Unidentified Analyst: Okay, got it. And then just a quick follow-up here on the FinTech side. I appreciate the color you gave on some of the hardware components. But as we think about volumes progressing through the year or yields for that matter, how are you guys thinking about cash to the casino floor and whether it be 2Q or the second half? And just any color in terms of what you’re expecting from a yield perspective. Thanks guys.
Randy Taylor: Look, Madison, what I’d say is, I think Mark covered it a little bit in his remarks that January was softer than we expected, but it really recovered in February and March. And I would say so far April and early May have been really pleasantly — not surprising but higher than we expected. So it seems to be right now that we would expect the cash access volumes to stay at that mid to low single-digit growth and maybe even a little bit better but we’ll have to wait and see. But I would say look we’re still expecting growth on cash access and I think we’re kind of budgeting for that level. But right now I’d say we’re seeing probably a little bit stronger than that.
Mark Labay: Yeah. And I would just add look even with the little bit of headwinds of weather in January that we saw, we still ended the quarter positive on a same-store basis. So it seems like the patron, the consumer is still very willing to spend in the gaming environment. And we’re seeing some — as Randy mentioned some really good strength probably above the kind of what our expectation levels in April and into May probably closer to just mid to high mid-single digits in April and into May. So April last year, May wasn’t that impacted or what the comp wasn’t so horribly bad either. So it feels like it’s still holding up very steady for us in this space.
Unidentified Analyst: Got it. That’s very helpful color. I appreciate it guys.
Operator: And our next question comes from the line of David Bain with B. Riley. Please proceed with your question.
David Bain: Great. Thank you. Hi Randy. Hi mark. A quick question on the termination of the repurchase program. Does that signal like confidence of a deal close and you keep the money for dividend purposes or is that more…
Mark Labay: It doesn’t really talk about — well no I think it doesn’t signal the confidence of the deal close. I still think our confidence hasn’t changed. We still believe that we’ll close at the end of the year or early next year. But what we wanted to point out was that we’re not going to be — we have a special dividend if it’s payable depending on our operations and merger-related expenses and so forth. And so we just want to make sure that shareholders understand that we’re not going to be out purchasing shares because we think that takes away from the dividend. And then we also wanted to note the cell to cover where we’ve changed our approach to not withholding shares for tax purposes which would require us to pay the cash into the US government.
So that will be a use of our cash during this time period versus just saying people should sell them on the open market and we’ll still pay their taxes, but that would again help our overall potential for a dividend. So we’re trying to manage cash as well to make sure that if possible that there could be a dividend. So that was kind of both the kind of two aspects to it, David.
David Bain: Very good. That’s perfect. And then as a follow-up, I know you spoke about some customers and their reaction to the deal generally. Have you specifically spoken to any systems customers or operators and maybe they’ve applied at the — with regard to the potential of the cashless friction removal from the combination. Is that something that like as David Casa [ph] pointing out that could actually be more accelerated than you originally anticipated amongst the IGT base system space?
Randy Taylor: Yes. Look, I would expect — we haven’t — I wouldn’t say we haven’t really talked specifically to customers. I think there may be customers that are kind of thinking about what they’re going to do.
Mark Labay: On the system side.
Randy Taylor: The system side. In other words if they’re thinking about what they’re going to use from a cashless and then maybe they have the IGT system, I think they are probably thinking about does that change how they want to go forward, but — and maybe that gives us more opportunity I’m saying David. But I don’t think I would say, we’ve had any real discussions there because again, we’re in this period of they’ve got to operate — we have to operate.
David Bain: Awesome. Thanks, Randy.
Operator: And our next question comes from the line of George Sutton with Craig-Hallum. Please proceed with your question.
George Sutton: Thank you. I have a mathematical question for Mark. You mentioned the daily win per unit numbers are expected to improve in the back half of the year as a result of new content. Help us understand the percentage of your units that would be impacted by the new content. That sounded to be — sounded to me to be an unusually or an unusual way to grow quickly the daily win per unit.
Mark Labay: Well remember, the installed base — the entire base of units we’re continually making content for all of our cabins in there. It’s not just about brand new cabinets that are out there as well. So, we’re always swapping out content and trying to move the needle in terms of performance and improvement and that’s how you grow over time as well. But obviously, the new cabinets and the new content is something new to patrons. And that drives generally a little more increased level of list on the devices as we make those swaps out of cabinets as well as the content on them. So what we’ve been seeing in the installed base is generally anywhere from $10, $15, $20 a day of daily win improvement on the swap outs we’ve been doing.
Clearly, we’ve been focused on the highest value units first in the installed base and we’ll continue that over the course of time swapping out lower yielding or older equipment legacy-type cabinets that may be a little more tired with the new freshest content in there. So that’s where we expect to see the biggest bang for the buck in terms of movement in the daily win.
Randy Taylor: This is …
George Sutton: Thanks …
Randy Taylor: Yeah.
George Sutton: Sorry Randy. Go ahead.
Randy Taylor: Much more to add it’s just it’s a two –go ahead.
George Sutton: Well, I need to know what the 2-pronged approach is.
Randy Taylor: I said it you have to I would say look you’re focused on replacing themes where some of the themes have gotten older and that’s a little bit easier lift but then you — but you have to start replacing the cabinet. So I think Mark’s point is the cabinets plus new themes are probably the biggest lift, but also just putting new themes on older cabinets is a lift. So it’s a combo.
George Sutton: Got you. Dr. Ehrlich has been surprisingly quiet on this call. And there was a reference to the early performance of the Dynasty view not meeting your expectations but an expectation that that improves with new content. I just wondered if you could address sort of what might have been missing there. What maybe coming that we should be enthusiastic about.
Dean Ehrlich: I’ll hit the latter part of it of the stuff that we should be enthusiastic about, because we have a huge lineup coming out of product that we feel hits the tried and true mechanics. The players are very familiar with and just a pure bandwidth on our emphasis on developing on some of the new hardware that we’ve been talking about for a while. So what’s happening here is that it’s really starting to come to fruition as the products start getting deployed it’s just taken a little bit longer than obviously any of us would have liked. I am excited about a lot of different products that are coming out through the next up and coming few months, so hard to name, if I had to give you one. We got Smoke and Hot Stuff length that Randy touched upon that hits our premium segment.
Very excited to see how that’s going to do and just the continued success of Dynamite Pop that we’ve all talked about. So obviously look forward to seeing a couple more themes resonate at that same particular level and see where this goes.
Mark Labay: I’d add that look on the View specific right, we launched in throughout 2023 with about six titles. We now added nine more titles. We have a total of 15 titles. So that’s really what I’m focused on with those additional nine titles where again we placed view out in our installed base and we obviously have it for sale. It’s also our cabins that we’ll be using for the VLTs. So we’re still excited about that but I’m focused on hey well those are nine new themes really provide a lift versus where we came out.
