Everi Holdings Inc. (NYSE:EVRI) (“Everi” or the “Company”), a
premier provider of gaming products, financial technology and
player loyalty solutions to the gaming industry, today reported
financial results for the fourth quarter and full year ended
December 31, 2019.
Fourth Quarter 2019
Highlights
- Revenue increased 22% to a quarterly record $145.2
million
- Net loss was $4.1 million, or $(0.05) per diluted
share, inclusive of a $6.4 million pre-tax charge related to a
litigation settlement, compared to net income of $4.2 million, or
$0.06 per diluted share, in the prior year
- Adjusted EBITDA, a non-GAAP financial measure,
increased 16% to $63.2 million
- Free Cash Flow, a non-GAAP financial measure, increased
$6.4 million to $4.5 million
Full Year 2019 Highlights
- Revenue grew 14% to a record $533.2
million
- Net income increased 33% to $16.5 million, or $0.21 per
diluted share, inclusive of the litigation settlement
charge
- Adjusted EBITDA, a non-GAAP financial measure,
increased 10% to a record $253.2 million
- Free Cash Flow, a non-GAAP financial measure, increased
77% to $43.8 million
Michael Rumbolz, President and Chief Executive
Officer of Everi, said, “Our strong fourth quarter and full year
2019 operating results reflect the continued successful execution
on our strategic initiatives that are driving ongoing momentum
across the Company. Our focus on delivering an expanding range of
products that deliver great gaming entertainment experiences and
casino operator efficiencies resulted in our 14th consecutive
quarter of year-over-year growth in revenue and Adjusted EBITDA.
Full year 2019 revenue rose 14% to $533.2 million, Adjusted EBITDA
increased 10% to a record $253.2 million and Free Cash Flow
improved 77% to $43.8 million.
“For 2019, our Games business achieved a record
level of unit sales, a record year-end installed base and a 15%
improvement in full-year daily win per unit. Our FinTech business
again delivered consistent year-over-year growth in cash access
services transactions and revenue, equipment sales, and information
and compliance product-related revenue. We also established a
strong foundation to deliver growth from our entry into the player
loyalty products and services market. Additionally, our efforts to
build a transformative integrated digital gaming neighborhood,
which provides compelling value for both our customers and our
customers’ patrons, continues to evolve and progress. We remain on
track with further operating momentum in both businesses this year,
as we expect consolidated revenues will grow at a high single-digit
to low-double digit rate with Adjusted EBITDA forecast to be in a
range of $272 million to $282 million.”
Randy Taylor, Executive Vice President and Chief
Financial Officer, added, “The improvement in our full-year
operating results drove a significant improvement in cash flow,
which we allocated primarily to pay down debt. Including the use of
funds from our December 2019 follow-on common stock offering, we
lowered our pro forma principal value of total debt by $143.2
million, driving our year-end pro-forma Total Net Debt Leverage
Ratio to 3.9x. Our capital allocation priorities also included
investments in organic growth initiatives that continue to generate
attractive returns throughout our business, as well as for two
strategic and accretive tuck-in acquisitions that served as our
entry into what we believe is an attractive high-growth opportunity
in the player loyalty business. Going forward, we continue to
prioritize allocation of our growing cash flow toward reducing our
Total Net Debt Leverage Ratio to our target of 3.0x to 3.5x and for
return-focused investments that profitably grow our business. At
the same time, we have the financial flexibility to act under our
new share repurchase program as another means of enhancing
shareholder value.”
Consolidated Full Quarter Comparative
Results (unaudited)
|
Three Months Ended December 31, |
|
2019 |
|
2018 |
|
(in millions, except per share amounts) |
Revenues |
$ |
145.2 |
|
|
$ |
119.5 |
|
|
|
|
|
Operating income (1) (2) |
$ |
16.0 |
|
|
$ |
17.2 |
|
|
|
|
|
Net (loss) income (1) (2) |
$ |
(4.1 |
) |
|
$ |
4.2 |
|
|
|
|
|
Net (loss) earnings per
diluted share (1) (2) |
$ |
(0.05 |
) |
|
$ |
0.06 |
|
|
|
|
|
Diluted shares
outstanding |
75.4 |
|
|
74.0 |
|
|
|
|
|
Adjusted EBITDA (3) |
$ |
63.2 |
|
|
$ |
54.6 |
|
|
|
|
|
Free Cash Flow (3) |
$ |
4.5 |
|
|
$ |
(1.9 |
) |
|
|
|
|
Principal face value of debt
outstanding (4) |
$ |
1,124.0 |
|
|
$ |
1,182.7 |
|
|
|
|
|
Total Net Debt (4) (5) |
$ |
1,074.0 |
|
|
$ |
1,132.7 |
|
(1) Operating income, net loss, and net loss per
diluted share for the three months ended December 31, 2019,
included a $6.4 million charge for a proposed legal settlement of
certain FinTech related litigation, $0.4 million in certain
severance costs and professional fees related to the acquisition of
loyalty assets and the repricing/early redemption refinancing
transactions, $0.1 million for the reversal of purchase accounting
liabilities, $0.7 million in value added tax (“VAT”) refund, and a
$0.4 million non-cash charge for the write-off of certain
intangible assets.
(2) Operating income, net income and net
earnings per diluted share for the three months ended December 31,
2018 included approximately $0.4 million of non-recurring operating
expenses related to professional service fees. Net income and net
earnings per diluted share for the three months ended December 31,
2018, included a tax benefit of $7.4 million, primarily related to
the reversal of a portion of the valuation allowance on certain
deferred tax assets.
(3) For a reconciliation of net (loss) income to
Adjusted EBITDA and Free Cash Flow, see the Unaudited
Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA
and to Free Cash Flow provided at the end of this release.
(4) The December 31, 2019, amount does not
reflect the $84.5 million paydown of senior unsecured notes that
took place on January 6, 2020, following the required 30-day
redemption notice.
(5) Total Net Debt is the principle face value
of the outstanding senior secured term loan facility, the senior
secured revolving credit facility and senior unsecured notes, less
cash and cash equivalents or $50 million, whichever is smaller, as
provided in the Company’s Credit Facility. For a reconciliation of
Total Net Debt to Principal face value of debt outstanding, see the
Unaudited Calculation of Total Net Debt Leverage Ratio at the end
of this release.
Consolidated Fourth Quarter 2019
Results
Revenues increased 22% to $145.2 million from
$119.5 million in the fourth quarter of 2018. Revenues from the
Games and FinTech segments increased to $77.1 million and $68.1
million, respectively. Operating income declined to $16.0 million
from $17.2 million in the prior year, primarily due to a $13.6
million increase in operating expenses, reflecting a $6.4 million
charge related to the settlement of litigation, higher
compensation-related costs and legal expense, and $3.9 million of
higher research and development expense.
Net loss was $4.1 million, or $(0.05) per
diluted share, compared with net income of $4.2 million, or $0.06
per diluted share, in the prior year period.
Adjusted EBITDA rose 16% to $63.2 million,
reflecting growth in Games and FinTech segment Adjusted EBITDA to
$35.4 million and $27.8 million, respectively.
Fourth Quarter 2019 Games Segment
Results
Dean Ehrlich, Executive Vice President and Games
Business Leader, said, “The investments we’ve made to enhance our
game development studios and our development process have led to
the creation of new innovative, differentiated games that are
driving consistent growth in our installed base and daily win per
unit, as well as in unit sales. We are executing on an exciting
road map of new cabinet and game content introductions planned for
this year in both for-sale and gaming operations, which we expect
will help drive another year of solid growth for our Games
business.”
Games Segment Full Quarter Comparative
Results (unaudited)
|
Three Months Ended December 31, |
|
2019 |
|
2018 |
|
(in millions, except unit amounts and prices) |
Revenues |
$ |
77.1 |
|
|
$ |
67.0 |
|
|
|
|
|
Operating income (loss)
(1) |
$ |
1.7 |
|
|
$ |
(2.8 |
) |
|
|
|
|
Adjusted EBITDA (2) |
$ |
35.4 |
|
|
$ |
29.6 |
|
|
|
|
|
Unit sales: |
|
|
|
Units sold |
1,348 |
|
|
1,177 |
|
Average sales price (“ASP”) |
$ |
17,630 |
|
|
$ |
18,875 |
|
|
|
|
|
Gaming operations installed
base: |
|
|
|
Average units installed during period: |
|
|
|
Average units installed |
14,487 |
|
|
13,966 |
|
Approximate daily win per unit (3) |
$ |
34.52 |
|
|
$ |
28.42 |
|
|
|
|
|
Units installed at end of period: |
|
|
|
Class II |
9,102 |
|
|
9,370 |
|
Class III |
5,609 |
|
|
4,629 |
|
Total installed base |
14,711 |
|
|
13,999 |
|
|
|
|
|
Installed base — Oklahoma |
6,234 |
|
|
6,599 |
|
Installed base — non-Oklahoma |
8,477 |
|
|
7,400 |
|
Total installed base |
14,711 |
|
|
13,999 |
|
|
|
|
|
Premium units |
5,160 |
|
|
2,859 |
|
(1) Operating income for the three months ended
December 31, 2019, included approximately $0.7 million in VAT
refund and a $0.4 million non-cash charge for the write-off of
certain intangible assets. Operating loss for the three months
ended December 31, 2018, included approximately $0.2 million of
non-recurring operating expenses related to professional service
fees.
(2) For a reconciliation of net (loss) income to
Adjusted EBITDA see the Unaudited Reconciliation of Net (Loss)
Income to EBITDA and Adjusted EBITDA and to Free Cash Flow provided
at the end of this release.
(3) Approximate daily win per unit excludes the
impact of the direct costs associated with the Company’s wide-area
progressive jackpot expense for comparative purposes with prior
periods.
Games segment revenues increased 15% to $77.1
million compared to $67.0 million in the fourth quarter of 2018.
Operating income improved by $4.5 million to $1.7 million from an
operating loss of $2.8 million in the fourth quarter of 2018, and
Adjusted EBITDA increased 20% to $35.4 million, reflecting the
revenue growth and an improvement in operating margin, partially
offset by higher operating expenses, primarily for higher
compensation costs.
Revenues from gaming operations increased 22% to
$50.5 million in the fourth quarter of 2019 compared to $41.5
million in the prior-year period. The increase reflects
year-over-year growth in both the installed base and estimated
daily win per unit (“DWPU”).
- The installed base at December 31,
2019 increased by 712 units year over year and by 439 units on a
quarterly sequential basis to 14,711 units. The premium unit
portion of the installed base increased 80%, or by 2,301 units year
over year, and by 765 units on a quarterly sequential basis to
5,160 units. Higher-yielding wide-area progressive units, which are
a component of premium units, were 924 units at December 31, 2019,
a quarterly sequential increase of 58 units.
- The average DWPU in the fourth
quarter of 2019 increased 21%, or $6.10, to a record $34.52,
compared to $28.42 in the prior-year period. The increase reflects
continued strong performance across the installed base, inclusive
of the benefit from the significant increase in premium unit
placements. This was the ninth consecutive quarter of
year-over-year growth in DWPU.
- Interactive revenue was $1.0
million compared to $0.7 million in the prior-year period.
- Revenues from the New York Lottery
business were $4.6 million in the fourth quarter of 2019 compared
to $4.5 million in the prior-year period. In the fourth quarter,
the Company extended its relationship to continue to provide and
manage the central monitoring system for another 10 years to
2029.
Revenues generated from the sale of gaming units
and other related parts and equipment were a quarterly record $24.8
million compared to $23.5 million in the prior year
period.
- Gaming unit sales increased 15% to
1,348 units in the fourth quarter of 2019 compared to 1,177 units
in the prior-year period. Sales included 54 units for international
markets. The prior-year period included the sale of approximately
120 units to a large multi-property customer.
- Average selling price decreased to
$17,630 per unit from $18,875 in the prior-year period. The average
selling price in the prior-year quarter was bolstered by a
significant number of premium TournEvent unit sales to a major
multi-property customer in Canada.
Other gaming revenue, which primarily reflects
revenue from the Company’s TournEvent of Champions® slot tournament
and the related qualifying events, was $1.7 million in the fourth
quarter of 2019 compared with $1.9 million in the prior-year
period.
Fourth Quarter 2019 Financial Technology
Solutions Segment Results
Darren Simmons, Executive Vice President and
FinTech Business Leader, said, “Everi’s position as a FinTech
leader in the gaming industry reflects our alignment with our
customers’ focus on driving operating efficiencies and improving
their patrons’ gaming experience by leveraging the seamless
integration made possible by our growing product suite. Our recent
entry into the player loyalty and marketing category is an
excellent example of how this alignment brings value to both casino
operators and the Company as our self-service kiosks offer
convenience to casino patrons that helps our customers operate more
efficiently while providing us with an exciting new channel to
generate consistent growth as we scale this business.”
Financial Technology Solutions Segment
Full Quarter Comparative Results (unaudited)
|
Three Months Ended December 31, |
|
2019 |
|
2018 |
|
(in millions, unless otherwise noted) |
Revenues |
$ |
68.1 |
|
|
$ |
52.5 |
|
|
|
|
|
Operating income (1) |
$ |
14.3 |
|
|
$ |
20.0 |
|
|
|
|
|
Adjusted EBITDA (2) |
$ |
27.8 |
|
|
$ |
25.0 |
|
|
|
|
|
Aggregate dollar amount
processed (in billions): |
|
|
|
Cash advance |
$ |
1.9 |
|
|
$ |
1.8 |
|
ATM |
$ |
5.5 |
|
|
$ |
4.9 |
|
Check warranty |
$ |
0.4 |
|
|
$ |
0.3 |
|
|
|
|
|
Number of transactions
completed (in millions): |
|
|
|
Cash advance |
3.0 |
|
|
2.8 |
|
ATM |
25.4 |
|
|
23.0 |
|
Check warranty |
1.1 |
|
|
0.9 |
|
(1) Operating income for the three months ended
December 31, 2019, included a $6.4 million charge for a proposed
legal settlement of certain FinTech related litigation, $0.4
million in certain severance costs and professional fees related to
the acquisition of loyalty assets and the repricing/early
redemption refinancing transactions, and $0.1 million for the
reversal of purchase accounting liabilities. Operating income for
the three months ended December 31, 2018, includes the impact of
approximately $0.2 million related to certain non-recurring
professional fees.
(2) For a reconciliation of net income to
Adjusted EBITDA see the Unaudited Reconciliation of Net (Loss)
Income to EBITDA and Adjusted EBITDA and to Free Cash Flow provided
at the end of this release.
FinTech revenues increased 30% to $68.1 million
compared to $52.5 million in the fourth quarter of 2018, reflecting
18% organic growth and $6.2 million in revenues from the player
loyalty products and services business acquired in March 2019.
Operating income declined by $5.7 million to $14.3 million, while
Adjusted EBITDA increased 11% to $27.8 million, partially
reflecting a decline in operating margin resulting from the revenue
mix of increased equipment sales as well as higher operating
expenses, including the $6.4 million charge for litigation
settlement and higher compensations costs and legal expenses.
- Revenues from cash access services,
which include ATM, cash advance and check services, increased 4% to
$41.0 million compared to $39.5 million in the fourth quarter of
2018. Core cash access revenue growth was primarily the result of
increased transactions and dollars processed. This was the 21st
consecutive quarter of growth in both the number of transactions
and total dollars processed on a year-over-year same-store
basis.
- Equipment sales revenues more than
doubled to $12.8 million in the fourth quarter of 2019 as compared
to $4.6 million in the fourth quarter of 2018. The increase is
primarily due to a 137% year-over-year organic increase in revenue
from sales of fully integrated self-service kiosks and other
value-add products that improve operator efficiencies and
productivity. Player loyalty kiosk sales revenues was $1.9
million in the fourth quarter of 2019.
- Revenues from information services
and other, which includes compliance services, Central Credit and
player loyalty subscriptions, along with kiosk maintenance and
service, increased 70% to $14.3 million compared to $8.4 million in
the fourth quarter of 2018. The increase is primarily due to $4.3
million of revenues related to recurring software license support
for the player loyalty and marketing business, as well as a 19%
year-over-year increase in organic revenue.
Fourth Quarter Free Cash Flow and Other
Financing and Investing Activities
- Free Cash Flow in the fourth
quarter of 2019 increased by $6.4 million to $4.5 million.
- Capital expenditures totaled $32.6
million, primarily reflecting investments made to support the
strong demand for Everi’s premium participation games.
- On December 10, 2019, the Company
completed an underwritten public offering of 10 million shares of
common stock, along with an option granted to the underwriters for
an additional 1.5 million shares which was fully exercised. Total
net proceeds were $122.9 million after underwriting discounts but
before offering expenses payable by the Company. The Company
used the net proceeds to repay $30.5 million of its existing term
loan and on January 6, 2020 redeem $84.5 million of its 7.50%
senior unsecured notes due 2025.○ On a pro-forma basis, as if
the redemption of its unsecured notes occurred on December 31,
2019, the Company’s Total Net Debt would have declined to $989.5
million and its Total Net Debt Leverage ratio would have decreased
to 3.9x.
- On December 24, 2019, the Company
acquired select strategic assets related to the growing market for
casino-focused player loyalty and marketing technologies from Micro
Gaming Technologies, Inc. An initial payment of $15 million was
made at the closing of the transaction, with a further $5 million
to be paid April 1, 2020, and $5 million on December 24, 2021. The
acquisition is expected to be accretive to earnings and operating
cash flow in 2020.
Share Repurchase
Authorization
The Board of Directors authorized the Company to
repurchase up to $10 million value of common stock, subject to
available liquidity, general market and economic conditions,
alternate uses for the capital and other factors. Share repurchases
may be made from time to time in open market transactions, block
trades or in private transactions in accordance with applicable
securities laws and regulations and other legal requirements,
including compliance with the Company’s finance agreements. There
is no minimum number of shares that the Company is required to
repurchase, and the repurchase program may be suspended or
discontinued at any time without prior notice.
2020 Outlook
Everi today provided its initial outlook for
certain 2020 financial and operational metrics. The Company expects
to continue to generate year over year revenue, net income,
Adjusted EBITDA and Free Cash Flow growth in 2020. Adjusted EBITDA
is expected to increase to a range of $272 million to $282 million.
Factors considered in Everi’s 2020 outlook include:
- Broad-based revenue growth across
the Company’s operations, including increases in DWPU and the
installed base, unit sales, cash access service revenue, sales of
fully integrated kiosks and other Fintech equipment, information
services and other revenue, and growth in the player loyalty
business;
- No change to Class III gaming
operations in the State of Oklahoma, as a result of the ongoing
dispute between the State and the tribal casinos that offer Class
III gaming;
- Capital expenditures and placement
fees for 2020 to be in a range of $114 million to $120 million,
including anticipated capital expenditures for the player loyalty
business;
- In conjunction with the early
redemption of $84.5 million in principal value of its 7.50% senior
unsecured notes on January 6, 2020, the Company expects to incur a
loss on extinguishment of debt of approximately $10.8 million;
and
- The Company’s 2020 full year
Adjusted EBITDA outlook does not contemplate any potential impact
related to the COVID-19 virus.
A summary of the financial targets is included
as a supplemental table at the end of this release.
For a reconciliation of projected income before
income tax to projected Adjusted EBITDA, see the Reconciliation of
Projected Income Before Income Tax to Projected EBITDA and
Projected Adjusted EBITDA and Free Cash Flow provided at the end of
this release.
Investor Conference Call and
Webcast
The Company will host an investor conference
call to discuss its 2019 fourth quarter and full year results at
5:00 p.m. ET today. The conference call may be accessed live by
phone by dialing +1 (646) 828-8143. A replay of the call will be
available beginning at 8:00 p.m. ET today and may be accessed by
dialing +1 (412) 317-6671; the PIN number is 2972384. A replay will
be available until March 9, 2020. The call will also be webcast
live and archived on the Company’s website at www.everi.com (select
“Investors” followed by “Events & Presentations”).
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, and Total Net Debt and Total Net
Debt Leverage Ratio, 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, basic and diluted earnings per share, 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. Total Net Debt and Total Net Debt Leverage
Ratio should be read in conjunction with principal face value of
debt outstanding and cash and cash equivalents.
We define Adjusted EBITDA as earnings before
interest, loss on extinguishment of debt, taxes, depreciation and
amortization, non-cash stock compensation expense, accretion of
contract rights, charge related to a proposed legal settlement,
certain purchase accounting adjustments and asset acquisition
expenses, professional fees and costs associated with the repricing
and early redemption refinancing transactions, other non-recurring
severance costs and professional service fees, value added
tax (“VAT”) refund and a non-cash charge for the write-off of
certain intangible assets. 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 per
GAAP to Adjusted EBITDA and Free Cash Flow is included in the
Unaudited Reconciliation of Net Income to EBITDA and Adjusted
EBITDA and to Free Cash Flow 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 to illustrate the impact on cash and cash
equivalents of the timing of our receipt of payments for settlement
receivables and the timing of our payments to customers for
settlement liabilities. We present Net Cash Available as management
monitors this amount in connection with its forecasting of cash
flows and related requirements, both on a short-term and long-term
basis.
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.
We define Total Net Debt as total principal face
value of debt outstanding, the most directly comparable GAAP
measure, less cash and cash equivalents or $50 million, whichever
is smaller. Total Net Debt Leverage Ratio, as used herein,
represents Total Net Debt divided by Adjusted EBITDA for the
trailing twelve-month period. We present Total Net Debt and Total
Net Debt Leverage Ratio as management monitors these items in
evaluating our overall liquidity, financial flexibility and
leverage, as well as our financial position relative to our credit
agreements. Management believes that investors find these
useful in evaluating the Company’s overall liquidity.
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
often address our expected future business and financial
performance, and often contain words such as “goal,” “target,”
“future,” “estimate,” “expect,” “anticipate,” “intend,” “plan,”
“believe,” “seek,” “project,” “may,” “should,” or “will” and
similar expressions to identify forward-looking statements. These
statements are based upon management’s current expectations,
assumptions and estimates and are not guarantees of timing, future
events or performance. Actual results may differ materially from
those contemplated in these statements, due to risks and
uncertainties. Examples of forward-looking statements include,
among others, statements the Company makes regarding (a) its
ability to execute on key initiatives and deliver ongoing
improvements; accelerate Free Cash Flow generation and improve the
Company’s capital structure; integrate acquisitions and achieve
future growth; drive growth of the gaming operations installed base
and DWPU; continue expanding the portions of the gaming floor the
Company’s games address; and create incremental value for its
shareholders; and (b) its guidance related to 2020 financial and
operational metrics, including income before income tax;
Adjusted EBITDA; Free Cash Flow; revenues; unit sales of Gaming
units and FinTech equipment; gaming operations placements and size
of the installed base and DWPU; the contribution from acquisitions,
and any related profit improvements; anticipated levels of capital
expenditures and placement fees; depreciation and amortization
expense; interest expense; cash tax payments, net of refunds; cash
interest payments; non-cash stock compensation expense; and
accretion of contract rights.
The forward-looking statements in this press
release are subject to a variety of risks and uncertainties,
including those set forth under the heading “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in our periodic reports filed with the
Securities and Exchange Commission (the “SEC”), including, without
limitation, our Annual Report on Form 10-K for the year ended
December 31, 2019, and are based on information available to us on
the date hereof.
These cautionary statements qualify our
forward-looking statements and you are cautioned not to place undue
reliance on these forward-looking statements. Any forward-looking
statement contained herein speaks only as of the date, today March
2, 2020, on which it is made, and we do not intend, and assume no
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
This press release should be read in conjunction
with the Form 10-K to which it relates, 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 is a premier supplier of imaginative
entertainment and trusted gaming technology solutions for the
casino, interactive and gaming industry. With a focus on both
customers and players, Everi develops, sells and/or leases
entertaining games and gaming machines, gaming systems and
services, and is the preeminent and most comprehensive provider of
core financial products and services, innovative self-service
player loyalty tools and applications, and intelligence and
regulatory compliance solutions. Everi’s mission is to provide
casino operators with games that facilitate memorable player
experiences, offer seamless and secure financial transactions for
casinos and their patrons, and deliver software applications and
self-service tools to improve casino operations efficiencies and
fulfill regulatory compliance requirements. Everi provides these
products and services in its effort to help make its customers even
more successful. For more information, please visit www.everi.com,
which is updated regularly with financial and other information
about the Company.
Contact Investor Relations:
Everi Holdings Inc.
William PfundVP, Investor Relations702-676-9513
or william.pfund@everi.com
JCIR
Richard Land, James Leahy212-835-8500 or
evri@jcir.com
|
EVERI HOLDINGS INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS ANDCOMPREHENSIVE (LOSS)
INCOME(In thousands, except (loss) earnings per
share amounts) |
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenues |
|
|
|
|
|
|
|
|
Games revenues |
|
|
|
|
|
|
|
|
Gaming operations |
|
$ |
50,497 |
|
|
$ |
41,528 |
|
|
$ |
188,874 |
|
|
$ |
168,146 |
|
Gaming equipment and systems |
|
24,836 |
|
|
23,539 |
|
|
90,919 |
|
|
87,038 |
|
Gaming other |
|
1,707 |
|
|
1,907 |
|
|
3,326 |
|
|
3,794 |
|
Games total revenues |
|
77,040 |
|
|
66,974 |
|
|
283,119 |
|
|
258,978 |
|
FinTech revenues |
|
|
|
|
|
|
|
|
Cash access services |
|
41,061 |
|
|
39,442 |
|
|
164,741 |
|
|
156,806 |
|
Equipment |
|
12,814 |
|
|
4,639 |
|
|
37,865 |
|
|
20,977 |
|
Information services and other |
|
14,262 |
|
|
8,447 |
|
|
47,502 |
|
|
32,754 |
|
FinTech total revenues |
|
68,137 |
|
|
52,528 |
|
|
250,108 |
|
|
210,537 |
|
Total revenues |
|
145,177 |
|
|
119,502 |
|
|
533,227 |
|
|
469,515 |
|
Costs and
expenses |
|
|
|
|
|
|
|
|
Games cost of revenues |
|
|
|
|
|
|
|
|
Gaming operations |
|
5,251 |
|
|
4,603 |
|
|
18,043 |
|
|
17,603 |
|
Gaming equipment and systems |
|
13,739 |
|
|
12,428 |
|
|
50,826 |
|
|
47,121 |
|
Gaming other |
|
1,561 |
|
|
1,667 |
|
|
3,025 |
|
|
3,285 |
|
Games total cost of revenues |
|
20,551 |
|
|
18,698 |
|
|
71,894 |
|
|
68,009 |
|
FinTech cost of revenues |
|
|
|
|
|
|
|
|
Cash access services |
|
4,459 |
|
|
2,807 |
|
|
14,236 |
|
|
9,717 |
|
Equipment |
|
7,408 |
|
|
2,815 |
|
|
22,292 |
|
|
12,601 |
|
Information services and other |
|
1,012 |
|
|
964 |
|
|
3,964 |
|
|
4,110 |
|
FinTech total cost of revenues |
|
12,879 |
|
|
6,586 |
|
|
40,492 |
|
|
26,428 |
|
Operating expenses |
|
50,738 |
|
|
37,122 |
|
|
162,184 |
|
|
142,298 |
|
Research and development |
|
10,106 |
|
|
6,184 |
|
|
32,505 |
|
|
20,497 |
|
Depreciation |
|
17,136 |
|
|
17,395 |
|
|
63,198 |
|
|
61,225 |
|
Amortization |
|
17,794 |
|
|
16,302 |
|
|
68,937 |
|
|
65,245 |
|
Total costs and
expenses |
|
129,204 |
|
|
102,287 |
|
|
439,210 |
|
|
383,702 |
|
Operating
income |
|
$ |
15,973 |
|
|
$ |
17,215 |
|
|
$ |
94,017 |
|
|
$ |
85,813 |
|
Other
expenses |
|
|
|
|
|
|
|
|
Interest expense, net of interest income |
|
17,714 |
|
|
20,412 |
|
|
77,844 |
|
|
83,001 |
|
Loss on extinguishment of debt |
|
179 |
|
|
— |
|
|
179 |
|
|
166 |
|
Total other expenses |
|
17,893 |
|
|
20,412 |
|
|
78,023 |
|
|
83,167 |
|
(Loss) income before income tax |
|
(1,920 |
) |
|
(3,197 |
) |
|
15,994 |
|
|
2,646 |
|
Income tax provision (benefit) |
|
2,224 |
|
|
(7,400 |
) |
|
(523 |
) |
|
(9,710 |
) |
Net (loss) income |
|
(4,144 |
) |
|
4,203 |
|
|
16,517 |
|
|
12,356 |
|
Foreign currency translation |
|
1,368 |
|
|
(1,001 |
) |
|
1,179 |
|
|
(1,745 |
) |
Comprehensive (loss) income |
|
$ |
(2,776 |
) |
|
$ |
3,202 |
|
|
$ |
17,696 |
|
|
$ |
10,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
(Loss) earnings per
share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.05 |
) |
|
$ |
0.06 |
|
|
$ |
0.23 |
|
|
$ |
0.18 |
|
Diluted |
|
$ |
(0.05 |
) |
|
$ |
0.06 |
|
|
$ |
0.21 |
|
|
$ |
0.17 |
|
Weighted average common
shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
75,387 |
|
|
70,196 |
|
|
72,376 |
|
|
69,464 |
|
Diluted |
|
75,387 |
|
|
74,024 |
|
|
79,235 |
|
|
73,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EVERI HOLDINGS INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (In
thousands) |
|
|
|
|
|
Year ended December 31, |
|
|
2019 |
|
2018 |
Cash flows from
operating activities |
|
|
|
|
Net income |
|
$ |
16,517 |
|
|
$ |
12,356 |
|
Adjustments to reconcile net income to cash provided by operating
activities: |
|
|
|
|
Depreciation |
|
63,198 |
|
|
61,225 |
|
Amortization |
|
68,937 |
|
|
65,245 |
|
Non-cash lease expense |
|
4,276 |
|
|
— |
|
Amortization of financing costs and discounts |
|
4,285 |
|
|
4,877 |
|
Loss on sale or disposal of assets |
|
1,678 |
|
|
869 |
|
Accretion of contract rights |
|
8,710 |
|
|
8,421 |
|
Provision for bad debts |
|
14,647 |
|
|
11,459 |
|
Deferred income taxes |
|
(1,593 |
) |
|
(10,343 |
) |
Write-down of assets |
|
1,268 |
|
|
2,575 |
|
Reserve for obsolescence |
|
1,463 |
|
|
1,919 |
|
Loss on extinguishment of debt |
|
179 |
|
|
166 |
|
Stock-based compensation |
|
9,857 |
|
|
7,251 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Settlement receivables |
|
12,961 |
|
|
143,705 |
|
Trade and other receivables |
|
(41,754 |
) |
|
(29,320 |
) |
Inventory |
|
(3,067 |
) |
|
(3,848 |
) |
Prepaid and other assets |
|
(18,724 |
) |
|
1,672 |
|
Settlement liabilities |
|
(100,783 |
) |
|
17,159 |
|
Accounts payable and accrued expenses |
|
42,835 |
|
|
(1,102 |
) |
Net cash provided by operating activities |
|
84,890 |
|
|
294,286 |
|
Cash flows from investing
activities |
|
|
|
|
Capital expenditures |
|
(114,291 |
) |
|
(103,031 |
) |
Acquisitions, net of cash acquired |
|
(35,000 |
) |
|
— |
|
Proceeds from sale of property and equipment |
|
56 |
|
|
237 |
|
Placement fee agreements |
|
(17,102 |
) |
|
(20,556 |
) |
Net cash used in investing activities |
|
(166,337 |
) |
|
(123,350 |
) |
Cash flows from financing
activities |
|
|
|
|
Repayments of credit facility |
|
(58,700 |
) |
|
(8,200 |
) |
Shelf registration |
|
122,376 |
|
|
— |
|
Debt issuance costs and discounts |
|
(707 |
) |
|
(1,276 |
) |
Proceeds from exercise of stock options |
|
15,704 |
|
|
9,610 |
|
Purchase of treasury stock |
|
(1,060 |
) |
|
(123 |
) |
Net cash provided by financing activities |
|
77,613 |
|
|
11 |
|
Effect of exchange rates on cash |
|
1,263 |
|
|
(1,370 |
) |
Cash, cash equivalents
and restricted cash |
|
|
|
|
Net (decrease) increase for the period |
|
(2,571 |
) |
|
169,577 |
|
Balance, beginning of the period |
|
299,181 |
|
|
129,604 |
|
Balance, end of the period |
|
$ |
296,610 |
|
|
$ |
299,181 |
|
|
|
|
|
|
|
|
|
|
|
EVERI HOLDINGS INC. AND
SUBSIDIARIESUNAUDITED RECONCILIATION OF CASH AND
CASH EQUIVALENTSTO NET CASH POSITION AND NET CASH
AVAILABLE (In thousands) |
|
|
|
|
|
At December 31, |
|
At December 31, |
|
2019 |
|
2018 |
Cash
available |
|
|
|
Cash and cash equivalents (1) |
$ |
289,870 |
|
|
$ |
297,532 |
|
Settlement receivables |
70,282 |
|
|
82,359 |
|
Settlement liabilities |
(234,087 |
) |
|
(334,198 |
) |
Net cash position |
126,065 |
|
|
45,693 |
|
|
|
|
|
Undrawn revolving credit facility |
35,000 |
|
|
35,000 |
|
Net cash available |
$ |
161,065 |
|
|
$ |
80,693 |
|
(1) Cash and cash equivalents include
approximately $91.2 million that was used to pay down $84.5 of our
senior unsecured notes and accrued and unpaid interest thereon,
along with the related early redemption premium and fees on January
6, 2020.
|
EVERI HOLDINGS INC. AND
SUBSIDIARIESUNAUDITED RECONCILIATION OF NET (LOSS)
INCOME TO EBITDA AND ADJUSTED EBITDA AND TO FREE CASH FLOW AND
ADJUSTED EBITDA MARGIN (In
thousands) |
|
|
|
|
|
Three Months Ended December 31, 2019 |
|
Three Months Ended December 31, 2018 |
|
Games |
|
FinTech |
|
Total |
|
Games |
|
FinTech |
|
Total |
Net (loss) income |
|
|
|
|
$ |
(4,144 |
) |
|
|
|
|
|
$ |
4,203 |
|
Income tax provision
(benefit) |
|
|
|
|
2,224 |
|
|
|
|
|
|
(7,400 |
) |
Loss on extinguishment of
debt |
|
|
|
|
179 |
|
|
|
|
|
|
— |
|
Interest expense, net of interest
income |
|
|
|
|
17,714 |
|
|
|
|
|
|
20,412 |
|
Operating income (loss) |
$ |
1,647 |
|
|
$ |
14,326 |
|
|
$ |
15,973 |
|
|
$ |
(2,843 |
) |
|
$ |
20,058 |
|
|
$ |
17,215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: depreciation and
amortization |
30,447 |
|
|
4,483 |
|
|
34,930 |
|
|
29,878 |
|
|
3,819 |
|
|
33,697 |
|
EBITDA |
$ |
32,094 |
|
|
$ |
18,809 |
|
|
$ |
50,903 |
|
|
$ |
27,035 |
|
|
$ |
23,877 |
|
|
$ |
50,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock compensation
expense |
1,411 |
|
|
2,305 |
|
|
3,716 |
|
|
242 |
|
|
891 |
|
|
1,133 |
|
Accretion of contract
rights |
2,170 |
|
|
— |
|
|
2,170 |
|
|
2,122 |
|
|
— |
|
|
2,122 |
|
Write-off of inventory,
property and equipment and intangible assets |
425 |
|
|
— |
|
|
425 |
|
|
— |
|
|
— |
|
|
— |
|
Adjustment of certain purchase
accounting liabilities |
— |
|
|
(129 |
) |
|
(129 |
) |
|
— |
|
|
— |
|
|
— |
|
Non-recurring professional
fees and other, net (1) |
(735 |
) |
|
454 |
|
|
(281 |
) |
|
204 |
|
|
204 |
|
|
408 |
|
Litigation settlement
accrual |
— |
|
|
6,350 |
|
|
6,350 |
|
|
— |
|
|
— |
|
|
— |
|
Adjusted
EBITDA |
$ |
35,365 |
|
|
$ |
27,789 |
|
|
$ |
63,154 |
|
|
$ |
29,603 |
|
|
$ |
24,972 |
|
|
$ |
54,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
|
|
|
(25,274 |
) |
|
|
|
|
|
(26,679 |
) |
Cash paid for capital
expenditures |
|
|
|
|
(32,649 |
) |
|
|
|
|
|
(24,486 |
) |
Cash paid for placement
fees |
|
|
|
|
— |
|
|
|
|
|
|
(5,256 |
) |
Cash paid for income taxes,
net of refunds |
|
|
|
|
(763 |
) |
|
|
|
|
|
(56 |
) |
Free Cash
Flow |
|
|
|
|
$ |
4,468 |
|
|
|
|
|
|
$ |
(1,902 |
) |
(1) Included in the amount reported for the
three months ended December 31, 2019, is approximately $0.7 million
related to our Games segment from the net recovery of a VAT refund
from the Mexican authorities after non-recurring professional fees
associated with the recovery of these amounts.
|
EVERI HOLDINGS INC. AND
SUBSIDIARIESUNAUDITED RECONCILIATION OF NET INCOME
TO EBITDA AND ADJUSTED EBITDA AND TO FREE CASH FLOW AND ADJUSTED
EBITDA MARGIN (In thousands) |
|
|
|
|
|
Year Ended December 31, 2019 |
|
Year Ended December 31, 2018 |
|
Games |
|
FinTech |
|
Total |
|
Games |
|
FinTech |
|
Total |
Net income |
|
|
|
|
$ |
16,517 |
|
|
|
|
|
|
$ |
12,356 |
|
Income tax benefit |
|
|
|
|
(523 |
) |
|
|
|
|
|
(9,710 |
) |
Loss on extinguishment of
debt |
|
|
|
|
179 |
|
|
|
|
|
|
166 |
|
Interest expense, net of interest
income |
|
|
|
|
77,844 |
|
|
|
|
|
|
83,001 |
|
Operating income |
$ |
10,376 |
|
|
$ |
83,641 |
|
|
$ |
94,017 |
|
|
$ |
3,071 |
|
|
$ |
82,742 |
|
|
$ |
85,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: depreciation and
amortization |
114,373 |
|
|
17,762 |
|
|
132,135 |
|
|
110,157 |
|
|
16,313 |
|
|
126,470 |
|
EBITDA |
$ |
124,749 |
|
|
$ |
101,403 |
|
|
$ |
226,152 |
|
|
$ |
113,228 |
|
|
$ |
99,055 |
|
|
$ |
212,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock compensation
expense |
3,306 |
|
|
6,551 |
|
|
9,857 |
|
|
2,317 |
|
|
4,934 |
|
|
7,251 |
|
Accretion of contract rights |
8,710 |
|
|
— |
|
|
8,710 |
|
|
8,421 |
|
|
— |
|
|
8,421 |
|
Write-off of inventory, property
and equipment and intangible assets |
1,268 |
|
|
— |
|
|
1,268 |
|
|
2,575 |
|
|
— |
|
|
2,575 |
|
Adjustment of certain purchase
accounting liabilities |
— |
|
|
(129 |
) |
|
(129 |
) |
|
— |
|
|
(550 |
) |
|
(550 |
) |
Non-recurring professional fees
and other, net (1) |
(251 |
) |
|
1,244 |
|
|
993 |
|
|
204 |
|
|
204 |
|
|
408 |
|
Litigation settlement
accrual |
— |
|
|
6,350 |
|
|
6,350 |
|
|
— |
|
|
— |
|
|
— |
|
Adjusted
EBITDA |
$ |
137,782 |
|
|
$ |
115,419 |
|
|
$ |
253,201 |
|
|
$ |
126,745 |
|
|
$ |
103,643 |
|
|
$ |
230,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
|
|
|
(77,351 |
) |
|
|
|
|
|
(81,609 |
) |
Cash paid for capital
expenditures |
|
|
|
|
(114,291 |
) |
|
|
|
|
|
(103,031 |
) |
Cash paid for placement fees |
|
|
|
|
(17,102 |
) |
|
|
|
|
|
(20,556 |
) |
Cash paid for income taxes, net
of refunds |
|
|
|
|
(694 |
) |
|
|
|
|
|
(402 |
) |
Free Cash
Flow |
|
|
|
|
$ |
43,763 |
|
|
|
|
|
|
$ |
24,790 |
|
(1) Included in the amount reported for the year
ended December 31, 2019, is approximately $0.7 million related to
our Games segment from the net recovery of a VAT refund from the
Mexican authorities after non-recurring professional fees
associated with the recovery of these amounts.
|
EVERI HOLDINGS INC. AND
SUBSIDIARIESUNAUDITED CALCULATION OF TOTAL NET
DEBT LEVERAGE RATIO(In thousands, except for
ratio) |
|
|
|
|
|
Trailing Twelve Months Ended |
|
|
December 31, 2019 |
|
December 31, 2018 |
Net income |
|
$ |
16,517 |
|
|
$ |
12,356 |
|
Income tax benefit |
|
(523 |
) |
|
(9,710 |
) |
Loss on extinguishment of
debt |
|
179 |
|
|
166 |
|
Interest expense, net of interest
income |
|
77,844 |
|
|
83,001 |
|
Operating
income |
|
$ |
94,017 |
|
|
$ |
85,813 |
|
|
|
|
|
|
Plus: depreciation and
amortization |
|
132,135 |
|
|
126,470 |
|
EBITDA |
|
$ |
226,152 |
|
|
$ |
212,283 |
|
|
|
|
|
|
Non-cash stock compensation
expense |
|
9,857 |
|
|
7,251 |
|
Accretion of contract rights |
|
8,710 |
|
|
8,421 |
|
Write-off of inventory, property
and equipment and intangible assets |
|
1,268 |
|
|
2,575 |
|
Adjustment of certain purchase
accounting liabilities |
|
(129 |
) |
|
(550 |
) |
Non-recurring professional fees
and other, net (1) |
|
993 |
|
|
408 |
|
Litigation settlement
accrual |
|
6,350 |
|
|
— |
|
Adjusted
EBITDA |
|
$ |
253,201 |
|
|
$ |
230,388 |
|
|
|
|
|
|
Principal face value of debt
outstanding (2) |
|
$ |
1,124,000 |
|
|
$ |
1,182,700 |
|
Less: cash and cash equivalents (3) |
|
50,000 |
|
|
50,000 |
|
Total Net Debt |
|
$ |
1,074,000 |
|
|
$ |
1,132,700 |
|
Total Net Debt Leverage
Ratio |
|
4.2x |
|
4.9x |
(1) Included in the twelve-month period ended
December 31, 2019, is the recovery of approximately $0.7 million of
a VAT refund from the Mexican authorities related to our Games
segment.
(2) Principal face value includes outstanding
amounts on the senior secured term loan facility, the senior
secured revolving credit facility and the senior unsecured notes.
The balance at December 31, 2019, does not reflect the $84.5
million early redemption of senior unsecured notes paid on January
6, 2020.
(3) The Company nets the lesser of cash and cash
equivalents or $50 million against debt outstanding, as provided in
the Company's Credit Facility.
|
EVERI HOLDINGS INC. AND
SUBSIDIARIESRECONCILIATION OF PROJECTED INCOME
BEFORE INCOME TAX TO PROJECTED EBITDAAND PROJECTED
ADJUSTED EBITDA FOR THE YEAR ENDING DECEMBER 31,
2020 (In thousands) |
|
|
|
2020 Adjusted EBITDA Guidance Range (1) |
|
Low |
|
High |
Projected income before income
tax (2) |
30,000 |
|
|
40,000 |
|
Projected loss on extinguishment
of debt |
11,000 |
|
|
11,000 |
|
Projected interest expense, net
of interest income |
66,000 |
|
|
64,000 |
|
Projected operating income |
$ |
107,000 |
|
|
$ |
115,000 |
|
|
|
|
|
Plus: projected depreciation and
amortization |
147,000 |
|
|
146,000 |
|
Projected EBITDA |
$ |
254,000 |
|
|
$ |
261,000 |
|
|
|
|
|
Projected non-cash stock
compensation expense |
10,000 |
|
|
12,000 |
|
Projected accretion of contract
rights |
8,000 |
|
|
9,000 |
|
Projected Adjusted EBITDA |
$ |
272,000 |
|
|
$ |
282,000 |
|
|
|
|
|
Cash paid for interest |
(61,000 |
) |
|
(61,000 |
) |
Cash paid for capital
expenditures |
(114,000 |
) |
|
(120,000 |
) |
Cash paid for placement fees |
— |
|
|
(1,000 |
) |
Cash paid for income taxes, net
of refunds |
(2,000 |
) |
|
— |
|
Projected Free Cash Flow |
$ |
95,000 |
|
|
$ |
100,000 |
|
(1) All figures presented are projected
estimates for the year ending December 31, 2020.
(2) During 2020, the Company expects to record a
significant reduction to its valuation allowance associated with
the Company’s Net Operating Loss Carryforwards. The amount of the
reduction in the valuation allowance is impracticable to estimate
at this time and therefore the above reconciliation utilizes
projected income before income tax.
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