Industry News
SciPlay Reports Q4 and Full Year 2019 Results
SciPlay Corporation has reported its Q4 and full-year results of 2019.
The Q4 revenue was $112.9 million, which included a negative $6.3 million impact from an out of period adjustment recorded during the fourth quarter versus $113.7 million in the prior year period. Mobile revenue was $98.2 million including a negative $2.4 million from the same adjustment.
Net income was $28.6 million including a negative $3.6 million impact from the adjustment mentioned above. Net income margin was 25.3%, up from $18.7 million and 16.4%.
AEBITDA was $32.1 million, including a negative $4.4 million impact from the adjustment mentioned above, an increase of 31.0%, AEBITDA margin, a non-GAAP financial measure defined below, was 28.4%, an increase of 690 bps.
Net cash provided by operating activities was $32.7 million reflecting strong results and includes a $3.0 million payment related to contingent acquisition consideration. Cash and cash equivalents increased $29.3 million to $110.6 million from the third quarter of 2019.
During 2019, revenue grew 11.9% to $465.8 million, beating the market growth rate of 8.1% estimated by Eilers and Krejcik. Full-year revenue included a negative $4.2 million adjustment in the fourth quarter to correct data errors from inception through 2018.
Net income increased $54.5 million to $93.5 million during 2019, which includes a negative $2.3 million impact from the adjustment described above. Net income margin of 20.1%, was up from 9.4%.
AEBITDA was $122.3 million during 2019, including a negative $2.9 million impact from the adjustment described above, an increase of 30.1%, and AEBITDA margin, a non-GAAP financial measure defined below, was 26.3%, an increase of 370 bps.
Net cash provided by operating activities was $93.0 million reflecting strong results and includes $25.2 million of payments related to contingent acquisition consideration. Cash and cash equivalents increased by over $100 million to $110.6 million as of year-end 2019.
Payer conversion rates remained strong at 6.0%. The average monthly revenue per paying user increased 15.3% to $88.06. ARPDAU increased 8.7% from the prior-year period to $0.50. Mobile penetration increased 300 basis points from the prior year to 84%.
Josh Wilson, Chief Executive Officer of SciPlay, said, “We grew our annual revenue by 12%, beating the market growth rate by nearly 1.5 times, and delivered a 30% increase in AEBITDA. We increased ARPDAU 9% to $0.50 and average monthly revenue per payer increased 15% to a quarterly record of $88.06. We believe we are in the very early stages of a multi-year revenue growth and earnings expansion cycle at SciPlay, and we couldn’t be more excited by our future prospects and opportunities.”
Mike Cody, Chief Financial Officer of SciPlay, added, “The strong profitability and cash generation this quarter highlight the strength of our evergreen franchises and business model. We are excited about our organic opportunities as well as the flexibility we have through our balance sheet to explore other avenues of growth.”
Industry News
Mohegan Appoints Joseph J. Hasson as Interim COO
Mohegan Tribal Gaming Authority, known globally for its renowned integrated entertainment resorts, has appointed Joseph J. Hasson as interim Chief Operating Officer. Jody Madigan, the current COO, has resigned effective August 1, 2024, and will be taking a leave of absence pending his departure.
Joseph J. Hasson will serve as interim COO and retain his current role as General Manager of Mohegan Casino at Virgin Hotels Las Vegas, subject to necessary regulatory filings or approvals. Mr. Hasson was an obvious choice for the Management Board, given his prior experience as the former Chief Operating Officer of Station Casinos LLC and Red Rock Resorts Inc. Joe brings considerable expertise to the executive team with a consistent track record of operating excellence and success over more than 40 years’ experience in the gaming and hospitality industry. Mr. Hasson will report to Ray Pineault, President and Chief Executive Officer of Mohegan.
“Joseph J. Hasson’s deep understanding of the gaming and hospitality industry makes him exceptionally qualified to maintain our high service and operational excellence standards. We are confident that Joe’s extensive experience and proven leadership will ensure continuity in our operations and guest experience,” Ray Pineault, President and CEO of Mohegan, said.
Industry News
Jennifer Shatley Joins ROGA as Executive Director
Jennifer Shatley, a recognized expert in the field and a highly sought speaker and advisor, has joined the Responsible Online Gaming Association (ROGA) as Executive Director.
Shatley has had 25+ years worth of experience, working closely with the treatment community, academics, researchers, government bodies, state councils, and gaming industry representatives to promote responsible gaming.
“Many of America’s largest legal mobile gaming operators will be establishing a framework that helps to aid in responsible gaming education and awareness. By coming together with a clear set of objectives, ROGA and our members will work to enhance consumer protections and help provide easier and more efficient access to responsible gaming tools for consumers to enjoy the entertainment of online gaming,” Shatley said.
Industry News
IDnow Bridges the AI-human Divide with New Expert-led Video Verification Solution
IDnow, a leading identity verification provider in Europe, has unveiled VideoIdent Flex, a new version of its expert-led video verification service that blends advanced AI technology with human interaction. The human-based video call solution, supported by AI, has been designed and built to boost customer conversion rates, reduce rising fraud attempts, increase inclusivity, and tackle an array of complex online verification scenarios, while offering a high-end service experience to end customers.
The company’s original expert-led product, VideoIdent, has been a cornerstone in identity verification for over a decade, serving the strictest requirements in highly regulated industries across Europe. VideoIdent Flex, re-engineered specifically for the UK market, represents a significant evolution, addressing the growing challenges of identity fraud, compliance related to Know-Your-Customer (KYC) and Anti-Money Laundering (AML) processes and ensuring fair access and inclusivity in today’s digital world outside of fully automated processes.
As remote identity verification becomes more crucial yet more challenging, VideoIdent Flex combines high-quality live video identity verification with hundreds of trained verification experts, thus ensuring that genuine customers gain equal access to digital services while effectively deterring fraudsters and money mules. Unlike fully automated solutions based on document liveness and biometric liveness features, this human-machine collaboration not only boosts onboarding rates and prevents fraud but also strengthens trust and confidence in both end users and organisations. VideoIdent Flex can also serve as a fallback service in case a fully automated solution fails.
Bertrand Bouteloup, Chief Commercial Officer at IDnow, said: “VideoIdent Flex marks a groundbreaking advancement in identity verification, merging AI-based technology with human intuition. In a landscape of evolving fraud tactics and steady UK bank branch closures, our solution draws on our decade’s worth of video verification experience and fraud insights, empowering UK businesses to maintain a competitive edge by offering a white glove service for VIP onboarding. With its unique combination of KYC-compliant identity verification, real-time fraud prevention solutions, and expert support, VideoIdent Flex is a powerful tool for the UK market.”
Whereas previously firms may have found video identification solutions to be excessive for their compliance requirement or out of reach due to costs, VideoIdent Flex opens up this option by customising checks as required by the respective regulatory bodies in financial services, mobility, telecommunications or gaming, to offer a streamlined solution fit for every industry and geography.
Bouteloup added: “Identity verification is incredibly nuanced; it’s as intricate as we are as human beings. This really compounds the importance of adopting a hybrid approach to identity – capitalising on the dual benefits of advanced technology when combined with human knowledge and awareness of social cues. With bank branches in the UK closing down, especially in the countryside, and interactions becoming more and more digital, our solution offers a means to maintain a human relationship between businesses and their end customers, no matter their age, disability or neurodiversity.
“VideoIdent Flex is designed from the ground up for organisations that cannot depend on a one-size-fits-all approach to ensuring their customers are who they say they are. In a world where fraud is consistently increasing, our video capability paired with our experts adds a powerful layer of security, especially for those businesses and customers that require a face-to-face interaction.”
The post IDnow Bridges the AI-human Divide with New Expert-led Video Verification Solution appeared first on European Gaming Industry News.
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