
||||||||
|
Accretion of contract rights |
6,966 |
— |
6,966 |
||||||||
|
Litigation settlement, net |
— |
(1,107) |
(1,107) |
||||||||
|
Asset acquisition expense, non-recurring professional fees and other |
— |
268 |
268 |
||||||||
|
Adjusted EBITDA |
$ |
162,691 |
$ |
95,747 |
$ |
258,438 |
|||||
|
Cash paid for interest |
(45,167) |
||||||||||
|
Cash paid for capital expenditures |
(73,288) |
||||||||||
|
Cash paid for income taxes, net |
(975) |
||||||||||
|
Free Cash Flow |
$ |
139,008 |
|||||||||
|
EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF SELECTED FINANCIAL GAAP TO NON-GAAP MEASURES (In thousands) |
|||||||||||
|
Nine Months Ended September 30, 2020 |
|||||||||||
|
Games |
FinTech |
Total |
|||||||||
|
Net loss |
$ |
(82,813) |
|||||||||
|
Income tax benefit |
(3,434) |
||||||||||
|
Loss on extinguishment of debt |
7,457 |
||||||||||
|
Interest expense, net of interest income |
56,226 |
||||||||||
|
Operating (loss) income |
$ |
(47,671) |
$ |
25,107 |
$ |
(22,564) |
|||||
|
Plus: depreciation and amortization |
90,087 |
15,926 |
106,013 |
||||||||
|
EBITDA |
$ |
42,416 |
$ |
41,033 |
$ |
83,449 |
|||||
|
Non-cash stock compensation expense |
5,237 |
4,871 |
10,108 |
||||||||
|
Accretion of contract rights |
5,345 |
— |
5,345 |
||||||||
|
Write-down of inventory, property and equipment and intangible assets |
9,232 |
1,801 |
11,033 |
||||||||
|
Employee severance costs and other expenses |
1,578 |
1,122 |
2,700 |
||||||||
|
Foreign exchange loss |
83 |
1,199 |
1,282 |
||||||||
|
Non-recurring professional fees |
30 |
932 |
962 |
||||||||
|
Other one-time charges |
456 |
— |
456 |
||||||||
|
Adjusted EBITDA |
$ |
64,377 |
$ |
50,958 |
$ |
115,335 |
|||||
|
Cash paid for interest |
(45,331) |
||||||||||
|
Cash paid for capital expenditures |
(52,428) |
||||||||||
|
Cash paid for placement fees |
(3,021) |
||||||||||
|
Cash paid for income taxes, net |
(81) |
||||||||||
|
Free Cash Flow |
$ |
14,474 |
|||||||||
|
EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF SELECTED FINANCIAL GAAP TO NON-GAAP MEASURES (In thousands) |
|||||||||||
|
Nine Months Ended September 30, 2019 |
|||||||||||
|
Games |
FinTech |
Total |
|||||||||
|
Net income |
$ |
20,661 |
|||||||||
|
Income tax benefit |
(2,747) |
||||||||||
|
Interest expense, net of interest income |
60,130 |
||||||||||
|
Operating income |
$ |
8,729 |
$ |
69,315 |
$ |
78,044 |
|||||
|
Plus: depreciation and amortization |
83,927 |
13,278 |
97,205 |
||||||||
|
EBITDA |
$ |
92,656 |
$ |
82,593 |
$ |
175,249 |
|||||
|
Non-cash stock compensation expense |
1,895 |
4,246 |
6,141 |
||||||||
|
Accretion of contract rights |
6,539 |
— |
6,539 |
||||||||
|
Write-down of inventory, property and equipment and intangible assets |
843 |
— |
843 |
||||||||
|
Non-recurring professional fees |
484 |
790 |
1,274 |
||||||||
|
Adjusted EBITDA |
$ |
102,417 |
$ |
87,629 |
$ |
190,046 |
|||||
|
Cash paid for interest |
(52,077) |
||||||||||
|
Cash paid for capital expenditures |
(81,642) |
||||||||||
|
Cash paid for placement fees |
(17,102) |
||||||||||
|
Cash refunded for income taxes, net |
69 |
||||||||||
|
Free Cash Flow |
$ |
39,294 |
|||||||||
|
EVERI HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF PROJECTED NET INCOME TO PROJECTED EBITDA AND PROJECTED ADJUSTED EBITDA FOR THE YEAR ENDING DECEMBER 31, 2021 (In thousands) |
|||||||
|
2021 Guidance Range (1) |
|||||||
|
Low |
High |
||||||
|
Revenues |
$ |
645,000 |
$ |
653,000 |
|||
|
Projected net income |
98,000 |
100,000 |
|||||
|
Projected income tax provision |
3,000 |
4,000 |
|||||
|
Projected loss on extinguishment of debt |
34,400 |
34,400 |
|||||
|
Projected interest expense, net of interest income |
64,600 |
62,600 |
|||||
|
Projected operating income |
$ |
200,000 |
$ |
201,000 |
|||
|
Plus: projected depreciation and amortization |
119,000 |
120,000 |
|||||
|
Projected EBITDA |
$ |
319,000 |
$ |
321,000 |
|||
|
Projected non-cash stock compensation expense |
14,800 |
15,800 |
|||||
|
Projected accretion of contract rights |
9,000 |
10,000 |
|||||
|
Projected asset acquisition expense and non-recurring professional fees |
300 |
300 |
|||||
|
Projected litigation settlement, net |
(1,100) |
(1,100) |
|||||
|
Projected Adjusted EBITDA |
$ |
342,000 |
$ |
346,000 |
|||
|
Projected cash paid for interest |
(52,000) |
(51,000) |
|||||
|
Projected cash paid for capital expenditures |
(100,000) |
(102,000) |
|||||
|
Projected cash paid for placement fees |
(32,000) |
(32,000) |
|||||
|
Projected cash paid for income taxes, net of refunds |
(3,000) |
(1,000) |
|||||
|
Projected Free Cash Flow |
$ |
155,000 |
$ |
160,000 |
|||
|
(1) |
All figures presented are projected estimates for the year ending December 31, 2021. |
|||||||
|
(2) |
This guidance assumes no change in deferred tax valuation allowances. |
|||||||
SOURCE Everi Holdings Inc.
Artificial Intelligence
Healthcare Artificial Intelligence Market to Be Worth $176.4 Billion by 2031 – Exclusive Report by Meticulous Research®
REDDING, Calif., May 23, 2024 /PRNewswire/ — According to a new market research report titled, ‘Healthcare Artificial Intelligence Market by Offering (Software, Services), Technology (ML, NLP), Application (Hospital Workflow Management, Patient Management), End User (Hospitals & Diagnostic Centers), and Geography – Global Forecast to 2031’, the global healthcare artificial intelligence market is projected to reach $176.4 billion by 2031, at a CAGR of 31.3% from 2024–2031.
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Healthcare is one of the most critical sectors in the broader landscape of big data because of its fundamental role in a productive, thriving society. AI in healthcare is a term used to describe the application of machine learning (ML) algorithms and other cognitive technologies in medical settings. AI helps to assist doctors, nurses, and other healthcare workers in their daily work. AI in healthcare enhances preventive care and quality of life, produces more accurate diagnoses and treatment plans, and leads to better patient outcomes overall. AI in healthcare helps to predict and track the spread of infectious diseases by analyzing data from government, healthcare, and other sources.
The growth of the healthcare artificial intelligence market is driven by the growing demand for personalized therapy, the rise in the volume and complexities associated with healthcare datasets, and the rising need to reduce healthcare costs. However, reluctance to adopt AI technologies due to a lack of trust restrains the growth of this market. Moreover, the growing potential of AI-based tools in the treatment of chronic and infectious diseases and the rising incorporation of AI in clinical trials to accelerate new drug launches are expected to generate market growth opportunities. However, discrepancies arising due to upgrades and human barriers to AI adoption are major challenges for market stakeholders. Additionally, growing AI-based clinical decision support systems (CDSS) to identify patient risk are prominent trends in this market.
The global healthcare artificial intelligence market is segmented by offering (software, hardware, and services [installation & integration and support & maintenance]), technology (machine learning, natural language processing, context-aware processing, and querying method), application (drug discovery, hospital workflow management, patient data & risk analytics, medical imaging & diagnosis, patient management, precision medicine, and other applications), end user (hospitals & diagnostic centers, pharmaceutical & biotechnology companies, healthcare payers, patients, and other end users). The study also evaluates industry competitors and analyzes the market at geographical levels.
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Based on offering, in 2024, the software segment is expected to account for the largest share of the global healthcare artificial intelligence market. However, the services segment is projected to register the highest CAGR during the forecast period due to the rising incorporation of AI services in clinical trials to accelerate new drug launches, the rising adoption of AI services to help reduce human error, assist medical professionals and staff, the increasing need for analyzing data to identify potential health issues.
Based on technology, in 2024, the natural language processing segment is expected to account for the largest share of the global healthcare artificial intelligence market. The segment’s large share is attributed to the growing ability to collect large amounts of data and handle big data, the rising need to organize physician documentation, and the increasing use of efficient back-end coding to optimize billing procedures. Additionally, this segment is expected to register the highest CAGR during the forecast period.
Based on application, in 2024, the hospital workflow management segment is expected to account for the largest share of the global healthcare artificial intelligence market. The segment’s large share is attributed to the increasing use of chatbots for customer service engagement, the growing adoption of automated tasks, improved patient care coordination, reduced costs, and the increasing use of AI in hospitals to improve patient experience and care. Additionally, this segment is expected to register the highest CAGR during the forecast period.
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Based on end user, in 2024, the hospitals & diagnostic centers segment is expected to account for the largest share of the global healthcare artificial intelligence market. The segment’s large share is attributed to the growing need to improve the speed and accuracy of patient visits, leading to faster and more personalized care and the growing adoption of AI to improve accuracy, reduce costs, and save time compared to traditional diagnostic methods. Additionally, this segment is expected to register the highest CAGR during the forecast period.
Based on geography, in 2024, North America is expected to account for the largest share of the global healthcare artificial intelligence market. The healthcare industry in North America has swiftly used AI to increase efficiency, productivity, and consumer experiences. The rising incorporation of AI in clinical trials to accelerate new drug launches and the growing demand for personalized therapy support the growth of this regional market.
However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period. This region’s growth is driven by the growing need for coordination between the healthcare workforce and patients, remarkable growth in venture capital investments, the significant use of big data in the healthcare sector, and rising technological innovation.
The key players operating in the healthcare artificial intelligence market are NVIDIA Corporation (U.S.), Google LLC (U.S.) (A Subsidiary of Alphabet Inc.), Intel Corporation (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), GE HealthCare Technologies Inc. (U.S.), Amazon.com, Inc. (U.S.), Verint Systems Inc. (U.S.), General Vision, Inc. (U.S.), Siemens Healthineers AG (Germany), CloudMedx Inc. (U.S.), AltexSoft Inc. (U.S.), IQVIA Holdings Inc. (U.S.), Welltok, Inc. (U.S.), and iCarbonX (China).
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Scope of the Report:
Healthcare Artificial Intelligence Market, by Offering
SoftwareServicesInstallation & IntegrationSupport & MaintenanceHardwareHealthcare Artificial Intelligence Market, by Technology
Natural Language ProcessingContext-Aware ProcessingMachine LearningQuerying MethodHealthcare Artificial Intelligence Market, by Application
Drug DiscoveryHospital Workflow ManagementPatient Data & Risk AnalyticsMedical Imaging & DiagnosisPatient ManagementPrecision MedicineOther ApplicationsHealthcare Artificial Intelligence Market, by End User
Hospitals & Diagnostic CentersPharmaceutical & Biotechnology CompaniesHealthcare PayersPatientsOther End UsersHealthcare Artificial Intelligence Market, by Geography
North AmericaU.S.CanadaEuropeGermanyU.K.FranceItalySpainRest of EuropeAsia-PacificJapanChinaIndiaSouth KoreaSingaporeRest of Asia-PacificLatin AmericaMiddle East & AfricaUnlock Opportunities: Buy Now- https://www.meticulousresearch.com/Checkout/39869176
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact:Mr. Khushal BombeMeticulous Market Research Inc.1267 Willis St, Ste 200 Redding,California, 96001, U.S.USA: +1-646-781-8004Europe : +44-203-868-8738APAC: +91 744-7780008Email- [email protected] Visit Our Website: https://www.meticulousresearch.com/Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-researchContent Source: https://www.meticulousresearch.com/pressrelease/297/healthcare-artificial-intelligence-market-2031
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Artificial Intelligence
Digital Signal Processor Market worth $14.7 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 23, 2024 /PRNewswire/ — The Digital Signal Processor market is projected to grow from USD 10.1 billion in 2024 and is estimated to reach USD 14.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.8% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the Digital Signal Processor market is driven by surging adoption of Internet of Things (IoT) and connected devices; increasing trend of digital signal processing in automotive industry; improvements in 5G technology and development of advanced communication infrastructure; and rising demand for Voice over Internet Protocol (VoIP) and Internet Protocol (IP) video services.
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Browse in-depth TOC on “Digital Signal Processor Market”
250 – Tables75 – Figures320 – Pages
Digital Signal Processor Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 10.1 billion
Estimated Value by 2029
$ 14.7 billion
Growth Rate
Poised to grow at a CAGR of 7.8%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Core, Configuration, Type, Category, IC Design, Application, End-User Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Navigating complexity and security challenges
Key Market Opportunities
Increasing demand for DSP chips in consumer electronics industry
Key Market Drivers
Surging adoption of Internet of Things (IoT) and connected devices
By core, Multi Core DSPs segment is projected to grow at a high CAGR of Digital Signal Processor market during the forecast period.
Multi-core Digital Signal Processors (DSPs) are revolutionizing the automotive industry by handling critical tasks like engine control, noise cancellation, and advanced driver-assistance systems (ADAS) in modern vehicles. As single-core DSPs face limitations due to increasing technological demands, multi-core DSPs offer enhanced performance through parallel processing, enabling real-time analysis and manipulation of audio signals for features like active noise cancellation. Their ability to create virtual partitions ensures the separation of safety-critical functions from non-critical ones, enhancing reliability and safety in automotive systems. Additionally, multi-core DSPs support mixed-criticality applications, simplifying development and certification processes while meeting stringent automotive safety standards like ISO 26262. Despite challenges like development complexity and safety considerations, multi-core DSPs provide future-proofing capabilities and are poised to play a vital role in delivering advanced features and functionalities in next-generation vehicles, making them indispensable in shaping the automotive industry’s technological advancements.
High-end segment in configuration will account for highest CAGR during the forecast period.
High-end Digital Signal Processors (DSPs) stand out in the market for their exceptional processing power, achieved through multi-core architectures, advanced instruction sets, and high clock speeds, enabling them to handle complex algorithms and real-time computations efficiently. These DSPs excel in high-performance computing tasks like real-time audio and video processing, medical imaging, and telecommunications infrastructure, leveraging parallel processing techniques for enhanced computational throughput. Customizable architectures, integration of peripheral interfaces, low latency, power efficiency, and robust security features further differentiate high-end DSPs, making them ideal for demanding applications across various industries like telecommunications and healthcare.
Application-specific DSPs in type segment in Digital Signal Processor market will account for the highest CAGR during the forecast period.
Application-specific DSPs find extensive use in areas such as automotive systems, consumer electronics, medical devices, and industrial automation. The increasing complexity and specialization of end-user applications, as well as the need for efficiency and performance gains within targeted domains are fueling the demand for application-specific DSPs. As industries continue to demand customized solutions to address specific challenges and requirements, the demand for application-specific DSPs is expected to grow.
Floating-point DSPs in category segment in Digital Signal Processor market will account for major market share during the forecast period.
Floating-point DSPs are a critical component of the digital signal processing market. The representation and manipulation of rational numbers using a minimum of 32 bits in floating-point DSPs are crucial for achieving high precision and dynamic range in signal processing tasks. By employing a format akin to scientific notation, with separate components for the mantissa and exponent, floating-point DSPs can accurately handle a wide range of numerical values, spanning from very small to very large magnitudes. This capability is essential in applications such as audio and video processing, scientific computing, and telecommunications, where precise representation and manipulation of data are paramount. Additionally, the ability to accommodate a broad spectrum of numerical values ensures that floating-point DSPs can effectively address the diverse computational requirements of modern signal processing algorithms across various industries, ultimately contributing to improved performance and efficiency in signal processing applications. Additionally, the increasing complexity of signal processing algorithms in fields such as wireless communication, multimedia, and radar systems drives the adoption of floating-point DSPs. These processors can efficiently handle complex algorithms and computations, meeting the evolving requirements of modern applications.
Embedded in IC Design segment is expected to account for the largest share during the forecast period.
Embedded Integrated Circuits (ICs) serve as invaluable companions to Digital Signal Processors (DSPs), enhancing their capabilities. Embedded ICs, like a talented supporting cast, handle essential behind-the-scenes work such as memory management, peripheral interfacing, and low-power operations. By offloading these tasks, the DSP can dedicate its processing power to core functions, improving overall system efficiency. Additionally, embedded ICs add functionality to DSP systems, acting as specialized tools like Analog-to-Digital Converters (ADCs) and Digital-to-Analog Converters (DACs). These tools enable the DSP to work with real-world signals effectively, making the system more comprehensive and capable. In essence, embedded ICs make DSPs more well-rounded by optimizing resource allocation and providing essential features for a fully functional system.
Audio Processing segment in DSP Market will account for largest share during the forecast period.
Audio processing stands as the dominant force within the Digital Signal Processor (DSP) market. This segment thrives on the escalating demand for immersive and high-fidelity audio experiences across consumer and professional domains. DSPs are essential in this realm due to the challenges posed by digital audio, such as noise, distortion, and other imperfections. They excel in tasks like noise reduction, equalization (EQ) for compensating speaker limitations, echo cancellation crucial for clear communication, audio enhancement with effects like reverb and spatial audio, and compression/decompression for efficient storage and transmission. Applications span across consumer electronics like smartphones, headphones, and TVs, where DSPs enhance audio quality and enable immersive experiences. In professional audio, DSPs power studio equipment for recording and mastering, live sound reinforcement systems, and broadcasting equipment for noise-free transmission. Growth is fueled by the demand for premium audio experiences, the proliferation of connected devices, and advancements in audio technologies like AI-powered processing and low-power DSPs, ensuring a dynamic and promising future for this segment within the DSP market.
Healthcare in end-user industry segment in Digital Signal Processor market will account for the highest CAGR during the forecast period.
Digital Signal Processors (DSPs) are revolutionizing the healthcare sector with their diverse applications, significantly enhancing diagnostics, medical devices, and biomedical research. In medical imaging, DSPs are indispensable for processing raw data from imaging machines like MRIs and CT scanners. They excel in tasks such as filtering noise, enhancing signals, and reconstructing detailed images critical for accurate disease diagnosis. Moreover, DSPs play a pivotal role in signal processing for diagnostics, particularly in analyzing weak electrical signals from the heart (ECG) and brain (EEG). By filtering noise and extracting key features, DSPs aid in diagnosing cardiac arrhythmias, epilepsy, and other neurological conditions. This principle extends to other diagnostic applications such as EMG for muscle function assessment and pulse oximetry for blood oxygen monitoring. Additionally, DSPs are integral to various medical devices and equipment, from modern hearing aids that personalize listening experiences to pacemakers and defibrillators that regulate heart rhythm with precision. Furthermore, DSPs contribute significantly to biomedical research by enabling signal analysis, feature extraction, and pattern recognition, driving advancements in drug discovery, disease understanding, and personalized medicine approaches. Overall, DSPs’ high-speed, accurate processing capabilities are transforming healthcare, enhancing diagnostics, improving medical devices, and accelerating biomedical research for better patient outcomes.
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Asia Pacific will account for the highest CAGR during the forecast period.
The Digital Signal Processor industry in the Asia Pacific region is experiencing significant growth, primarily fueled by the telecommunications sector’s due to rapid advancement in 5G technology. China and Japan are leading in 5G deployment, closely followed by India, driving the demand for DSPs. The APAC market is driven by the telecom sector’s high-speed internet needs and the increasing demand for advanced network infrastructure. As per GSMA’s “The Mobile Economy Asia Pacific 2023” report, the anticipated economic contribution of 5G to the Asia Pacific region in 2030 stands at a significant USD 133 billion, comprising over 13% of the total economic influence of mobile technology. In India, burgeoning opportunities in the telecom sector are propelling growth, driving the DSP market upward. Simultaneously, the surge in industrial automation across the Asia Pacific region is amplifying the demand for DSPs.
Key Players
Key companies operating in the Digital Signal Processor companies are Analog Devices, Inc. (US), Microchip Technology Inc. (US), Texas Instruments Incorporated (US), NXP Semiconductors (Netherlands), Marvell (US), Qualcomm Technologies, Inc. (US), Cirrus Logic, Inc. (US), STMicroelectronics (Switzerland), TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION (Japan), Infineon Technologies AG (Germany), and Broadcom (US) among others.
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Artificial Intelligence
Enterprise Content Management Market worth $78.4 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 23, 2024 /PRNewswire/ — Cloud usage, AI and machine learning for automation and analytics, and interaction with other enterprise systems are the key drivers of Enterprise Content Management’s (ECM) future. Improved user experience and mobility, increased security and compliance, and the creation of Content Services Platforms (CSPs) for more adaptable, user-centric solutions are among the focus areas.
The global Enterprise Content Management Market will grow from USD 47.6 billion in 2024 to USD 78.4 billion by 2029 at a compounded annual growth rate (CAGR) of 10.5% during the forecast period, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “Enterprise Content Management Market”
322 – Tables 63 – Figures354 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Million/Billion)
Segments Covered
Offering, Organization Size, Business Function, Deployment Mode, and Vertical
Geographies Covered
North America, Europe, Asia Pacific, Middle East Africa, and Latin America
Companies Covered
Some of the significant enterprise content management market vendors are Microsoft (US), OpenText (Canada), Box (US), Hyland (US), IBM (US), Adobe (US), Xerox (US), Atlassian (Australia), KYOCERA Corporation (Japan), and Oracle (US).
The increasing volume of digital content drives the enterprise content management market, and organizations must manage it efficiently. With the rapid growth of data, organizations face challenges related to content creation, storage, retrieval, and security. ECM solutions help organizations streamline content management processes, improve collaboration, and ensure compliance with regulatory requirements. They enable organizations to access their content from anywhere, anytime, using any device, making them ideal for remote work environments and distributed teams. Additionally, ECM solutions eliminate the need for organizations to invest in expensive hardware and infrastructure, making them an attractive option for small and medium-sized businesses.
The increasing focus on regulatory compliance and data security drives the enterprise content management market. Organizations across various industries are subject to stringent regulations regarding managing and protecting sensitive information. ECM solutions help these organizations comply with regulations by providing features such as document encryption, access controls, audit trails, and records management.
The services segment is expected to capture the highest CAGR during the forecast period by offering segment.
The offering segment of the enterprise content management market is segmented into solutions and services. The services segment accounted for the highest CAGR during the forecasted period. Companies are one of the critical aspects of the enterprise content management market, which provide their customers with knowledge and assistance in implementing, customizing, and optimizing their ECM solutions. Implementation services become essential for all organizations that want to implement ECM solutions properly. These services include claiming, planning, and managing projects to adjust the ECM solution to align with the organization’s objectives and needs. Implementation services are also performed through tasks, including data migration, configuration, and integration with the existing systems, thus making an easy transition from the old ECM solution to the new one.
Moreover, this involves providing services such as training and change management that aim at cultivating the employees’ knowledge of how to use the system most effectively, enabling a smoother adoption process. Further, support & maintenance services are necessary for enterprises to be sure that the execution and operability of their ECM solutions are top-notch, secure, and stable. The services offered include technical assistance, troubleshooting, and software versions to solve problems and keep ECM software from encountering any issues. Secondly, managed services can be deployed with proactive monitoring, performance optimization, and system administration to take off a part of regular management duties from the organization’s IT team. Through their specific services to ensure ECM investment’s profitability and sustainability, ECM vendors contribute to an organization’s general value of ECM and its success over time.
Based on the solution, the web & mobile content management segment is expected to hold the largest market share during the forecast period.
The enterprise content management market, by solution, is segmented into document management, web & mobile content management, case management, record management, digital asset management, image & capturing, eDiscovery, collaborative content management, and other solutions. It is expected that during the forecast period, the web & mobile content management segment is expected to hold the largest market size and share in the enterprise content management market. Web & mobile content management is one of the significant elements of the enterprise content management market as it provides organizations with tools to deliver content across several online and mobile channels effectively. These solutions offer a single digital hub for creating, editing, and publishing web & mobile content, such as text, images, videos, and interactive features. Web & mobile CMS offer features such as content authoring, version management, and workflow automation that help organizations shorten the length of the content creation and publishing process. They also incorporate a responsive design, ensuring the material is displayed correctly on any device and screen size. Besides the content management solutions on web & mobile cover analytics tools that organizations can use to understand user engagement and behavior, they can also modify their content strategy for a better user experience. By providing a centralized channel for handling web and mobile content, the ECM solutions thus help organizations improve efficiency, enable collaboration, and ultimately deliver a coherent digital experience to the audiences through multiple channels.
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North America is projected to hold the largest market share during the forecast period.
By region, North America is projected to hold the most market share in the worldwide enterprise content management market in 2024, and this pattern is anticipated to be valid throughout the forecast period. ECM solutions and services are crucial in North America, as they help organizations efficiently manage, store, and secure their digital content. The demand for ECM solutions has been steadily growing due to the increasing volume of digital content generated by businesses. In North America, ECM solutions cater to various industries such as healthcare, finance, government, and manufacturing. This enables organizations to streamline content management processes, ensure regulatory compliance, and improve collaboration and productivity.
North America’s enterprise content management market is highly competitive and technologically advanced. Key players in the region include IBM Corporation, OpenText Corporation, Microsoft Corporation, and Oracle Corporation, among others. These vendors offer various ECM solutions and services, including document management, record management, digital asset management, and workflow automation. There has been a shift towards cloud-based ECM solutions in recent years, driven by scalability, flexibility, and cost-effectiveness. Additionally, adopting AI and ML technologies further drives innovation in the enterprise content management market, enabling organizations to automate content-related processes and gain valuable insights from their data. With the increasing digitization of businesses and the growing importance of efficient content management, North America’s enterprise content management market is expected to continue its growth trajectory in the coming years.
Top Companies in Enterprise Content Management Market
Some of the significant enterprise content management vendors include Microsoft (US), OpenText (Canada), Box (US), Hyland (US), IBM (US), Adobe (US), Xerox (US), Atlassian (Australia), KYOCERA Corporation (Japan), and Oracle (US).
Recent Development
In April 2024, Hyland, a leading global provider of intelligent content solutions, launched Hyland Experience Automate (Hx Automate). This service is one of the first available from the next-generation, cloud-based platform, Hyland Experience (Hx). This new service is compatible with existing Hyland platforms, allowing customers to leverage the latest innovation from Hyland Experience while maximizing the value of their current solutions.In April 2024, Box announced its collaboration with Bulletproof, an award-winning independent global brand agency, which selected Box as its single centralized cloud platform to manage content and production work. Bulletproof is deploying Box across the organization to eliminate on-premise servers and facilitate secure collaboration with clients and partners.In February 2024, Microsoft announced its collaboration with SysKit, a company dedicated to simplifying management and governance in Microsoft 365, and announced the availability of Syskit Point on Microsoft AppSource. This integration underscores SysKit Point’s commitment to providing seamless experiences for Office 365 users, empowering them with robust tools to optimize their governance, security, and compliance efforts within the Microsoft environment.In January 2024, Oracle’s content management enabled users to export and import repository content. The Export Jobs and Import Jobs pages would allow users to track new jobs.In January 2024, Datamax extended its strategic partnership with KYOCERA. This partnership further bolsters Datamax’s ability to adhere to its tagline, “Relevant Technology. Raving Results.”Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=226977096
Enterprise Content Management Market Advantages
ECM streamlines document management processes, automating tasks such as data entry, filing, and retrieval, which enhances overall operational efficiency and reduces the time employees spend on manual tasks.ECM systems facilitate better collaboration by providing centralized access to documents and content, allowing teams to work together seamlessly regardless of their physical location.ECM solutions help organizations comply with regulatory requirements by providing robust security features, audit trails, and records management capabilities, ensuring that sensitive information is protected and easily accessible for compliance audits.By reducing reliance on paper and physical storage, ECM systems lower costs associated with printing, shipping, and storage. Additionally, improved efficiency and productivity lead to overall cost reductions.ECM provides advanced search and analytics capabilities, allowing businesses to extract valuable insights from their content, leading to more informed decision-making and strategic planning.Report Objectives
To define, describe, and forecast the enterprise content management (ECM) market based on offering, business function, deployment mode, organization size, vertical, and region.To provide detailed information about the significant factors, such as drivers, opportunities, restraints, and challenges, influencing the growth of the marketTo analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the marketTo forecast the market size concerning five main regions — North America, Europe, Asia Pacific, the Middle East & Africa, and Latin AmericaTo analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall marketTo profile the market’s key players and analyze their size and core competencies comprehensively.To track and analyze the competitive developments, such as product enhancements, product launches, acquisitions, partnerships, and collaborations, in the enterprise content management market globallyBrowse Adjacent Markets: Software and Services Market Research Reports & Consulting
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