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    Jeffrey Stantial

    Managing Director in Equity Research at Stifel Financial Corp.

    Jeffrey Stantial is a Managing Director in Equity Research at Stifel Financial Corp., specializing in the Consumer & Retail sector with a particular focus on Gaming & Leisure companies such as Gambling.com Group, Bally's, Flutter Entertainment, Inception Growth Acquisition, and Monarch Casino & Resort. He is recognized for his equity coverage in these segments, and has been noted for his recommendation performance and price targets tracked by platforms like MarketBeat, though specific ROI and ranking metrics are not publicly available. Stantial began his analyst career at Truist Securities (formerly SunTrust Robinson Humphrey) before joining Stifel in 2020, and was promoted through Vice President and Director roles to Managing Director by 2024, earning industry recognition such as Business Insider's 'Rising Star in Equity Research' in 2024. He holds a Bachelor of Science in Mathematical Economics, graduated Magna Cum Laude from Colgate University, and maintains FINRA registration with active securities licenses.

    Jeffrey Stantial's questions to Gambling.com Group (GAMB) leadership

    Jeffrey Stantial's questions to Gambling.com Group (GAMB) leadership • Q2 2025

    Question

    Jeffrey Stantial of Stifel Institutional inquired about the financial metrics of the Spotlight Vegas acquisition's earn-out and the strategic rationale for entering the live events space. He also asked about AI's impact on search click-through rates and the potential for market share consolidation.

    Answer

    CFO Elias Mark detailed the Spotlight Vegas deal structure, including an $8 million upfront payment and a performance-based earn-out capped at $22 million. Co-Founder and CEO Charles Gillespie explained the acquisition leverages their audience and digital marketing skills for a gaming-adjacent market. Regarding AI, Gillespie stated that while AI overviews reduce clicks, Gambling.com Group's high-authority brands are well-positioned to be the primary sources cited by AI tools.

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    Jeffrey Stantial's questions to Gambling.com Group (GAMB) leadership • Q1 2025

    Question

    Jeffrey Stantial asked if Penn National Gaming's recent return to performance marketing has been a material growth driver and sought commentary on the potential for other operators to increase affiliate spending. He also requested clarification on the currency impact on guidance, asking if the reiterated guidance implies weaker underlying performance offset by favorable FX.

    Answer

    CEO Charles Gillespie explained that operators turning to the affiliate channel after exhausting cheaper acquisition methods is a typical, expected industry pattern, and the company welcomes any increased demand from partners like Penn. CFO Elias Mark clarified that while the assumed EUR/USD rate was moved to 1.10, the impact is not large enough to move the needle, as a higher proportion of revenue and expenses are now in USD. He confirmed that underlying business expectations for the year have not fundamentally changed.

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    Jeffrey Stantial's questions to Gambling.com Group (GAMB) leadership • Q4 2024

    Question

    Jeffrey Stantial requested details on the regional growth drivers and quarterly cadence embedded in the 2025 guidance, and asked about the company's capital allocation strategy, specifically weighing share repurchases against debt paydown.

    Answer

    CEO Charles Gillespie clarified that 2025 growth will be driven by subscriptions accounting for over 20% of revenue and a return to growth in North America, making it the fastest-growing region. He noted that lower revenue from media partnerships is a headwind to top-line growth but improves margins. On capital allocation, Gillespie confirmed they received a waiver from lenders to resume buybacks in 2025 and will be 'smart and tactical' in deploying the existing $10 million authorization when the stock appears mispriced.

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    Jeffrey Stantial's questions to CENTURY CASINOS INC /CO/ (CNTY) leadership

    Jeffrey Stantial's questions to CENTURY CASINOS INC /CO/ (CNTY) leadership • Q2 2025

    Question

    Jeffrey Stantial asked about the strong margin performance at the Rocky Gap property despite weather disruptions and questioned the capital allocation strategy, specifically the amount of share repurchases versus prior indications and the balance between buybacks and debt paydown.

    Answer

    Erwin Haitzmann, Chairman & Co-CEO, attributed Rocky Gap's margin strength to the return of lower-end customers and a more granular, fine-tuned marketing strategy. Peter Hoetzinger, Vice Chairman, Co-CEO & President, explained that share repurchases were limited by the structure of the 10b5-1 plan and that future capital allocation will balance limited buybacks with debt refinancing, noting a significant debt paydown would likely await proceeds from the Poland divestment.

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    Jeffrey Stantial's questions to CENTURY CASINOS INC /CO/ (CNTY) leadership • Q4 2024

    Question

    Jeffrey Stantial asked what drove the outperformance at Caruthersville, whether the $3-4M incremental EBITDA target is still valid, how the company balances share repurchases versus debt paydown, and why non-carded play weakness at Mountaineer is concentrated midweek.

    Answer

    Co-CEO Erwin Haitzmann said Caruthersville's performance met, rather than exceeded, expectations for expanding its market reach. Co-CEO Peter Hoetzinger confirmed the EBITDA target is still valid but delayed by about a year due to consumer weakness. On capital allocation, Peter Hoetzinger prioritized refinancing or paying down debt due to market uncertainty. Erwin Haitzmann attributed Mountaineer's midweek weakness to established customer behavior patterns.

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    Jeffrey Stantial's questions to CENTURY CASINOS INC /CO/ (CNTY) leadership • Q3 2024

    Question

    Jeffrey Stantial asked for details on the month-over-month performance of the Nugget Casino during Q3 and into October, as well as the remaining operational levers to drive future growth. He also questioned the cause of the year-over-year revenue decline in the Canadian assets.

    Answer

    Executive Co-CEO Erwin Haitzmann explained that the Nugget's weak Q3 performance was concentrated in July, with August and September showing strong improvement that continued into October. Future growth levers include optimizing concert selections and pursuing more group business. Regarding Canada, he attributed the revenue dip primarily to discontinuing an unprofitable event and increased competition at one property, but noted that cost efficiencies led to an overall EBITDAR increase for the segment.

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    Jeffrey Stantial's questions to PENN Entertainment (PENN) leadership

    Jeffrey Stantial's questions to PENN Entertainment (PENN) leadership • Q2 2025

    Question

    Jeffrey Stantial of Stifel Institutional asked for insights on the contributions from new board members to the interactive strategy and questioned the reasons for lower promotional spending on sports betting in Q2.

    Answer

    CEO Jay Snowden spoke positively about the fresh perspectives from the new, highly engaged board members but did not disclose specific discussions. Regarding promotions, he reiterated the company's disciplined strategy to keep reinvestment around 3% of handle. CTO Aaron LaBerge added that marketing resources were shifted efficiently during the slow sports season, which also contributed to the lower Q2 promotional spend for OSB.

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    Jeffrey Stantial's questions to PENN Entertainment (PENN) leadership • Q1 2025

    Question

    Jeffrey Stantial asked where PENN sees room to close product gaps with iCasino competitors. He also followed up on the Council Bluffs project, asking how the company plans to mitigate tariff exposure on steel.

    Answer

    CEO Jay Snowden and CTO Aaron LaBerge identified live betting as the biggest area for improvement in sports betting. For iCasino, they said the focus is on enhancing CRM, personalization, and reducing friction to get players into games faster, rather than on product mix. Regarding tariffs, Head of Operations Todd George explained that the project's design requires less steel than a high-rise, and the procurement team is actively working to manage costs and can 'spot the market' to lock in prices at an opportune time.

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    Jeffrey Stantial's questions to PENN Entertainment (PENN) leadership • Q4 2024

    Question

    Jeffrey Stantial of Stifel asked if strong early iCasino returns are causing a strategic rethink of resource allocation between sports and casino, and requested more detail on the behavior and value of younger, cross-sold guests.

    Answer

    CEO Jay Snowden responded that while they constantly re-evaluate, the strong, high-retention performance of the iCasino app has prompted them to allocate incremental spend to support it in 2025. Head of Operations Todd George added that these new cross-sold guests surprisingly play slots, show higher frequency and visitation than typical new retail customers, and progress well through the loyalty program.

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    Jeffrey Stantial's questions to Pursuit Attractions & Hospitality (PRSU) leadership

    Jeffrey Stantial's questions to Pursuit Attractions & Hospitality (PRSU) leadership • Q2 2025

    Question

    Jeffrey Stantial of Stifel Institutional asked for clarification on the Q2 2025 guidance revision, the rationale behind the new share buyback program, and the company's pro forma effective tax rate.

    Answer

    CFO Bo Heitz explained the $10M guidance increase was driven by $7M in favorable FX and a $3M contribution from the Tabacon acquisition, confirming operating trends were in line with strong expectations. President & CEO David Barry and CFO Bo Heitz clarified the share repurchase program is an opportunistic tool to be used if the stock remains undervalued and not a pivot from their core 'Refresh, Build, Buy' strategy. Bo Heitz also detailed the effective tax rate, expecting it to be 31-35% for FY2025, influenced by the jurisdictional mix of income and losses.

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    Jeffrey Stantial's questions to Pursuit Attractions & Hospitality (PRSU) leadership • Q2 2025

    Question

    Jeffrey Stantial of Stifel Institutional asked for clarification on the Q2 2025 guidance revision, questioning the split between foreign exchange benefits and core operational performance. He also inquired about the strategic rationale behind the new share repurchase authorization and how it compares to the 'Refresh, Build, Buy' strategy, and requested details on the company's pro forma effective tax rate.

    Answer

    CFO Bo Heitz explained the $10 million guidance increase was driven by approximately $7 million from favorable FX and $3 million from the Tabacon acquisition, confirming that core operating trends were in line with strong internal expectations. President & CEO David Barry, along with CFO Bo Heitz, clarified that the new share buyback program is an opportunistic tool to be used if the stock is undervalued and not a strategic pivot away from their primary 'Refresh, Build, Buy' growth levers. Heitz also provided an expected GAAP effective tax rate of 31% to 35% for FY2025, explaining the structural reasons for the rate being above statutory levels.

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    Jeffrey Stantial's questions to Codere Online Luxembourg (CDRO) leadership

    Jeffrey Stantial's questions to Codere Online Luxembourg (CDRO) leadership • Q2 2025

    Question

    Jeffrey Stantial inquired about the competitive environment in Spain, the impact of sports seasonality from the Euros and Club World Cup, the strategy behind targeting lower LTV players in Mexico, and the drivers for expected profitability improvement in the second half of the year.

    Answer

    CEO Aviv Sher stated that while Spain's competitive landscape is challenging, it has stabilized, and the company has found a successful formula. CFO Oscar Iglesias noted the Club World Cup helped offset a seasonally slow sports period. Regarding Mexico, Sher explained that a marketing test targeting lower-cost players proved to have low LTV and was discontinued. Iglesias attributed the expected H2 profitability improvement to the roll-off of a sponsorship in Argentina, cost mitigation in Colombia, strong unit economics in Mexico, and a strengthening Mexican peso.

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    Jeffrey Stantial's questions to Codere Online Luxembourg (CDRO) leadership • Q1 2025

    Question

    Jeffrey Stantial asked about the drivers behind the lower customer acquisition costs despite increased user acquisition, the reasons for flat revenue in Spain, and the decline in average revenue per active user.

    Answer

    CEO Aviv Sher explained that a test of new traffic sources resulted in more users at a lower cost, but these users had lower lifetime value, and the company will revert to its previous strategy. CFO Oscar Iglesias attributed Spain's flat revenue to a difficult year-over-year comparison and increased competition following the reintroduction of welcome bonuses. Iglesias also noted the decline in average revenue per active was due to the lower-value customer test in Mexico and a more competitive promotional environment in Spain.

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    Jeffrey Stantial's questions to Codere Online Luxembourg (CDRO) leadership • Q4 2024

    Question

    Jeffrey Stantial inquired about the specific Mexican peso to euro exchange rate assumption embedded in the 2025 guidance, the drivers of the implied EBITDA flow-through, and the reasons for the improvement in Customer Acquisition Cost (CAC) during the quarter.

    Answer

    CFO Oscar Iglesias stated he would provide the specific FX forecast figures offline but noted the guidance's conservatism is influenced by opportunistic marketing planning for the Club World Cup and uncertainty around a new tax on deposits in Colombia. CEO Aviv Sher added that the Colombian tax is substantial and could push players to unregulated markets. Regarding the lower CAC, CEO Aviv Sher attributed it to a combination of competitors reducing their marketing spend in Mexico and Codere Online resolving internal technical tracking issues, which improved marketing investment efficiency.

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    Jeffrey Stantial's questions to Codere Online Luxembourg (CDRO) leadership • Q3 2024

    Question

    Jeffrey Stantial asked for an update on the 20-F filing process ahead of the Nasdaq hearing, the P&L impact of increased competition in Spain and Mexico, the gross profit payback period for new customers, and if there was a significant sports betting hold impact in Q3.

    Answer

    CFO Oscar Iglesias stated that while the company is working diligently to complete the audit for the 20-F filing, no specific timeline can be provided. CEO Aviv Sher and CFO Oscar Iglesias addressed competition, noting that while it drives up customer acquisition costs, this is offset by improved customer retention and higher player value. Iglesias confirmed that payback periods in Spain remain well within a year but did not provide specifics for other markets. He also acknowledged a minor negative hold impact in Q3 due to sports results in Spain, particularly during the Euro Cup final.

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    Jeffrey Stantial's questions to Churchill Downs (CHDN) leadership

    Jeffrey Stantial's questions to Churchill Downs (CHDN) leadership • Q2 2025

    Question

    Jeffrey Stantial of Stifel Institutional inquired about the specific strategies being used to ramp up The Rose HRM in Virginia and whether its current cost structure is optimized for margin expansion.

    Answer

    CEO William Carstanjen expressed strong optimism for The Rose, stating that the current focus is a multi-year investment in building the brand, driving customer trials, and growing the database in a large, competitive market. He clarified that the immediate goal is not to maximize quarterly margins but to make the necessary investments for long-term success, which he believes will lead to consistent improvement over time.

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    Jeffrey Stantial's questions to Churchill Downs (CHDN) leadership • Q1 2025

    Question

    Jeffrey Stantial asked about the maturity of existing Virginia HRM assets (excluding The Rose), now that the removal of skill games has been anniversaried, and what stage of the ramp-up cycle these properties are in.

    Answer

    CEO William C. Carstanjen expressed strong confidence in the Virginia market, stating it is still 'very early' in the maturity cycle for these assets. He acknowledged the first quarter was 'noisy' due to severe weather, tax rate fluctuations, and some consumer softness, but he remains very bullish on the long-term growth opportunity in the state and is pleased with the team's performance.

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    Jeffrey Stantial's questions to Churchill Downs (CHDN) leadership • Q4 2024

    Question

    Jeffrey Stantial of Stifel asked about reports of California racetracks pursuing historical horse racing (HRM) expansion, inquiring about its legal viability and how Churchill Downs might participate, whether via its Exacta system or M&A.

    Answer

    CEO William C. Carstanjen stated that since Churchill Downs does not operate a track in California, its most likely path for participation would be providing its Exacta HRM system and services on a B2B basis. While declining to speculate on California politics, he expressed readiness to assist if HRMs are approved and noted his belief that other jurisdictions will legalize the product in the future.

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    Jeffrey Stantial's questions to Churchill Downs (CHDN) leadership • Q3 2024

    Question

    Jeffrey Stantial asked for insights into the expected ramp-up cadence for the new Dumfries property and how it might compare to previous openings, with a specific focus on Q4 expectations.

    Answer

    CEO William C. Carstanjen stated that the immediate priority for Dumfries is ensuring a great customer experience, which requires carefully ramping up a large new team. He noted that larger properties generally ramp more slowly than smaller ones. Consequently, success is defined by long-term, quarter-over-quarter growth, not just the results of Q4 2024. He is highly optimistic about the market but stressed a long-term approach focused on operational excellence.

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    Jeffrey Stantial's questions to VAIL RESORTS (MTN) leadership

    Jeffrey Stantial's questions to VAIL RESORTS (MTN) leadership • Q3 2025

    Question

    Jeffrey Stantial from Stifel Institutional asked for perspective on the recent decline in lift ticket sales, questioning if the trend is structural and whether it requires operational tweaks or a deeper pricing strategy review. He also inquired about the company's exposure to potential tariffs.

    Answer

    CEO & Chair Rob Katz stated that while converting guests to pass products is the goal, the company must provide paths for lift ticket buyers to visit, which requires new approaches to the pass and pricing strategy. EVP & CFO Angela Korch added that as a service business, direct tariff exposure is low, but the company monitors the indirect impact on consumer spending.

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    Jeffrey Stantial's questions to VAIL RESORTS (MTN) leadership • Q2 2025

    Question

    Jeffrey Stantial asked about recent demand trends, particularly any observed softening at resorts near the Canadian border and the behavior of the broader international guest segment. He also questioned if the company expects pass sales in units to return to growth in the upcoming season.

    Answer

    CEO Kirsten Lynch stated that while the company is monitoring the situation, it has not seen an overt reaction to tariff rhetoric. She noted Whistler Blackcomb's performance is similar to other resorts, with strong local visitation but lagging destination guest bookings. Lynch expressed a belief that the pass program has ample room for growth, assuming the prior sales cycle absorbed the post-COVID normalization impact.

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    Jeffrey Stantial's questions to VAIL RESORTS (MTN) leadership • Q1 2025

    Question

    Jeffrey Stantial from Stifel asked for specific details on lodging booking trends for the peak holiday season and whether favorable early snow has accelerated booking pace. He also questioned the company's capital allocation strategy, particularly the dividend payout ratio and willingness to leverage the balance sheet.

    Answer

    CEO Kirsten Lynch confirmed that booking patterns are strengthening closer to the season, especially in markets with good snow, with U.S. resort market data showing bookings consistent with the prior year. CFO Angela Korch addressed capital allocation, stating the company prioritizes the dividend, felt comfortable with its ability to cover it even in a challenging year, and will formally reevaluate it in the March quarter as is typical.

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    Jeffrey Stantial's questions to VAIL RESORTS (MTN) leadership • Q3 2024

    Question

    Jeffrey Stantial of Stifel sought to reconcile the expectation for stable pass sale trends with commentary suggesting spring headwinds might ease later in the selling season. He also asked for more details on the specific challenges and underperformance at Whistler Blackcomb.

    Answer

    CEO Kirsten Lynch clarified that while some less-tenured passholders might delay purchasing, the overall reduced pool of potential new passholders (due to an 8% industry-wide visit decline) will likely impact the full selling cycle, leading them to project stable trends. Regarding Whistler Blackcomb, she attributed its significant lift ticket weakness to a longer period of challenging weather conditions, its high dependence on destination visitation, and potential normalization impacts following prior border restrictions.

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    Jeffrey Stantial's questions to Light & Wonder (LNW) leadership

    Jeffrey Stantial's questions to Light & Wonder (LNW) leadership • Q1 2025

    Question

    Jeffrey Stantial from Stifel sought more detail on the timing for when current tariff policies would begin to impact the company's input costs, net of any mitigation efforts.

    Answer

    CEO Matt Wilson explained that the company acted quickly to pull forward "multiple quarters of inventory" that is unaffected by tariffs, which will buffer the immediate impact on cash flows. He also noted ongoing mitigation efforts, like reconfiguring the supply chain through Mexico. CFO Oliver Chow added that this is part of a long-term diversification strategy and they are avoiding "knee-jerk" reactions.

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    Jeffrey Stantial's questions to Light & Wonder (LNW) leadership • Q4 2024

    Question

    Jeff Stantial asked about competitive intensity in social casino, including from new verticals like sweepstakes, and whether L&W would consider entering that space.

    Answer

    CEO Matt Wilson attributed SciPlay's growth to live ops and monetization of the existing player base. He transparently noted a temporary monetization issue with Jackpot Party in H2 2024 that has since been resolved. Regarding sweepstakes, he stated L&W is pro-regulated gaming and views the vertical as currently unregulated and against their strategy. They would only consider it if the regulatory landscape changes, which they do not foresee.

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    Jeffrey Stantial's questions to DraftKings (DKNG) leadership

    Jeffrey Stantial's questions to DraftKings (DKNG) leadership • Q3 2024

    Question

    Jeff Stantial of Stifel asked how promotional reinvestment improved year-over-year, even as both the volume of new users and the signup offer per user reportedly increased.

    Answer

    CEO Jason Robins explained the improvement was driven by better retention bonusing and a mix shift towards a more mature, existing customer base. He clarified that the overall new user promotion rate has not gone up; rather, they are constantly experimenting with different offers, and any 'higher offer' was likely a specific, temporary test.

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    Jeffrey Stantial's questions to Bally's (BALY) leadership

    Jeffrey Stantial's questions to Bally's (BALY) leadership • Q2 2024

    Question

    Jeffrey Stantial from Stifel asked for a quantification of the EBITDAR impact from headwinds in Rhode Island and Atlantic City, and sought more color on the performance drivers and challenges within the International Interactive segment, specifically in Japan and the UK.

    Answer

    CFO Marcus Glover and President George Papanier quantified the Rhode Island traffic impact at 12-15% and a quarterly EBITDAR impact of about $2 million, while also noting a ~$4 million EBITDAR impact from the Tropicana wind-down. CEO Robeson Reeves explained that Japan's softness is due to weaker player sentiment and yen devaluation, while the UK is seeing strong growth from brand investment, improved apps, and advanced player management systems.

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    Jeffrey Stantial's questions to Bally's (BALY) leadership • Q2 2024

    Question

    Jeffrey Stantial from Stifel asked for a quantification of the financial impact from headwinds in Rhode Island and Atlantic City on the Casinos & Resorts segment. He also sought more color on the International Interactive business, particularly the drivers of weakness in Japan and the performance of the UK market.

    Answer

    CFO Marcus Glover estimated the Rhode Island traffic impact at 12-15% and noted competitive pressures. President George Papanier added a ~$4 million year-over-year EBITDAR impact from the Tropicana wind-down. CEO Robeson Reeves attributed the challenges in Japan to weaker player demand and sentiment due to the yen's devaluation, not payment processing issues. He highlighted strong performance in the UK, driven by brand investment, an improved native app, and advanced player management systems.

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    Jeffrey Stantial's questions to Bally's (BALY) leadership • Q1 2024

    Question

    Asked for a breakdown of the impact of January weather on Casinos and Resorts margins and the cost outlook for the rest of the year. Also inquired about the cost-side drivers for the North America Interactive business's path to profitability, including marketing rationalization and duplicative tech costs.

    Answer

    Executives explained that adverse weather significantly impacted January margins, dropping them to 24% from 30% the prior year. The main ongoing cost pressure is from union wage increases. For North America Interactive, profitability improvement is driven by revenue gains, cost structure improvements, and the eventual elimination of duplicative tech costs from running two platforms, which will be resolved by year-end.

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    Jeffrey Stantial's questions to Bally's (BALY) leadership • Q1 2024

    Question

    Jeffrey Stantial from Stifel questioned the margin impact from weather on the Casinos and Resorts segment and the cost outlook for 2024. He also asked about the cost-side drivers for the projected improvement in North America Interactive's performance.

    Answer

    President George Papanier detailed the weather's impact, noting January margins dropped to 24% from 30% year-over-year, with union wage increases being the primary other headwind. CFO Marcus Glover added that low hold also modestly impacted Q1. For North America Interactive, Glover cited rightsized labor, the shift of retail sports betting into the segment, and significant revenue gains as drivers of improvement. CEO Robeson Reeves confirmed that duplicative tech costs still exist but will be eliminated by year-end, simplifying operations.

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    Jeffrey Stantial's questions to Bally's (BALY) leadership • Q1 2024

    Question

    Jeffrey Stantial asked for a breakdown of the Casinos and Resorts segment's 35% margin figure, questioning the specific impact from adverse weather in January. He also followed up on the North America Interactive business, asking about the cost-side drivers for the guided reduction in losses for 2024.

    Answer

    President George Papanier clarified that weather significantly impacted January margins (24% vs. 30% prior year) and that underlying margins were also affected by union wage increases. For North America Interactive, CFO Marcus Glover cited rightsized labor and strong revenue gains as key drivers for improving profitability. CEO Robeson Reeves added that the company is still running two technology stacks, and eliminating this duplication by year-end will further reduce costs.

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    Jeffrey Stantial's questions to AGS leadership

    Jeffrey Stantial's questions to AGS leadership • Q4 2023

    Question

    Asked for an update on the performance of the new 49C cabinet and requested more detail on international EGM sales opportunities.

    Answer

    The 49C cabinet is performing fantastically, and the Spectra 43 also continues to perform very well, supported by strong core content and brand extensions like Rakin' Bacon. On international opportunities, the company is planning to expand beyond its historical focus on Mexico into the broader Latin American market (Central and South America) and the Caribbean, which they see as a significant area of 'white space' for growth with their newer cabinets.

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    Jeffrey Stantial's questions to AGS leadership • Q3 2023

    Question

    Asked about the drivers for flat domestic game installs in Q3, the outlook for net installed base growth, and the company's capital allocation strategy regarding minimum cash levels and debt paydown.

    Answer

    The flat domestic installs in Q3 were primarily due to opportunistic "convert-to-sale" transactions by customers, not just optimization. The company will continue its optimization strategy consistently. Regarding capital, they are comfortable with current cash levels and are focused on building cash, with a potential debt refinancing being a more exciting near-term opportunity than immediate term loan paydown.

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