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Share Name | Share Symbol | Market | Type |
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Stars Group Inc | NASDAQ:TSG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 27.31 | 27.40 | 27.50 | 0 | 01:00:00 |
MONTREAL, Nov. 10, 2015 /CNW/ - Amaya Inc. ("Amaya" or the "Corporation") (NASDAQ: AYA; TSX: AYA) today reported its financial results for the three and nine-month periods ended September 30, 2015. Unless otherwise noted, all references to"$" and "CAD" are to the Canadian dollar, "US$" and "USD" are to the U.S. dollar and "€" and "EUR" are to the Euro.
"Since Amaya's acquisition of its B2C business, we have consistently delivered shareholder value," said David Baazov, Amaya's Chairman and CEO. "And, despite multiple recent global challenges to our core business, we believe we are well positioned to increase our cash flow and continue to grow our customer base in 2016 through a number of initiatives."
Key Q3 2015 Financial Highlights
Financial Summary for Q3 and YTD 2015 and 20148
Three Months Ended Sept. 30, |
Nine Months Ended Sept. 30, | |||
$000's except per share figures |
2015 |
2014 |
2015 |
2014 |
Revenues |
324,663 |
299,520 |
981,534 |
924,189 |
Adjusted EBITDA |
141,249 |
130,536 |
420,724 |
378,517 |
Adjusted Net Earnings |
90,543 |
79,830 |
260,915 |
218,709 |
Adjusted Net Earnings per Diluted Share |
$0.44 |
$0.38 |
$1.25 |
$1.05 |
Key Q3 2015 Operational Highlights
Key Q3 2015 and Subsequent Corporate and Other Financial Highlights
2015 Full Year Financial Guidance
Amaya is revising its previously announced 2015 full-year financial guidance provided in its earnings release on May 14, 2015 for the quarter ended March 31, 2015 and reaffirmed in its earnings release on August 14, 2015 for the quarter ended June 30, 2015, as follows:
Previous Guidance (USD>CAD currency exchange rate of 1.26) |
Revised Guidance (USD>CAD currency exchange rate of 1.26) | |
Revenues |
$1.446 - $1.564 billion |
$1.289 – $1.339 billion |
Adjusted EBITDA |
$600 - $650 million |
$552 - $572 million |
Pro Forma Adjusted Net Earnings10 |
$367 - $415 million, or $1.76 - $2.00 per Diluted Share |
$345 - 365 million, or $1.66 to $1.75 per Diluted Share |
Adjusted Net Leverage Ratio11 |
4.0 - 4.5 as at December 31, 2015 |
5.19 – 5.37 as at December 31, 2015 |
"The general strengthening of the U.S. dollar relative to certain foreign currencies, primarily the Euro, has resulted in an approximate 19% decline in the purchasing power of our customer base and has had a significant negative impact on our revenues, higher than we previously anticipated," said Mr. Baazov.
"Other factors negatively impacting our previously anticipated revenues included a recent strategic decision to delay the rollout of significant aspects of our new online sportsbook offering across geographies while we enhance the consumer product experience and complete the product offering, as well as the temporary cessation of our operations in Portugal and Greece. Due to this anticipated decline in revenues, we are also projecting less Adjusted EBITDA and Pro Forma Adjusted Net Earnings than our previous guidance."
The table below shows the primary changes in assumptions resulting in the revised guidance set forth above:
Revenues (in millions) |
Adjusted EBITDA (in millions) | |||||
USD |
USD>CAD at 1.26 |
USD |
USD>CAD at 1.26 |
Adjusted EBITDA Margin | ||
Previous Guidance - Based on midpoint of range |
1,194 |
1,504 |
496 |
625 |
41.5% | |
Strategic delay of sportsbook rollout net of taxes |
(53) |
(67) |
(35) |
(44) |
||
Current expected 2015 foreign exchange impact |
(263) |
(331) |
(116) |
(146) |
||
Previously anticipated 2015 foreign exchange impact |
120 |
151 |
48 |
60 |
||
Portugal and Greece |
(17) |
(21) |
(7) |
(9) |
||
Incremental customer deposits as a result of foreign exchange impact12 |
62 |
78 |
49 |
62 |
||
Cost savings |
11 |
14 |
||||
Revised Guidance - Based on midpoint of range |
1,043 |
1,314 |
446 |
562 |
42.8% |
_________________________________________ |
Financial Statements, Management's Discussion and Analysis and Additional Information
Amaya's unaudited interim condensed consolidated financial statements, notes thereto and Management's Discussion and Analysis for the three and nine-month periods ended September 30, 2015 will be available on SEDAR at www.sedar.com, Edgar at www.sec.gov and Amaya's website at www.amaya.com. Additional information relating to Amaya and its business may also be found on SEDAR at www.sedar.com, Edgar at www.sec.gov and Amaya's website at www.amaya.com.
Conference Call and Webcast
Amaya will host a conference call today, November 10, 2015 at 8:30 a.m. ET to discuss its financial results for the third quarter of 2015. David Baazov, CEO of Amaya, will chair the call. To access via tele-conference, please dial +1.888.231.8191 or +1.647.427.7450 ten minutes prior to the scheduled start of the call. The playback will be made available two hours after the event at +1.855.859.2056 or +1.416.849.0833. The Conference ID number is 63133368. To access the webcast please use the following link: http://event.on24.com/r.htm?e=1079019&s=1&k=4276F7E4EE686DFCBE1C3DD2CAE83D97
Reconciliation of Non-IFRS Measures to Nearest IFRS Measures |
||||
$000's except per share figures |
Q3 2015 |
Q3 2014 |
YTD Q3 2015 |
YTD Q3 2014 |
Net income (loss) from continuing operations |
(52,743) |
25,340 |
(10,155) |
60,643 |
Financial expenses |
67,289 |
4,886 |
180,669 |
4,109 |
Current income taxes |
1,269 |
2,639 |
5,440 |
2,639 |
Deferred income tax expense (recovery) |
10,845 |
(7,738) |
18,958 |
(11,437) |
Depreciation of property and equipment |
2,601 |
1,379 |
7,023 |
1,994 |
Amortization of intangible assets |
39,032 |
24,203 |
111,943 |
25,346 |
Amortization of deferred development costs |
150 |
73 |
441 |
204 |
Stock-based compensation |
4,637 |
1,493 |
14,234 |
3,028 |
Pro-forma B2C EBITDA |
0 |
(9,430) |
0 |
236,089 |
EBITDA |
73,080 |
42,845 |
328,553 |
322,615 |
Termination of employment agreements |
2,714 |
658 |
10,545 |
809 |
Non-recurring professional fees |
6,666 |
0 |
11,067 |
0 |
Loss (Gain) on disposal of assets |
(18) |
4,135 |
205 |
4,135 |
Loss (Gain) on sale of subsidiary |
(6,742) |
16,319 |
(6,742) |
(29,334) |
Loss (Gain) from investments |
36,922 |
(679) |
33,241 |
(1,687) |
Acquisition-related costs |
118 |
12,130 |
277 |
20,446 |
Impairment |
0 |
9,039 |
1,587 |
9,039 |
Other one-time costs |
28,509 |
5,485 |
41,991 |
7,050 |
Pro-forma B2C one-time costs |
0 |
40,604 |
0 |
45,444 |
Adjusted EBITDA |
141,249 |
130,536 |
420,724 |
378,517 |
Current income tax expense |
(1,269) |
(2,639) |
(5,440) |
(2,639) |
Depreciation and amortization (net of amortization of purchase price allocation intangibles) |
(3,337) |
(2,304) |
(8,403) |
(4,192) |
Interest (net of interest accretion) |
(46,100) |
(30,945) |
(145,966) |
(32,092) |
Pro-forma B2C current income taxes, depreciation, amortization, and interest |
0 |
(14,818) |
0 |
(120,885) |
Adjusted net income |
90,543 |
79,830 |
260,915 |
218,709 |
Diluted shares as at September 30, 2015 |
208,000,000 |
208,000,000 |
208,000,000 |
208,000,000 |
Adjusted Net Earnings per Diluted Share |
$ 0.44 |
$ 0.38 |
$ 1.25 |
$ 1.05 |
About Amaya
Amaya is a leading provider of technology-based solutions, products and services in the global gaming and interactive entertainment industries. Amaya owns gaming and related consumer businesses and brands including PokerStars, Full Tilt, StarsDraft, the European Poker Tour, PokerStars Caribbean Adventure, Latin American Poker Tour and the Asia Pacific Poker Tour. These brands have more than 97 million cumulative registered customers globally and collectively form the largest poker business in the world, comprising online poker games and tournaments, live poker competitions, branded poker rooms in popular casinos in major cities around the world, and poker programming created for television and online audiences. Amaya, through certain of these brands, also offers non-poker gaming products, including casino, sportsbook and daily fantasy sports. Amaya has various gaming and gaming-related licenses or approvals throughout the world, including from the United Kingdom, Italy, France, Spain, Estonia, Belgium, Denmark, Bulgaria, Greece, Ireland, Romania, the Isle of Man, Malta, the State of Schleswig-Holstein in Germany, the Province of Quebec in Canada, and the State of New Jersey in the United States.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable securities laws, including, without limitation, certain financial expectations and projections. Forward-looking statements can, but may not always, be identified by the use of words such as "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "would", "should", "believe", "objective", "ongoing" and similar references to future periods or the negatives of these words and expressions. These statements, other than statements of historical fact, are based on management's current expectations and are subject to a number of risks, uncertainties, and assumptions, including market and economic conditions, business prospects or opportunities, future plans and strategies, projections, technological developments, anticipated events and trends and regulatory changes that affect us, our customers and our industries. Although the Corporation and management believe the expectations reflected in such forward-looking statements are reasonable and are based on reasonable assumptions and estimates, there can be no assurance that these assumptions or estimates are accurate or that any of these expectations will prove accurate. Forward-looking statements are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that could cause actual events to differ materially from those expressed or implied in such statements. Specific risks and uncertainties include, but are not limited to: the heavily regulated industry in which the Corporation carries on business; interactive entertainment and online and mobile gaming generally; current and future laws or regulations and new interpretations of existing laws or regulations with respect to online and mobile gaming; potential changes to the gaming regulatory scheme; legal and regulatory requirements; ability to obtain, maintain and comply with all applicable and required licenses, permits and certifications to distribute and market its products and services, including difficulties or delays in the same; significant barriers to entry; competition and the competitive environment within the Corporation's addressable markets and industries; impact of inability to complete future acquisitions or to integrate businesses successfully; ability to develop and enhance existing products and services and new commercially viable products and services; ability to mitigate foreign exchange and currency risks; ability to mitigate tax risks and adverse tax consequences, including, without limitation, the imposition of new or additional taxes, such as value-added and point of consumption taxes, and gaming duties; risks of foreign operations generally; protection of proprietary technology and intellectual property rights; ability to recruit and retain management and other qualified personnel, including key technical, sales and marketing personnel; defects in the Corporation's products or services; losses due to fraudulent activities; management of growth; contract awards; potential financial opportunities in addressable markets and with respect to individual contracts; ability of technology infrastructure to meet applicable demand; systems, networks, telecommunications or service disruptions or failures or cyber-attacks; regulations and laws that may be adopted with respect to the Internet and electronic commerce and that may otherwise impact the Corporation in the jurisdictions where it is currently doing business or intends to do business; ability to obtain additional financing on reasonable terms or at all; refinancing risks; customer and operator preferences and changes in the economy; dependency on customers' acceptance of its products and services; consolidation within the gaming industry; litigation costs and outcomes; expansion within existing and into new markets; relationships with vendors and distributors; and natural events. Other applicable risks and uncertainties include those identified under the heading "Risk Factors and Uncertainties" in Amaya's Annual Information Form for the year ended December 31, 2014 and in its Management's Discussion and Analysis for the period ended September 30, 2015, each available on SEDAR at www.sedar.com, EDGAR at www.sec.gov and Amaya's website at www.amaya.com, and in other filings that Amaya has made and may make with applicable securities authorities in the future. Investors are cautioned not to put undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date hereof, and the Corporation undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Non-IFRS and Non-US GAAP Measures
This news release contains non-IFRS and non-U.S. GAAP financial measures, specifically Adjusted Net Earnings, Adjusted Net Earnings per Diluted Share, Adjusted EBITDA, Adjusted EBITDA, the pro-forma equivalents of such measures for comparative periods, constant currency basis, Pro Forma Adjusted Net Earnings and Adjusted Net Leverage Ratio. The Corporation believes these non-IFRS and non-U.S. GAAP financial measures will provide investors with useful supplemental information about the financial performance of its business, enables comparison of financial results between periods where certain items may vary independent of business performance, and allows for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating Amaya, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS or U.S. GAAP. They are not recognized measures under IFRS or U.S. GAAP and do not have standardized meanings prescribed by IFRS or U.S. GAAP. These measures may be different from non-IFRS and non-U.S. GAAP financial measures used by other companies, limiting its usefulness for comparison purposes. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Corporation's operating results.
B2C Business Historical Measures
All historical information and financial measures relating to Amaya's B2C business prior to Amaya's acquisition of Amaya Group Holdings (IOM) Limited (formerly known as Oldford Group Limited) and its subsidiaries (collectively, "Rational Group") on August 1, 2014 presented in, or due to lack of information omitted from, the Corporation's documents filed on SEDAR at www.sedar.com and Edgar at www.sec.gov, including the Corporation's Management Information Circular, dated June 30, 2014, for the annual and special meeting of shareholders of the Corporation held on July 30, 2014, the Corporation's Business Acquisition Report, as amended and restated on July 27, 2015, and this release, including all financial information of the B2C business, has been provided in exclusive reliance on the information made available by Rational Group and their respective representatives. Although the Corporation has no reason to doubt the accuracy or completeness of Rational Group's information provided therein and herein, any inaccuracy or omission in such information could result in unanticipated liabilities or expenses, increase the cost of integrating Amaya and Rational Group or adversely affect the operational plans of the combined entities and its results of operations and financial condition.
Securities Disclaimer
The Base Shelf and F-10 to be filed today with the SEC and Canadian authorities, as applicable, have not yet become final or effective. No securities may be sold, nor may offers to buy be accepted, prior to the time the Base Shelf and F-10 become final and effective. This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction. A copy of the Base Shelf and F-10 will be available on SEDAR at www.sedar.com and EDGAR at www.sec.gov, respectively.
SOURCE Amaya Inc.
Copyright 2015 Canada NewsWire
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