EVRI - Earnings call 3 2023 | Everi Holdings Inc.

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Operator

Good morning, and thank you for standing by, and welcome to the Everi Holdings 2023 Third Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded.Now let me turn the call over to Jennifer Hills, Vice President, Investor Relations. Please go ahead.

Jennifer Hills

Thank you, operator.

Let me begin with a reminder that our safe harbor disclaimer, which covers today's call and webcast contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those discussed in today's call.These risks and uncertainties include, but are not limited to, those contained in our earnings release today and in other SEC filings, which are posted in the Investors section of our corporate website at everi.com. risks, forward-looking cautioned statements. potential undue to the on reliance of you not are place Because only November We cash obligation certain adjusted forward-looking made EPS, to not non-GAAP update of do intend as flow any statements, and financial measures free which adjusted refer cash XXXX.We position. will X, assume such no as to today, EBITDA, are net and in of to measures Investors each call of as these earnings found the can recorded. and directly description and well reconciliation being non-GAAP is related A a section and GAAP most comparable be as website.This X-K our release measures webcast of today our our in A can website. link of replay in webcast of today's a our be to call the the and found Investors section Taylor, Business Leader; will Darren Leader.Now call Officer; Kate turn over are Executive the Officer; Financial Business Randy. our Mark and Games General Chief today Counsel; Ehrlich, call I Lowenhar-Fisher, Randy Chief Simmons, Fintech Dean Labay, On to

Randy Taylor

you us morning, Good Jennifer. for today. all and you, Thank thank joining

For million. million. we the $XXX and shareholders of the our quarter, $XXX.X million.During flow million, million free our $XX.X bringing year-to-date cash we share $XX.X to $XX.X of EBITDA program $XXX.X of since through the adjusted the brings cash flow share repurchases million our third free to total reported to repurchases, the returned This quarter, revenue of inception of

floors continued to and revenue of casino reached remaining million software $XXX for quarterly We funds strong under our Fintech current deliver billion. have $XX.X another delivered business repurchase in We access businesses. million our $XXX growth over other and financial to high authorization.Our

new products revenues year-over-year mobile to extending sectors.Our to capitalize our on products continued as loyalty unique grow and in and a to and we content pre-pandemic venues footprint other our won same-store operator of award. and rate to casino sales our daily growth solutions, the wallet While higher an a into have the add returned as business and introduced on-premise ability to our growth, at result as customers, level low- payment customer online that operator of mid-single-digit adjacent strategy has efficiencies. patent highlight ] the digital demonstrated combines capabilities continued driving gaming new our and reach updated core improving gaming, Solution experience cash for well We focused offerings of our on [ the our the our allows trends diverse global flow with and our digital Year show, Fintech is services.During hospitality to and products Payment the of recent convergence across portfolio which our position GXE, Buy business show game neighborhood, strong digital to We which gaming. offer our of

gaming year. in see and BeOn our existing also our sell We ticketing, that ], digital are cash mobile smaller opportunity believe rewards will the ecash to into amenities. next including together our American with products of traction X and and loyalty, engagement to kiosks We plan products first additional North ordering, XXXX, continue with our in customers.We other the gain in these the [ have for our half distributed wallet Fintech and several use markets multiple wallet received a Buy strong mobile on making properties across with be introduced gaming, operators.We and comprehensive of access, agreements offering mobile patrons casino includes mobile a will securing interest to progress jurisdictions Wallet able

near-term expect third hotel, continued this impact adjacencies, into and that capabilities.Our entertainment, food quarter opportunity utilize expand year. headwinds the by recurring and business retail, we loyalty and of in venue of we us acquired including ties base provide experience market grow leveraging our to Games similar new initiatives beverage revenues mobile-first payment our venues, a sports, assets the and from QX to Our and in the our

new cabinets, X market our and new complement cabinets. highlighted period, cabinets and opportunities new Starting for and launch mechanical XX-month XXXX, that we content GXE, newer incorporate components cabinets.These of real existing we and beyond. over our technologies video will portfolio at XXXX and a premium sale and cabinets refresh in new However, for

into GXE, additional video XXXX.Importantly, this themes Customer and our before new as innovative for X the have diversity that and October, And our end Classic at content addition and new the favorite QX, In launched nearly entertainment response the represents of XX these game XXX look the both in in Dynamic. showed this Reserve diverse has release all, with we Dynasty themes support our in targeted and of all that the growth to to offerings positive. content year-end.We new end every and of quarter we year by placed avid the our cabinets forward new to the of our in XX of players.We a launch to games been a of of placed new of features, of be Player cabinets new installed new players never cabinets build and successfully at new our in XX portfolio cabinets base into themes the next cabinets targets another XXXX. over expected portfolio drive seen rollout QX to

at estimate fourth new we in late openings recent in grow challenges, of historical expansions. year will to the at XX% to the we some We market presence video openings or the be our have by racing casino our second As in expanding and in slot starting more quarter entering share than XXXX, growth our the quarter. accelerate into opportunities the in move share horse continue with the we Australia and terminal XXXX.Despite market, internationally, Illinois that early lottery additional increasing floor new the

a our the for assets revenue to year-to-date.Now reported Bingo let and performance the me operations of the expectations growth and the business over of turn gaming through acquisition digital quarter has XX% the Mark./// Our our call King exceeded Video

Mark Labay

growth We and partially reported quarter year-over-year and Thanks, Fintech revenues. grew XX%, growth in see by solid results. games XXXX. which by benefiting X% in was a the quarterly adding a operating on Randy, from Hardware driven X%, and sales revenues by $X let which of other acquired of growth me color decline the revenue from in Fintech more growth decreased to offset the financial begin by the a and X% continued organic X%.Software by little Venuetize, or by million services, quarter year. fourth contribution both from XX% from increased in access revenues prior revenues third

that new other quarter benefit and basis. openings However, continue on business, we cost cadence our year.In lumpy increased terms can be quite side of had hardware.Adjusted for the increased the prior sales Fintech kiosks Long the and ongoing impact expansions financial for you equipment increased a the see to term, in quarterly sales inclusive and opportunities replacement the the the support on penetration royalty of and than labor I'd market to our of year Fintech quarter-by-quarter segment more of spending. current of higher X% for for these EBITDA to of increased Fintech of year-over-year $XX.X sales R&D access million, remind

segment, the EBITDA $XX.X Within $XX.X million adjusted ago. Games was a million with year compared

from to installed quarter.This and daily to installed also expectations the be down we decreased we win to expect to down slightly our unit our both base sequentially third due fourth seasonal the transition generation to influences, next consistent partially second and be per to was cabinets. compared win base our the and Our as of per quarter. quarter, with the prior continue year expect In we unit daily

moderate provider for XX.X%, equipment the third a an as million unit cabinets in year HHR in quarter. continue acquisition and in the our to base offsetting quarter revenues sales game basis margin installed prior $XX.X this new by payment daily market, compared a receive in buyouts to to our is to year conditions. our adjusted percentage growth.Gaming we financial both to XXX year-over-year to portion King remain certain equipment expect revenue reflecting the per EBITDA Video us mix and Partially shift in recurring units and adjusted from of higher new revenue the game buy under in share our fourth essentially HHR the May primarily to out we these costs as sales $X.X When expanded of business.The hardware and related growth.We has percentage gain expect payroll game equipment As gaming of to ago, from reported to they the we the invest year. units other of XX.X% in win to declines $X.X million million EBITDA compensate operations range to upfront quarter, sales and million for from in related the before XXX lower-margin expenses themes access was million Adjusted services reflects right fewer down exercise traction revenues $XX.X flat right, lost future certain equipment revenue EBITDA due a the which our the future recurring in theme platform were the sold. gaming decline revenue the our primarily mid-XX% sales.Consolidated returning points higher-margin was as themes.Consolidated the with of of XX.X% prior gross and to $X.X

to the and third Our lower lower from was net $XX share in share was flat quarter was income million, our the expense.Net a provision tax increase primarily $X.XX $XX which year. to in quarter, impact A activity, the in adjusted diluted which higher from of offset million by the our expense the and was income year. interest shares prior compared income in lower repurchase outstanding, earnings interest per due decrease prior an operating

a average the have a was on loan of interest of we is interest. weighted expense the reminder, a rate X% of X.X%.Also cash borrowing quarter, fee fixed the usage end that and As arrangements. our bulk million of cash of million at At unsecured rate ATM outstanding our variable approximately rate notes $XXX $XXX in has included term

the with higher increased of to our offset increased Las XXXX, for will the next capital base business transition gaming the allocation gaming product with and to items family including continue increased continue service our million as our of market our in new discrete finalize our from X.X% revenue of do our will and operations includes on new spending basis expenditures consolidated to to current new This and maintaining capital of we IT library revenues cash customer growth to cash we adjusted share expect of a making capital will are installed and to existing expected costs year overall, of result a XXXX X.Xx and XXXX spending net to revenue evolved adjusted gains reinvesting a million of of and growth.While not we the and capital facility in customers full array investment the cash expenditures themes Vegas is as will EBITDA increased currently million was infrastructure premium in focus ago. XXXX, $X of X% improvements a XXXX, in $X our discussed provide assembly to with expense our increase the range should on into $X flow in new cabinets, leverage investments.We drive our items of working strategy in to to our game reduced and on broader which views estimated focus X.Xx year tremendous quarter and only decline leverage at our was total million any generated equipment cabinets last revenue trailing build-out Xx Vegas.From be of we $XX.X with target.Free lines third geography interest our We million driving for existing spending XXXX. in We investments million our in EBITDA, and debt on compared comfortable material $XX $XX.X Las our capital compared line warehouse level quarter ended for remains approximately a cash the believe our in experienced to Our assembly deeper of levels. a remain with growth. offerings. costs. total current result the other primarily Any increased R&D footprint. and to like still expected to related facility interest The launched in expanding cabinets We growth.We we discrete new in net we family for future

repurchases.Moving to acquisition the support we our to be in objectives, continue below evaluate outlook. our consider our development opportunities returning a expect priority allocation will tuck-in shareholders place and share product valued, that share far higher to we growth near-term, to price what excess through with we on in capital cash our to fairly flow would towards While

revenue single-digit high see to expect for to growth continue the we Fintech, For year.

August daily near-term unit.We with For games, contributions on the opportunity our to earnings call. to until our to traction we flow at on full prior the for and income, to a and a result expect the cash third greater the year.Net win per basis, X% installed due year. guidance end adjusted provided during our for business, operators have are total, current the On now the patrons, in for cabinets in free as headwinds based to expect be also XXXX and quarter and we lower the full down per and flat lowered the share, the quarter [ HHR be with sales our theme year of adjusted EBITDA second gain share their games new to games expected base per earnings decline of business, consolidated our now our game expect unit games now In GAAP-based and be earnings in primarily revenue ranges for reduced the portfolio revenues outlook expect recurring Bios we from ]. line consolidated pressure

lower and count from the adjusted do third end benefit be taxes lower expense, expect lower estimates the earnings per share at on our additional lower share not net reductions and operating interest the reflect buyback expenditures.Our earnings income offset for are potential per share of any any and activity. We quarter by capital from future based shares outstanding to

business.We long-term are road highlighted, to both profitable to the next our for over our execute over operator and a call investments We floors the in next this, As studios excited new will combined questions. expansion Games our see Fintech the Randy VLT map recent remarks our begin return continue and on we people reach and growth in to casino drive in conclude several prepared growth with now believe for quarters. with our into Games the that, to year.And market, to turn I'll the

Operator

the from The Stantial first Stifel. Instructions] with question [Operator Jeff comes line of

Jeffrey Stantial

Starting on sequential targeting game off XXXX. last sometime year-end to I business. growth installations potentially call, in bit a ops the bleeding think into talked here Ray [ resume you to around ],

the up cabinets.Just just see the mirror for given that that thinking Now data newer ramp some starting and of GXE at in right about is frame? is you're how Or installations some of points? still incremental to curious, you time rearview the the are

Randy Taylor

we would were little be Sure, Jeff. a I would say, the end we year, probably up. we probably where more thought bullish would

of I be We end this are renovation, base quarter. they'll we in newer to field. out think in units think -- come point, I are year. get due out at some installed the do a our cabinets But of will the there. the in the couple slightly back our first down have There's seeing, factors that by

end. hard think the that next -- installed And newer QX, say. put and of depend the overall, we've quarter are we will It install.So new a in about to just grow So units out through grow year. to do again. year, I expect be in another XX cabinets base to cabinets XXX is to that have start October we our will the we'll to base new expectation the start it's decline expect on we slight Whether see will how the on, take and but installed but next

Jeffrey Stantial

from Curious your how coming to a diversify market-wide of out kind kind in bit of given couple this the to a then refresh been of competitors? what continue for stepper bit. cycle content in one like words, share trending, from we whoever just you of as a other of Dean on to operators to ton category, guess, quarters then outweigh seem share Games couple Okay. does this. you'll last for maybe wants specifically?And Obviously, overall XXXX with start does sense a that a category perspective, out take I different push Or coming shift the or of of sales the expectation XXXX a Great. with have category the business, point look performance stepper hardware a into And if particular, helpful. to we're of and other evenly of stick sort That's Randy, GXE. it focus have on

makes kind out. me know the break sense that it way if of Let I

Randy Taylor

No.

And the it the then mechanical on. we're think look, take But our mechanical I very think Jeff. in on piece Dean does, competitors and I comfortable and add X on refocused I'll first Clearly, products. can still very have area. big bullish

a there more that be split. will of think we So

got we're I where share of between area add? compete in for we where main anything we'll we area.So be still think let's XX% few to to going to operators mechanical my think to I split think and closer be comfortable grow, the best the that nice top XX% see feel those that a of to share continue also and we're mechanical. very focused last we a again, mechanical think we'll of on in that that's I that very to our -- the going us video. And in maintain we with at a in only is greater plays it's years say, received we've how but view, And to that, think to out.Dean, the is would And very we'll but realize X market, amount well. fair continue

Dean Ehrlich

are a would say products. just that continue compelling we what pipeline I think of we to very provide

dominate we're at denomination the and mechanical look Isler's lower ] the we of you the side, high list. in and it. mean still half [ even If denomination list I

a we that that side. me the resonate that's that's most continue forward on is to about telling in we're products also and position to excited So feel stuff mechanical what put to out continue good move our us coming the

Operator

Securities. Jonas Barry line Next question comes the from Truist with of

Barry Jonas

between in space and is and be the You've gaming. to strong the we've together? the still case -- for Games seen seen How lottery Fintech consolidation

Randy Taylor

Look, XXXX there businesses from for combination complementary. company. done standpoint, we've it's our very are and this well cost the we've are revenue synergies are had been synergies, -- these and since There

things an these don't X continue offer access look for side are and of one now other the on-prem I of it, the into we believe do product, cash But believe compelling, the Everi. a way. there still sees answer together in some we And now X the our we someone the that that with came really combination is comes have we're was still at entrenched here.So we our don't of ever I businesses.However, businesses our we our gaming or business to with an that us definitely think byproduct, So market I mobile If of will right anything with utilizing assets incorporating digital the but we're mobile to other the product. to believe right that X these continue businesses synergies management. evaluate

Barry Jonas

somewhat I'd Great. That's map, And helpful. of your kind it. love really hear excited then road to about I'm international about more

somewhat international terms be And get could EBITDA? big to business the to how in relative your revenue or of about domestic curious views

Randy Taylor

a and give a will more color. stages. start little I'll in little Dean Sure. early probably Look, the we're

think just in the don't just our going it I So more overstate content for be Look, a to be and VLT positive it's clearly, that But of We 'XX. continuing But for our going big HHR adds in we're I going piece I need will other end there. they're into if like largest cabinets into, where markets increase Australia. resonate, the and us. share it for gaming and 'XX machines the to out think at market market.And into areas us. very is second want that small what's of to Australia, to

continue things I 'XX and growth grow So show in and us to those to 'XX. allow think all

from it's So very standpoint. our it's early, but promising

Operator

line Next from Beynon of Chad question with the Macquarie. comes

Chad Beynon

there. I wanted to Darren. Randy positive revenues expected to for high-single-digits, Fintech guide, your or with start Based grow are so on really

the the side, was remained market than growth. year-over-year that transaction significantly On financial access -- growth service higher

can about into not as you're to mid-single you're next business right this the anniversary, kind acquisitions that thinking can understanding 'XX, the want we XX how us now? least when to months? look momentum you to Just think continue digits, can really X grow at understand about, some giving that So guidance, good of how look of either help over

Randy Taylor

had Darren Darren if that pre-pandemic even that Sure. overall, I'll growth, and team mid-single-digit the again we back still low- faster go bullish you and have we that we extremely in when to sell. we're services growth think in Look, to I'll on because Fintech. proven grew other the can than and say, have start and XXXX, same-store to has a add. products we I --

well do we new on that so very to comes business And continue up.

that would beyond, and to add look as the you in the Darren we're into we with always I Fintech so singles now business find that the ways compliance.And revenue And and along and in expect Fintech side to that Buy to and making investments and continue add XXXX. into think doubles, grow continues of we loyalty at business to

Chad Beynon

you see And some start gaming that are opportunity? planning more still 'XX? that, pieces to of that can the 'XX? contributor Randy, nontraditional Or retail of in about, of a relationship Is to be that of some can hotel? with a the on Or bigger Venuetize kind multiyear start will of items talked sports that you we seeds in to in the

Randy Taylor

say will over a the it team area. continues we major turn the to going sports on and obviously, office I'm to Venuetize into just work look Darren, and had lead in I but to that Well, Monday,

add So you're I on of one closer that let think it's to you an I'll Darren, growth. kind little area it. But a for since

Darren D. Simmons

executing now, said complements as times been Look, map I actually a we've really years. for now product Yes. number that our I've road fee of overall Venuetize on think a few

the online sports sports mobile how our around convergence relates customers.Again, GXE, it that resonating venues. are and that seeing strategy mobile at tremendous feedback with got gaming, complementary, are you entertainment our how whole customers got we're to look and venues, about thinking that trend continues it as So solutions we I with think that at to really need we've as just to

set business, I we we we think, deep win and value said, continue the on new of the deliver execute and and so our that win to think product customers because across have ecosystem I services. ability new products have And our Randy of to as that

we again, got momentum that we've 'XX about we're into good feel where here. So still and with at the

Operator

comes George of question Next Craig-Hallum. line Sutton from with the

George Sutton

Mark, XXXX. you're to guidance. us year, cash into a not generating Understanding next But cash free flow to and aware and at can I what should wanted we giving just be as cash takes flow ask be you'll you're large about just we give you puts generically, year look flow this versus positioned do you the sense of? of any that

Mark Labay

think next we're you going guidance not quickly right I on of -- with are. we give your line we exiting of year as for I'm negative year of are the from higher now. to little to growth of EBITDA views the be and coming giving we depending interest interest Certainly, start tried highlighted, this down. bit We we But a could not views year.So I'll rates. suggest where it's where all a be than in guidance, year to happening expect terms know how how the we're they entered that we rates careful

-- I holding they on from coming I least levels. at down these will think there's believe our start

side available to next be in are perspective, consistent, got that a tried of And us. investing the a gaming really new think specifically I on business from the amount of I should So we've to tremendous think. kind that highlight CapEx year.I products, we

drive as it's us we forward. for to So we revenue move growth some compelling going nice think

base more terms customer little see we're we lot terms new at the into some what had of Las new mentioned be our items.We'll numbers. of and growth by in in products of out those discrete coming completed customer the lean of will assembly Those of the we'll the call. revenue the is of of really that the a and kind IT growth. probably installed us bit build-out equipment the a things discrete in projects warehouse we that to the going and But offset that beginning to declines have available equipment facilities, of to refresh So Vegas side have drive

will still So neighborhood suspect in cash good change. come taxes unless guidance still we year perspective, we'll we a a believe suspect about in are from perspective.I the this we be much somewhere tax tax pretty we're than with of And for different would today tax CapEx terms number when rules I our probably we're probably spot where be of in from paying XXXX. a out cash what cash

like commentary a share So of spot of year-end right again, of on reserve hold off in we get we're that it more of for feels kind to nice and now, growth rest that or kind I'll until line but the views XXXX. some

George Sutton

terms A to talked for available? generations. for? should question in What those what be focused in for Dean. When maybe we Obviously, be you're air watching we've are make top of expected closely availability really and cabinet terms product pocket simple of availability us just it about the this you on? Can X or content

Dean Ehrlich

of the So cabinets probably I'll timing. list It's easiest the coming that go thing. the new in are down out

at the September. September. end Classic of Dynasty Player launched launched Reserve the at So end also of Dynamic

and the XXX that unit So talked the the are in XX field backlog. out about currently Randy units

for-sale units will premium it version is will which So into be Sol X. cabinet launch is of small of Sol, then will our cabinet first a new December, but portrait our QX. new towards then XXXX.And which the in Dynasty in December really Sync, portrait those our our early and are the amount launch of end

next out, launched View ] is towards remind those into that end year we And are -- say, the the the content this just to coming [ would of year you I end at really QX cadence of that's really the Also the the a cabinets. X year. of as So well. plethora of

have the market. category biggest will video out of into obviously we is opportunity the to X position cabinets, So commercial which

So markets. all not -- commercial,

strategy. the that that's hope that So I for you. answers

Operator

of John with line the Raymond from Davis comes question Next James.

John Davis

onetime-ish little to you the about I on type next of or wanted up Mark, But recall bit if to the $XX expect be the of would new we free facility ERP, cash of a $XX commentary. But kind CapEx correctly. just you specifically a from, and I year. specifically, follow on CapEx, and enter between puts had flattish million flow maybe manufacturing Just million on transition it if products that some for recall, to think, you as million But just I $XX the takes, so about XXXX. know talk

Mark Labay

I think talking CapEx items of with a little in that from guidance CapEx way and getting footprint. that my a of what are. been that at of million year, this bit having what think I is also what revenue.So of framed about of it $XX see to bit expect CapEx we we think to in -- a of John, year thought perspective, investing expense, we're of kind we to should that R&D need customer that equipment we highlight little I get kind our I and year, more keep Again, all remarks, total we we base. about again, a bit we investing the -- we had this year, be maybe is down in total really talked to little as prepared installed we like kind I that. I'll coming for kind we're range little want right. saving The enough where as look, But from far so was kind is equipment that from we made range we're We're this sure we've a adequate and into with now spending guidance of spend the I'll important spend $XXX explicit that which maybe new next lighter we similar expect a starting overall for in to this a that infrastructure bit Hope think increased to little quarter, less like a we probably up it's roll will the But spend move compared what under because spent forward, bit we've make of little little in just $XX we've CapEx equipment. you be to discrete as million provided projected of getting decline there.So was last X.X% the the that still full was out. we're QX been And kind we'll million that and an refresh because the $XXX year bit [indiscernible]. to year.So customer discrete million think some update in items I explicit terms the think, where

John Davis

Randy the year, the And that as I GGR of conditions? just content the of cabinets much think so kind no, kind would to and the how macro lower or and this we macro versus then color appreciate and of Yeah, air guide versus or down or maybe like prior for there. you guidance contribute your pocket perfect. about potentially Mark, micro versus general million that's $X EBITDA

Randy Taylor

to Look, been Look, business, cash lowering floor. John, it's say. -- access we're it's we it's down, seeing in But I'll but still low-single-digit quarter, hard to lowering cash a, our look the our each Fintech is to reasonable say, growth. -- growth our as going still it a

Vegas impact regional think, is the little in So you've we're there's from from market, probably is transition period. look, doing mean still a Las heard in I the some bit macro. more I a ours I think well.But it operators,

And so the transition impact the and that content. newer us know newer to as some there's we cabinets to we

And so be think line now be holding we what more operators. to And I that new other transition, this up standpoint, grow so how big it say our getting it's macro. cabinets, to But more I will year. in a XXXX. content next would macro getting it's that But right hear probably in we're that from new little set well the seems does to from that question than so those skewed far, again,

John Davis

just then I prior EBITDA growth expect question. next heard one the would you And that I Okay. quickly, Mark's clarify Mark, believe say, comments to year. to of want last, you I

still and confirm further, even were to you think you if macro that do wanted EBITDA deteriorate can to year? grow Just next

Mark Labay

on Look, growth haven't And we sit We growth where expecting I'm and year-over-year. true am to ourselves always just an it given up today, always here I the yet. completing expecting year-over-year basis. see looking have basis. at to grow. to on macro guidance is strive grow without yet, a today us my annual roll We XXXX I as expect

growing. do I it see So

Randy Taylor

Yes, -- answer really John, I'll yes. answer that the is

Operator

Next of ] question Jefferies. line from Ana comes with Macias [ the

Unknown Analyst

and or at a it to forward? how wanted get R&D whether some moving about stable if just could color remains it think ask on I level to we

Randy Taylor

Sure.

we little We the number standpoint, and the amount and amount between percentage that bit, Fintech a dollar a to this year reiterate. really feel spend spend is It's you worked good capitalize.So it expense being support X.X% competitors. We on and content Dean's that throughout we and to that account touched about larger in range. Obviously, adequate they R&D an of of line than more with hardware, within of Games, out somewhere but we that. line, got is think both that's X% to Mark just coming the he's with for a think stayed doesn't I think on I'll still expenses expense, up look as kind that do. what businesses But pure revenue. line new from we

don't in we reinvest line that because is Games. and that and I is to Fintech that in allocation one going really R&D believe So company up capital down of anticipate the both I tenets range that that think our to or drives main continue

Operator

further Thank would for to turn comments. are floor time. no now you. at I closing to Randy this over There like Taylor questions the

Randy Taylor

our interest much. like in appreciate you for us to Thank your outlook and joining just providing forward update in look year-end call we'd for fourth everyone and we our Well, and on today we an thank very XXXX business continued our March. to quarter

Operator

Thank concludes you. teleconference. today's This

time. your at Thank lines disconnect for may your this participation. You you

Everi (EVRI) 8 Nov 232023 Q3 Earnings call transcript