Everi Holdings Inc. (NYSE:EVRI) Q1 2020 Earnings Conference Call - Final Transcript

Jun 02, 2020 • 05:00 pm ET


Everi Holdings Inc. (NYSE:EVRI) Q1 2020 Earnings Conference Call - Final Transcript


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Please standby, and welcome to the Everi Holdings Inc. First Quarter 2020 Earnings Conference Call. [Operator Instructions] This discussion is being recorded today.

And now, I'd like to turn the conference over to Bill Pfund, Vice President, Investor Relations. Please go ahead, sir.

William Pfund

Thank you, James, and welcome everyone. Let me begin by reminding everyone of the safe harbor disclaimer that covers today's call and webcast. Our call will contain forward-looking statements and assumptions, which involve risks and uncertainties that could cause actual results to differ materially from those discussed during our call. These risks and uncertainties include, but are not limited to, those contained in our earnings release today and other SEC filings, which are posted in the Investor section of our corporate website at everi.com. We do not intend and assume no obligation to update any forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which are made only as of today, June 2, 2020.

In addition, we will refer to certain non-GAAP financial measures such as adjusted EBITDA, free cash flow, total net debt and total net debt leverage ratio. A description of each non-GAAP measure and a reconciliation to the most directly comparable GAAP measure can be found in our earnings release and related 8-K, as well as within the Investor section on our website. This call is being webcast and recorded, a link to the webcast and replay of today's call can be found in the Investor section of our website.

Joining me on the call today are Mike Rumbolz, our Chief Executive Officer; Randy Taylor, President and Chief Operating Officer; Mark Labay, Executive Vice President and Chief Financial Officer; Dean Ehrlich, our Games Business Leader; Darren Simmons, our FinTech Business Leader; and Harper Ko, General Counsel. We are on this call from separate locations, so if there is a technical glitch, I apologize in advance.

Now, it's my pleasure to turn the call over to Randy Taylor, who will also act as our moderator for today's call.

Randy L. Taylor

Thank you, Bill. Good afternoon, everyone, and thank you for joining. Before discussing our first quarter results, I'd like to extend our sympathies to those individuals in the gaming industry, as well as those and communities around the globe, who have been or continue to be impacted by the COVID-19 pandemic. In just three months, since our last earnings call on March 2, the virus has tragically turned the world upside down. However, the first green shoots of revival are being seen in the gaming industry, as well as in communities across the country.

Today's call, we recognize you are probably less focused on our Q1 results, so we are going to change our normal call structure a little. Mark will not do a normal quarterly results comparison, instead I will cover some of the more relevant highlights in my prepared remarks. Our first quarter results reflect the impact of our customer shutting down across the country in mid-March. To better understand our trends