LAS VEGAS, Sept. 6, 2013 /PRNewswire/ -- SHFL entertainment,
Inc. (NASDAQ Global Select Market: SHFL) ("SHFL" or the
"Company") today announced its results for the Third Quarter ended
July 31, 2013.
(Logo:
http://photos.prnewswire.com/prnh/20121008/LA88315LOGO)
Third Quarter 2013 Financial Highlights
- Total revenue grew 16% to $73.5
million primarily due to a 79% year-over-year increase in
Electronic Table Systems ("ETS") revenue. The Electronic Gaming
Machine ("EGM"), Utility and Proprietary Table Games ("PTG")
businesses also contributed to overall growth in the quarter.
- Recurring revenue increased to $31.4
million, a 5% year-over-year increase. The $1.1 million increase in PTG recurring revenue
contributed to 68% of the overall increase in recurring
revenue.
- Adjusted for one-time expenses of $3.6
million, or $0.05 per share,
related to entering into a definitive agreement and plan of merger
(the "Merger Agreement") with Bally Technologies, Inc. ("Bally"),
non-GAAP earnings per share ("EPS") were $0.16 in the third quarter. Diluted earnings per
share ("EPS") decreased $0.07
year-over-year to $0.11.
- Net income declined $4.0 million
year-over-year to $6.4 million.
Adjusted for one-time expenses related to the Merger Agreement with
Bally, net income was $9.5 million in
the third quarter.
- Gross margin decreased 80 basis points year-over-year to 62%,
due to the mix of segment performance, primarily driven by
increased revenue in the ETS segment. Gross margin was also
impacted by an increase in headcount of the Company's service team
that has expanded to service the growing product footprint
globally. To a lesser extent, gross margin was affected this
quarter by increased depreciation on old Table Master units
in the ETS segment.
- Selling, general and administrative ("SG&A") expenses
increased $8.3 million compared to
the prior year period. Approximately $3.6
million of the increase was due to expenses related to the
Merger Agreement with Bally. Also contributing to the increase
were: $1.6 million in higher payroll
and related expenses arising from increased headcount across
various departments and higher stock based compensation and medical
costs; a $1.1 million increase in
costs associated with the establishment of the iGaming product
management and sales teams and, to a lesser extent, litigation
costs incurred to protect the Company's valuable intellectual
property from online infringement; and $1.1
million split evenly between the Company's expanded
participation in tradeshows to support new market growth and
litigation expenses related primarily to the Company's ETS
segment.
- Research and Development ("R&D") expenses increased
$2.4 million year-over-year due to an
increase in headcount and product approval expenses related to
several initiatives across all product segments. Approximately
$0.7 million of the increase was due
to expansion of the iGaming department and platform development for
the Company's online game content. Other initiatives included the
creation of new EGM titles for the Equinox cabinet,
development of next-generation Utility products, strengthening the
Company's current PTG progressive offerings, and enhancements to
next-generation ETS products including Table Master Fusion,
SHFL FUSION Hybrid, and SHFL FUSION Virtual.
- Operating margin decreased year-over-year to 12% due to
increased operating expenses discussed above. Adjusted for one-time
expenses related to the Merger Agreement with Bally, operating
margin was 16% in the quarter.
- Adjusted EBITDA declined 3% year-over-year to $20.5 million due to the previously mentioned
increase in operating expenses, slightly offset by the increase in
total Company revenue.
- Free Cash Flow ("FCF")1, a non-GAAP financial
measure, was down 57% year-over-year to $5.1
million. FCF was impacted by an increase of $6.3 million in capital expenditures related to
the construction of the Company's new consolidated facility in
Las Vegas. The decline in FCF was
slightly offset by a $0.7 million
decrease year-over-year in cash paid for taxes.
Third Quarter 2013 Business Segment Highlights
Utility
- Utility recurring revenue grew to $14.1
million compared to $13.7
million in the prior year period. The 3% increase was due
primarily to a rise in the shuffler average lease price as
customers continued to upgrade to newer shuffler models. New
shuffler lease placements, in particular the MD3, also
contributed to the increase.
- Total Utility revenue grew 5% year-over-year to $25.6 million. Shuffler sales increased 11% over
the prior period driven by sales of approximately 270 MD3
shufflers in Asia and, to a lesser
extent, sales in Australia and the
U.S.
- Total shufflers on lease increased year-over-year to 8,287.
Incremental MD3 placements and, to a lesser extent,
iDeal and one2six placements drove increases in the
lease installed base in the quarter.
- Gross margin fell 210 basis points year-over-year to 61% due
mainly to the previously mentioned increase in headcount of the
Company's service team to support shuffler growth in new table
games markets in the U.S. and expansion into Asia.
- Total MD3 shufflers installed grew 1,896 units
year-over-year to 3,277. Placements were driven by sales in
Asia in addition to an increase in
incremental lease placements over the prior year period.
Approximately 45% of MD3 shufflers are currently on
lease.
Proprietary Table Games2
- PTG recurring revenue increased 9% year-over-year to
$13.4 million. Increased lease
placements in premium table games (Ultimate Texas Hold'em,
Mississippi Stud), side bets (6 Card Bonus, King's Bounty,
House Money), and progressives (Ultimate Texas Hold'em
Progressive, Three Card Poker Progressive) contributed to
recurring revenue growth.
- Total PTG revenue increased 7% year-over-year to $13.8 million driven primarily by strong lease
placements.
- Gross margin remained relatively flat year-over-year at
82%.
- Total progressive units installed grew 10% year-over-year to
1,258, driven by installations of Ultimate Texas Hold'em
Progressive and Three Card Poker Progressive.
Electronic Table Systems
- Total ETS revenue grew 79% year-over-year to $10.8 million driven by increased sales of
SHFL FUSION Hybrid in Asia
and New Zealand, and sales of
SHFL FUSION Virtual in Australia.
- ETS recurring revenue stayed relatively flat at $3.6 million compared to the prior year period.
The removal of Table Master units in Maryland was offset by increased placements of
SHFL FUSION Hybrid in New
York and, to a lesser extent, greater i-Table
recurring revenue.
- ETS gross margin increased to 46% compared to 34% in the prior
year period. The previously discussed increase in total sales
revenue, partially offset by increased depreciation of old Table
Master units, drove the increase.
Electronic Gaming Machines
- Total EGM revenue grew 16% year-over-year to $23.2 million. The increase was driven primarily
by greater placements in Asia over
the prior year period and, to a lesser extent, higher average sales
prices. Adjusted for foreign exchange, EGM revenue grew to
$23.8 million in the quarter.
- Gross margin remained relatively flat year-over-year at
60%.
- There were 1,116 EGM units sold in the quarter compared to
1,021 in the year-ago quarter. The increase was due to
approximately 250 placements into Asia in the quarter, driven by sales of the
Duo Fu Duo Cai progressive jackpot link.
Further detail and analysis of the Company's financial results
for the third quarter ended July 31,
2013, is included in its Form 10-Q, which the Company
intends to file with the Securities and Exchange Commission today,
September 6, 2013. No conference call
will be held. On July 15, 2013, SHFL
entered into a definitive agreement and plan of merger with Bally
(NYSE: BYI), pursuant to which Bally has agreed to acquire the
Company at a per share price of $23.25 in cash for total
consideration of approximately $1.3 billion subject to the
satisfaction of the conditions set forth therein.
About SHFL entertainment, Inc.
SHFL
entertainment, Inc. is a leading global gaming supplier committed
to making gaming more fun for players and more profitable for
operators through product innovation, and superior quality and
service. The Company operates in legalized gaming markets across
the globe and provides state-of-the-art, value-add products in five
distinct categories: Utility products, which include automatic card
shufflers and roulette chip sorters; Proprietary Table Games, which
includes live games, side bets and progressives; Electronic Table
Systems, which include various e-Table game configurations;
Electronic Gaming Machines, which include video slot machines; and
newly introduced iGaming, which features online versions of SHFL
entertainment, Inc.'s table games, social gaming and mobile
applications. The Company is included in the S&P SmallCap 600
Index. Information about the Company and its products can be found
on the Internet at www.shfl.com, or on Facebook and Twitter.
Forward-Looking Statements
This release
contains forward-looking statements within the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
All statements included in this release other than statements that
are purely historical are forward-looking statements.
Forward-looking statements in this press release include without
limitation: (1) the Company's belief that its innovation will
continue to drive competition; (2) the Company's intention to
continue to execute against our strategic initiatives; (3) the
Company's belief that EPS, Adjusted EBITDA and FCF are useful,
widely referenced performance measures in the Company's industry
and the Company's belief that references to them are helpful to
investors; (4) the Company's estimates of diluted EPS, Adjusted
EBITDA and FCF and the assumptions upon which they are based; (5)
the Company's belief that investing in its intellectual property is
an important use of cash; (6) the Company's ability to develop
products that achieve commercial success in the very competitive
marketplace in which the Company operates; and (7) the fact that
the Company competes in a single industry and is dependent on the
success of its customers and the risks that impact the Company's
customers, including a change in demand for gaming, a downturn in
general worldwide economic conditions, or the gaming industry may
adversely impact the Company or its results of operations. The
Company's beliefs, expectations, forecasts, objectives,
anticipations, intentions and strategies regarding the future,
including without limitation those concerning expected operating
results, revenues and earnings are not guarantees of future
performance and are subject to risks and uncertainties that could
cause actual results to differ materially from results contemplated
by the forward-looking statements, including but not limited to:
(1) unexpected changes in demand for or increased competition with
the Company's products; (2) unexpected factors that limit or
eliminate the Company's ability to implement its strategic plan or
undertake or complete any of its growth initiatives; (3)
inaccuracies in the Company's assumptions as to the financial
measures that investors use or the manner in which such financial
measures may be used by such investors; (4) reduced demand for or
increased competition with the Company's products that affects its
EPS and Adjusted EBITDA; (5) unexpected changes to the Company's
balance sheet or cash flows that would impede the Company's ability
to pursue protection and pursuit of its intellectual property; (6)
the Company's inability to accurately gauge the commercial appeal
of its products; (7) unexpected changes in the market and economic
conditions and reduced demand for or increased competition with the
Company's products; (8) the risk that the conditions to the closing
of the merger are not satisfied (including a failure of the
shareholders of SHFL to approve, on a timely basis or otherwise,
the merger and the risk that regulatory approvals required for the
merger are not obtained, on a timely basis or otherwise, or are
obtained subject to conditions that are not anticipated); (9)
litigation relating to the merger; (10) uncertainties as to the
timing of the consummation of the merger and the ability of each of
SHFL and Bally to consummate the merger; (11) risks that the
proposed transaction disrupts the current plans and operations of
SHFL; (12) the ability of SHFL to retain and hire key personnel;
(13) competitive responses to the proposed merger; (14) unexpected
costs, charges or expenses resulting from the merger; (15) the
failure by Bally to obtain the necessary debt financing
arrangements set forth in the commitment letter received in
connection with the merger; (16) potential adverse reactions or
changes to business relationships resulting from the announcement
or completion of the merger; and (17) legislative, regulatory and
economic developments. Additional information on risk factors that
could potentially affect the Company's financial results may be
found in documents filed by the Company with the Securities and
Exchange Commission, including the Company's current reports on
Form 8-K, quarterly reports on Form 10-Q and its latest annual
report on Form 10-K, and are based on information available to the
Company on the date hereof. The Company does not intend, and
assumes no obligation, to update any forward-looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date of this
press release.
1 Free Cash Flow is Adjusted EBITDA less capital
expenditures and cash paid for taxes.
2 As of FY 2013, revenues from the iGaming segment
are being reported separately from the Proprietary Table Games
segment. Please see page 13 for more details.
SHFL
ENTERTAINMENT, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands,
except per share amounts)
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
July
31,
|
|
July
31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Revenue:
|
|
|
|
|
|
|
|
|
|
Product leases and
royalties
|
$
29,349
|
|
$
27,830
|
|
$
87,941
|
|
$
80,730
|
|
Product sales and
service
|
44,185
|
|
35,556
|
|
121,791
|
|
104,763
|
|
|
Total
revenue
|
73,534
|
|
63,386
|
|
209,732
|
|
185,493
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of leases and
royalties
|
10,484
|
|
9,475
|
|
30,938
|
|
27,853
|
|
Cost of sales and
service
|
17,272
|
|
13,889
|
|
45,050
|
|
39,308
|
|
|
Gross
profit
|
45,778
|
|
40,022
|
|
133,744
|
|
118,332
|
|
Selling, general and
administrative
|
27,257
|
|
19,007
|
|
71,169
|
|
55,991
|
|
Research and
development
|
10,052
|
|
7,622
|
|
27,400
|
|
23,074
|
|
|
Total costs and
expenses
|
65,065
|
|
49,993
|
|
174,557
|
|
146,226
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
8,469
|
|
13,393
|
|
35,175
|
|
39,267
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
209
|
|
116
|
|
551
|
|
429
|
|
Interest
expense
|
(266)
|
|
(367)
|
|
(789)
|
|
(1,222)
|
|
Other, net
|
228
|
|
180
|
|
498
|
|
209
|
|
|
Total other income
(expense)
|
171
|
|
(71)
|
|
260
|
|
(584)
|
Income before
income taxes
|
8,640
|
|
13,322
|
|
35,435
|
|
38,683
|
Income tax
provision
|
2,231
|
|
2,898
|
|
10,122
|
|
10,875
|
Net
income
|
$
6,409
|
|
$
10,424
|
|
$
25,313
|
|
$
27,808
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share:
|
$
0.11
|
|
$
0.19
|
|
$
0.44
|
|
$
0.50
|
Diluted earnings
per share:
|
$
0.11
|
|
$
0.18
|
|
$
0.44
|
|
$
0.49
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
57,117
|
|
56,284
|
|
56,927
|
|
55,700
|
|
Diluted
|
57,789
|
|
57,029
|
|
57,623
|
|
56,445
|
SHFL
ENTERTAINMENT, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands,
except per share amounts)
(Unaudited)
|
|
|
|
|
July
31,
|
|
October
31,
|
|
|
|
2013
|
|
2012
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$41,819
|
|
$24,160
|
|
Accounts receivable,
net of allowance for bad debts of $391 and $491
|
39,332
|
|
45,708
|
|
Investment in
sales-type leases and notes receivable, net of
allowance
|
|
|
|
|
for bad debts of $42
and $8
|
9,366
|
|
9,287
|
|
Inventories
|
31,335
|
|
21,906
|
|
Prepaid income
taxes
|
10,879
|
|
4,053
|
|
Deferred income
taxes
|
3,782
|
|
4,622
|
|
Other current
assets
|
7,467
|
|
6,901
|
|
|
Total current
assets
|
143,980
|
|
116,637
|
Investment in
sales-type leases and notes receivable, net of current
portion
|
8,772
|
|
6,310
|
Products leased
and held for lease, net
|
32,275
|
|
34,639
|
Property and
equipment, net
|
30,217
|
|
17,417
|
Intangible assets,
net
|
54,861
|
|
62,836
|
Goodwill
|
85,435
|
|
84,950
|
Deferred income
taxes
|
3,173
|
|
5,183
|
Other
assets
|
2,510
|
|
3,079
|
Total
assets
|
$361,223
|
|
$331,051
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$13,386
|
|
$6,702
|
|
Accrued liabilities
and other current liabilities
|
21,337
|
|
22,402
|
|
Deferred income
taxes
|
16
|
|
16
|
|
Customer
deposits
|
3,714
|
|
3,383
|
|
Income tax
payable
|
3,738
|
|
4,179
|
|
Deferred
revenue
|
4,595
|
|
4,799
|
|
Current portion of
long-term debt
|
530
|
|
-
|
|
|
Total current
liabilities
|
47,316
|
|
41,481
|
Long-term
debt
|
1,296
|
|
1,303
|
Other long-term
liabilities
|
1,690
|
|
2,004
|
Deferred income
taxes
|
2,528
|
|
1,493
|
|
|
Total
liabilities
|
52,830
|
|
46,281
|
Commitments and
contingencies
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
Common stock, $0.01
par value; 151,368 shares authorized;
|
|
|
|
|
|
56,612 and 55,973
shares issued and outstanding
|
566
|
|
560
|
|
Additional paid-in
capital
|
144,728
|
|
135,758
|
|
Retained
earnings
|
144,757
|
|
119,444
|
|
Accumulated other
comprehensive income
|
18,342
|
|
29,008
|
|
|
Total
shareholders' equity
|
308,393
|
|
284,770
|
Total liabilities
and shareholders' equity
|
$361,223
|
|
$331,051
|
SHFL
ENTERTAINMENT, INC.
SUPPLEMENTAL
DATA
(Unaudited, in
thousands)
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
July
31,
|
|
July
31,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
Cash Flow
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
provided by operating activities
|
$ 16,467
|
|
$ 15,264
|
|
$
34,720
|
|
$
35,868
|
|
|
|
|
|
|
|
|
Cash
used in investing activities:
|
|
|
|
|
|
|
|
Payments for products
leased and held for lease
|
$
(4,162)
|
|
$
(4,521)
|
|
$ (10,785)
|
|
$
(11,227)
|
Purchases of property
and equipment
|
(7,356)
|
|
(1,612)
|
|
(13,727)
|
|
(5,852)
|
Purchases of
intangible assets
|
(1,668)
|
|
(230)
|
|
(1,807)
|
|
(4,333)
|
Acquisition of
business
|
-
|
|
-
|
|
(1,590)
|
|
(5,500)
|
Proceeds from sale of
leased assets
|
1,145
|
|
611
|
|
6,285
|
|
1,640
|
Proceeds from sale of
assets
|
-
|
|
-
|
|
-
|
|
-
|
Other
|
(74)
|
|
(236)
|
|
(549)
|
|
(690)
|
|
$(12,115)
|
|
$
(5,988)
|
|
$ (22,173)
|
|
$
(25,962)
|
|
|
|
|
|
|
|
|
Cash
provided by (used in) financing activities
|
$
(3,317)
|
|
$
(4,740)
|
|
$
5,285
|
|
$
(5,435)
|
|
|
|
|
|
|
|
|
Free
cash flow (2)
|
$
5,129
|
|
$ 11,859
|
|
$
23,769
|
|
$
31,506
|
|
|
|
|
|
|
|
|
Reconciliation of
net income to Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
6,409
|
|
$ 10,424
|
|
$
25,313
|
|
$
27,808
|
Other
expense (income)
|
(171)
|
|
71
|
|
(260)
|
|
584
|
Share-based compensation
|
1,656
|
|
1,014
|
|
4,543
|
|
3,063
|
Income
tax provision
|
2,231
|
|
2,898
|
|
10,122
|
|
10,875
|
Depreciation and amortization
|
6,784
|
|
6,260
|
|
20,440
|
|
18,657
|
Ongame
acquisition expenses
|
-
|
|
500
|
|
-
|
|
2,152
|
Expenses
related to Merger Agreement with Bally
|
3,610
|
|
-
|
|
4,010
|
|
-
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA (1)
|
$ 20,519
|
|
$ 21,167
|
|
$
64,168
|
|
$
63,139
|
1.
|
Adjusted EBITDA is
earnings before other expense (income), provision for income taxes,
depreciation and amortization expense, Ongame acquisition expenses,
expenses related to the Merger Agreement with Bally, and
share-based compensation. Adjusted EBITDA is presented exclusively
as a supplemental disclosure because management believes that it is
a useful performance measure and is widely used to measure
performance, and as a basis for valuation, within the Company's
industry. Adjusted EBITDA is not calculated in the same manner by
all companies and, accordingly, may not be an appropriate measure
for comparison. Management uses Adjusted EBITDA as a measure of the
operating performance and to compare the operating performance with
those of its competitors. The Company also presents Adjusted EBITDA
because it is used by some investors as a way to measure a
company's ability to incur and service debt, make capital
expenditures and meet working capital requirements. Gaming
equipment suppliers have historically reported Adjusted EBITDA as a
supplement to financial measures in accordance with U.S. generally
accepted accounting principles ("GAAP"). Adjusted EBITDA should not
be considered as an alternative to operating income (loss), as an
indicator of the Company's performance, as an alternate to cash
flows from operating activities, as a measure of liquidity, or as
an alternative to any other measure determined in accordance with
GAAP. Unlike net income (loss), Adjusted EBITDA does not include
depreciation and amortization or interest expense and therefore
does not reflect current or future capital expenditures or the cost
of capital. The Company compensates for these limitations by using
Adjusted EBITDA as only one of several comparative tools, together
with GAAP measurements, to assist in the evaluation of operating
performance. Such GAAP measurements include operating income
(loss), net income (loss), cash flows from operations and cash flow
data. The Company has significant uses of cash flows, including
capital expenditures, interest payments, debt principal repayments,
taxes and other non-recurring charges, which are not reflected in
Adjusted EBITDA.
|
2.
|
Free cash flow is
Adjusted EBITDA less capital expenditures and cash paid for
taxes.
|
SHFL
ENTERTAINMENT, INC.
BUSINESS SEGMENT
DATA
(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine Months
Ended
|
|
|
|
July
31,
|
|
July
31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
Utility:
|
|
|
|
|
|
|
|
|
Revenue
|
$ 25,644
|
|
$ 24,382
|
|
$
81,445
|
|
$
68,988
|
|
Gross
profit
|
15,529
|
|
15,285
|
|
51,663
|
|
42,622
|
|
Gross
margin
|
60.6%
|
|
62.7%
|
|
63.4%
|
|
61.8%
|
|
|
|
|
|
|
|
|
|
|
Proprietary Table
Games:
|
|
|
|
|
|
|
|
|
Revenue
|
$ 13,839
|
|
$ 12,989
|
|
$
40,670
|
|
$
36,300
|
|
Gross
profit
|
11,338
|
|
10,629
|
|
33,352
|
|
29,671
|
|
Gross
margin
|
81.9%
|
|
81.8%
|
|
82.0%
|
|
81.7%
|
|
|
|
|
|
|
|
|
|
|
Electronic Table
Systems:
|
|
|
|
|
|
|
|
|
Revenue
|
$ 10,822
|
|
$
6,053
|
|
$
25,040
|
|
$
21,183
|
|
Gross
profit
|
4,943
|
|
2,055
|
|
10,396
|
|
8,868
|
|
Gross
margin
|
45.7%
|
|
34.0%
|
|
41.5%
|
|
41.9%
|
|
|
|
|
|
|
|
|
|
|
Electronic Gaming
Machines:
|
|
|
|
|
|
|
|
|
Revenue
|
$ 23,167
|
|
$ 19,957
|
|
$
62,229
|
|
$
56,699
|
|
Gross
profit
|
13,956
|
|
12,048
|
|
38,043
|
|
34,848
|
|
Gross
margin
|
60.2%
|
|
60.4%
|
|
61.1%
|
|
61.5%
|
|
|
|
|
|
|
|
|
|
|
iGaming:
|
|
|
|
|
|
|
|
|
Revenue
|
$
62
|
|
$
5
|
|
$
348
|
|
$
2,323
|
|
Gross
profit
|
12
|
|
5
|
|
290
|
|
2,323
|
|
Gross
margin
|
19.4%
|
|
100.0%
|
|
83.3%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
Revenue
|
$ 73,534
|
|
$ 63,386
|
|
$209,732
|
|
$185,493
|
|
Gross
profit
|
45,778
|
|
40,022
|
|
133,744
|
|
118,332
|
|
Gross
margin
|
62.3%
|
|
63.1%
|
|
63.8%
|
|
63.8%
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$ 20,519
|
|
$ 21,167
|
|
$
64,168
|
|
$
63,139
|
|
|
as a
percentage of total revenue
|
27.9%
|
|
33.4%
|
|
30.6%
|
|
34.0%
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
8,469
|
|
$ 13,393
|
|
$
35,175
|
|
$
39,267
|
|
|
as a
percentage of total revenue
|
11.5%
|
|
21.1%
|
|
16.8%
|
|
21.2%
|
SOURCE SHFL entertainment, Inc.